This year, Shiba Inu will release several new products, including ShibaSwap 2.0 in its entirety, SHIB the Metaverse, a partnership with PlaySide Games, and a play-2-earn blockchain game. Additionally, SHIBARIUM, a layer 2 solution, is the most anticipated release of them all.
The catchphrase “When Robinhood?” has been replaced by “When Shibarium?” for everyone.
Before we jump on the bandwagon of Shibarium, let’s look at Shiba Inu and the top reasons for its popularity.
Introduction to SHIBA INU
The Shiba Inu, a Japanese hunting dog breed, acts as the mascot of Shiba Inu (SHIB), an Ethereum-based altcoin (a cryptocurrency other than Bitcoin). Shiba Inu is frequently mentioned as a Dogecoin substitute; its supporters even refer to it as “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 frequently presented as inside jokes or parodies rather than as useful digital products.
While Dogecoin was introduced in December 2013, Ryoshi, a pseudonymous person or organization, introduced Shiba Inu in August 2020.
Top reasons behind Shiba Inu’s fame
Shiba Inu is a meme currency that has its origin in internet trends and memes. It was introduced as Dogecoin’s immediate rival. What started as a community-driven coin symbolizing a meme soon snowballed into a multi-billion dollar crypto business.
There is no internal blockchain infrastructure at Shiba Inu. Instead, it is based on the Ethereum blockchain that already exists. Since Ethereum is “secure and well-established,” Ryoshi chose that platform to develop this meme coin. As a result, Shiba Inu became decentralized; as a result, making it available to a vast user base.
The Shiba Inu ecosystem consists of three tokens — the namesake token (SHIB), which is its primary and most essential token, Leash (LEASH) and Bone (BONE).
With almost one quadrillion tokens, Shiba Inu (SHIB) is the image of the ecosystem. Therefore, it would seem rational to assume that the token asset of Shiba Inu’s mysterious inventor Ryoshi would have no boundaries.
It is true that famous meme coins have short-lived popularity and are primarily reliant on online hype. The Shiba token, however, goes a step further. ShibaSwap, a Decentralized Finance (DeFi) platform, is one of the many utility components that SHIB offers, including non-fungible tokens (NFTs). Its goal is to make cryptocurrency trading safe and secure while maintaining a decentralized system.
Shiba Inu, known for a while as the “Dogecoin killer,” is also building a Layer 2 protocol called Shibarium to include more utilities and improve the trading process’s efficiency.
Elon Musk, the creator of Tesla, can shift the balance in the crypto world with just one tweet.
He posted this picture of a Shiba Inu puppy on October 4, 2021, which caused the value of the meme coin to increase. It has periodically actually overtaken Dogecoin in rankings in the past.
Now, let’s have an overview of Shibarium.
Everything you need to know about Shibarium
Shibarium is a blockchain platform that enables users and developers to construct original applications for already-existing blockchain infrastructure. Ethereum is one instance that contains a built-in 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 constructed around the Ethereum network’s infrastructure and are protected by nodes.
Purpose: A safe and open platform for the creation and trade of digital assets is what the Shibarium blockchain is intended to offer. It also aims to provide a base for creating Decentralized Applications (DApps).
Differentiating factor: Shibarium Blockchain’s focus on companies sets it apart from other blockchains. It is the best blockchain for businesses looking to embrace the technology since it processes transactions more quickly and charges cheaper costs than other blockchains.
Pros of Shibarium blockchain:
- Security: The Shibarium blockchain is a secure and tamper-proof platform where sensitive data can be stored and transmitted.
- Transparency: Users can follow all transactions and activity on this blockchain because it is a transparent platform.
- Efficiency: Transactions are processed swiftly and efficiently using this blockchain, which is a prompt and efficient platform.
- Cost-effective: Businesses can reduce their transaction fees by using this blockchain, which is a cost-effective platform.
Is it decentralized?
Since no single party has control over the Shibarium blockchain, 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 altered by a single person and is tamper-proof.
Is it secure?
The proof-of-stake method that protects the Shibarium blockchain compels users to stake their Shibarium tokens to utilize the network. Ensuring that users have a stake in the network’s success this assists in network security. The Shibarium blockchain is further protected by a network of nodes that provide transaction validation and maintain the blockchain’s current state.
Shibarium, a layer-2 solution, offers several advantages. The introduction of Shibarium will, most notably, reduce transaction fees. The Ethereum blockchain serves as the core for SHIB. Its petrol prices have therefore been far higher than everyone would prefer. Ethereum’s creators are working on a significant update to solve the problem. Shiba Inu might, however, find an even faster solution to the issue with Shibarium.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.