At last, Shiba Inu, the famous meme-inspired digital asset, has officially launched its decentralized blockchain, Shibarium, on the mainnet.
This strategic move represents a significant step forward for both Shiba Inu and the wider cryptocurrency space, ushering in a new era of scalability and efficiency in blockchain transactions.
Meet Shibarium the new Shiba Inu blockchain
Shibarium‘s journey to the mainnet launch was characterised by anticipation and community involvement.
The beta phase of the blockchain has attracted as many as 21 million wallets on its Layer 2 (L2) infrastructure, a testament to its appeal and potential in the cryptocurrency world.
The pre-launch buzz among users and the considerable number of participating wallets underline the immense interest generated by Shiba Inu’s foray into decentralized blockchain technology.
At the heart of Shibarium’s innovation is its new consensus mechanism, known as proof-of-participation (PoP). This mechanism introduces a new approach to the selection of validators, favouring them based on their cryptocurrency ownership.
This change serves to circumvent the resource-intensive nature of traditional proof-of-work systems.
By implementing PoP, Shibarium aims to strike a balance between scalability and sustainability, ensuring seamless interaction with Ethereum‘s primary Layer 1 blockchain.
Shibarium: the Shiba Inu community has been waiting for the big leap for a long time
Shiba Inu’s meteoric rise occurred during the 2020-2021 bullish trend, briefly outperforming the original meme cryptocurrency, Dogecoin. However, the subsequent bear market took its toll, causing Shiba Inu’s valuation to plummet by over 80%.
Despite this setback, the Shiba Inu community has mobilised, building a decentralized ecosystem around the cryptocurrency.
This ecosystem includes the decentralized exchange ShibaSwap, the native BONE token, a metaverse and an engaging Web3 game.
Notably, the price of SHIB soared before the launch of Shibarium, signalling investors’ enthusiasm and optimism for the project.
The words of Shytoshi Kusama
The main developer of Shiba Inu, known by the pseudonym Shytoshi Kusama, emphasised the traction Shibarium gained from new projects even before the mainnet launch.
The developer’s announcement on X (formerly Twitter) revealed a snapshot of the companies that are actively building on the Shibarium platform.
It is impressive that more than 100 companies are already taking advantage of its capabilities. Kusama emphasised that while many discuss the concept of an ‘app for everything’, Shibarium is prioritizing decentralization and community-driven technology innovation.
He emphasised that blockchain embodies these principles, contributing to the technology industry’s broader ethos of user-centred design, interoperability and decentralization. Kusama also pointed out that the decentralization of the L2 is based on its validator and delegator elements.
However, he believes that the real breakthrough lies in the overall framework, governance and charter of Shibarium, which guide its technological, protective and innovative aspects.
“Using Shibarium for the governance of this ecosystem, in combination with self-sovereign identity to ensure high-level membership (Shibizenship), and with the metaverse as our realm, we have successfully redefined the concept of nationhood based on the decentralized ethos of Shib!”
Shibarium’s architecture will incorporate the Heimdall validator and Bor block production nodes, echoing the design of the Polygon ecosystem. Heimdall will be based on the Tendermint consensus engine, while Bor will offer full interoperability with the Ethereum Virtual Machine.
To become a validator within the Shibarium network, users will have to block 10,000 BONE tokens. Within the ecosystem, 21 million BONE tokens are reserved as rewards for both validators and delegators.
Conclusions
In conclusion, the official launch of the decentralized Shiba Inu blockchain marks a pivotal moment in the cryptocurrency industry.
As blockchain technology evolves, solutions such as Shibarium are likely to play a key role in shaping the future of digital transactions.
With its innovative consensus mechanism and strong community support, Shibarium is poised to make great strides in improving scalability, efficiency and user engagement within the decentralized ecosystem.
Source: https://en.cryptonomist.ch/2023/08/17/shiba-inus-shibarium-launched-mainnet/