Uncovering the Differences Between Web 3.0 and Metaverse

Shiba Inu Launches Shibarium Mainnet

Shiba Inu (SHIB) recently launched its Shibarium mainnet, an Ethereum layer-2 scaling solution, on Aug. 16. After months of testing with millions of users and 21 million wallets created, Shibarium is built on a proof-of-participation (PoP) consensus mechanism. This mechanism is designed to select validators in proportion to their quantity of holdings in the associated cryptocurrency, avoiding the computational cost of proof-of-work schemes. The layer-2 blockchain solution is intended to interact with the Ethereum layer-1 blockchain, providing a more scalable and cost-effective transaction platform.

Shiba Inu rose to popularity during the bull market of 2020–2021, even briefly overtaking the OG meme cryptocurrency, Dogecoin (DOGE). However, it couldn’t hold onto its gains for long and lost more than 80% of its valuation during the bear market. Despite the price decline, the Shiba Inu community created a decentralized ecosystem around the cryptocurrency, including a decentralized exchange, ShibaSwap, a native token, BONE, a metaverse, and a Web3 game. The price of SHIB surged to a multiweek high in anticipation of Shibarium’s launch.

The Innovative Features of Shibarium

Prior to the mainnet launch, Shiba Inu’s lead developer, Shytoshi Kusama, reported that the Layer 2 (L2) network has already gained a lot of interest from new projects. On X (formerly known as Twitter), the developer shared a screenshot of companies currently developing on Shibarium, with over 100 companies already using it.

In a conversation with Cointelegraph, Kusama said that the “everything app” concept must be approached from a community and decentralization standpoint. He added that Shibarium incorporates both these principles while honoring “the principles of decentralization, interoperability and user-centric design for both blockchain and the technology sector at large.”

Kusama further explained that the validator and delegator components of the new L2 will ensure Shibarium remains decentralized, but that the true innovation lies in the framework, governance and charter to help govern the ecosystem’s technology, community, protective and innovative aspects.

Shibarium will make use of the Heimdall validator and Bor block production nodes, similar to the Polygon ecosystem. Heimdall will be based on the Tendermint consensus engine, while Bor will be interoperable with the Ethereum Virtual Machine.

In order to become a validator, users must lock 10,000 BONE in the Shibarium network. Twenty-one million BONE will be allocated as rewards for validators and delegators within the web 3.0 and metaverse ecosystem, used to pay for authorized gas charges.