IOTA Network launching ShimmerEVM’s smart contracts and tokens.

IOTA Network launching ShimmerEVM's smart contracts and tokens.

Blockchain Network IOTA Set to Launch Public Smart Contracts on ShimmerEVM

In a significant development for the blockchain industry, the IOTA network is preparing to unveil its first public IOTA Smart Contracts (ISC) and a corresponding token. This long-awaited release comes after an extensive period of testing and experimentation. The contracts will be deployed on ShimmerEVM, a blockchain that is fully compatible with Ethereum standards.

ShimmerEVM is an integral part of the larger Shimmer ecosystem blockchain, which offers developers the opportunity to create applications and leverage features that are not yet available on the IOTA mainnet. This allows developers to fine-tune their applications on Shimmer before deploying them to the main IOTA network.

Launched in 2022, Shimmer operates as a separate blockchain with its native SMR tokens. The term EVM stands for Ethereum Virtual Machine, which is the software environment in which all Ethereum accounts and smart contracts function. By supporting an Ethereum-compatible virtual machine, ShimmerEVM enhances IOTA’s functionality and broadens its appeal among developers and users.

One of the key advantages of ShimmerEVM is that developers can seamlessly run applications or platforms from other chains with minimal or no adjustments to the original code. This interoperability greatly simplifies the process of integrating existing applications and systems into the IOTA network. Users can also effortlessly transfer SMR tokens (and potentially NFTs and custom Native Assets in the future) to ShimmerEVM through Firefly, IOTA’s wallet application. Notably, no special bridge is required for this token transfer, as bridges are blockchain tools designed to facilitate token transfers between different networks.

This major development follows a series of decisions made by key IOTA developers in the past couple of weeks. These decisions are poised to positively impact the network’s development and ultimately contribute to potential token price appreciation. Among the notable plans is the introduction of a new ecosystem fund, facilitated by new token issuance. Additionally, a new blockchain will be launched to support the growing ecosystem of decentralized applications.

In conclusion, the blockchain network IOTA is making significant strides by introducing public Smart Contracts on the ShimmerEVM blockchain. This move not only enhances the capabilities of the IOTA ecosystem but also improves its interoperability with other blockchains. By reducing the barriers to entry for developers and users, IOTA aims to attract a wider audience and further establish itself as a leader in the blockchain industry. With additional plans to release a new ecosystem fund and support the development of decentralized applications, IOTA is well-positioned to capitalize on its recent advancements and drive further innovation in the blockchain space.

Edited by Parikshit Mishra.

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