Will the IOTA side project Shimmer (SMR) become the main thing in the future? Statements by Dominik Schiener, chairman of the IOTA Foundation, were apparently misinterpreted and are causing unrest among investors.
There is excitement in the IOTA community these days and the trigger for this is Dominik Schiener, who heads the IOTA Foundation. In an online discussion, Schiener had spoken out about the future prospects of IOTA and the side project Shimmer (SMR), and screenshots distributed on Twitter raised questions. Had Schiener spoken about the fact that the development work on a decentralized IOTA 2.0 was no longer a priority and that all forces should concentrate on Shimmer? Is IOTA really finished, as Twitter user Moon Baklava summarizes the rumor mill.
In reality, Schiener apparently wanted to sharpen the profiles of IOTA and Shimmer, and also mouthed terms like “rebranding.” Interpreted into these phrases was the assumption that in a rebranding of the IOTA ecosystem, Shimmer should take the lead role. But Schiener meant something completely different: With Shimmer, launched in September 2022, IOTA now has a kind of testnet , in which experiments can also take place. IOTA itself is to remain the network that governments and industry partners also trust. So, according to Schiener, the “crazy stuff” that takes place in the Decentralized Finance (DeFi) division should find its place in Shimmer.
On the other hand, the latest episode in failed communications policy by Schiener clearly highlights the unease among investors. The thesis, also put forward by IOTA co-founder Sergey Ivancheglo (CFB), is that IOTA is failing in the challenge of removing the unloved central coordinator in its network, and money-making activities are being diverted to Shimmer. For the moment, however, Shimmer is still waiting for the integration of the Ethereum Virtual Machine (EVM) to be able to organize smart contracts there. And with IOTA itself, the decentralization promised for years under the working title “Coordicide” is not progressing as hoped.
Conclusion: IOTA and Shimmer – an unequal couple
Whether there is enough room for IOTA and Shimmer in the crypto scene remains to be seen. A certain competition between the two projects cannot be denied, and at least Shimmer can score points for not being burdened by the IOTA scandals of recent years. However, technological development remains even more important for both IOTA and Shimmer. The fact that the patience of many investors is at an end here is also demonstrated by the uproar that Schiener provoked with individual sentences.