IOTA Gets Shimmer Network Upgrade That Allows Users to Transfer NFT

Crypto IOTA can upgrade the Shimmer Network. (Photo; Doc. IOTA)

JAKARTA – Crypto IOTA (MIOTA) suddenly experienced a 26.22 percent increase in trading volume in the last twenty-four hours. As of writing, MIOTA is trading at IDR 4,676 per coin, according to CoinMarketCap data.

IOTA is a distributed ledger or ledger using a technology called Tangle. It is a system used to confirm transactions within its network. IOTA claims that Tangle technology has a higher speed than conventional blockchain. This cryptocurrency focuses on developing the Internet of Thins (IoT) ecosystem.

The increase in IOTA trading volume is the buyer's response to the increase in Shimmer Network which is scheduled to launch on 28 September.

For information, Shimmer is a layer-1 network for the IOTA mainnet. With Shimmer Network, developers will add features added to Shimmer for production testing prior to deployment on the IOTA mainnet.

According to a DailyCoin report, the creators of the Shimmer network plan to integrate a multi-chain bridge that will allow users to transfer NFTs from blockchain platforms like Ethereum and Polygon and vice versa.

The network aims to cater for various applications in building native tokens, IOTA smart contracts, and creating and trading NFTs. Beta version of the network has been tested by the community. This launch will mark the finalization and implementation of the IOTA Smart Contract Support and Tokenization Framework.

Meanwhile, the agency behind IOTA, the IOTA Foundation, expressed its support for the development and standardization of distributed ledger (DLT) technology.

IOTA was among those selected to develop EBSI, the first EU-wide blockchain infrastructure driven by the public sector to meet European values ​​and regulations across the board.

Previously, in June, the IOTA Foundation collaborated with a number of giant companies including Dell, BioE, and ClimateCECK to help tackle climate change. IOTA and these companies are working to fight climate change by using real-time carbon footprint data.

IOTA was founded by Sergey Ivancheglo, Serguei Popov, David Sønstebø and Dominik Schiener. IOTA tokens have a maximum supply of 2.779.530.283 MIOTA, of which all tokens are circulating in the market.