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IOTA Network to Debut ShimmerEVM’s Smart Contracts and Tokens
Users can also send SMR tokens (and in the future NFTs and custom Native Assets) to the ShimmerEVM through Firefly.
Updated Sep 28, 2023, 12:00 p.m. Published Sep 28, 2023, 12:00 p.m.
Blockchain network IOTA will debut the first public IOTA Smart Contracts (ISC) and a related token on Thursday, developers told CoinDesk. The move comes after months of testing.
These contracts will be released on ShimmerEVM, an Ethereum-compliant blockchain. ShimmerEVM is part of Shimmer, an IOTA ecosystem blockchain that allows developers to build applications and use features that are not yet available on the IOTA mainnet, before moving their applications onto the main IOTA network.
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Shimmer is a network unveiled in 2022 that will exist as a separate blockchain with its own SMR tokens. EVM refers to an Ethereum Virtual Machine, or the software environment in which all Ethereum accounts and smart contracts are live.
ShimmerEVM can help expand IOTA’s appeal among developers and users, as they can run applications or platforms from other chains with minimal to no adjustments to the original code.
Users can also send SMR tokens (and in the future NFTs and custom Native Assets) to the ShimmerEVM through Firefly, no special bridge is needed. Bridges are blockchain tools that help transfer tokens between different networks
The move comes nearly two weeks after key IOTA developers took a series of decisions that benefit network development and, eventually, token prices. Plans include the release of a new ecosystem fund with the help of new token issuance, and a new blockchain that will support decentralized applications.
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