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Iota, an open-source distributed ledger focused on the Internet of Things (IoT), saw its native IOTA token rally 43% on Nov. 29 after announcing the creation of the Iota Ecosystem DLT Foundation and its registration in Abu Dhabi, the capital of the United Arab Emirates. This makes Iota the first
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The native token of the IOTA distributed ledger ecosystem, also called IOTA, witnessed a sudden rally following the announcement of the new IOTA Foundation in the United Arab Emirates (UAE). IOTA is up by 35% in the past 24 hours and is trading at $0.236 at the time of writing. The
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"Working with companies like IOTA, ADGM aims to move towards a future characterized by setting global benchmarks in the ever-evolving blockchain and Web3 landscape," Hamad Sayah Al Mazrouei, CEO of the Registration Authority of ADGM, said in a statement. Source
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These contracts will be released on ShimmerEVM, an Ethereum-compliant blockchain. ShimmerEVM is part of Shimmer, an IOTA ecosystem blockchain that allows developers to build applications and use features that are not yet available on the IOTA mainnet, before moving their applications onto the main IOTA network. Source
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These changes are supposed to boost the value of iota tokens for holders and investors, alongside improving network security. Original Source
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Shimmer, an incentivized staging network, started operation in September. It is the first EVM-enabled launch on IOTA and is intended to increase the network's overall utility for developers and traders. The public testing period is a key step ahead of the ShimmerEVM introduction on the mainnet, or real-world blockchain. Source
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