Everything You Need to Know About Shibarium: Shiba Inu’s Layer 2 Scaling Solution – CNBCTV18 | Jewelry Dukan

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In recent news about Shiba Inu, we learn that we are approaching the release date of Shibarium, a Layer 2 scaling solution for Shiba Inu. In this article, we uncover the technique behind the hype and tell you everything you need to know about this meme coin development.

Shiba Inu, the second most popular meme coin in the world, has come a long way; It has gone from a joke to a store of value and is now developing a Layer 2 scaling solution to solve its Ethereum woes.

Shiba Inu has had a journey that will leave Wall Street and the rest of traditional finance in utter confusion. It has a market cap that now rivals many of the Fortune 500 and a growing community looking to HODL it to the moon.

In recent news about Shiba Inu, we learn that we are approaching the release date of Shibarium, a Layer 2 scaling solution for Shiba Inu. In this article, we uncover the technique behind the hype and tell you everything you need to know about this meme coin development.

What is Shibarium?

To understand what Shibarium is, we need to understand what a Layer 2 scaling solution is. According to Vitalik Buterin’s blockchain trilemma, scalability, decentralization and security cannot flourish simultaneously. One has to compromise to reach the other two.

Take Ethereum for example. It’s decentralized and secure, but lags behind in scalability. Because of this, every time traffic peaks, the network slows down and the transaction becomes expensive. Shiba Inu doesn’t have its own blockchain, so it works on the Ethereum blockchain. Hence it shares the same sufferings.

A Layer 2 solution allows for scalability without compromising the other two aspects of the trilemma. Think of it as an overpass over a busy road. It reduces the time and gas involved in transactions, but most importantly, it allows for more throughput (traffic). Shibarium wants to be that bridge and bridge the gaps in the Ethereum network.

And while Shiba Inu’s developers have been silent about the technology under the Shibarium hood, we’re sure it will strive to achieve the following goals:

1. Lower gas fee

When Shiba Inu launched his NFT collection, transaction gas fees often exceeded $800. In that case, even if the NFT was free, you’d still have to spend around $800 to get it. This was a major hiccup that needed to be resolved. Shibarium will reduce gas fees to pennies or even zero.

2. Increased throughput

Blockchains have high gas fees because they are limited by the number of transactions they can process in a second. Shibarium will increase this figure many times over and reduce gas fees.

Ethereum can currently only process 13 transactions per second (TPS). The highest throughput on an Ethereum Layer 2 solution today is on Polygon, which can handle 1,000 TPS with a theoretical limit of 7,200 TPS.

3. Metaverse and Games

The Shibarium will be the platform on which future Shiba Inu Network projects will be launched. These projects include their Metaverse and P2P gaming platforms. It’s already garnered a lot of interest from the community, and announcements will be made soon after Shibarium’s launch.

What else do you need to know?

As for the release date, there has been no concrete information from Shiba Inu developers, and the meme coin’s legal team has brushed off rumors of a third-quarter release date. So far, the only confirmation we have is that a testnet should go live in August and that lead developer Shytoshi Kusama tweeted that Shibarium will be launching “soon”.

Also, the Decentralized Autonomous Organization (DAO) that Shiba Inu runs has voted on some executive decisions for the Shibarium platform. First, the platform’s gas fees are not paid with Shiba Inu, but with an entirely new token called $TREAT.

The rationale is to provide a democratic platform launch rather than having many whales already in the waters. Second, Shibarium will continue to function on the Ethereum blockchain rather than switching to its own any time soon.

Conclusion

Many are expecting Shiba Inu’s price to the moon once his Layer 2 solution is live. However, crypto markets are very volatile and difficult to predict. Therefore, while it’s good to be excited, we encourage you to learn more about the technology and do your independent research before committing your hard-earned cash to any project, including Shiba Inu.

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