Took me a minute but I finally get what @iota is building now and I think it’s worth your attention
$iota is essentially aiming to be a highly scalable, 0 fee “layer 0” that isn’t programmable with smart contracts, but that is able to build layer 1’s on top of it that
1/8
$iota is essentially aiming to be a highly scalable, 0 fee “layer 0” that isn’t programmable with smart contracts, but that is able to build layer 1’s on top of it that
1/8
*are* programmable and are compatible with the ethereum virtual machine (among others) allowing for solidity smart contracts
These L1’s will essentially “float” on the base layer 0 $iota allowing for trustless and seamless cross chain swaps between L1s,
2/8
These L1’s will essentially “float” on the base layer 0 $iota allowing for trustless and seamless cross chain swaps between L1s,
2/8
which is a major problem for #defi rn, as cross chain swaps are centralized
So $iota is pretty much aiming to be a protocol that allows you to launch entire blockchains on top of, each with their own consensus mechanisms, validators, staking/incentives etc
3/8
So $iota is pretty much aiming to be a protocol that allows you to launch entire blockchains on top of, each with their own consensus mechanisms, validators, staking/incentives etc
3/8
This is pretty insane because it allows you to scale horizontally to meet pretty much infinite demand
You could essentially wrap ethereum onto IOTA and scale it that way, ironically 😬
But to do all these upgrades safely, they are launching @shimmernet, a fork of $iota with
4/8
You could essentially wrap ethereum onto IOTA and scale it that way, ironically 😬
But to do all these upgrades safely, they are launching @shimmernet, a fork of $iota with
4/8
the smart contract upgrades that will exist as an incentivized testnet to see how it plays out. SMR tokens will have a real, market derived value, making it a realistic environment for hackers to look for exploits. Whatever works on shimmer will be upgraded on IOTA, whatever
5/8
5/8
doesn’t, won’t. It’ll essentially be IOTA’s crazy little cousin that has all the experiments first, but that can also evolve to be its own thing
Shimmer tokens will be given as staking rewards to $iota stakers once it’s live, which should be pretty soon. Free money 👍🏼
6/8
Shimmer tokens will be given as staking rewards to $iota stakers once it’s live, which should be pretty soon. Free money 👍🏼
6/8
All in all I think @iota has made a real comeback to the scene. @shimmernet will be EVM compatible meaning forking tried and tested defi protocols will happen pretty quickly. An ape city coming up ( ͡° ͜ʖ ͡°)
Should be fun to see how things play out
7/8
Should be fun to see how things play out
7/8
Disclaimer: I’m an IOTA noob who hasn’t been around since 2017, so I may have misunderstood things. But this is the general idea as I understood it that IOTA is aiming to bring. If there are any mistakes I’ve made, pls note them so I can make corrections
8/8
#iota $iota @iota
8/8
#iota $iota @iota
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