Shiba Inu, the decentralized cryptocurrency token has launched the Shibarium portal to boost the scalability of its host token Ethereum.
The now-released Shibarium portal is running in its Beta version and is a Layer 2 blockchain protocol, the enhancing protocol.
The release announcement stated that the portal is approaching the finish touches. It did not mention anything about the date of commencement of the test net.
As per the reports, the beta version would see the official release by the end of the next week.
The portal is released under the name Join Shibarium and would be designed hub for users such as developers, business owners, content creators, and job seekers who are enthusiastic to make contributions towards the Shiba Inu ecosystem.
The new design of the portal is similar to that of Polygon (MATIC), another layer 2 scaling solution.
Along with the beta launch, the lead developer of the portal has also warned the crypto trades to look out for new tokens that launch on the network.
The reminder said that during the beta all tokens and products on the bear network were for testing purposes only. And alerted the traders to not get scammed and to not buy that might appear on Shibairum before the main net launch.
Why Is The Shibarium Portal Released?
Shiba Inu is hosted in the blockchain of Ethereum, a decentralized, open-source blockchain supporting the second largest cryptocurrency in the world Ether, second in place to Bitcoin.
Ryoshi who is behind the cryptocurrency regarding the expectations about the blockchain solution has said that allowing the additional transactions to happen concurrently would speed up the transactions.
They serve as a base for the creation of DAapps, decentralized applications, and other such initiatives.
Ryoshi continued that the Shiba Inu NFT gaming might be made simpler by enabling quick transactions and that could provide reduced transaction fees for participants in the Shiba ecosystem to implement and develop Shiba Inu metaverse applications. In some cases, the transaction fees could be altogether eliminated.
Ryoshi further said Shibarium would have a significant impact on the Siba Inu ecosystem if it succeeds in achieving its objectives.
The accomplished features would be transactions becoming more quickly and less expensive and token values would stabilize and even increase. It would also develop a more decentralized exchange to offer more liquidity.
Shytoshi Kusama, the lead developer said that he hopes the new site would make it easier for anyone looking to build on Shibarium to collaborate. He, in a press release, stated that the intake system would allow them to find the best projects and link them together with otters who can help or assist.
He added that it would allow Shibarium’s reach to grow with professional companies, and would further allow it to reset the relationships with businesses and to find the right validators.
Shibarium is a Layer 2 blockchain protocol which means it requires a Layer 1 protocol like Bitcoin or Ethereum to function on top of it. In the case of Shibarium, it is Ethereum. The latter Layer 2 protocol would serve to advance the characteristics of the former underlying blockchain such as scalability, privacy, and others.
Ethereum network currently has a low scalability, that is it has a decreased efficiency in the management of growing amounts of data. Having high or better blockchain scalability would enable the network system to well handle the escalating number of transactions.
The causes by which a blockchain network has low scalability can be due to the lack of agreeance from all participants. For the transactions to be valid blockchain requires all participants to agree.
The new Shibarium protocol is expected to benefit different fields of business such as metaverse, gaming, and web3 innovation, the next-generation web that connects most of the users via a decentralized network and has access to their own data.
Currently, the blockchain network is facing scalability and performance issues.
The new Layer 2 is thought to serve as a protocol on top of the current underlying blockchain networks that would enable off-chain transaction processes.
Off-Chain transaction processes in a blockchain network are faster, less expensive, offer advanced privacy, and would not compromise the primary concern, which is ensuring the security of the underlying blockchain.
Enabling off-chain transactions can reduce the overall load that the blockchain network undergoes and can also boost the functionality of the metaverse and gaming applications.
This would lead to the implementation of a new decentralized metaverse and game ecosystem that would allow for decentralized player interaction and transactions. The layer 2 protocol along with web3 technology can also permit player ownership, purchase, and sale of acquired digital assets.
Many users see Shibarium as a tool to boost prices. However, the prior vision of the portal is to provide the user community with a comfortable pace to advance in the development.
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Shibarium Portal To Transform Shiba Ecosystem And Crypto Industry?
Shiba Inu was released in August 2020 as a meme coin, which means a cryptocurrency that has its origins rooted back to either an Internet meme or does possess any humorous characteristics. Another such created meme coin is Dogecoin which was launched in 2013.
As of 2023, Shiba Inu has grown to a complete ecosystem with tokens such as BONE and LEASH offering functions that SHIB would not have been able to handle on its own.
In 2021 the gas price to implement cryptocurrencies of NFTs in the ERC network was very high for a prolonged period of time. The transaction fees increased frequently to additional 50 US dollars to 100 US dollars cost on top of a fractional 15 Us dollars purchase that faced a lot of criticism.
The original authorship of the token is attributed to “Ryoshi”, although it remains anonymous whether it is a single person or a group of people.
The Shiba Coin was popularized by billionaire Elon musk on his platform of Twitter and by Vitalik Buterin the computer programmer who founded Ethereum.