The creators of the Shiba Inu (SHIB) token have announced the imminent launch of their Shiberium Layer-2 solution.
Shiberium will run on top of the Ethereum blockchain, which is the basis for the Shiba Inu token. Its potential for decentralized apps and non-fungible tokens has made it one of the most widely used blockchains for smart contracts. However, this popularity has burdened the system, increasing costs while reducing transaction times.
Layer-2 results in lower cost
Shiberium will serve as a layer-2 solution on top of Ethereum, facilitating faster transactions while reducing fees. Layer-2 solutions enable “off-chain” transactions, in that they are outside the first layer blockchain and communicated back to them. Allowing the layer-2 solution to do most of the work reduces bandwidth, resulting in reduced costs and processing times.
This reduced load on the blockchain network can also improve the user experience for metaverse and gaming applications. Shiberium will also serve as a transitional development for the Shiba ecosystem, centered around Metaverse, Web3 innovation and gaming.
bon token bonus
Although it has primarily been used for governance, the Bone Token will play a greater role within the Shiberium. In addition to paying for gas transactions, users can also reward validators and delegates within the Shiberium protocol with BONs.
Similar to other blockchains, validators stake a certain amount of crypto to facilitate transactions and help maintain the blockchain. Meanwhile, delegates participate in a consensus mechanism called “Delegated Proof of Stake” (DPoS) by delegating their voting rights to a validator. Of the total supply of 250 million, approximately 20 million has been reserved to reward validators and delegates.
Shiba Inu Price Bounces On The News
The Shiba Inu price rose with the confirmation of the Shiberium news, after rising nearly 20% last week in anticipation. The coin has been relatively up recently in anticipation of the Shiberium news.
Meanwhile, a recent report revealed that the Shiba Inu made up a significant portion of the reserves of a major cryptocurrency exchange. India’s largest cryptocurrency exchange WazirX recently published its proof of reserves. At over six trillion coins worth $54 million, the Shiba Inu makes up over 20% of its stockpile.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.