- Shimmer facilitates feeless value transfer between smart contract chains making it a truly scalable multi-chain network.
- The Shimmer Network offers four unique features of tokenization, customizability, feeless immutability and interoperability.
Last month, the IOTA Foundation released the Shimmer Network in a bid to provide a frictionless and efficient on-chain experience to users. Shimmer is the incentivized Layer 1 innovation network, built to spark the growth of feeless and highly interoperable digital assets and token economies.
The Shimmer Network seeks to cater to the goals of decentralized and scalable Web 3 economies. As said, Shimmer will also work as IOTA’s staging network to battle-test all future innovations. Besides, Shimmer facilitates feeless value transfer between smart contract chains. This makes it a truly scalable multi-chain network.
Similar to IOTA, Shimmer is also a DAG-based parallelized settlement layer with a higher L2 anchoring capacity. The Directed Acyclic Graph (DAG) is another form of blockchain technology. The DAG technology links individual transactions to multiple other transactions. As a result, the Shimmer Network helps in connecting and securing sovereign blockchains, applications, and ecosystems.
Let’s take a look at the four key features of the Shimmer Network that separates it from other projects and give it a competitive edge over its competitors.
Four unique features of IOTA’s Shimmer Network
- Distinct Native Tokenization: Shimmer offers unique tokenization features like none other from the crypto space. The tokenization framework of IOTA offers the guarantee of full compatibility and interoperability. As a result, Shimmer will allow anyone to mint native tokens and NFTs on Shimmer at zero fees. NFTs on Shimmer also serve as wallets that can own other NFTs or native assets.
- Customisability: The Shimmer Network comes with an extended UXTO model that offers more complex output types and facilitates novel transaction features and atomic operations. Shimmers’ customizable time-bound UTXO features bring a new era of value transactions. It allows frictionless marketplace operations without the need for costly customized smart contracts.
- Feeless Immutability: The Shimmer Network facilitates immutable data and value transactions at absolutely no additional costs. Also, mining tokens and NFTs requires a fully refundable deposit. As crypto analyst2xnmore explains: “This enables any form of data, hashes of external data, real objects, ownership or identities to be immortalized. Real world assets can be securely represented through custom, transferable tokens”.
- Interoperability: The Shimmer infrastructure layers serve as an all-encompassing universal bridge connecting everything. All chains anchored to the Shimmer Network can utilize it as the ultimate safe and feeless bridge for all cross-chain transactions. The Shimmer Network provides the basic infrastructure for transfer and trade without any limits and additional risks.
The Shimmer Network also has its native cryptocurrency SMR token which will be used for offering financial incentives for using the network. Users can claim the SMR tokens and earn staking rewards via IOTA’s official wallet Firefly.
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