Energy management, digital identity, DeFi, Gaming, IoT and supply chain – CryptoNewsTo

Energy management, digital identity, DeFi, Gaming, IoT and supply chain

  • The use of smart contracts on Shimmer will lead to the “rise of frictionless, decentralized and scalable web3 economies”.
  • Below are the six use cases that make Shimmer an ideal network across different industry applications.

Last year in late September 2022, The IOTA Foundation announced the launch of its Layer-1 staging network Shimmer. The Shimmer network serves as a base layer to test all the new innovations and features before introducing them to the IOTA mainnet.

It also serves as a gateway to transition to a more robust infrastructure dubbed IOTA 2.0. Since the launch of Shimmer, there have been major developments taking place on the network. Its distinct features such as native tokenization, feeless immutability, customizability, and interoperability make Shimmer the go-to platform for industry players.

Now the latest development in line is introducing smart contracts to the Shimmer network. Industry experts believe that such a step will lead to the “rise of frictionless, decentralized and scalable web3 economies”.

Once smart contracts come to the Shimmer Network, it would unlock several use cases for the blockchain platform across multiple industries.

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Six major use cases of the Shimmer Network

The Shimmer academy has shared six major use cases of the Shimmer Network which could be useful going ahead.

  1. Energy Management: The Shimmer Network will be pretty useful for the energy markets in real-time energy management. Besides, it can also help in moving carbon credits and renewable energy certificates without costing a dime. The IOTA Foundation has already been working with different market players to bring peer-to-peer energy trading solutions to the market.
  2. Digital Identity: Another area where the Shimmer Network can play a crucial role in building digital identity solutions. The Shimmer Network is ideal for native tokens, NFTs, and smart contracts in order to interact with other digital identities. Each digital identity will be able to control other identities in order to enable flexible modeling.
  3. Decentralized Finance (DeFi): Shimmer is ideal for decentralized finance (DeFi) economies since it is scalable and a feeless network enabling frictionless decentralized transactions. Market players can use Shimmer’s native $SMR tokens to launch DeFi applications, DAOs, DEXs, and other dApps.
  4. IoT: Shimmer can find strong applications in the rapidly emerging Internet of Things (IoT) market as it will allow projects to tokenize everything on Layer-1 without any fees. Besides, projects can use Shimmer’s bridgeless, modular, multichain smart contract architecture to realize different use cases in the IoT world. 
  5. Gaming: All NFTs on the Shimmer Network can work as standalone wallets and also hold other NFTs and tokens. Additionally, these NFTs can store immutable on-chain data. Such an application and use case will make Shimmer the ideal network to be integrated with different games.
  6. Supply Chain: One of the biggest use cases of the Shimmer Network is a feeless, parallelized DAG ledger to build fully secure and customizable smart contract chains. Besides, Shimmer will also provide the perfect infrastructure for establishing a trusted supply chain.

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