Shiba Inu (SHIB) Team Introduces Basic Concepts of Shibarium

article image

Alex Dovbnya

The team’s vision is to facilitate faster, more cost-effective transactions so crypto and NFTs become accessible for everyone

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

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.

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.   

Source link

Share this article: