IOTA Implements Smart Contracts on ShimmerEVM Network, Enhancing Blockchain Functionality
Date: 2023-09-28 Author: Dima Zakharov Categories: BLOCKCHAIN
IOTA, a leading Internet of Things (IoT) platform, is advancing its innovative technologies to a new level. Recently, the IOTA project released its first public smart contracts, marking a significant milestone in the development of the blockchain ecosystem. This release was made on the ShimmerEVM network, a part of the IOTA blockchain ecosystem.
ShimmerEVM: Opening New Horizons
ShimmerEVM provides developers with the ability to create applications and utilize features that were previously unavailable in the main IOTA network. This new network offers horizontally scalable, fast, secure, and parallel processing of smart contracts and supports cross-chain transfers. This means that developers can build more complex and scalable applications on the IOTA platform, opening up new prospects for blockchain development.
IOTA Smart Contracts (ISC): A Significant Step Forward
IOTA Smart Contracts (ISC) are a key component of this new ecosystem. They are fully compatible with the Ethereum Virtual Machine (EVM), making them accessible to developers already familiar with Ethereum smart contract development. This simplifies the transition and expansion of functionality for IOTA-based applications.
ShimmerEVM and Tokenization: Revolutionizing the World of NFTs and Physical Assets
In addition to smart contract support, ShimmerEVM opens up new possibilities for tokenization, including non-fungible tokens (NFTs) and real-world physical assets without commission costs. This means that assets can be represented digitally on the IOTA blockchain, which can have significant implications for the art world, collectibles, and logistics.
Attractiveness for Developers and Users
IOTA claims that ShimmerEVM will enhance the attractiveness of the entire ecosystem for both developers and users. This means that developers can easily port their applications and platforms from other networks with minimal changes to the source code or even without them. Users can also send SMR tokens to ShimmerEVM via the Firefly wallet without the need for a special bridge.
SMR Token Growth and Prospects
Immediately after the announcement of the launch of smart contracts on ShimmerEVM, the price of the SMR token increased by 6.6%. This underscores the community's interest and confidence in this new development. According to CoinGecko data, the price of SMR at the time of writing is $0.057, and it has increased by 15.65% over the past week. This may indicate that investors and users see potential in the new opportunities provided by ShimmerEVM and IOTA smart contracts.
