Shibarium is a Layer 2 blockchain scaling solution designed to improve the functionality of Shiba Inu’s host chain, Ethereum. A secondary framework is added on top of another blockchain to improve scalability and transaction speed.
It’s important to be patient. Although some people view Shibarium as a tool to boost prices, that has never been the project’s main goal. The goal of Shibarium is to realise Ryoshi’s vision and give the community the means to develop and advance the project at their own pace. We encourage everyone to read this post and become comfortable with the principles before testing in light of the upcoming Network launch.
The release said they are “approaching the finishing touches,” but it did not say when the testnet will start.
Shibarium: Why Is It Being Released?
Shibarium’s main goal is to improve the scalability of Ethereum, Shiba Inu’s host chain. But that’s not all.
In a now-deleted blog post, Ryoshi, the man behind Shiba Inu, expressed his hopes for the blockchain solution, saying that he wanted it to:
- Allowing additional transactions to happen concurrently will speed up transactions.
- Serve as a base for the creation of decentralized applications (DApps) and other initiatives.
- Shiba Inu NFT gaming may be made simpler by enabling quick transactions.
- Reduced and, in certain cases, eliminated transaction fees for participants in the Shiba ecosystem
- Implement and develop Shiba Inu metaverse applications.
Shibarium will have a significant impact on the Shiba Inu ecosystem if it succeeds in achieving its objectives. Transactions will be quicker and less expensive, and token values will stabilise and even increase. It will also develop a more decentralised exchange to offer more liquidity.
Blockchain technology is beginning to become more widely used as Web 3 develops. The price and transaction speed are two of the largest barriers to widespread adoption.
Shibarium’s Layer 2 blockchain protocols can benefit a variety of business sectors, including gaming, web3 innovation, and metaverse. This is mainly caused by the fact that current blockchain networks have scalability and performance issues.
This layer attempts to function as a protocol on top of current blockchain networks, enabling off-chain transaction processing that is quicker, less expensive, and more private while still relying on the security of the underlying blockchain.
This can lessen the strain on the blockchain network and enhance the functionality of gaming and metaverse applications. A new decentralised metaverse and game ecosystem that allows for decentralised player interaction and transactions as well as player ownership, purchase, and sale of acquired digital assets can be made possible with layer 2 blockchain technology from Shibarium and web3 technology.
Shibarium to transform the crypto industry and the Shiba Ecosystem.
Gas prices for implementing cryptocurrencies or NFTs in the ERC network were frequently very high in the summer of 2021. It is sometimes difficult and unreasonable for regular transactions because it frequently adds an additional $50 to $100 cost on top of a fractional $15 purchase.
Alongside the advantages of cost and speed, the Shibarium development platform offers powerful functionality to let the community incorporate ideas into the blockchain. Decentralized Applications (dApps), which are applications that reside and operate on a blockchain, are essential to the development of Web 3. There are countless applications for dApps, including those in gaming, social media, education, and supply chains.
Conclusion
Shiba Inu has developed beyond its initial notoriety, despite the fact that many still regard it as a meme coin. Currently, it has grown into a complete ecosystem, with tokens like LEASH and BONE providing functions that SHIB couldn’t have handled on its own.
Shibarium offers the opportunity to take advantage of and expand the ecosystem by providing quicker transactions, more security, and more. To ensure that this much awaited blockchain solution gets off to a strong start, developers have given it their all.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/02/24/shibarium-to-significantly-help-enhance-shiba-inu-ecosystem/