• In the latest announcement, Stellar Lumen has launched the Stellar Asset Sandbox to make it easier for users to issue, mint, and burn new assets using the Stellar testet network.

This week was a dramatic one for the crypto industry as the major assets moved to and fro on the price curve and also announced some incredible development across the crypto sphere. This features some heavyweights including Ripple, VeChain, IOTA, Dogecoin, and Stellar Lumen which saw marginal falls in the market in the last 24 hours despite making huge news in the mainstream media. 

Ripple (XRP) price to go 10x after win over SEC, floats a $250M creators fund

Ripple Labs’ win over the US Securities and Exchange Commission (SEC) in the ongoing lawsuit could trigger a 10 times price surge facilitated by its use of tokenization. It is important to note that the XRP Lenger (XRPL) is the first blockchain to assist tokenization for several assets within the category of NFTs, Stablecoins, and cryptos. Considering that the value of tokenization is expected to hit $1 trillion by 2024, XRP could be a huge beneficiary. 

Ripple has also launched a whooping $250 million creator’s fund in a bid to get NFT artists to draft their collections to the XRP ledger. The company has long sought to explore ways to facilitate the growth of the Ripple ecosystem, and this could be possible by bringing talented developers and creators on board. It is reported that the beneficiaries will be defined by those with NFT utility and community engagements while having little to do with location. Application for the third wave is closed with the fourth expected to be opened soon. Beneficiaries of the second wave of the fund were announced in October last year.

Read more…

Dell partners with IOTA to bring sustainable energy uses to the digital cities

IOTA Foundation has in partnership with Dell Technologies sought to bring sustainable energy use cases to digital cities in a bid to transform Urban Mobility using Intelligent Security systems (ISS). According to the report, the solution would make use of the combined approach featuring video recordings, analytics, and control center modules that run on a dedicated computer environment. One merit of this partnership is the cost-effective path for proper traffic management while taking note of the citizens’ safety. 

Read more…

Doge community awaits Elon Musk to push Dogecoin again as Twitter launches new ad share model

The Dogecoin community has maintained its excitement since Elon Musk took over Twitter in a pretty interesting fashion. Financial Times reported that Elon Musk wants fiat currencies to be used as Twitter’s primary payment method.

However, he wants engineers to make it flexible for crypto payments to be added in the future. Dogecoin investors have been more excited as Twitter rolls out a new ad share model. Elon Musk Tweeted that part of the revenue generated from advertising on the platform would be handed over to creditors. Many crypto enthusiasts are certain that this could accelerate the implementation of digital assets on Twitter. It is expected that once payments begin to be processed, fiat and cryptos could be added to the platform. 

Read more…

Stellar Lumens introduces a groundbreaking tool to issue, mint, and burn new assets on the XLM blockchain

In the latest announcement, Stellar Lumen has launched the Stellar Asset Sandbox to make it easier for users to issue, mint, and burn new assets using the Stellar testnet network. This does not need any coding knowledge. In addition, it also makes asset issuance easy for businesses and individuals. This development means users can create, issue, and manage the digital representation of fiat on the network. Using Steller’s custom and compliance tools, users can tokenize assets such as CBDCs, stablecoins, and securities. 

Read more…

VeChain announces new major partners that will take digital ecosystems to the next level

Source: Diego Ioppolo – Shutterstock

At the beginning of this month, VeChain launched a sustainability and Web3-focused IRL event called HiVe, which is expected to take place in March 2023. This would take over the VeChain summit which last occurred in 2019. Part of the idea is to foster collaboration across the Web3 community. VeChain has also partnered with the United Nations to realize the 17 sustainable development goals (SDGs) established by the UN.

Read more…

Der Beitrag CNF Brief: 6 of the biggest headlines in past week – Ripple, VeChain, IOTA, Dogecoin and Stellar Lumen  erschien zuerst auf Crypto News Flash.

