The IOTA Foundation has published its 2nd quarterly report 2023. Included in the satisfied conclusion there is the Shimmer (SMR) side project. But timetables for urgent further developments are left out.
IOTA and the side project Shimmer (SMR) remain in 2023 in their price developments behind the trends in the overall market. But the IOTA Foundation unapologetically speaks of “significant milestones and achievements for the ecosystem” in its quarterly report now released. We look at key details that the IOTA Foundation confidently highlights:
– Ethereum Virtual Machine (EVM): according to IOTA Foundation, the testnet for EVM at Shimmer (SMR), which was released in late March, has delivered positive results. Integrating EVM as a standard module for organizing smart contracts is considered a priority for the IOTA ecosystem because it is expected to enable new use cases. What is not mentioned, however, is that a new testnet had to be launched for EVM at Shimmer right at the end of the quarter because unexpected problems occurred. The project managers did not say when the EVM could finally be uploaded to the mainnet.
– The quarterly report devotes only a few meager sentences to the official IOTA wallet Firefly. The displeasure from the community about the still not fully functional mobile version of Firefly, which does not enable staking, for example, is omitted.
– Assembly: The second IOTA side project Assembly, which had already been declared dead by many, continues Staking – but users of the official IOTA wallet Firefly are left out. Supposedly, Assembly will now go live when EVM reaches the ecosystem.
– Relations with the EU: We have already separately addressed the erratic behavior of IOTA Foundation CEO Dominik Schiener towards the EU. In the quarterly report, cooperations with the EU are now highlighted positively again and the foundation lists around ten fields where it is involved.
– Coordicide: IOTA’s goal of eliminating the central coordinator in the network and becoming decentralized under the working title “Coordicide” is dealt with in two sentences. “Progress is being made at the expected pace, completely within our expectations,” it says of IOTA 2.0 aka Coordicide. If you remember that the Coordicide has been promised annually for 7 years, this is a sentence without content.
Conclusion: IOTA with self-praise also for Shimmer (SMR) – but tangible progress scarce
We continuously follow the developments at IOTA and Shimmer and are therefore not very surprised by the positive tenor of the official quarterly report. However, investors will rightly once again miss timelines on when tangible progress such as the EVM on the mainnet will finally break the knot at IOTA. One can also read the IOA Foundation’s review of the months from April to June 2023 critically – namely as a list of missed opportunities.