Bitcoin

Shiba Inu (SHIB) has <a href="https://www.globenewswire.com/news-release/2023/08/16/2726831/0/en/Mainnet-Launch-for-SHIB-s-Ethereum-Layer-2-Blockchain-Shibarium-as-Foundation-Strives-for-a-More-Decentralized-and-Equitable-World.html" rel="noopener noreferrer nofollow">introduced Shibarium</a>, a layer-2 blockchain network operating on Ethereum and utilizing SHIB tokens for transaction fees.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/32664e7c16174aaea794352fe607df22.png" />Shibarium stands as an embodiment of Shiba Inu&#39;s ambition to transcend its memecoin origins and offer more comprehensive benefits to its tokens.This network supports four tokens, namely SHIB, LEASH, BONE, and TREAT.During the testnet phase, Shibarium garnered substantial attention, having generated over 21 million wallets, indicating significant interest and demand from the community.Shiba Inu&#39;s lead developer, known as Shytoshi Kusama, highlighted that Shibarium is underpinned by principles of community engagement and decentralization, which constitute the bedrock of any successful blockchain project.Developers assert that Shibarium&#39;s mainnet launch establishes the crucial technical groundwork &#34;for the entire SHIB state.&#34;Much like other layer-2 networks in the market, Shibarium seeks to tackle scalability issues intrinsic to the Ethereum network.With its heightened throughput and reduced transaction costs, purportedly even lower than Polygon (MATIC), the network aims to enhance the overall efficiency and user experience across decentralized applications (dApps) and transactions.According to SHIB developer Kaal Dhairya:<blockquote>&#34;The cost and scalability of a new layer-2 network depend on various factors, including validators and transaction flow. However, our initial tests have demonstrated significantly lower transaction costs compared to Polygon, along with near-instant speeds.&#34;</blockquote>This initiative further bolsters Shiba Inu&#39;s prospects of distancing itself from the meme coin domain.Initially introduced in 2020, Shiba Inu (SHIB) swiftly gained prominence alongside Dogecoin (DOGE) as another humorous cryptocurrency variant.Concurrently with Shibarium&#39;s launch, the project developers pledge the introduction of a novel identity protocol, aiming to showcase Shiba Inu&#39;s substantiality beyond internet meme status.Shibarium&#39;s foundation is rooted in Delegated Proof-of-Stake (DPOS) consensus mechanism, combining validators and delegators to sustain the network&#39;s infrastructure.<h2 id="header-0">What is DPOS?</h2>In a Delegated Proof-of-Stake (DPOS), the community selects a smaller group of people as &#34;validators&#34; to handle the decision-making.This is in comparison to tradition Proof-of-Stake (POS) decision making, system, where everyone participates through the amount of stake that they do personally own.DPOS validators manage node operations, facilitate transaction validation, and create new blocks, ensuring overall ecosystem security.These validators are chosen based on their reputation, expertise, and the number of tokens they hold or stake in the network.It&#39;s helpful to think of them as representatives who help in making the final decisions.Now, the unique part is that any member of the community can also &#34;delegate&#34; their staked tokens to these validators.This is similar to how you delegate a politician in parliament to represent you and your interests.<h2 id="header-1">Shibarium&#39;s Next Steps</h2>Developers maintain that Shibarium is also poised to play a pivotal role in supporting other facets of the existing Shiba Inu ecosystem.This encompasses bolstering assets like SHIB and LEASH tokens, SHIBOSHI NFTs, SHIB The Metaverse, the ShibaSwap decentralized exchange, and the Shiba Eternity game.

Shiba Inu Launches Shibarium: A Ethereum Layer-2 Network

Table of Contents

Coinlive

Other articles published on Aug 17, 2023

Shaping Financial Discourse: Traders Fair & Awards Invites Thought Leaders to Ho Chi Minh 2023

Sei's Native Token: A Remarkable Journey to $1.8 Billion Value

Stellar Launches Open-Source Disbursement Platform for Global Payments

BONE whales accumulate despite price downturn

Crypto Space’s Getting Lobby Group To Liaison With Regulators

Cardano Navigates Market Turbulence: Potential for Recovery Ahead

Join our free newsletter for daily crypto updates!