Last year in late September 2022, The IOTA Foundation announced the launch of its Layer-1 staging network Shimmer. The Shimmer network serves as a base layer to test all the new innovations and features before introducing them to the IOTA mainnet.

It also serves as a gateway to transition to a more robust infrastructure dubbed IOTA 2.0. Since the launch of Shimmer, there have been major developments taking place on the network. Its distinct features such as native tokenization, feeless immutability, customizability, and interoperability make Shimmer the go-to platform for industry players.

Now the latest development in line is introducing smart contracts to the Shimmer network. Industry experts believe that such a step will lead to the “rise of frictionless, decentralized and scalable web3 economies”.

Once smart contracts come to the Shimmer Network, it would unlock several use cases for the blockchain platform across multiple industries.

With #smartcontracts on the scalable and feeless #Shimmer network, we will see the rise of frictionless, decentralized and scalable #web3 economies. 🚀

We gathered our six major use cases for you! 🧵👇 pic.twitter.com/6OMhJ8tNfz

— Shimmer Academy ✨ (@shimmer_academy) February 2, 2023

Six major use cases of the Shimmer Network

The Shimmer academy has shared six major use cases of the Shimmer Network which could be useful going ahead.

1. Energy Management: The Shimmer Network will be pretty useful for the energy markets in real-time energy management. Besides, it can also help in moving carbon credits and renewable energy certificates without costing a dime. The IOTA Foundation has already been working with different market players to bring peer-to-peer energy trading solutions to the market.
2. Digital Identity: Another area where the Shimmer Network can play a crucial role in building digital identity solutions. The Shimmer Network is ideal for native tokens, NFTs, and smart contracts in order to interact with other digital identities. Each digital identity will be able to control other identities in order to enable flexible modeling.
3. Decentralized Finance (DeFi): Shimmer is ideal for decentralized finance (DeFi) economies since it is scalable and a feeless network enabling frictionless decentralized transactions. Market players can use Shimmer’s native $SMR tokens to launch DeFi applications, DAOs, DEXs, and other dApps.
4. IoT: Shimmer can find strong applications in the rapidly emerging Internet of Things (IoT) market as it will allow projects to tokenize everything on Layer-1 without any fees. Besides, projects can use Shimmer’s bridgeless, modular, multichain smart contract architecture to realize different use cases in the IoT world. 
5. Gaming: All NFTs on the Shimmer Network can work as standalone wallets and also hold other NFTs and tokens. Additionally, these NFTs can store immutable on-chain data. Such an application and use case will make Shimmer the ideal network to be integrated with different games.
6. Supply Chain: One of the biggest use cases of the Shimmer Network is a feeless, parallelized DAG ledger to build fully secure and customizable smart contract chains. Besides, Shimmer will also provide the perfect infrastructure for establishing a trusted supply chain.

Der Beitrag IOTA billion-$-usecases: Energy management, digital identity, DeFi, Gaming, IoT and supply chain – Report erschien zuerst auf Crypto News Flash.

The IOTA Foundation has been one of the active network platforms involved with several initiatives linked to climate change and sustainability. IOTA’s distributed ledger technology (DLT) has also been one of the preferred solutions for peer-to-peer energy trading.

In the latest development, the IOTA Foundation has joined hands with Gold Standard and ClimateCHECK as part of the Open Collaboration to consult on the proposed framework that seeks to improve the speed and reliability of the methodology development, within the Carbon Market.

[ICYMI] @GoldStandard, #IOTA and @ClimateCHECK are inviting public input on a draft model framework that aims to improve the speed and reliability of methodology development within the carbon market. Let us know what you think👇https://t.co/ZwRxYldOHY

— IOTA (@iota) January 31, 2023

With this consultation, the IOTA Foundation seeks to improve data quality, accessibility, and interoperability. Besides, it also seeks to lower the transaction costs for those working on climate and other development projects.

