What is Shibarium Wallet?

What is a Shibarium? A Quick Introduction

Shiba Inu has a market cap of $ 5.44B USD. Meanwhile, the total crypto market volume over the last 24 hours is $65.04B. In this article, we’ll go over the specifics of Shibarium wallet, so you would know all about the latest trends on the crypto market. Continue reading to learn about features and benefits of Shibarium. 

What is a Shibarium? 

Shibarium is a Layer 2 blockchain solution created exclusively for Shiba Inu. Operating as an off-chain network superimposed onto existing Layer 1 blockchains, Layer 2 solutions go beyond by enhancing the capabilities of the foundational blockchain, offering amplified transaction throughputs and refined smart contract functionalities.

To earn its designation as a Layer 2 solution, a network must inherit the security features of the underlying Layer 1 blockchain, ensuring that transaction data verification occurs within the Layer 1 network rather than through independent nodes. Positioned as a Layer 2 blockchain on the Ethereum network, Shibarium holds the promise of delivering a multitude of advantages to Shiba Inu.

Through the incorporation of Shibarium, Shiba Inu envisions transcending its current classification as a meme coin, aspiring to be recognized as a formidable blockchain project. Operating on a Proof-of-Stake (PoS) protocol, Shibarium seeks to broaden the scope of SHIB by establishing a comprehensive ecosystem featuring blockchain games, a decentralized exchange (DEX), and an immersive metaverse.

Embracing Shibarium translates into numerous advantages for Shiba Inu, including diminished transaction fees, expedited transaction speeds, seamless development of decentralized applications (dApps), and heightened token utility.

Benefits of Shibarium

• Lower Transaction Fees: Using Shibarium reduces transaction costs, making it more affordable for users to engage in transactions and interact with the Shiba Inu ecosystem.
• Faster Transaction Speeds: Shibarium’s Layer 2 architecture enhances transaction speeds, ensuring quicker and more efficient processing of transactions compared to traditional Layer 1 blockchains.
• Seamless Development of dApps: Shibarium facilitates the smooth development of decentralized applications (dApps), enabling developers to create innovative and interactive applications within the Shiba Inu ecosystem.
• Enhanced Token Utility: The adoption of Shibarium expands the utility of Shiba Inu tokens, providing users with more ways to utilize and benefit from their holdings.
• Positioning as a Serious Blockchain Project: By operating as a Layer 2 solution on Ethereum, Shibarium aims to position Shiba Inu as a robust blockchain project, going beyond its initial characterization as a meme coin.
• Proof-of-Stake (PoS) Protocol: The integration of a PoS protocol in Shibarium contributes to the transformation of Shiba Inu into a comprehensive ecosystem. This includes features like blockchain games, a decentralized exchange (DEX), and participation in the metaverse.

How Does Shibarium Work

Shibarium operates similarly to other Layer 2 solutions by moving certain computing activities off-chain, reducing the transaction load on Ethereum’s mainnet.

To secure its network, Shibarium relies on a group of validators and delegators. Bor, acting as a block producer layer compatible with the Ethereum Virtual Machine (EVM), aggregates blocks. Heimdall, built on the Tendermint consensus engine, is also part of this network.

Incentives for validators and delegators come in the form of BONE tokens, which are also used to cover designated gas fees. Shibarium has allocated 20 million BONE tokens for this purpose. To become a validator on the Shibarium network, users need to lock in 10,000 BONE tokens. Alternatively, those interested in supporting the network without engaging in node operations can become delegators and have the option to delegate their tokens.

Why Choose OmiSoft? 

When it comes to crypto wallet development, you need a reliable blockchain wallet app development partner that will be able to take care of your development needs. OmiSoft’s team completed dozens of wallet development cases and created effective and custom solutions. Our developers are committed to create a solution that is tailored to your needs. So, if you are considering Shibarium development, don’t hesitate to contact our team. 

By Dmytro Romaniuk

CEO & Founder

Jan 25, 2024

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