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Everything About the Shibarium


Everything about the Shibarium. Shiba Inu, one of the largest altcoin projects in the cryptocurrency market and a loyal community supported by $SHIB holders, has presented many developments since its inception; from non-fungible token (NFT) collections to exchanges like ShibaSwap, the SHIB community is patiently awaiting the release of Shibarium.

Shibarium is an upcoming Layer 2 solution that aims to improve the Shiba Inu ecosystem by providing fast and low-cost transactions, among other important improvements. However, there are still many questions about the release of Shibarium and its benefits.

What Happened to Shibarium?

The current Shiba Inu token runs on the Ethereum network which, although it is a secure and decentralized blockchain, its main drawback is the issue of scalability and limited production.

Although Ethereum has moved from proof of work (PoW) to proof-of-stake (PoS) through connection, this does not mean that the scalability and low throughput issues are resolved; The main idea behind the change is to introduce a new token entry system, a better data processing system, and a new tokenomics that will benefit the chain in the long run. Therefore, Layer 2s and side chains are still an important part of the Ethereum ecosystem.

Before we dive in, let’s quickly recap what Layer 2s and lethal solutions are, because they help to understand why the Shiba community built the Shibarium.

What is Layer-2?

A Layer 2 refers to the second layer built on top of the main layer. When we talk about blockchain as such, we are technically referring to layer 1, which can also be called mainchain, base layer, layer 1, etc. So, layer 2 is the chain that works on the core.

Layer 2s is called scaling Solutions, a technology that can improve the blockchain in many ways, but they all share the main goal of reducing network congestion at the main layer. There are different types of cleaning solutions, mainly:

Sidechains: independent blockchains compatible with other main blockchains. A famous example is Polygon, which is based on the Ethereum Virtual Machine (EVM). Although it is exclusive, it allows developers and users to import their work from Ethereum to Polygon and vice versa. State Channel: A peer-to-peer system that allows two parties to interact outside of the Ethereum network and publish the final results on the blockchain.

Layer-2: A solution that removes transactions from the network to break them into a layer-2 chain, then sends transaction data back to the main blockchain in batches. Two popular examples of Layer 2s are Optimistic and Zero-Knowledge rollups.

In this case, Shibarium will be a Layer 2 chain that will use a Proof-of-Stake contract. This means that users will have to assign part of their logo to be a sponsor.

The sponsor will look at the state of the blockchain to process transactions, instead of miners using hardware that consumes a lot of electricity. A global network of computers that act as facilitators will facilitate the decentralization of the blockchain.

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How Does Shibarium Work?

Shibarium will work with Ethereum to process transactions in the Shibarium ecosystem. It will take much of the transaction load that the Shiba Inu ecosystem currently brings to Ethereum to process on the Shibarium chain. In addition, Layer 2 will remove signals from the media to reduce supply and help raise the price. This is known as a token burning system, in which tokens are sent to wallets that can only receive tokens and not send them, also known as dead wallets.

The SHIBArmy has long advocated firepower as a way to reduce the spread of cryptocurrency-inspired memes and make social media more valuable as a result, whether it’s wanted or not. increase. By the end of 2021, the Shiba Inu community has sold a total of 410 trillion. At the moment, it is not known what kind of Shibarium technology the layer 2 will be based on, whether it is an optimistic roll or a ZK roll.

When will Shibarium start? There is no official release date for Shibarium at the time of writing. According to the official blog post, the developers have been working on this project since April 2022, but there has been no update on its development. What is reported is that the service will enter the Testnet system through public beta and will follow shortly after the release.

In other words, there is a lot of work going on behind the scenes, but nothing official yet. Testnet will allow developers to build and test tools necessary for end-user interactions, such as token transfer bridges, wallets, block detectors, and more.

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