Shiba Inu’s development team has unveiled Shibarium, a much-awaited Ethereum layer-2 scaling solution, signaling a significant evolution for one of the largest decentralized crypto communities.
The launch announcement was made during the Blockchain Futurist Conference/ETH Toronto.
The Shiba Inu team, in a statement to Cryptonews.com, highlighted that Shibarium would be the foundation for the broader Shiba Inu ecosystem. The beta testnet already engaged a community of over 21 million user wallets, and with the mainnet’s live launch, it is poised to attract more enthusiasts drawn to decentralization, interoperability, and user-centric tech design.
Shibarium’s core values revolve around community and decentralization. Shiba Inu’s Lead Developer, known pseudonymously as Shytoshi Kusama, emphasized that while many tout the virtues of ‘all-encompassing apps’ and user interactivity, the true essence lies in fostering community and ensuring decentralization. Shibarium embodies these principles more genuinely than many existing technologies, even other blockchains.
Kusama drew an analogy saying:
“If you consider even the best L2’s to be a Ferrari engine, we just placed a Lamborghini engine into a Revuelto and handed the community the keys… The others are still in the shop with devs tweaking the cylinders”
Shibarium promises rapid transaction velocities at reduced gas costs, significantly enhancing the Shiba Inu user experience. Until now, the Shiba Inu ecosystem was anchored on the Ethereum blockchain. Despite Ethereum’s security and robust decentralized finance (DeFi) offerings, it has been marred by high transaction costs and delays.
According to the developers, Shibarium’s platform is not only cost-effective for protocol development but will also bolster the potential and reach of the broader ecosystem. It will serve as a support system for all facets of the Shiba Inu ecosystem, including tokens like $SHIB, $LEACH, $BONE, as well as platforms like Shiboshi NFTs, SHIB The Metaverse, ShibaSwap DEX, Shiba Eternity Game, and numerous other forthcoming initiatives.
A notable aspect of Shiba Inu’s roadmap is the emphasis on decentralized digital identities. Their goal is to enable users to manage and safeguard their digital identities independently. By integrating Self-Sovereign Identity (SSI), users can maintain verified credentials, including physical identity confirmations such as passports and driving licenses.
