Dominik Schiener and IOTA: ‘We will realize our vision and become one of the leading L1 networks, no matter what’ – Crypto News Flash

Dominik Schiener and IOTA: ‘We will realize our vision and become one of the leading L1 networks, no matter what’

Bhushan AkolkarBy No CommentsJohn Kiguru edited by John Kiguru
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  • Over the last weekend, the IOTA developer team successfully tested the GoShimmer testnet pushing 250 transactions per second.
  • As per the purported timeline, the ShimmerEVM shall go live in Q1 2023. and the IOTA 2.0 will happen by Q2 2023.

The IOTA Foundation has been working on some key updates this year in 2023. One of the key goals ahead for the IOTA ecosystem is to expand the utility of their Layer-1 staging Network Shimmer. The IOTA Foundation is showing Shimmer as the testbed and innovation network that hosts all new projects before making their way to the IOTA mainnet.

In a casual conversation on Twitter, ShimmerNet’s lead contributor Dominik Schiener IOTA is working its way to realize its mission of becoming the leading L1 network. He also spoke about all the recent developments currently with ShimmerNet such as introducing EVM-compatible smart contracts, real-world adoption with the European Blockchain Services Infrastructure (EBSI), and working towards the transition to IOTA 2.0.

Since the launch of Shimmer Network in September 2022, the platform has already onboarded over 70 projects so far. Schiener and his team are currently working actively on the launch of ShimmerEVM. Some fifteen days ago, Schiener said that ShimmerEVM is almost production ready and that his team is testing several UX improvements.

The IOTA team is willing to launch the ShimmerEVM network with multi-node support thereby making sure that it runs smoothly. The launch of the ShimmerEVM testnet will make it easy to deploy decentralized applications resulting in greater community participation. The launch of ShimmerEVM shall likely happen by the first quarter of 2023.

Over the last weekend, developers successfully tested the functioning of the GoShimmer Network running for 24 hours with no significant downtime. The developers also tested with 250 transactions per second during this runtime.

IOTA 2.0 infrastructure

Previously, Dominik Schiener noted that he and his team are currently focused on growing Shimmer into a successful DeFi ecosystem while competing with other players in the market.

During the second quarter of this year, the team will put a major focus on building the infrastructure for IOTA 2.0. Schiener noted the team is “focused on IOTA 2.0, finalizing the GoShimmer Testnet and working on the ‘relaunch of IOTA’, which includes the IOTA 2.0 architecture clearly laid out and explained, significantly improved tokenomics of IOTA and clear messaging narratives around what IOTA is all about.”

The IOTA 2.0 will be the most decentralized distributed ledger protocol which can handle much more than just payments. Besides, the IOTA 2.0 is likely to feature a feeless architecture that can process several thousand transactions every second.

Dominik Schiener previously shared that IOTA 2.0 is up and ready to compete with platforms like Polkadot (DOT) and Cosmos. In another development, the first series of Tangle collectibles is now ready. The mining of non-fungible tokens (NFTs) on the Shimmer Network will soon become a reality. It will also chart a new course of growth for the IOTA ecosystem.

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Bhushan Akolkar

Bhushan Akolkar

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Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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