After an extensive testing period involving millions of participants and the creation of 21 million wallets, Shiba Inu introduced the Shibarium mainnet on August 16th. This Ethereum layer-2 scaling solution is a significant step forward for Shiba Inu.
Shibarium utilizes a novel consensus mechanism known as proof-of-participation (PoP), which selects validators based on the amount of cryptocurrency they hold, rather than relying on resource-intensive proof-of-work schemes. This innovation aims to mitigate computational expenses. The new layer-2 blockchain, designed to seamlessly interact with the primary Ethereum layer-1 blockchain, presents a more efficient and economical platform for conducting transactions.
Shiba Inu, symbolized by the ticker SHIB, gained substantial popularity during the 2020-2021 bull market, momentarily surpassing the original meme cryptocurrency, Dogecoin (DOGE), in value, which was valued at $0.07. Yet, it struggled to maintain its valuation, experiencing an over 80% drop during the subsequent bear market.
Despite the price downturn, the Shiba Inu community remained undeterred, fostering a decentralized ecosystem around the cryptocurrency. This ecosystem includes a decentralized exchange named ShibaSwap, a native token called BONE, as well as a metaverse and a Web3 game. In anticipation of the Shibarium launch, the price of SHIB surged to a multiweek high.
Prior to the mainnet rollout, the lead developer of Shiba Inu, operating under the pseudonym Shytoshi Kusama, indicated that the layer-2 solution had already gained substantial interest from various projects. Through a post on X (formerly known as Twitter), the developer shared a screenshot showcasing numerous companies engaged in development on Shibarium, implying the involvement of over 100 companies.
During an exclusive discussion with Cointelegraph, Kusama emphasized that the concept of an “everything app” is generating significant buzz within the tech realm. However, he highlighted the importance of approaching these advancements with a strong commitment to community involvement and decentralization. He further explained that Shibarium stands as an embodiment of these principles, seamlessly integrating them into its functioning. Kusama underlined the significance of upholding the values of decentralization, interoperability, and user-centric design, not only within the blockchain sector but also throughout the broader technology landscape.
Kusama went on to provide more detailed insights, highlighting that the decentralization of Shibarium will be upheld through both the validator and delegator components of the new layer-2 system. However, he emphasized that the true innovation lies not just in these aspects, but also within the framework, governance, and charter designed to oversee the ecosystem’s technological, community-oriented, protective, and pioneering facets.
“By incorporating Shibarium for governance within this system, coupled with the implementation of self-sovereign identity to ensure high-quality membership (known as Shibizenship), staking our claim on the metaverse as our domain, and fostering collaborations with like-minded entities, we have effectively redefined the concept of nationhood, rooted in the decentralized ideals of the Shib ethos!”
Shibarium’s operational structure will involve the utilization of Heimdall validator nodes and Bor block production nodes, which bear resemblances to the setup within the Polygon ecosystem. Heimdall will rely on the Tendermint consensus engine, while Bor will boast complete interoperability with the Ethereum Virtual Machine.
For users to become validators within the Shibarium network, they will need to lock 10,000 units of BONE. A pool of twenty-one million BONE tokens will be reserved for rewarding validators and delegators within the Shibarium ecosystem. These tokens will also serve to cover authorized gas fees.