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- IOTA is different from Blockchain. It is feeless among other unique things.
- More upgrades will follow the Shimmer launch.
Shimmer’s meteoric rise
Shimmer (SMR) Token, created by IOTA foundation for its Shimmer network, saw a 19,000% jump in market capitalization (market cap) since it was launched last week. At the time of writing, the market cap was $212,586,296 and the trading volume had fallen by 13.45%. Yesterday, there was a 62% increase in trading volume.
The Bitfinex crypto exchange is the first major exchange to list SMR. Co-founder and president of IOTA foundation, Dominik Schiener was excited about the meteoric rise and tweeted about it. He is highly optimistic regarding Shimmer’s future.
Schiener dispelled concerns that Shimmer would take full priority, saying that IOTA and Shimmer would coexist.
Shciener wrote that should SMR market cap overtake MIOTA which is the IOTA token, it would be a huge success. “…it really proves to the crypto industry that our technical roadmap delivers on the promises of maximum token utility, adoption and a competitive L1 network stack.” He added.
IOTA: a tad different from Blockchain
According to its official website, IOTA is a ‘feeless, data and value transfer protocol.’ Touted as a “A Trust Layer” and not a Blockchain; it is the ‘first’ protocol for Internet of Things (IoT) and is a scalable Distributed Ledger Technology (DLT).
IOTA transactions do not involve miners and blocks. Instead, a transaction validates two other transactions. Thus, there are no costs and scalability limitations that mar Blockchain.
‘Tangle’ is IOTA’s network in which all transactions are recorded. Shimmer is IOTA’s staging network on which all new upgrades and features will be tested before being ported to IOTA.
IOTA has a different token – MIOTA. MIOTA had a market cap of over $715 million at the time of writing.
The next IOTA release is the ‘ShimmerEVM Chain’ which would be the first smart contract chain anchored in Shimmer tangle.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
