Shimmer
Crypto Overview
Overview
Shimmer is a layer-1 network launched by the IOTA Foundation in September 2022. It serves as an innovation network and staging network for IOTA, allowing developers to test and deploy smart contracts, tokenized assets, and DeFi applications before they go live on the IOTA network.
Purpose and Utility
The primary purpose of Shimmer is to provide a testing ground for IOTA's upcoming features and innovations. The SMR token is used for transaction fees, smart contract execution, and network governance. It enables actual ownership and transfer of digital assets within its ecosystem.
Business Model and Development
Shimmer operates on a feeless Directed Acyclic Graph (DAG) structure. The platform focuses on enabling real-world applications in IoT, smart contracts, and digital assets. The development team maintains active GitHub repositories with regular updates and improvements.
Token Distribution
The initial token distribution was conducted through a fair staking event where IOTA holders could stake their tokens to receive SMR. No tokens were allocated to the IOTA Foundation, making it a community-driven project.
Current Usage and Adoption
The network currently supports various applications including ShimmerSea DEX, smart contracts, and NFT platforms. While adoption is still in early stages, there is genuine utility and active development occurring on the platform.
Revenue Model
The platform operates without traditional interest-bearing mechanisms. Revenue generation is primarily through network usage and value appreciation of the underlying token, rather than lending or interest-based activities.
Crypto Impact
To assign a comfort level investing in Shimmer from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Shimmer.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.