Development work at IOTA is sputtering again: the integration of the Ethereum Virtual Machine (EVM), initially at the side project Shimmer (SMR), cannot take place before October, according to new information.
A good part of the future plans at IOTA and Shimmer (SMR) is based on integrating the standard Ethereum Virtual Machine (EVM) module for organizing smart contracts into the ecosystem. However, the project, which was actually promised for 2022, will not be implemented in a hurry. Because Dave de Fijter, in charge of the matter at IOTA, has had to admit to problem in his latest water status report on EVM integration. This was passed on by IOTA expert Vrom via Twitter. Dave de Fijter talks about some issues that still need to be solved regarding EVM.
When this is accomplished (“in a week or so”), a new testnet for the EVM will be set up at Shimmer, according to the developer. And if there are no new, unexpected problems there, the EVM could finally make the step into the Shimmer mainnet. Optimistically calculated, this results in a launch date in October 2023 at the earliest. For the IOTA mainnet, the train for an EVM will probably have sailed this year. Dave de Fijter himself emphasizes not wanting to provide a timeline because anything from “no issues” to “issues that need more time to resolve” could happen in the tests for the Shimmer EVM now coming up. IOTA and Shimmer need the EVM to offer more complex crypto solutions.
Swiss fund raises capital for investments in IOTA and Shimmer
Regardless of the delays in the technological advancement of the IOTA ecosystem, co-founder Dominik Schiener remains a professional optimist. He is beating the promotional drum on Twitter for the “SwissOne IOTA Shimmer Opportunities Fund (SISO),” which aims to raise venture capital to invest in promising projects in the IOTA ecosystem. Schiener emphasizes the opportunity for the entire IOTA community to join SISO. He is likely alluding to the fact that deposits of 10,000 euros are accepted at SISO by SwissOne.
But what IOTA foundation head Dominik Schiener finds so good about SISO makes experienced investors cringe. That’s because the entry hurdle for funds of this type is usually set at 150,000 to 200,000 euros, because otherwise the necessary organizational work is not worth it. Other parameters for the investment fund for IOTA and Shimmer, however, are standard market practice: SISO takes 2 percent annually as a management fee and 20 percent of potential profits would flow back to SwissOne. The aim is to endow the fund with at least 20 million euros. This would guarantee 400,000 euros in management fees for SwissOne. It remains striking, however, that the funds launched by SwissOne so far have basically been limited to thematically bundled baskets of major cryptocurrencies and are thus not very original. In this respect, the company wants to start a rather risky experiment with SISO.
Conclusion: IOTA and Shimmer give investors worry lines
In the press release for SISO, Schiener is still raving about the Shimmer EVM, which would open up many new possibilities. Didn’t he already know then about the renewed delays that became known almost simultaneously? You can turn the situation with IOTA and Shimmer back and forth almost at will and still find hardly any glimmers of hope for a soon strengthening of the ecosystem.