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IOTA Introduces ShimmerEVM for Smart Contracts and Tokens on Its Network

Oct 3, 2023 at 10:24 am

IOTA is on the verge of unveiling its first-ever public IOTA Smart Contracts (ISC) along with an associated token, marking a significant milestone following extensive testing, according to reports from Bitsday. These contracts are scheduled for launch on ShimmerEVM, a blockchain that adheres to Ethereum standards. ShimmerEVM plays a crucial role in the Shimmer ecosystem, an IOTA blockchain that empowers developers to craft applications and leverage functionalities that have yet to be integrated into the primary IOTA network.

Debuted in 2022, Shimmer functions as an independent blockchain complete with its proprietary SMR tokens. The acronym "EVM" stands for Ethereum Virtual Machine, which serves as the software environment where all live Ethereum accounts and smart contracts operate.

The integration of ShimmerEVM is positioned to expand IOTA's appeal to both developers and users. It facilitates the seamless operation of applications or platforms from various chains with minimal to no need for modifications to the original codebase.

Furthermore, users can effortlessly transmit SMR tokens (and in the future, NFTs and custom Native Assets) to ShimmerEVM via Firefly, eliminating the necessity for a dedicated bridge. In this context, bridges refer to blockchain tools that streamline the transfer of tokens between different networks.

This development follows a series of strategic decisions undertaken by key IOTA developers just under a fortnight ago. These decisions are geared towards propelling network progress and, ultimately, enhancing the valuation of the token. Among the initiatives is the establishment of a new ecosystem fund through the issuance of new tokens, as well as the introduction of a new blockchain tailored to support decentralized applications.

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