- Bitpanda Exchange is anticipating the emergence of IOTA’s Shimmer Network.
- Shimmer Network will help IOTA’s bid to be a dominant IoT protocol in the Web3.0 World.
In one of the most intriguing innovations being anticipated by members of the blockchain ecosystem, the Shimmer Network is on track to be listed on Bitpanda, one of the industry’s multibillion-dollar trading platforms. Bitpanda hinted at its planned support for Shimmer when it posted a short but definitive question on its official Twitter handle.
@shimmernet WEN?
— Bitpanda (@bitpanda) March 1, 2023
The ‘WEN Shimmer’ question elicited a response from the Shimmer Network’s account which hinted it will also be launching soon. The community is agog with these revelations as it corroborated other claims that ongoing work on Shimmer is advancing at a very sporadic rate.
An IOTA community member took to Twitter to share the insights gleaned from a screenshot from Dave de Fijter, the Director of Engineering and Smart contracts at IOTA Foundation as it concerns developmental work being done on the Shimmer Network.
I sorted @fijter Tweets about the progress of #Shimmer #EVM testnet in a screenshot.
Seems like we still need a bit of patience…
But better be save than sorry! https://t.co/glICpFSANG pic.twitter.com/jTPGh6Skl7— IOTA Vrom.iota soon (@Vrom14286662) March 1, 2023
Per the details in the screenshot shared, Fijter said the limited version of the ShimmerEVM test has been rolled out and that this model is just what will be infused in the mainnet. The developer said a lot of work is being done after preliminary testing revealed a lot of bugs that needed fixing.
The Shimmer Network is bound to be powered by the SMR native token which will be what Bitpanda and other exchanges will list for trading on their platforms.
Insight into Shimmer Network and the Tangle Technology
According to the description of the Shimmer Network, it is a feeless, parallelized Decentralized Acyclic Graph (DAG) ledger to secure and create fully customizable smart contract chains. It is designed as a staging protocol to battle-test all future innovations for the IOTA protocol.
Billed to be a highly scalable protocol, value transfers are designed to be cheap, fast, and interoperable drawing on its tokenization structure. For additional context, the Shimmer Network will be to IOTA what Kusama is to the Polkadot blockchain.
The Shimmer Network can be described as Tangle in action. The Tangle technology is a DAG that is built to facilitate microtransactions owing to its nature. With IOTA built primarily for the Internet of Things (IoT) ecosystem, there is a need for a very functional decentralized protocol that can power different transactions with minimal lag.
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Tangle has been presented as the solution in this regard and it differs from Blockchain technology in a number of distinct ways. These include the absence of miners or validators thus eliminating the need for fees, and the high scalability of the protocol drawing on its agility and ability to process bits of data in real-time, thus making it ideal for microtransactions.
Many have tipped Tangle as superior to blockchain technology, and while this is subjective as it stands considering the fact that Tangle is currently not in operation today. With the Shimmer Network, the world will get the first bit of exposure to what the technology can do.
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