Shiberium is the much anticipated second layer blockchain network of Shiba Inu. This new network aims to address key issues in the Ethereum network such as scalability and transaction costs.
Shiberium is a new Layer 2 blockchain developed by the Shiba Inu Project. As a Tier 2 solution, it is designed to interoperate seamlessly with the primary Ethereum blockchain (Tier 1) to provide a more scalable and cost-effective transaction platform.
This new blockchain aims to address some of the main issues plaguing Ethereum, notably expensive gas fees and slow transaction times.
By offering fast and cheap transactions, Shiberium not only increases the availability of the Shiba Inu token, but also has the potential to play a key role in the widespread adoption of blockchain technology. The Shiba Inu community has been looking forward to its arrival, viewing Shiberium as an important step in the evolution of the token from a “mem coin” to a powerful player in decentralized finance.
Shiberium exemplifies an innovative approach to blockchain scalability and efficiency as a Tier 2 solution. Layer 2 solutions are protocols built on top of the core blockchain (layer 1) to increase capacity and speed.
By processing transactions off the main Ethereum chain, Shiberium significantly reduces the load on the network, providing faster transaction times and lower fees. The Tier 2 solution could potentially revolutionize transactions in the Shiba Inu ecosystem, making it more accessible and attractive to users.
While the current high gas prices and slow transactions on the Ethereum network are deterrents for many, the introduction of Shiberium is meant to be a proactive step towards overcoming such challenges. Therefore, it is important for the development of the Shiba Inu token.
How does Shiberium work?
Like other major Tier 2 solutions, Shiberium aims to move some of its computing activity off-chain. The plan aims to reduce the load caused by transactions on Ethereum’s mainnet. Gas fees set in the upcoming blockchain will be paid in BONE, and twenty million BONE tokens will be allocated as an incentive for validators and agents in the Shiberium ecosystem.
The network will run with Heimdall validator and Bohr block generator nodes and will be compared against polygons (MATIC). While BoR will be fully compatible with the Ethereum Virtual Machine (EVM), it will be built on top of the Heimdall Tendermint consensus engine.
On the Shiberium network, users need to lock up 10,000 BONE tokens to qualify as validators. For those who wish to support the network without participating in node operations, the option to roll over their tokens will be available.
Six different categories of exhibitors were invited to join Shiberium’s newly announced Join Shiberium platform. This platform encourages “Web3/Web4” application developers to build software on the network platform. Entrepreneurs in the cryptocurrency sector can migrate their startups to this blockchain. Registration for validators and agents is also ongoing.
Additionally, businesses wishing to implement Shiba Inu for payment can initiate their application through the “Join Shibarium” site, made possible by an active Tier 2 solution. Ecosystem administrators and content creators can participate in the marketing and development initiatives of the network by submitting their applications.
Shiberium Launchpad and DApps
The ecosystem is increasing its support for new projects through Launchpad. Dogpad is represented by the DOGPAD token and Shibpad serves as a launch platform using SHIBP, helping projects gain traction and visibility.
A wide variety of decentralized applications (DApps) also enrich the Shiberium ecosystem. Powered by the CHOMP token, Shib Chomp provides a secure storage solution. Treat is powered by the stablecoin governance token TREAT, which improves stability and governance. Prodigy Pro offers a sniper bot for efficient trading with Token. The Shiberium Name Service (SNS) simplifies addressing, similar to the Ethereum Name Service (ENS).
What is the significance of the Shiberium for the Shiba Inu?
The importance of the Shiberium for the Shiba Inu is multifaceted and includes several important aspects designed to develop the project’s capabilities and long-term potential:
- Enhanced processing efficiency: The network provides a Layer 2 solution to the Shiba Inu ecosystem, enabling faster transaction times. This progress is expected to accommodate significant growth and increase transaction speeds, but may require additional time before definitive yield data is available.
- Transaction cost reduction: Ethereum users have often struggled with exorbitant transaction fees, which at times exceed the transaction value. With the implementation of Shiberium, the Layer 2 solution is expected to reduce high transaction costs by reducing gas fees.
- Evolution of Token Utility: Although more than 40% of SHIB tokens have been burned, their large supply is a major hindrance to growth. Shiberium overcame this challenge by making BONE its local currency. Validators within the network will be compensated in BONE for securing and validating transactions. Also, SHIB will be used in the new environment to control the amount of over-inflated.
- DAP Creation: Decentralized applications (dApps) run on peer-to-peer networks, but the original Mem coin lacked the resources needed for a dApp to serve as a native coin. Shiberium aims to build a robust ecosystem that leverages Ethereum and its Layer 2 solution by providing developers with the technical resources they need to build custom DApps for the Shiba Inu ecosystem.