The processes outlined in the proposed framework would drastically reduce friction in the development of new methodologies for the verification of impact across projects. It would further reduce the time required for the issuance of carbon credits and any sustainability impacts that happen outside of the carbon markets. This would be beneficial to both – project developers as well as purchasers of credits.

The proposed model under The Open Collaboration draws its cues from some of the existing industry models. This includes the Ethereum Improvement Proposal as well as the Python programming communities Python Enhancement Proposal.

New enhancements in the carbon market

Over a period of time, the Carbon Market will continue to grow bigger. But to bring the key ethos of transparency, trust, and security, it is leveraging the power of blockchain solutions offered by IOTA.

The proposed consultation details the processes for developing new methodologies with the Carbon Market and making them more autonomous. Also, the consultation dubbed “Considerations for Governance of MRV Methodologies and Infrastructure as Public Goods” will introduce a new “submission hub” in order to reduce friction in the development of new methodologies for verification of impact across projects. Ultimately, it would shorten the timescale required for the earning of carbon credits.

In order to boost speed as well as reduce the complexity of the Carbon Market, digital transformation is essential. However, actors working from across the carbon markets have to come together to achieve this. Gold Standard, IOTA Foundation, and ClimateCHECK will now work together with the goal of improving the demand side, supply side, and interoperability of the carbon market.

Back in August 2022, under the Open Collaboration, these three partners launched three working groups consisting of a wide range of stakeholders including technical experts, market participants, and sustainability leaders. The Open Collaboration has the backing of  Google Charitable Giving.

Der Beitrag IOTA fights climate change with new carbon market strategy for a sustainable future of the world erschien zuerst auf Crypto News Flash.

Since the IOTA Foundation launched the Shimmer Network last year in September 2022, the team has been working on new developments in the Shimmer ecosystem. As per the recent development, the team has been working on the launch of ShimmerEVM which will be compatible with the Ethereum Virtual Machine (EVM).

Recently, Dave de Fitjer – the director of engineering and smart contracts at the IOTA Foundation – shared important updates regarding the launch of IOTA smart contracts as well as the launch of ShimmerEVM testnet.

Fitjer noted that the team behind IOTA smart contracts has been improving the Wasp node to get themselves into a comfortable situation where they can confidently launch the ShimmerEVM testnet. The IOTA executive further added that the team has spent a considerable amount of time testing and improving several minor releases over the last week.

Last Friday, they performed “a team-wide test running and maintaining a multi-validator cluster which we completed successfully”. From the findings of this test, the team will be working on a couple of fixes before launching the ShimmerEVM testnet. Later, with several community projects, the testnet will undergo major broad testing.

Fitjer added that with the stability of the network, they will open up the testnet for everyone to experiment. “Looking forward to all the new stuff that will be enabled by this and trying out all the nice community projects that have been under development for a while!” he added.

[1/4] WEN ShimmerEVM? Since the last update the IOTA Smart Contracts team has been improving the Wasp node to get it into a state where we can confidently launch a ShimmerEVM testnet. We've spent a lot of time on testing (manually/automated) and improvements…

— Dave de Fijter 💎🦋💎 (@fijter) January 30, 2023

SoonLab’s BUILDAVERSE gears up for ShimmerEVM

Several community projects built atop the IOTA network are also waiting for the launch of ShimmerEVM. ShimmerNet’s lead contributor Dominik Schiener recently stated that his team has been doing a lot of testing to make ShimmerEVm production ready.

Soon as Fitjer announced that they are working on the final fixes before the launch of ShimmerEVM testnet, SoonLabs which runs on IOTA’s decentralized Shimmer Network shared its excitement with the community. In its latest tweet, SoonLabs notes that after a brutal 2022, projects with strong foundations focused to build above and over the hype. Hinting at its major project BUILDAVERSE, SoonLabs noted that they are closely watching the developments of ShimmerEVM Beta.

