• The IOTA Foundation has created a Layer-1 staging network called Shimmer.
• The Shimmer Community recently voted on four proposals, which resulted in the creation of two committees: the Growth Committee and the Shimmer Community Treasury Grant Committee.
• These committees will aim to increase adoption of the Shimmer network and allocate a budget for innovative projects.
The IOTA Foundation’s Layer-1 Network
The IOTA Foundation unveiled its Layer-1 staging network Shimmer last year in September 2022. Since then, the Shimmer blockchain has registered fast growth in terms of the new projects launched on the platform. The Shimmer network serves as a testbed to host new innovative projects before moving them to the IOTA mainnet.
Recent Governance Proposals
Over the last two weeks, the Shimmer ($SMR) token holders voted on four different governance proposals while finally agreeing to set up a Shimmer Growth Committee and Shimmer Community Treasury Grant Committee. With support from the IOTA Foundation, the Shimmer community developed a highly flexible and secure system for casting votes directly on the Tangle and through Firefly wallet.
Shimmer Growth Committee
In order to unlock opportunities in increasing adoption of its network, The Tangle Ecosystem Association will soon be setting up a Growth Committee with an annual budget of 90,681,025.5 SMR tokens allocated from this fund to a separate wallet. Members of this committee include Program Lead Linus Nauman and Garrett Jin – having received highest number of votes – along with Christian Sauer & Holger Webel (IOTA Foundation members).
Shimmer Community Treasury Grant Committee
This committee will form a DAO as non-profit LLC based in Marshall Islands with an annual budget of 27,204,307 SMR tokens allocated from this fund to enable innovation within their ecosystem by inviting project proposals that accelerate its growth prospects.
These initiatives taken by both these Committees shall foster ecosystem development by driving ahead several community driven initiatives while providing increased decentralization within their blockchain network.