After extensive testing with millions of users and 21 million wallets created, the Shibarium mainnet was launched on August 16th. This mainnet is an Ethereum layer-2 scaling solution.

Shibarium uses a fresh method of consensus called proof-of-participation (PoP), which selects validators based on their cryptocurrency holdings rather than requiring expensive computations for proof-of-work. The L2 blockchain solution is intended to integrate with the Ethereum layer-1 blockchain, creating a more efficient and affordable platform for transactions.

Shiba Inu gained widespread popularity during the bullish market of 2020-2021, and even surpassed the original meme cryptocurrency, Dogecoin, for a brief period. However, it failed to sustain its momentum and lost over 80% of its value during the bearish market.

Despite the drop in price, the Shiba Inu community remained dedicated to their cryptocurrency and developed a decentralized ecosystem that included a decentralized exchange called ShibaSwap, as well as a native token called BONE. Additionally, they created a metaverse and a Web3 game. The price of SHIB even increased in anticipation of the upcoming launch of Shibarium.

Before the launch of the mainnet, the lead developer of Shiba Inu, who uses the name Shytoshi Kusama, mentioned that Shibarium's L2 has already gained a lot of popularity among new projects. The developer shared a screenshot of companies currently developing on Shibarium, indicating that over 100 companies are already utilizing it in a post on X (previously known as Twitter).

During a recent interview, Kusama discussed the concept of an "everything app" that many in the tech industry are discussing. However, he emphasized the importance of approaching such innovations from a community and decentralized perspective. Kusama then explained how Shibarium incorporates these principles in its operations, prioritizing decentralization, interoperability, and user-centric design for both the blockchain and the technology industry as a whole.

According to Kusama, the new L2 will maintain Shibarium's decentralization through its validator and delegator aspects. However, the real innovation lies in the framework, governance, and charter that will oversee the technology, community, and protective and innovative aspects of the ecosystem.

“By using Shibarium for governance in this system, alongside self-sovereign identity to ensure quality membership (Shibizenship), the metaverse as our territory, and the ability to partner with other like-minded states, we have effectively shattered what nationhood is and rebuilt it upon the Shib ethos of decentralization!”

Shibarium is set to leverage the Heimdall validator and Bor block production nodes, which bear similarities to the Polygon framework. Heimdall will rely on the Tendermint consensus engine, whereas Bor will be fully compatible with the Ethereum Virtual Machine.

To become validators in the Shibarium network, users are required to lock up 10,000 BONE. A total of 21 million BONE has been set aside for rewarding validators and delegators within the Shibarium ecosystem, as well as covering authorized gas charges.

HYIPer.net » Shiba Inu’s Layer2 blockchain - Shibarium goes live on mainnet