Tier 2 blockchain project Shiba Inu will help create a new decentralized metaverse and gaming ecosystem
Developers of Shiba Inu token announced preparations for launching a test network called Shibarium. The second-tier blockchain will run on top of the first-tier Ethereum network. It is designed to provide scalability, faster transactions, lower fees and more opportunities for developers in the Shiba Inu ecosystem.
Cryptocurrency Shiba Inu was created 2.5 years ago. The Ethereum blockchain token is named after Shiba Inu dogs. The website of the project calls this token “”Dogecoin Killer””. And it says that when it was created, its main goal was to surpass the total capitalization of Elon Musk’s favorite coin (Dogecoin). At the same time without crossing the price point of $0.01 per token.
The developers claim that the project has now left the category of “meme” tokens and turned into a popular and actively growing ecosystem. At the same time, in terms of market capitalization, the token is in 16th place with an indicator of $6.1 billion. Dogecoin is now in 9th place, its capitalization is almost $11.6 billion.
Shiba Inu team noted in its message that some members of the cryptocurrency community see Shibarium as a tool to “inflate” token prices. But that is not and never has been the goal of the project. According to them, the new blockchain will help reduce the load on the underlying network. It will also improve the user experience in metaverse and gaming applications.
The combination of web3 and Shibarium Level 2 blockchain technologies can create a new decentralized Metaverse. As well as a gaming ecosystem in which players will interact in a decentralized way. And make transactions, as well as own, buy and sell digital assets.
Tier 2 networks are created to extend the capabilities of basic Tier 1 blockchains. The developers of Shiba Inu state that Shibarium will be able to serve multiple layers of the blockchain. The announcement also says that the new network will reduce the transactional burden on these parts of the ecosystem.
Shibarium will use SHIB, Leash and Bone tokens. Transactions on the network will be paid for using Bone, a Shiba DAO management token. It will also pay members who support the network and validators. Twenty million Bone tokens ($27 million) have been set aside for these payments.
A test network will be launched first. The developers don’t give an exact date, but they write of a “soon” launch. The main network will launch later, its launch will allow the team to integrate the decentralized crypto exchange ShibaSwap into Shibarium.
The developers also expect commissions on the new network to be lower than the current fees on the main Ethereum network. Nevertheless, our experts note that the team prefers to wait for results of analysis in a test network Shibarium. In order to make sure the data is accurate before declaring it definitively.
Our Crypto-Upvotes experts discussed how US dollar affects cryptocurrency market. And...
Binance announces measures to protect customer funds in case of ETH network hardfork...