Not everyone made it through the rough and wild waters of 2022. But projects that stood strong and focused on #BUILD over hype, long term value over fast money, OUR futures are bright. ShimmerEVM Beta is now in our sights, so let's prepare for better, sunny days ahead, and LFGO! pic.twitter.com/JnLWaAJYzX

— SoonLabs | Soonaverse.com (@soon_labs) January 31, 2023

BUILDAVERSE from SoonLabs is a modular Web3 platform operating system and an Ecosystem-as-a-Service that connects individuals, enterprises, corporations, NGOs, etc. It is a white-label platform of Soonaverse. The larger BUILDAVERSE platform will help users to build communities dubbed “Verse”.

Der Beitrag IOTA: Smart contracts team improved Wasp node and ready to launch ShimmerEVM – Report erschien zuerst auf Crypto News Flash.

Our data shows that investors have taken a step back with a majority of cryptocurrencies’ prices stagnating. Bitcoin which is the trendsetter has failed to break the $23,000 resistance level triggering speculation that it will retract and test recent supports. Despite prices stalling, network development and technological developments are still ongoing painting a bullish picture for a number of projects.

In this week’s CNF brief, we take a look at some of the most intriguing developments.

Massive cash for Bitcoin price uptrends comes from US institutions

A report early this week revealed that institutional investors play a key role in Bitcoin price uptrends. Although a majority of mainstream institutions are wary of cryptocurrencies, firms like MicroStrategy Incorporated, Block Inc, and Paypal Holdings Inc are notably heavily invested in cryptocurrency. Matrixport’s head of research and strategy, Markus Thielen confirmed that the bulk of the buying momentum that is pushing the price of Bitcoin upward is being fueled by the hoard of institutional investors pumping cash into the industry.

As these investors increase, it’s expected that prices will continue to rise. Additionally, regulators will be under massive pressure to introduce clear regulations that could further increase adoption. It’s further intriguing as recent data shows the Bitcoin Network processed more transaction value than Visa and Mastercard last year and is expected to surpass this in 2023…Read More

XRP price ‘in the thousands’ after Ripple vs. SEC case is settled

Speculation continues to grow around the XRP price. Earlier this month, Ripple CEO Brad Garlinghouse revealed that he expects the Ripple vs. SEC case will be settled in the first half of the year. With Ripple pegged to win, investors and analysts expect prices to rally. This especially after the advances in the XRPLedger from the last two years and the growth of the ecosystem will add to XRP price growth. Furthermore, some of the leading crypto exchanges that previously delisted XRP on their platform will rush to relist the digital asset.

Source: Travis Wolfe

However, Brad Garlinghouse-led company is treading on a very cautious path as any form of settlement without legally defining the status of the XRP coin can stir up another lawsuit sometime in the future… Read More

At the time of press, XRP is exchanging for $0.4109. The digital asset has been trading sideways for the last 7 days. With a record of $3.84 as the all-time high reached 5 years ago, the token is still a long way from its ATH.

Developers confirm billions of SHIB will be burned with Shibarium

Amid the tanking SHIB burn rate, lead developer Shytoshi Kusama assures an uptick in burn rate with the Shibarium release. The eagerly awaited  Layer-2 scalability network is set to launch soon and will offer a major boost to the SHIB token. Shytoshi Kusama recently confirmed on discord that trillions of SHIB coins will be burnt with the release of the Layer 2 platform Shibarium.

As per the MVRV-Z score indicator, the SHIB price is largely undervalued even now and holds the potential to rally another 75 percent two months from now…Read More

Samsung taps VeChain for intelligent ship data application

VeChain has continued to garner traction and receive major recognition. In the latest development, Samsung has tapped the leading blockchain for the deployment of its intelligent ship data application. With support from the World-leading certification authority DNV, Samsung Heavy Industries, the first Korean shipbuilding firm to take this step, has successfully deployed its “Intelligent Ship Network Security Application ” on the Vechain network.

