- IOTA is planning to upgrade to a decentralized governance structure.
- One of IOTA’s major achievements in 2022 was launching the Shimmer Network.
- Digital identity and Security also hit milestones in 2022.
The previous year may have proven to be an unlucky one for both the crypto and blockchain communities due to bankruptcies and cyber attacks. Meanwhile, IOTA, the smart contract platform designed to maintain digital transactions, maintained its efforts on creating major projects in different fields like education, industrial adoption, research and development, and so on.
IOTA- TradeMark East Africa, Regulation, Education and Governance
Unlike other digital assets like Bitcoin, IOTA mainly works on a distributed ledger technology different from the blockchain. With major features like transparency and immutability, it made major progress on the European Commission’s Blockchain Services Infrastructure (EBSI).
IOTA foundation is working on new plans that mainly focus on developing a fully decentralized structure. IOTA unveiled the IOTA Governance Forum in 2022. Its upcoming project was primarily focused on educating and entertaining the community.
Recently, IOTA partnered with TradeMark East Africa for Kenya’s Trade and Logistics Information Pipeline (TILP). And this collaboration will further extend with more than 45 institutions involved in multiple trade lanes.
IOTA major achievement in 2022
One of the major achievements of IOTA in 2022 was the launch of the Shimmer Network. The Shimmer Network launch has brought profits to the IOTA community. The network was introduced to tackle the upcoming innovations to the IOTA protocol. Not only that, it conducts safe and secure customized smart contract chains.
It aims to provide “interoperability, composability, and feeless value transfers between smart contract chains”. The developers created highly decentralized applications with scalable ledgers to allow access of native tokens and to create contactless asset transfers. SMR is the native token of the Shimmer network; it facilitates safe transactions within the Shimmer network.
Due to its composability, Shimmer can connect to any L2 smart contract chain. The DAG ledger is also important for quick transactions. And Its unique tokenization provides feeless minting that can transfer the native crypto assets without any middle agent. Shimmer users are utilizing SMR to create DEXs, NFTs, DAOs, and various dApps.
According to the co-founder of IOTA, Dominik Schiener, the upcoming updates on the platform are: ShimmerEVM Beta; DeFi Ecosystem Test Launch; and On-chain governance with wallet voting.
Source: https://www.thecoinrepublic.com/2023/01/03/iota-is-working-on-educating-and-entertaining-the-community/