$SHIB: Public of Beta of Shiba Inus Layer 2 Blockchain ‘Shibarium’ Goes Live
The moment that the many fans of the wildly popular meme-based cryptocurrency Shiba Inu ($SHIB) had been eagerly waiting for finally arrived yesterday (March 11).
Here’s what Binance Academy says about Shiba Inu ($SHIB):
“Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.
“SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. SHIB’s roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 ‘Shiboshi’ NFTs and an NFT game Shiboshi Game.
“Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.“
Shibarium is a layer 2 blockchain designed to address the shortcomings of the $SHIB token’s host chain Ethereum, namely slow speed and high transaction costs. Bone ShibaSwap ($BONE), according to the Shibarium team, is “the original token chosen to pay for gas transactions and reward validators and delegators within the Shibarium protocol.” And luckily for $SHIB HODLers, Shibarium burns $SHIB with every transaction, making $SHIB more scarce.
In a blog post published Saturday (March 11), Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu Project, announced the launch of PUPPYNET, which is what the Shibarium team calls “the early beta test of the Shibarium network.”
Kusama wrote:
“Shibarium is a layer 2 blockchain that allows anyone to build DAPPS, integrate into IRL businesses and run projects with it. It’s low-cost, Shib says in the process, and will be adjusted as the beta test continues over the next few months.“
Anyone can play with this early public beta of Shibarium by visiting a new website set up for this purpose.
And right at the end of his blog post, Kusama explained why the Shiba Inu team finds it ridiculous that someone seems to think that Ryoshi, the pseudonymous founder of Shiba Inu, is SBF.
Starting at. At 11:02 UTC on March 12th, $SHIB is trading around $0.0000103 (up 1.37% in the last 24h), giving it a reported market cap of $6.05 billion, making it the 14th most valuable cryptocurrency by market cap.
