- IOTA Network is preparing for a major hard in its ecosystem.
- The developers unveiled new ShimmerEVM integration last week.
- IOTA’s stardust hard fork will happen on October 4th.
IOTA, the Distributed Ledger Technology (DLT) platform, is doing well as the developers reposition the network for growth. In the past few months, the IOTA Foundation has made several changes and introduced new features in the network.
ShimmerEVM news
The biggest IOTA news of last week was the decision by the developers to debut the first IOTA Smart Contracts (ISC) and its accompanying token. The new progress will be released on ShimmerEVM, the new blockchain it unveiled a few months ago.
ShimmerEVM is a blockchain that acts as a testing ground for developers seeking to launch on IOTA’s tangle network. It is an Ethereum Virtual Machine (EVM) compliant network, meaning that dApps created in the network can run in Ethereum. It can be compared to Kusama, which acts as the testing network for Polkadot.
Therefore, IOTA hopes to incentivise more developers to build on its network, which they believe has better features than its competitors. For one, they believe that the tangle technology is better than existing blockchain networks. For starters, Tangle is an open network that immutably records the exchange of data and value and ensures that the information is trustworthy and cannot be tampered with.
IOTA 2.0 ahead
Meanwhile, IOTA Foundation has taken additional measures to boost its network growth. In September, the developers announced a plan to have an ecosystem fund to help onboard more developers in industries like DeFi, tokenization, and gaming. Most of the biggest blockchain networks have their ecosystem funds.
Further, IOTA developers are gearing towards the launch of the Stardust hard fork, which will happen on October 4th. This hard fork will set the stage for IOTA 2.0, which the creators hope will be a game-changer. In a statement, a representative of IOTA said:
“This self-sustaining economic system is key to increase the security of the IOTA network and in turn, to generate more demand for applications and layer 2 networks to build on IOTA.”
IOTA 2.0’s foundation is based on three important papers that the developers unveiled recently. The first one is the network paper, which focuses on Internet of Things (IoT), the ledger paper, and the consensus paper. These papers are known as the Trilogy in the network.
Ultimately, IOTA hopes that the new upgrades and investments will create a vibrant ecosystem and boost MIOTA price. The token jumped to a high of $0.158 on Monday, 8% above the lowest point in September.