In order to reduce the chances of information alteration when data is shared with ships and other off-shore tools on the recovering end, VeChain serves as a security solution for shipping companies, shipyards, and other bodies involved…Read More

ShimmerEVM finally launching as $MIOTA remains top 10 crypto for most active developer ecosystems

IOTA and its staging network Shimmer also made headlines during the week for various developments. For starters, ShimmerNet’s lead contributor noted that while close, they are not rushing to launch the ShimmerEVM citing the risks of the network going down.  Since the launch of the Shimmer network last year, the team has been working on the launch of the ShimmerEVM chain which is compatible with the Ethereum Virtual Machine (EVM).

The team at ShimmerEVM had been testing several UX improvements which include incorporating convenience functions such as using Shimmer to pay gas directly for L1-L2 transfers.This revelation follows a report that showed that IOTA is among the top 10 most active developer ecosystems. With Shimmer, IOTA could climb even higher as more developers join the ecosystem…Read More

Der Beitrag CNF Brief: 5 of biggest stories this week- Ripple, Shiba Inu, VeChain, IOTA and Bitcoin erschien zuerst auf Crypto News Flash.

Loyal is set to become the first customer loyalty project to be launched on the Touchpoint Open Builders Program on Shimmer Mainnet. According to the official release, they will provide a new code tool for gastronomy, hospitality, service providers, and retailers to introduce their loyalty assets as Non-Fungible Tokens (NFT). 

The loyalty asset is said to be anything like vouchers, cross-brand membership levels, utility, and access to unique products. Their presence on the Shimmer Mainnet can assist non-tech native businesses to create their loyalty assets easily. 

👀
:loyal will be the first customer loyalty project released on Shimmer mainnet! loyal starts by delivering utility NFT coupons for major German coffee brands from 1 February 2023 onwards – so feel free to download us in the App Store or Play Store." 👀 https://t.co/2a5d5S9WDp

— IOTA Vrom.iota 🦋✨️💪➡️🐙☠️🤖soon (@Vrom14286662) January 26, 2023

Loyal strives to make decentralized tech available to gastronomy, hospitality, service providers, and retailers to help them win and retain customer loyalty. Most businesses lack the resources to develop their own loyalty assets and get them in front of their customer base or community.

Members could earn and redeem in-shop

Another benefit to businesses is that their marketplace can be used to launch campaigns for their audiences. Loyal explains that it prefers to focus less on the speculative aspect but more on community and value. As part of their plan, community members could earn, purchase or add loyalty assets while they also have the option to redeem them in-shop. This is much different from their competitors as many of them choose a multi-chain approach. This ends up motivating speculators to add or purchase loyalty assets in their wallets. Eventually, they sell them for a profit at common marketplaces. 

Users can show what they earned in the future by connecting to social media. On top of that, they could battle against each other. As loyalty assets become more valuable, EVM compatibility may be added. 

From the customer perspective: Imagine loyal as OpenSea but for all the loyalty assets you can think of. Which brands do you often visit or shop at? By offering their NFTs via our app’s marketplace, these brands will incentivize you to check out the loyal app almost as often as Instagram.

Loyal has a broad target

Loyal further hints that its target is very broad and includes coffee drinkers, unlike other teams from the Web3 ecosystem. They also observe that their audiences may not necessarily be familiar with Web3 but are focused on the real-life NFT use case on Shimmer right after adding its first loyalty asset into a loyal wallet. Very soon, their initiative could assist coffee drinkers to use Web3. Also, online shop owners could have their share as it plans to support non-physical stores and apps. From the beginning of February, Loyal will start with brand-centered coupons. 

According to Loyal, they would start NFTs as coupons, and unlock utilities such as 2-for-1 offers on products and discounts off total bills.

In the long run, we’ll be disruptive to the extent that businesses will for the first time be able to offer inter-brand loyalty assets: frequent spending at brand X (for example your favorite coffee chain) will unlock utility, higher level, and/or collectibles at brand Y (for example, your go-to airline).

