Advertisement
AD

Main navigation

Shiba Inu (SHIB) Team Introduces Basic Concepts of Shibarium

Advertisement
Mon, 16/01/2023 - 6:35
Shiba Inu (SHIB) Team Introduces Basic Concepts of Shibarium
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Earlier today, the Shiba Inu (SHIB) team made an important announcement, introducing the underlying concepts of their Layer 2 blockchain dubbed as "Shibarium".

Advertisement

This layer-2 blockchain runs on top of the Ethereum blockchain, which is currently being used by SHIB tokens (SHIB, LEASH & BONE).

Its main calling card lies in its ability to provide scalability and support faster transactions with lesser costs.

This Layer 2 platform also opens up various opportunities -- particularly in terms of services like NFTs adoption or transaction fees- where spikes in gas costs have been making it unfeasible and prohibitively expensive for smaller transactions often occurring on a daily basis.

Related
Former SEC Official Names Key Reason Behind Bitcoin’s Recent Recovery
Furthermore, the task of providing scalability ad security falls not only onto those who deploy nodes but also to Delegators - individuals setting up token staking contracts that serve as a reward system.

The allocation of rewards among these participants will be based on a commission rate set by validators on the network. 

Finally, users can access Shibarium's test tokens through private test network portals although it has yet to be officially deployed.

As reported by U.Today, lead Shiba Inu developer Shytoshi Kusama repeatedly stated that the launch of Shibarium would take place in the near future.   

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD