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Shiba Inu Ecosystem Will Launch Its Layer-2 Solution Shiberium – WazirX Blog

Shiba Inu Ecosystem Will Launch Its Layer-2 Solution Shiberium – WazirX Blog

Note: This blog is written by an external blogger. The views and opinions expressed in this post are solely those of the author.

This year, Shiba Inu will release several new products, including Shebaswap 2.0 in its entirety, SHIB the Metaverse, a partnership with Playside Games, and the Play-2-Earn blockchain game. Additionally, Shiberium, a layer 2 solution, is the most anticipated release of them all.

The phrase “When Robinhood?” “When the shibarium?” has been replaced by for all.

Before we jump on the shibarium bandwagon, let’s look at the Shiba Inu and the top reasons for its popularity.

Introduction to Shiba Inu

The Shiba Inu, a Japanese hunting dog breed, serves as the mascot of the Shiba Inu (SHIB), an Ethereum-based altcoin (a cryptocurrency other than bitcoin). Shiba Inu is often mentioned as a Dogecoin alternative; Its supporters also call it the “Dogecoin killer”.

Shiba Inu and Dogecoin are examples of meme coins, which are digital currencies tied to a particular theme—in the case of Shiba Inu and Dogecoin, the Shiba Inu dog—but which are often presented as inside jokes or parodies rather than useful digital products. Is. ,

While Dogecoin was introduced in December 2013, Ryoshi, a pseudonymous individual or organization, introduced the Shiba Inu in August 2020.

The main reason behind the fame of the Shiba Inu

The Shiba Inu is a meme currency that originated in Internet trends and memes. It was pitched as an immediate rival to Dogecoin. As a community-powered coin that was the epitome of a meme, it soon snowballed into a multi-billion dollar crypto business.

Shiba Inu does not have any internal blockchain infrastructure. Instead, it is based on the already existing Ethereum blockchain. Since Ethereum is “secure and well established”, Ryoshi chose that platform to develop this meme coin. As a result, the Shiba Inu became decentralized; As a result, it is being made available to a huge user base.

The Shiba Inu ecosystem consists of three tokens – the Namesake Token (SHIB), which is its primary and most essential token, LEASH and BONE.

With approximately one quadrillion tokens, the Shiba Inu (SHIB) is the image of the ecosystem. Therefore, it would seem logical to assume that there would be no limit to the symbolic wealth of Ryoshi, the mysterious inventor of the Shiba Inu.

It is true that the popularity of famous meme coins is short-lived and relies mainly on online promotion. However, Shiba Token goes a step further. Shiba Swap, a decentralized finance (DeFi) platform, is one of several utility components offered by Shiba, which includes non-fungible tokens (NFTs). It aims to make cryptocurrency trading safe and secure while maintaining a decentralized system.

Shiba Inu, known for some time as the “Dogecoin killer”, is also building a Layer 2 protocol called Shiberium to include more utilities and improve the efficiency of the trading process.

Tesla creator Elon Musk can turn the balance in the crypto world with just one tweet.

Source: Twitter

He posted this photo of a Shiba Inu puppy on October 4, 2021, raising the value of the meme coin. It has time and again actually surpassed Dogecoin in the rankings in the past.

Now, let’s take an overview of the shibarium.

Everything you need to know about Shiberium

Shiberium is a blockchain platform that enables users and developers to build native applications for an already existing blockchain infrastructure. Ethereum is an example that has an underlying coin called Ether (ETH). However, the Ethereum blockchain also enables the development of programmable tokens for initial coin offerings (ICOs), smart contracts, and non-fungible tokens (NFTs). They are built around the infrastructure of the Ethereum network and are protected by nodes.

purpose: A secure and open platform for the creation and trading of digital assets is what Shiberium Blockchain intends to offer. It also aims to provide the basis for building decentralized applications (DApps).

Differential Factors: Shiberium Blockchain’s focus on companies sets it apart from other blockchains. It is the best blockchain for businesses looking to adopt the technology as it processes transactions more quickly and costs cheaper than other blockchains.

Pros of Shiberium Blockchain:

  • Security: Shiberium Blockchain is a secure and tamper proof platform where sensitive data can be stored and transmitted.
  • Transparency: Users can follow all the transactions and activities on this blockchain as it is a transparent platform.
  • ability: Transactions are processed fast and efficiently using this blockchain, which is a quick and efficient platform.
  • effective cost: Businesses can reduce their transaction fees by using this blockchain, which is a cost-effective platform.

Is it decentralized?

Since the Shiberium blockchain is not controlled by any one party, it is decentralized. Instead, a network of computers equipped with copies of the blockchain is used to maintain it. This guarantees that the blockchain cannot be changed by one person and is tamper-proof.

is it safe?

The proof-of-stake method that secures the Shiberium blockchain forces users to stake their Shiberium tokens in order to access the network. Ensuring that users have a stake in the success of the network helps with network security. The Shiberium blockchain is further protected by a network of nodes that provide transaction verification and maintain the current state of the blockchain.

final thoughts

Shiberium, a layer-2 solution, offers several advantages. The introduction of Shiberium, in particular, will reduce transaction fees. The Ethereum blockchain serves as the core for SHIB. Hence its petrol prices have been far higher than everyone’s liking. The creators of Ethereum are working on a significant update to resolve the issue. The Shiba Inu, however, can find an even faster solution to the problem with the shibarium.

Disclaimer: The cryptocurrency is not legal tender and is currently unregulated. Please ensure that you do an adequate risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information in this section does not represent any investment advice or the official position of WazirX. WazirX reserves the right, in its sole discretion, to modify or change this blog post for any reason at any time and without prior notice.

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