Shimmer’s Tangle would be largely relied on to ensure transparency across purchases as well as redemption transactions of NFT. 

Der Beitrag IOTA: Customer loyalty project launches on Shimmer with major German coffee brands onboard erschien zuerst auf Crypto News Flash.

SoonLabs, the company behind the decentralized NFT marketplace Soonaverse has been working on a modular Web3 platform operating system BUILDAVERSE. Now, BUILDAVERSE has joined hands with other players in the IOTA ecosystem SPYCE.5 to build exciting new projects in the Web3 space and win the race toward institutional adoption.

The two players will work together in building a decentralized infrastructure wherein SPYCE.5 will offer an entirely frictionless, automated, and decentralized infrastructure. This operational layer will control all nodes and validators in public as well as private environments and will provide customers the ability to make varying degrees of decentralized services via a turnkey solution.

wen biggest ecosystem partnership in @IOTA and @shimmernet history?

Right. Effen. NOW!!!@SPYCE_5 and @thebuildaverse! 2 teams, 1 goal, TOTAL DOMINATION! Decentralized infra, enterprise partners, business alliances, fiat to $SOON & so much MOAR. LFGO!https://t.co/AYZYtUplbq pic.twitter.com/V0LvmUshB1

— SoonLabs | Soonaverse.com (@soon_labs) January 26, 2023

With SPYCE.5’s decentralized infrastructure, enterprises can onboard on their own terms through operational mandates and can further scale service modules. Teams at both – BUILDAVERSE and SPYCE.5 – have started working with well-known enterprises, stakeholders, large global initiatives, as well as partners across industries in Europe and the United States.

With this alliance in place, both players can cross-sell each other’s products while increasing exposure for their decentralized solutions.

Deploying the modular web3 platform

The teams of SPYCE.5 and BUILDAVERSE are now working together allowing big corporate partners to deploy the modular Web3 platform of BUILDAVERSE on private Tangles. SoonLabs note that this will result in greater cost savings and a lack of friction in the procurement process.

Furthermore, the large corporates will get the ability to easily create and manage decentralized autonomous organizations (DAOs), tokenization, NFT minting, and other service modules through the on-demand features of Soonaverse and SPYCE.5. The two players will allow its clients to integrate Web3 utility into their services, products, applications, and technology stacks.

However, one of the key challenges that big corporates and organizations face in adopting Web3 products is the complexity of purchasing and holding digital assets. However, SPYCE.5 seeks to solve this issue and provide its clients with a frictionless user experience. The announcement noted:

SPYCE.5 will abstract the regulatory, legal and financial difficulties from organizations and simplify complex cryptocurrency related purchases and management. This eliminates a major roadblock for partners and enterprise customers, while maintaining $SOON’s ability to act as a functional and essential operational asset.

SoonLabs added that within BUILDAVERSE, they would be offering all of its Spaces and Service Modules developers quick access to SPYCE.5 infrastructure. All module owners and projects get “one-click” access to SPYCE.5’s advanced tech as well as expertise in blockchain APIs, secure data spaces, digital identity utilities, etc.

Der Beitrag Biggest Partnership in IOTA and Shimmernet history: SPYCE.5 and BUILDAVERSE team to build Web3 erschien zuerst auf Crypto News Flash.

IOTA officially launched the Shimmer network on September 28, 2022, after months of battle testing. Shimmer was designed as a separate layer 1 network to foster a new dApp and smart contract ecosystem. It is also important to note that the Shimmer UTXO-based ledger has zero fee transaction and parallel layer 2 chain connectivity in addition to its high scalability and five-second finality time. Following the launch, Nakama Labs, a Web3 Builder, and Venture Fund has disclosed its plans to build and invest in dApps on top of Shimmer. 

In a Twitter thread, Robert Daykin, the co-founder of Nakama Labs explained the reason for such a move.

