The IOTA Foundation develops an open-source protocol that supports data and value transfer between devices and humans.
Since its inception back in 2018, the IOTA Foundation has supported various initiatives within the IOTA ecosystem ranging from research, education, and development in the distributed ledger technology (DLT) industry.
Token Rewards Up For Grabs
Meanwhile, IOTA token holders will also be earning staking rewards in $SMR through the Firefly wallet of the platform. And according to IOTA, seeing as token distribution will be taking place over the next few months, the Shimmer network is scheduled to launch sometime around early next year.
Dominik Schiener, who is the Chairman and also a co-founder at IOTA Foundation, has expressed full optimism about the project. He recalls the recent success recorded by Polkadot’s canary network, Kusama, and believes his company will surely enjoy the same kind of market receptiveness with their announcement as well. Schiener did not fail to admit the potential risks of the network though. He was able to mention how the team has taken necessary steps to mitigate against such risks arising.
It was only in mid-October, that the IOTA Foundation released its smart contract beta platform with the sole aim of accelerating the growth of DeFi and NFT applications because of proposed incentives of higher scalability and lower fees.