Shimmer’s Layer 1 revolutionizes transaction fees by offering feeless transactions. Meanwhile, ShimmerEVM (Layer 2) introduces smart contracts with customizable gas fees. Exploring the intriguing world of blockchain, Shimmer and IOTA come into focus, particularly in relation to their transaction fee models. Gaining insight from Collin Brown’s enlightening tweet on “Unraveling the Shimmer Enigma” sheds light on the matter.
1/3) Unraveling the Shimmer Enigma: Feeless vs. Fee-Empowered ✨
Have you ever wondered why Shimmer is feeless while ShimmerEVM embraces gas fees? Let’s delve into the distinctions between #Shimmer’s feeless transactions and #ShimmerEVM’s gas-powered smart contracts. #IOTA #Shimmer ⬇️ pic.twitter.com/SXgOt60Jeb — Collin Brown (@CollinBrownXRP) September 21, 2023
Echoing Brown’s sentiments, the Shimmer network (L1) is built on Directed Acyclic Graph (DAG) technology, similar to IOTA. This architecture, which eliminates fees, ensures scalability, unmatched security, and energy efficiency. Additionally, the Shimmer L1 ecosystem serves as a testing ground for future innovations by IOTA.
The Introduction of ShimmerEVM L2: Merging Platforms
Situated atop L1, ShimmerEVM (L2) represents the integration of the ecosystem’s first EVM-compatible chain. This bridge not only enables smart contract capabilities but also serves as a connection between Shimmer and Ethereum-centered decentralized applications (dApps). However, an important distinction arises here: L1 is feeless, while ShimmerEVM incorporates fees that are crucial for the mechanics of smart contracts. Nevertheless, the advantage lies in the adjustability of these fees, allowing developers to create economically efficient dApps.
Shimmer’s Paradigm: A Unique Economic Blueprint
Departing from traditional miner-dependent blockchains, Shimmer takes a distinct approach. By employing a unique consensus mechanism, Shimmer eliminates the burden of imposing network security costs on its users. This strategy increases the appeal of L1 for both users and commercial entities. Simultaneously, it paves the way for a fee marketplace model for ShimmerEVM in L2.
When combined, these two layers create a powerful duo, positioning the platform for unparalleled growth in the dynamic realms of web3 and DeFi.
For those seeking a more in-depth exploration, Shimmer’s official tweet offers additional insights:
Why is Shimmer feeless when ShimmerEVM incorporates gas fees? In this thread, we delve into the distinctions between #Shimmer network’s feeless transactions and the L2 EVM-compatible smart contract chain anchored on the Shimmer L1 network: #ShimmerEVM ⬇️ pic.twitter.com/SGVh23gyCc — Shimmer (@shimmernet) September 21, 2023
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