I've been asked a lot lately why @Nakama_Labs are focused on building and investing on #Shimmer #IOTA. I figured I'd respond in this tweet 🧵👇#web3 #DeFi #GameFi #NFT

— Kappy (@Rob_Daykin) January 24, 2023

According to him, there is no layer-1 for either minting or moving assets. This makes it more cost-effective for creators and users. 

ShimmerEVM uses a random order consensus to confirm transactions, which prevents sandwich/front/back running MEV attacks on Dexes. This ensures a more secure and fair trading environment.

Daykin also mentioned that there is a large established community with no opportunity to adopt Web3 applications on the IOTA network. This could be possible with the ShimmerEVM. 

Also, there is higher security and efficiency in moving assets between chains on top of layer 1. This means there will be no need for third-party centralized or decentralized bridges since the security would be guaranteed by the layer-1 DAG. 

Shimmer layer -1 allows new smart contract chains

Another reason for this decision is that the Shimmer layer-1 allows the launch of new smart contract chains that provide more efficient language. It opens endless possibilities for innovation and growth.

With these USPs, we are optimistic that we can start to unlock more of the potential of #Web3. Which offers advantages if deployed correctly over its Web2 cousins. We’ve only just started to scratch to the surface of what is possible.

Nakama Labs also thinks that Shimmer has a unique advantage which is a layer-1 feeless and environmentally friendly creation of tokens and NFTs. Adding to the submission of Daykin, Nakama Labs confirmed that Shimmer would support additional chains which are secured by Shimmer layer-1. This means each chain would address the problem of congestion.

Feeless asset transfers on L1 have the potential to revolutionize the transfer of value. F.ex, the ability to mint stablecoins securely and feelessly have the potential to disrupt the banking system relying on a legacy transfer system that has not innovated since the 70s.

Its compatibility with the Stardust Tokenisation Framework is said to enable the horizontally scalable and modular multi-chain architecture that ensures that the processing of sovereign smart contract networks in parallel is allowed. This enables well-retaining composability across the chain.

Its uniqueness lies in its ability to keep track of ownership of multiple assets. Comparatively, Proof of Work (PoW) or Proof of Stake (PoS) based blockchains only keep track of ownership for a single digital asset. The native token of the Shimmer network is SMR. 

Der Beitrag IOTA: This is why billion-$-companies and Nakama Labs build on the tangle and Shimmer Ecosystem – Report erschien zuerst auf Crypto News Flash.

Ever since IOTA launched the Shimmer Network last year in September 2022, the team has been gearing up for the launch of ShimmerEVM chain which is compatible with the Ethereum Virtual Machine (EVM).

Recently, ShimmerNet’s lead contributor Dominik Schiener shared a few updates noting that the team has been “improving, testing, and making sure” that ShimmerEVM is production ready. He also admitted that the launch of the ShimmerEVM has taken longer than expected, however, it will be one of the most critical components of the Shimmer Network with the potential of holding hundreds of millions in assets.

Schiener noted that they are not willing to rush the release citing that the network might go down while putting it at a greater risk of losing funds. As of now, the team at ShimmerEVM had been testing several UX improvements which include incorporating convenience functions such as using Shimmer to pay gas directly for L1-L2 transfers.

In the next step, the team will launch an internal ShimmerEVM network with multi-node support and make sure that it runs smoothly. Later, they would relaunch the public testnet and kickstart the journey of publicly testing and validating everything.

With the launch of the ShimmerEVM testnet, it will be easy to deploy decentralized applications (dApps) and the community will be able to participate fully. Schiener added that a few weeks after testing and based on the outcomes and results, they would be launching the ShimmerEVM live on the Shimmer Network.

More details about Shimmer Network and ShimmerEVM

The Shimmer Network is a Layer-1 staging Network for the IOTA network wherein all of the new innovations and features are tested before moving them to the IOTA mainnet. It is basically an extension of IOTA’s Directed Acyclic Graph (DAG)  and serves as a testbed to validate product updates such as the IOTA 2.0 upgrade.

