The latest from the realm of Cryptocurrency is noteworthy, as the Shiba Inu developers introduce their highly anticipated Ethereum layer-2 scaling solution, aptly named Shibarium. This unveiling marks an unprecedented era of expansion for one of the largest decentralized communities within the crypto world. The official announcement, made at the Blockchain Futurist Conference/ETH Toronto, unveils Shibarium as the underlying technical support for the complete Shiba Inu State, having already demonstrated potential across over 21 million user wallets in its beta testnet phase.
Although some acknowledge the promise of ‘all-powerful’ applications and complete user interaction in the realm of ideas, commodities, and opportunities both within and outside the tech domain, it is the Shiba Inu team that acknowledges the critical necessity of community and decentralized initiation. As stated by the lead Shiba Inu developer, known as Shytoshi Kusama, the Shibarium tech, being among the most popular cryptocurrencies in circulation, uniquely harnesses decentralization and community, key principles often eluding most other technologies, including many blockchains.
Indeed, the markedly decentralized start of Shibarium and its focus on the community position it remarkably ahead of established Ethereum layer-2 competitors. Describing the novel technology’s prowess, Kusama suggests imagining it as the powerhouse engine of a Lamborghini, offering it to the community to handle, while competitors remain in developmental phases, akin to fine-tuning a Ferrari engine.
Shibarium promises to expedite transaction speeds while minimalizing associated ‘gas’ fees, enhancing the Shiba Inu’s user experience significantly. Up until this unveiling, the Shiba Inu ecosystem resided on the Ethereum blockchain, promising security and reliable access to the globe’s most developed and liquid decentralized finance markets. However, Ethereum’s pitfalls, including high gas fees and slow transaction times, inspired the need for a solution like Shibarium.
Shibarium opens doors for anyone to construct cost-effective protocols, extending the ecosystem’s reach and refining user experience. It will support the Shiba Inu ecosystem entirely, incorporating the $SHIB, $LEACH, $BONE tokens, Shiboshi NFTs, SHIB The Metaverse, the ShibaSwap decentralized exchange (DEX), and the Shiba Eternity Game, among thousands of other significant future endeavours.
But the ambition of Shiba Inu developers does not stop there. They plan to empower users to control and secure their digital identities without outside interference. With the prioritized incorporation of Self-Sovereign Identity, users can personally manage credentials including physical documents to confirm and secure identity. In the world of web 3.0 and increasing concerns over data privacy, these could be vital steps towards ensuring user trust and wider acceptance. With Shibarium, the Shiba Inu team emphasizes that the future is both highly decentralized and delicately curated for the community.