SHIBARIUM Layer-2 Ethereum from Shiba Inu
What is Shibarium?
Shibarium can be said to be the 'new home' for the Shibarium ecosystem. If SHIB was previously known as part of the Ethereum project, the ecosystem will now establish a new home called Shibarium. In the beginning, the developers made Shiba Inu a coin that was exchanged on an arbiter basis only. Over time, as the community grew, there was a need to evolve Shiba Inu into a more dynamic ecosystem. The ecosystem needed a home, and building a home on the Ethereum network was inefficient. Ethereum's expensive transaction fees and somewhat sluggish speed were felt to be burdensome for the development of the Shiba Inu ecosystem. Shibarium is here to solve this problem.
Shibarium is a layer-2 blockchain that offers a solution to the scalability bottleneck of the Shiba Inu network. Shiba Inu, which is built on the Ethereum blockchain, is already considered too slow and expensive due to high gas fees. The layer-2 blockchain is a scaling solution that is commonly used by layer-1 blockchains. The goal is mainly to speed up the process and make transactions cheaper. Transactions on layer-1 blockchains are often longer and more expensive because the main blockchain network is heavily utilized. Layer-2 blockchains work by taking transactions off the rails of the layer-1 blockchain and executing them in the layer-2 network, then sending the transaction data back to the main blockchain in the form of a rollup.
Like Ethereum as its parent network, Shibarium will be a layer-2 that will use the Proof-of-Stake (PoS) consensus algorithm. The purpose of creating Shibarium is the same as most layer-2 blockchains, which is to increase scaling, one of which is to make SHIB transactions on the Ethereum network faster and cheaper. Beyond speed and low transaction fees, Shibarium also enables Ethereum blockchain functionality that allows the community to create decentralized applications (dApps), games, NFT projects, and other explorations of Web3 evolution and the metaverse.
BONE
Shibariun has a native token called BONE. Shibarium will use the BONE token for its protocol operations. Other Shiba Ibu ecosystem tokens such as SHIB and LEASH are also supported on the Shibarium network. BONE is the native token chosen to pay gas fees in transactions and reward Validators and Delegators in the Shibarium protocol.
The BONE token has a total supply of 250 Millon, of which 20 million are reserved for rewards to Validators and Delegators. Shibarium's own Validators and Delegators are selected by the Shiba community through a DAO process. Validators and delegators will have an important role in the Shibarium network. Similar to other PoS consensus validators, Shibarium Validators are responsible for verifying and validating transactions, and for maintaining ledger integrity. Shibarium Validators must lock up a certain amount of BONE tokens for staking and operating Heimdall Validators and block generation nodes in the network.
Heimdall Validator is an open source validator software that can be used to participate in various blockchain networks. While Bor is a layer compatible with the Ethereum Virtual Machine (EVM), the engine that developers use to create dApps. Bor is responsible for producing blocks on the network. Validators receive rewards proportional to their staked BONE tokens.
Rewards are divided among all participating validators based on the number of tokens they are staking. While Delegators are individual nodes that own BONE and participate in staking. Delegators will delegate their primary duties of verification, validation, and maintaining ledger integrity to Validators. They participate in staking the BONE coins delegated to the Validator, and will be rewarded according to the number of BONE staked.
The developers also plan to issue TREAT tokens as staking rewards on the Shibarium network, but it is not yet known when the tokens will launch.
The development team states that every transaction on the Shibarium network will activate the burning of SHIB tokens. This means that the more Shibarium is used, the rarer and more expensive SHIB tokens will be.
but shibarium has not had any major developments, the latest update is that the shibarium team only opened validator registration for their blockchain last year.
Best Regards. Pangrango