Shimmer is basically a composable tokenization framework that allows tokenizing everything from NFTs to stablecoins, as well as other real-world assets that are on Layer 1s. Shimmer works as a separate Layer-1 scalable network designed to foster a new dApp and smart contracts ecosystem.

Dominik Schiener added that it’s certainly a difficult time currently as they are forced to be patient with crucial releases. He added:

Everyone at the Foundation is aware of this situation and we are doing our best to deliver the ShimmerEVM and the IOTA 2.0 as quickly as possible. If you look at the GitHub activity, we have been constantly in the top #10 over the last year or so.

Der Beitrag IOTA: ShimmerEVM finally launching as $MIOTA remains top 10 crypto for most active developer ecosystems erschien zuerst auf Crypto News Flash.

The IOTA ecosystem is growing and one of its emerging protocols, Soonaverse, has shared its first developer update for the year. Taking to its official Twitter handle, SoonLabs, the Web3.0 startup in charge of the development of the Soonaverse said its core developmental work was focused on On Tangle Requests, Token-based voting, and improvements in search functionalities in the protocol.

IT'S TIME for our first Dev Update of 2023! On Tangle Requests, Token Based Voting, Added Search Functionality, and much, much MOAR! SoonLabs will ALWAYS BE BUILDING! We're just getting started in 2023. So, get ready, get set, LET'S GO! @shimmernet @iota https://t.co/q1SI2rBsFT pic.twitter.com/zd6gxNYlxn

— SoonLabs | Soonaverse.com (@soon_labs) January 21, 2023

The Soonaverse is an ecosystem-as-a-platform that empowers communities to create and manage decentralized organizations, assets, and markets on the feeless infrastructure of the Shimmer network. With the new developmental work it has introduced, SoonLabs expects its community members to get the best value in its ecosystem.

Insights into the key upgrades

One of the most important features that Soonaverse users will get is the On Tangle Request (OTR) command. As the team described in its update, the OTR is an action that can be requested directly through the Tangle that will trigger the Soonaverse to execute a function. 

While the OTR can be used for quite a number of things, it will first enable users to be able to purchase and sell a token, acquire a Non-Fungible Token (NFT), and stake their assets. The team said the OTR will serve as the core backbone for the broader IOTA ecosystem. With the OTR, users can interact and get things done on the platform without needing to go through the User Interface (UI).

The SoonLabs team also said the structure of voting on proposals will be hinged on a token-based system to ensure true representation. According to the update shared, users will need to commit their tokens to the voting DAO and their votes will be determined based on a weighted score. 

In most Decentralized Autonomous Organization (DAO) models in the Web 3.0 space, voting is often a function of who has more tokens to commit. SoonLabs said its model is different and will take into account users who leave their coins for a relatively long period of time. The startup said this will prevent malicious actors from coming to push an agenda and selling off the tokens minutes after.

The protocol confirmed that tokens committed to the voting vault can be withdrawn when needed, however, it will reduce the weighted score for the votes.

One last major upgrade is the improvement in the search functionality on the protocol’s GitHub page. While Soonaverse has continued to evolve, the IOTA protocol said searches are way improved, even though there’s still additional room for improvements across the board.

IOTA and the broader crypto ecosystem

Soonaverse is just one example of an innovative protocol in the IOTA ecosystem that is helping to contribute to the overall growth potential of distributed ledger technology. Over the years, IOTA has built a strong reputation as a very functional protocol for different industries including the energy trading ecosystem. 

As reported by Crypto-News Flash, the protocol was tapped as a blockchain of choice by the United Nations to serve billions of people worldwide.

Der Beitrag IOTA: On Tangle requests, token based voting, future of search – Ecosystem is growing super fast erschien zuerst auf Crypto News Flash.