The launch of ShimmerEVM marks the beginning of a new era of programmability in the IOTA ecosystem. The integration of Layer 2 Chains into the Tangle opens up possibilities for real-world applications beyond DeFi and gaming. The IOTA community is buzzing with excitement as this groundbreaking development unfolds.
ShimmerEVM, which is EVM compatible, stands out for its impressive features and optimizations while maintaining a familiar chain structure. One of its key advantages is its seamless support for Ethereum apps, making the transition to Layer 2 easy.
The introduction of ShimmerEVM not only enhances the programmability of IOTA’s platform but also lays the foundation for the upcoming Iota Smart Contract Protocol (ISCP) and IOTA Chains. With Shimmer becoming a foundational layer for Layer 2 Chains, the Tangle, IOTA’s decentralized ledger technology, is poised to become a convergence point for DeFi applications, gaming ventures, and various real-world use cases.
Shimmer now serves as a foundational layer for anchoring Layer 2 Chains, with ShimmerEVM being the first Layer 2 Chain. Being EVM compatible, ShimmerEVM not only supports Ethereum applications but also introduces a Proof of Authority consensus mechanism, addressing the risks associated with MEV in other EVM-compatible blockchains.
A game-changing feature of ISCP is its VM abstraction, which allows the execution of both WASM and EVM Smart Contracts on the same Layer 2 Chain. This flexibility enables developers to use programming languages like Rust, Typescript, Go, or even C++ for smart contract development, liberating them from the constraints of Solidity. Additionally, the capacity to enhance throughput beyond 700 transactions per second through additional Layer 2 Chains solves the issue of chain congestion.
The potential of Layer 2 Networks goes beyond gaming and DeFi. It opens up a plethora of real-world applications such as paperless trade, digital identities, digital product passports, and the issuance of GovBonds on a GovChain. With the foundational Tangle, even use cases like KYC for exchanges through DID from the European Union or Carbon Data Monetization using IOTA tokens are now within reach.
As the community celebrates the launch of ShimmerEVM, the future holds endless possibilities anchored in the Tangle, waiting to be explored.