The team behind Shiba Inu’s (SHIB) new layer-2 scaling solution says the protocol aims to provide quick and cost-effective transactions.
New public documentation reveals that Shibarium, which launched its beta version earlier this month, plans to acheive “true decentralization” by creating a protocol that charges minimal transaction fees, if not zero.
According Shiba Inu lead developer Shytoshi Kusama, Shibarium will offer low transfer fees for every project built on the layer-2 protocol, noting that the goal is to process transactions in “seconds for less than pennies.”
Touted as the “blockchain of [the] people,” Shibarium plans to become a secure, transparent and scalable blockchain that acts as a base layer for the development of new projects.
“The blockchain ensures secure and transparent creation and exchange of digital assets. In addition, it serves as a base for the development of decentralized applications (DApps), including Shib – The Metaverse (Shib.io), Shiba Eternity, and various other products, projects, platforms, and services within the broader Shiba Inu community.”
The public documentation also offers more insight on Shibarium’s burning mechanism. The document says that the burn mechanism will kick in after the protocol accumulates a specific amount of Bone ShibaSwap (BONE), the token that will be used for gas fees on Shibarium.
“When a user makes a transaction on the network, the base fee is locked on a contract on Shibarium, while the priority fee is paid to the validator. This base fee will be split in 70% burned and 30% set aside to maintain the network.
Once a certain amount of BONE ($25,000) is accumulated in the burn contract, users can start the burn process from Shibarium.”
Shiba Inu is trading for $0.000011 at time of writing, a slight dip in the last 24 hours.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alexander Limbach/WindAwake