19th November 2021 > > IOTA.

tl;dr

IOTA is expanding its operations with staking rewards for holders.

Market Snap

Market Wrap - Technical analysis (TA) from our resident techie Larry

I see there has been much scepticism of TA despite what I thought was a clear explanation.

In fact, yes, TA waits for a new low so that it can validate its prediction of a new low.

But it’s a little more nuanced than that.

See the chart of the current BEAR flag we have been talking about

Curious Cryptos’ Commentary – DeFi platforms & Trader Joe

In general DeFi platforms are incredible examples of minimalist approach to functionality. More importantly, I have never had an issue or problem with them.

Until yesterday.

I will avoid this site in the future:

https://traderjoexyz.com/#/home

Curious Cryptos’ Commentary – IOTA update (NOT investment advice)

IOTA has been a CCC top pick since summer 2018. It offers the potential for instantaneous, fee-free micro payments which opens the door to the Internet-of-Things. Hence the name, I pointlessly point out.

IOTA runs using a “Directed Acylic Graph” which is way beyond my ken. I am reliably told that the more transactions are processed the faster and more secure the network becomes, which is quite an achievement.

Various commercial agreements are in place with the likes of Volkswagen, to embed micro-payments into the smart cars of the future.

I cannot tell you whether IOTA will succeed or not, but I remain sold on the idea.

And now, I have even more reason to continue HODLING, or even topping up, if it wasn’t for all these reserve treasury protocol hard forks taking my attention and cash (see CCC 12th November 2021 and a discussion of XEUS).

…

IOTA has announced the imminent launch of the Shimmer network and the native Shimmer coin ($SMR).

In their own words:

“TL;DR:

In order to accelerate the adoption of IOTA and validate its path to full decentralization, we are officially introducing Shimmer, an incentivized (sic) staging network with its own native token ($SMR). You can stake your IOTA tokens to get Shimmer tokens before the genesis launch. Join the Shimmer network to get early access to key innovations before they get released on the IOTA mainnet. Stake. Earn. Govern. Build.”

(https://blog.shimmer.network/announcing-the-shimmer-network-and-token/)

In a nutshell, owners of IOTA will soon (timing to be announced) be able to directly stake from the Firefly wallet to the Shimmer project. Over the next 90 days, the entire issuance of $SMR will be distributed to those who have staked IOTA.

After that period is up, no more $SMR will be issued, but of course it will be tradeable.

The question is, why would anyone want to be an owner of $SMR?

…

The Shimmer network will become the base layer for the development of IOTA decentralised applications (dApps). Again, in their own words:

1. Accelerate the adoption of our technologies by giving builders early access and inviting them to launch their dApps on Shimmer, making them automatically ready to migrate once an upgrade reaches the IOTA mainnet.

2. Build developer tooling, documentation and integrations early, making potential migrations for dApps and third parties (like exchanges and DeFi platforms) a smooth experience.

3. A new token economy that rewards participation of the community and adversaries.

4. Incentivized testing and public validation. This ensures that all major upgrades pose no significant risk to token holders or applications in the ecosystem, making upgrades quick, secure and painless for all network participants.

5. Become a fully community-governed network that maximizes for decentralization and utilizes DAO’s to fund initiatives and govern the network.

6. Make it easier for our community to participate in a more transparent development process. Have fun building together.

Owners of $SMR will be able to stake coins to any of the projects being developed on the $SMR network. Staking rewards will be in the form of the coin native to each individual project.

Many of those projects will crash and burn, leaving $SMR stakers with their original $SMR but also worthless coins earned as staking rewards.

Some projects might be successful, leaving $SMR stakers with their original $SMR but also some potentially valuable coins earned as staking rewards.

As an IOTA owner, I will soon be an $SMR owner (at no extra cost) and later that will make me an owner of many different coins (at no extra cost), a few of which I hope might become very valuable when measured against fiat.

…

Cryptos is a high-risk investment, but IOTA has suddenly got a whole lot more attractive.