- ShimmerEVM’s launch heralds a new era of programmability within the IOTA ecosystem.
- Layer 2 Chains integration into the Tangle is set to unleash real-world applications beyond DeFi and gaming.
Amid the ceaseless waves of innovation in the blockchain sphere, the IOTA ecosystem is ushering in a groundbreaking phase with the unveiling of ShimmerEVM, a topic that’s igniting conversations within the community. This significant step, highlighted in a recent tweet by ID.iota announcing the release day, also caught the attention of Collin Brown @CollinBrownXRP, whose tweet accentuated the boundless prospects awaiting exploration.
IOTA's ShimmerEVM introduces numerous impressive features and optimizations, yet it maintains a familiar chain structure. Let's delve into the highlights:
📍 Most notably, ShimmerEVM is EVM compatible, offering seamless support for Ethereum apps, easily transitioning to Layer 2.… pic.twitter.com/NjBKpp6IBw
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) September 29, 2023
The inception of ShimmerEVM not only amplifies the programmability of IOTA’s platform but is also a cornerstone for the impending full-fledged Iota Smart Contract Protocol (ISCP) and IOTA Chains. With Shimmer transitioning into a foundational layer for Layer 2 Chains, the Tangle— IOTA’s proprietary decentralized ledger technology, is poised to morph into a convergence point for DeFi applications, gaming ventures, and a broad spectrum of real-world use cases, embarking on a voyage of limitless possibilities.
Bridging DeFi and Real-World Applications
Shimmer now serves as a foundational layer for anchoring Layer 2 Chains, with the debut of ShimmerEVM as the first Layer 2 Chain. Being Ethereum Virtual Machine (EVM) compatible, ShimmerEVM not only natively supports Ethereum applications but also introduces a Proof of Authority consensus mechanism which effectively neutralizes the risks associated with Maximum Extractable Value (MEV), a prevalent issue in other EVM-compatible blockchains like Avalance C-Chain, Binance Smart Chain, and Ethereum.
The Game Changer: VM Abstraction and Throughput Enhancement
The introduction of VM-abstraction by ISCP is a noteworthy feature that allows the execution of WASM (Web-Assembly) Smart Contracts alongside EVM-Smart Contracts on the same Layer 2 Chain. This flexibility liberates developers from the confines of Solidity, enabling the use of other programming languages like Rust, Typescript, Go, or even C++ for smart contract development. Additionally, the capacity to augment throughput beyond 700 transactions per second (as evidenced in stress tests) by initiating additional Layer 2 Chains, addresses the erstwhile challenge of chain congestion.
Beyond Gaming and DeFi: Embracing a Plethora of Use Cases
The storyline extends beyond just DeFi and gaming. The attachment of Layer 2 Networks to the Tangle unveils a wide range of real-world applications. Various projects are already underway, foretelling a future where paperless trade, digital identities, digital product passports, and GovBonds issued on a GovChain could become commonplace. With the foundational Tangle, envisioning use cases like KYC for exchanges through DID from the European Union or Carbon Data Monetization using $IOTA tokens is now within the realm of possibility.
As the community rejoices over the advent of ShimmerEVM today, the path ahead is laden with endless possibilities, each anchored firmly in the Tangle, awaiting exploration.
