MIOTA(IOTA) Foundation is an IOT blockchain platform that distributes ledgers designed to execute and record transactions between machines and the IOT ecosystem. For IOTA, Tangle is faster than typical blockchains that cryptocurrencies use. It also uses a traditional blockchain (DLT).
The IOTA Staging Network
IOTA Foundation has a staging network called Shimmer, whose main function is to ensure all upcoming IOTA upgrades are community-approved before any rollouts. IOTA aims to achieve a decentralized governance system.
Shimmer also aims to help advance IOTA’s roadmap as an innovation testbed for developers in the community seeking to explore DeFi and NFTs. This sandbox model allows applications to establish compatibility and efficiency before launching on the IOTA mainnet, ensuring smooth deployment.
The first key network upgrades that the Shimmer Network hosts are:
- A Programmable Multi-Asset Ledger
- Full decentralization
- Sharding
- Smart Contracts
- Compatibility of applications
- Confirming stability and efficiency of applications before their launch; hitch-free deployment
IOTA Reward Token System
IOTA is also open-source, and it is a non-profit foundation that began in 2018 to support multifaceted initiatives within the IOTA ecosystem. The goal is research, development, and education on a distributed ledger technological space.
Holders of IOTA will earn staking rewards in SMR through the platform’s wallet, known as the Firefly Wallet. Token distribution in the coming months will pave the way for the reward system, and it is scheduled for early 2022.
Schiener Dominik, IOTA’s chairman and co-founder, cited the recent success of Kusama, Polkadot’s canary network, to explain market receptiveness towards this announcement.
In mid October, IOTA released a beta smart-contract platform, leading to the growth of NFTs and DEFI due to higher scalability and low gas fees.
However, the network also has potential risks, and it is good that IOTA openly admits this. The chairperson admitted this, stating that,
“Introducing tokenization, complex output types, smart contracts and new consensus offers exciting new opportunities. These opportunities aren’t without significant risks, however, and Shimmer will ensure the safety of each upgrade. With Shimmer, we are supercharging the innovation playground around IOTA.”
The team is working to solve these issues before the full launch of the platform.
IOTA Community to Use The Staging and Reward Token Platforms
The cryptocurrency has built a community to enable traders and developers to connect with like-minded people. The users who aim to join the staging platforms and earn token rewards have to be members of the community. The users also have to own wallets called “Firefly Wallets”, available for Linux, Mac and Windows.
The community is huge and constitutes:
- The developer, a community that allows for you as a developer to build with the platform. You can explore the developer roadmap, examine the code libraries, and learn with tutorials.
- The enterprise allows for solutions by allowing room for you to discover new business models and applications. You can explore IOTA technologies, industries, view IOTA services, and even partner with IOTA.
The Future Of IOTA
Integrating IOT technology with cryptocurrency is an ingenious idea. IOTA is a blue-chip project that will help many people. It is not simply a project for-profit collection; it allows traders to invest in it because it has a real value use case. Therefore, buy and HODL. IOTA to the moon and transform the technological space!