Shiba Inu lead developer Shytoshi Kusama has revealed that the Shibarium layer-2 blockchain is set to launch at the Blockchain Futurist Conference in Toronto, Canada, in August.
This timing coincides with Shiba Inu’s third anniversary. Shiba Inu serves as a title sponsor for the conference, along with official hackathons ETHToronto and ETHWomen. Kusama will make his first conference appearance using AI technology for the launch of the blockchain.
The conference will showcase Worldpaper, an exhibition dedicated to the Shiba Inu ecosystem, displaying all Shiba Inu branded projects. Shiba Inu also plans to unveil detailed information about the Treat token.
The project developer will also host an extended hackathon. Two booths will showcase Shibarium and various SHIB-themed products and services, including Shibacals, Shiba Eternity, Shib the Metaverse and Shiboshis.
Besides Shibarium, the hackathon will include displays from partners and projects engaged in developing the new L2 blockchain. This partnership aims to show Shiba Inu’s commitment to the blockchain community. It also highlights the industry advancements.
Shibarium marks the transformation of Shiba Inu, which originated from a meme coin, into a serious project with its own network and decentralized application (dApp) ecosystem.
The developer has various plans in store for the ecosystem, including a decentralized exchange and a metaverse experience. Shibarium will offer various captivating blockchain games, such as Shiba Eternity.
Recently, Shiba Inu revealed a new project called Shibacals. It connects NFTs with real-world items to confirm authenticity. Buyers can check these tags on a blockchain and ensure they get the real deal. After the announcement, the value of SHIB went up by 11 percent.
As meme coins face challenges such as unpredictable price movements and inflation, the launch of Shibarium aims to mitigate these issues to some extent.
Shibarium offers several potential benefits to the Shiba Inu ecosystem, including faster transaction speeds, lower fees, improved token usability and simplified development of dApps. Built on a proof-of-stake framework, Shibarium tackles scalability concerns in Ethereum while maintaining its connection to the major network.
To increase transaction speeds for SHIB, Shibarium plans to migrate them from the Ethereum blockchain. The migration enhances security and introduces a burn mechanism to manage token supply.
The Shibarium ecosystem will encompass several coins — SHIB, BONE, LEASH, TREAT and SHI. Each token serves unique purposes in governance, utility, staking rewards, incentivization and stablecoin functionality.
It takes several months for the development team to establish the Shibarium ecosystem, according to a report. The project’s testnet phase, PuppyNet, has generated a significant number of transactions.
In June alone, there were approximately 20 million transactions from an estimated 16 million wallets. This high level of engagement on the Shibarium testnet is a testament to the growing demand for the network.
The crypto token is also working to enhance its governance and ensure fair representation of its community members. The implementation of Doggy DAO and SHIB DOGGY DAO FOUNDATION enables the execution of decisions made by the Decentralized Autonomous Organization (DAO) and the management of its assets.
The developer divides the governance structure into four sections to maintain fairness. Each section is dedicated to one of the core tokens within the Shiba Inu ecosystem. This division guarantees that all community members have an equal opportunity to voice their opinions and participate in decision-making processes.
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