Shiba Inu (SHIB) is one of the most popular memecoins out there. This memecoin came right after Dogecoin made its debut in popularity, and has gained a lot of attention and adoption in the crypto space ever since.
However, just like several other kinds of Ethereum-based tokens, Shiba Inu has its fair share of problems.
Some of these problems include issues with scalability, high gas fees, and network congestion.
To address these issues, Shibarium, a new layer 2 solution came into the picture.
Shibarium was developed by the Shiba Inu team and was made to provide faster, cheaper, and more secure transactions for SHIB and other ecosystem tokens.
But what exactly is Shibarium under the hood? Read on to find out.
What is Shibarium?
Just like Polygon, Shibarium is a layer-2 blockchain that runs on top of Ethereum.
This new layer 2 solution uses a new consensus mechanism called proof of participation, or PoP.
PoP is similar to Proof of Stake (PoS), in that validators are selected according to how much crypto they stake.
In essence, the more SHIB or other tokens you hold, the more likely you are to be chosen as a validator and earn rewards for securing the network.
Like many other Ethereum-based layer-2 solutions, Shibarium is designed to work right on top of Ethereum.
This allows allowing users to easily move their assets from Ethereum to Shibaruim, and back. And just like Polygon, Avalanche and others, Shibarium supports smart contracts, decentralized applications (dApps), non-fungible tokens (NFTs), and other features that make it so powerful and popular.
When Did Shibarium Launch?
Very recently.
Shibarium hit the mainnet sometime on August 16, 2023, after several months of testing and development.
Before Shibarium fully launched, the network’s beta phase saw over 21 million wallets created. This was one of the factors that initially sparked the interest and enthusiasm of the Ethereum and Shiba Inu communities.
Shibarium’s developers have also mentioned that over 100 projects are being built on the network. This demonstrates Shibarium’s capacity for growth and widespread adoption.
How Is Shibarium Better Than Ethereum?
The entire purpose of Layer 2 solutions is to be better than Ethereum in terms of Scalability, speed, decentralization or any combination of these.
Shibarium offers several advantages over Ethereum including:
- Scalability:
Shibarium’s TPS (Transaction-speed per Second) is highly impressive, compared to Ethereum. While Ethereum can only process about 15-30 transactions per second, Shibarium can process thousands.
This means that Shibarium can handle more users and transactions without compromising on speed or performance.
- Lower Fees: Shibarium has much cheaper gas fees compared to Ethereu, because it moves these transactions off-chain, where they can then be processed in batches. This saves the costs of computation, leading to cheaper and faster transactions.
- Enhanced Security: Shibarium takes a little out of Ethereum’s security and decentralization. It relies on the Ethereum mainnet for finality and dispute resolution and is, therefore, more secure than the latter.
- More Innovation: Shibarium provides a wider playground for developers and creators to build and deploy dApps, NFTs, games, metaverses, and other applications that require high scalability, low latency, and low cost.
What’s more, Shibarium also supports cross-chain transactions. This makes it easier for users to interact with other blockchains and ecosystems.
In Conclusion
Shibarium is an ambitious and innovative layer-2 solution that aims to enhance the Shiba Inu ecosystem and the crypto space at large.
By offering higher scalability, lower fees, enhanced security, and more innovation, Shibarium is undoubtedly going to experience an impressive period of growth.
Shibarium is also one of the many examples that showcase how big and powerful community-driven projects can be when they are built on the principles of decentralization, interoperability, and user-centric design.
