Dogecoin (DOGE) rival Shiba Inu (SHIB) is offering more details on the status of the much-hyped Shibarium project.
In a new blog post, the project says that the beta version of the SHIB ecosystem’s proposed layer-2 scaling protocol is “about to be launched.”
Shibarium aims to deliver scalability, faster transaction times, reduced gas fees and a broadened development framework, according to the official Shiba Inu blog. It will run on top of the Ethereum (ETH) blockchain.
Explains the project,
“In the summer of 2021, it was common for the cost of gas for adopting cryptocurrencies or NFTs, in the ERC network, to be extremely high. Often adding an extra $50-$100 fee on top of a fractional $15 purchase, making it impractical and unrealistic for everyday transactions.
So how do we remove the barrier to entry for the small transactions that occur in day-to-day living? In layer-2 blockchains like Shibarium, transactions occur ‘off-chain,’ meaning transactions occur outside of the layer-1 (Ethereum) blockchain, and are communicated back. Allowing the layer-2 blockchain to do the majority of the processing work alleviates bandwidth, which results in lower costs (gas fees) and processing time for the end users.”
The Shibarium also aims to make it easier for developers to build decentralized applications (DApps) on the Shiba Inu blockchain.
Shibarium developers have previously announced Bone ShibaSwap (BONE) will be the official digital asset used to operate the blockchain and that each transaction on it will burn SHIB tokens.
SHIB is trading at $0.000011 at time of writing. The 15th-ranked crypto asset by market cap is down over 3% in the past 24 hours but up over 20% in the past seven days.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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