The launch of ShimmerEVM ushers in a new era of programmability within the IOTA ecosystem, setting the stage for real-world applications beyond DeFi and gaming. This groundbreaking development has sparked conversations within the community and caught the attention of Collin Brown, whose tweet emphasized the limitless possibilities that lie ahead.
ShimmerEVM introduces impressive features and optimizations while maintaining a familiar chain structure. One of its key highlights is its compatibility with the Ethereum Virtual Machine (EVM), allowing seamless support for Ethereum apps and easy transition to Layer 2. This compatibility positions ShimmerEVM as a foundational layer for the impending Iota Smart Contract Protocol (ISCP) and IOTA Chains, amplifying the programmability of the IOTA platform.
By serving as a foundational layer for anchoring Layer 2 Chains, Shimmer enables the Tangle to become a convergence point for DeFi applications, gaming ventures, and a wide range of real-world use cases. This transformation opens up a world of possibilities for bridging DeFi and real-world applications.
ShimmerEVM, as the first Layer 2 Chain, not only supports Ethereum applications but also introduces a Proof of Authority consensus mechanism that mitigates the risks associated with Maximum Extractable Value (MEV). This addresses a prevalent issue in other EVM-compatible blockchains like Avalanche C-Chain, Binance Smart Chain, and Ethereum.
Another game-changing feature is the introduction of VM-abstraction by ISCP, allowing the execution of Web-Assembly (WASM) Smart Contracts alongside EVM-Smart Contracts on the same Layer 2 Chain. This flexibility frees developers from the limitations of Solidity and enables the use of other programming languages like Rust, Typescript, Go, or even C++ for smart contract development. Additionally, the ability to enhance throughput beyond 700 transactions per second through additional Layer 2 Chains addresses the challenge of chain congestion.
The impact of ShimmerEVM goes beyond gaming and DeFi. By attaching Layer 2 Networks to the Tangle, a wide range of real-world applications are unveiled. Projects involving paperless trade, digital identities, digital product passports, and GovBonds issued on a GovChain are already in progress, indicating a future where these applications become commonplace. With the foundational Tangle, possibilities 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, it is clear that the path ahead is filled with endless possibilities, all anchored firmly in the Tangle, awaiting exploration.
