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- The IOTA Foundation has achieved several important milestones in 2022. This is especially important with regard to regulatory and governance issues.
- The Shimmer Network launch was a major event aimed at bringing further decentralization to the IOTA protocol.
The final year of 2022 has been a really difficult year for the cryptocurrency and blockchain world. More than $1.5 trillion was wiped out in the months after the November 2021 peak.
However, the IOTA Foundation continued to push the boundaries with important projects in various areas such as industrial adoption, education and research and development. The IOTA Foundation team also primarily worked on decentralizing the platform. This includes the decentralization of the IOTA blockchain technology and governance system.
Let’s see how IOTA has contributed to each of these areas.
IOTA – Research and Recruitment
IOTA’s key features of transparency, immutability, and secure data transfer served as the basis for several collaborative projects. The IOTA Foundation has made significant progress with the European Commission’s European Blockchain Services Infrastructure (EBSI).
In early 2022, IOTA was approved for Phase 2A working on the Digital Product Passport (DPP) in the Circular Economy. This was his EU-wide intellectual property management in the creative industries. In Phase 2B, IOTA completed field testing of the Stardust solution, including tokenization and smart contracts.
Similarly, the IOTA Foundation worked with TradeMark East Africa to move the Trade and Logistics Information Pipeline (TILP) to Kenya. This partnership will further expand in 2023, with over 45 organizations involved in testing his TLIP across multiple trade lanes.
At the forefront of research and development, the IOTA Foundation announced IOTA 2.0 DevNet makes the codebase more stable and robust. They also updated their research on the energy consumption space, proving that the IOTA protocol is still the least consuming in this space.
IOTA Technology – Shimmer Revolution and Firefly
One of the big advances from IOTA this year was the launch of the staging network Shimmer. Shimmer Network brings a tokenization framework to his IOTA network, allowing users to tokenize their NFTs, Stablecoins, Fan Tokens and other assets at Layer 1 without fees.
The launch of Shimmer Network is a major milestone in the evolution of the IOTA ecosystem. Shimmer will act as a test network for developers to test new innovations and developments before introducing them to his IOTA mainnet.this is our full description On how Shimmer can play a key role in the future growth of the IOTA ecosystem.
Shimmer Network also has a native cryptocurrency SMR token, already available for trading on crypto exchange platforms such as Bitforex and Bitfinex. These two community-based exchanges are also registered on IOTABee and Soonaverse.
Shimmer is a community-first network that has airdropped 100% of SMR tokens in the first three months of its launch beyond June 2022. grow shimmer.
Additionally, the team behind IOTA’s official wallet, Firefly, has had a very productive 2022 as well. Last year they released the first iteration of his Firefly Mobile. Additionally, the wallet also added support for the IOTA governance framework, allowing users to view and vote for current proposals.
Another major release this year was the Firefly Shimmer wallet, which supports the ability to claim SMR tokens via the app. This set of features includes microtransactions, native tokens, expiration, and asynchronous transaction requests.
Regulation, Education and Governance
The IOTA Foundation has kept pace with major regulatory changes in the blockchain space. Additionally, the IOTA Foundation is an active member of the International Association for Trustworthy Blockchain Applications (INATBA) and the European Blockchain Association. Additionally, the IOTA Foundation contributes to several working groups, presentations and papers.
The final version also incorporates all recommendations from INATBA. The IOTA Foundation has launched measures to disseminate regulatory know-how through the “Let’s Talk About Regulation” session. In 2022, IOTA has also participated in multiple global conferences. This includes GS1 Global Forum, Mobile World Conference Barcelona, DMEXCO, European Identity and Cloud Conference.
The IOTA Foundation is currently working hard to educate and entertain the community. IOTA CONTENT HIS CREATOR HIS DAO is dedicated specifically to the creator of everything about his IOTA. We also support creators with regular updates of IOTA news and opinions.
Additionally, the IOTA Foundation is moving towards a fully decentralized governance structure. Therefore, they are working to introduce a Decentralized Autonomous Organization (DAO) into his IOTA ecosystem so that there is no single entity controlling the protocol. Last May 2022, IOTA announced his IOTA Governance Forum. This is where engineers and developers discuss improving the protocol. Additionally, other interested parties can also contribute ideas for future protocol implementations.
The IOTA community voted for one such proposal at the Governance Forum in August 2022. This includes creating and funding a Treasury DAO for the ecosystem around Shimmer.
The beauty of the Shimmer Network is that it supports the future of decentralized, multi-chain smart contracts. This will allow anyone to build new token economies and dApps and list/trade them on decentralized exchanges. The Shimmer tokenization framework adds support for Ethereum Virtual Machine (EVM) compatible smart contracts.