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Shibarium What is it and What Will It Do?

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You’ve probably seen the word Shibarium numerous times on the various Shiba Inu channels. It is believed that the SHIB team is scheduled to announce the long-awaited development in the early part of this year. But the exact date of release for the project has not been announced as of yet. If you’re wondering what the Shibraium project is, let us have your covered with an easy explanation.

What exactly is Shiba Inu’s Shibarium?

For starters, Shiba Inu is built on the Ethereum platform, and is purely one of the tokens from ERC-20. Ethereum lets other tokens function and run on their platforms, and they cost gas for transactions. Transactions include buying or selling one particular token you want to purchase via the ETH network.

The costs for gas paid by ETH are very high, and investors aren’t thrilled with the price. When you’re using Twitter go to the search bar, search for ‘ETH gas charges and then click on “latest”. You’ll be able to see the amount investors have to pay for transactions. There are numerous instances in which investors were required to pay more for gas than the amount they invested at the beginning.

What is the reason for this? It’s because the ETH network is flooded with transactions per second, and the platform is crowded. Gas prices are affected based on how congested the network is currently. Thus, the more congestion, the greater the costs for gas you’ll need to pay.

To ease the cost of GAS FEES, Ryoshi, the founder of SHIB had a vision of a layer-2 blockchain network known as Shibarium. If it is implemented, Shibarium will be its blockchain network for all transactions, and will not solely rely on the ETH network.

In the same way, SHIB will have its blockchain that will be the layer-2 solution called Shibarium. Shibarium’s newly created layer-2 network will be able to lower ETH gas charges on the Ethereum network. Shibarium will give users lower gas costs and will also be an in-house platform designed for every transactional need.

The result is that users save money and can spend more money on investments instead of paying expensive gas costs, which will be gone forever. Shibarium also uses BONE for the main pair of tokens within its platform to facilitate all transaction.

Shiba Inu 2022 Releases

Shiba Inu has a lot of planned developments for 2022 and is scheduled to launch shortly. The development plans comprise Shibarium, blockchain play-and-earn gaming, Shiba Inu game, Shibosis NFTs ShibaNet, Doggy DAO, among others.

 

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