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IOTA price pumps by 20% after staking and shimmer upgrade



The IOTA price rose by more than 20% (from just under € 1 to € 1.27) after IOTA announced that it would introduce staking and the new Shimmer network. So the market reacted extremely positively to the news. What is behind the “Internet of Things” plans?


How does staking work on IOTA?


Compared to the Bitcoin network, IOTA does not use a pure blockchain, but a new Distributed Ledger Technology (DLT) called  Tangle . In comparison to a blockchain, a tangle is not just a series of blocks, but a “chaotic acyclic” graph. The transactions are validated by previous transaction participants validating the new transaction. There are also no transaction fees.


However, as with Bitcoin , the number of available coins is also limited. No more $ IOTA can be created. The participants in the network receive their staking rewards in the form of new ShimmerTokens, which are launched on the so-called Shimmer network. The platform is thus becoming a launchpad for new tokens and the ecosystem. In addition, the tokens can be unstaked immediately. Long holding periods are therefore necessary. This is another benefit of the network.IOTA becomes the first free multi-asset ledger.


The developers explain on their own blog :


“In IOTA, staking will work differently than in the traditional proof of stake. The staking process in its current form is not part of the security of the network (this could change with future protocol upgrades). Instead, our staking is a process whereby token holders can participate in the open distribution of any type of new token. It is a mechanism for the fair distribution of new tokens to a group of existing, active users. IOTA staking could also be defined as "rolling airdrops". "


DAOS, NFTs and DeFi on IOTA


In addition, the platform wants so-called DAO  ( D ecentralized  A utonomous  O rganizations) develop on its platform or can be developed. Private individuals and companies can use these to organize themselves in a decentralized manner. Theoretically, the possibilities are unlimited.


In the future, for example, NFTs, decentralized apps and numerous other features could be developed on the smart contract platform - and that with a free, scalable and decentralized environment. Last but not least, the free transactions, the scalability and the significantly low environmental impact are reasons why the IOTA network could stand out from many other networks.


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