By George Ward
The Shibarium project is a soon-to-be-launch Layer-2 blockchain protocol on the Ethereum network for Shiba Inu, the popular meme cryptocurrency. Upon completion, Shibarium will signal the evolution of the Shiba Inu network into a complete ecosystem.
Understanding Shibarium
The Shibarium project was initially proposed by Ryoshi, the pseudonym creator of Shiba Inu, in a May 2021 blog post which is now deleted per reports. According to the project’s vision, it intends to build a Layer-2 blockchain solution on the Ethereum network.
Thus, this expansion will redefine Shiba Inu (SHIB) from a digital meme token into a complete protocol. The completion of the Shibarium project will see Shiba Inu have a decentralized exchange (DEX), a blockchain gaming space, and a metaverse community.
Meme crypto tokens like Dogecoin and Shiba Inu are digital assets depicted with animated internet memes. However, these tokens are generally volatile, and their value is driven by high speculation with significant supply, which usually leads to price fluctuation.
The Shibarium platform aims to remodel Shiba Inu into a more stable and multi-project ecosystem. However, the Shibarium developers have yet to release a timeframe for the project launch.
The release was initially scheduled for February 2023, but the developers moved it to an unknown date. The developers explained that they would like to launch an error-free version.
Hence, they need to put the project through thorough tests.
Shibarium’s Benefit To Shiba Inu
The initial belief among the Ethereum community is that the transition from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus algorithm will help ensure scalability. However, the Merge hasn’t solved these scalability issues yet. The Ethereum blockchain still struggles with scalability despite the strong security layer.
As a PoS project, Shibarium is expected to accelerate Shiba Inu’s scalability while maintaining the its compatibility with the Ethereum blockchain. The Shiba Inu community also anticipates that the Shibarium will help steady the value of the network’s native token, the SHIB, and turn it into a value-added crypto project with prospects.
Some of the potentials that Shibarium would likely unlock for the digital meme coin include:
- faster transaction speeds
- lower transaction fees
- complete ecosystem
- token utility
- decentralized application development
How Will Shibarium Function?
Once completed, Shibarium is expected to work by processing transactions without causing security loopholes on the Ethereum blockchain. Furthermore, Shibarium will be responsible for most of the activities in the SHIB network.
Hence, the Ethereum network will be relieved from the massive volume of transactions that might hinder its efficient functioning. Thus, this will result in faster and more secure SHIB-related transactions.
Before adopting the PoS consensus mechanism, the low throughput of the Ethereum blockchain was what made the network more congested, thereby pushing up gas fees. However, the Merge boosted the network’s throughput by significantly reducing the gas fees.
Nevertheless, Layer-2 solutions are still essential to underlying blockchains as they help improve the features of these underlying blockchains, particularly privacy, and scalability.
The Role Of SHIB Metaverse And Shibaswap
As an immersive, 3D virtual ecosystem, the SHIB metaverse comprises 11 hubs with unique structures. The metaverse hubs will allow users to benefit from its range of use cases, including creating digital businesses and developing commercial and residential infrastructures.
In addition, the virtual landscape has a total of 100,595 plots of land that users can be able to unlock over time. Participants in the land auction process must have MetaMask wallets in addition to other criteria.
However, it is worth noting that the bids and purchases are to be made with ETH. Meanwhile, there is also a virtual environment users can explore and trade digital collectibles.
Meanwhile, the Shibarium developers have revealed the tokens that will be part of the Shibarium ecosystem. They are SHIB, BONE, LEASH, TREAT, and SHI.
With these benefits in mind, many Shiba Inu community members are eagerly awaiting the launch of Shibarium.