Shibarium has been officially launched by Shiba Inu after months of testing that saw millions of users participate in the program. At the same time, more than 21 million wallets were created during the testing period. Shibarium has been crafted on a new mechanism dubbed proof-of-participation, and it works by selecting validators depending on the number of their holdings of the associated crypto tokens. This approach is adopted to avoid the computational costs of proof-of-work schemes.
The masses believe that the new layer 2 blockchain solution is designed to interact with the primary Ethereum layer 1 blockchain. Before the launch of the mainnet, Shiba Inu’s lead developer stated that L2 has already gained considerable popularity as a result of new and upcoming projects.
As per the developer’s post on X, a shared screenshot highlights more than 100 companies that are already using L2 solutions. The developer who goes under the pseudonym Shytoshi Kusama also stated that numerous people within the tech world are currently talking about an everything app, but also mentioned how steps should be taken from the perspectives of the community and decentralization.
He clarified that Shibarium seamlessly incorporates both of these principles within its operations and honors the principles of decentralization, interoperability, and user-centric design for both blockchain and the technology sector at large.
SHIB remains Unfazes Despite the Launch
Despite the launch of Shibarium, the Shiba Inu meme coin has not been faring well in the broader market. As of now, the token has declined by 7.59% within the previous 24 hours, therefore pushing the trading price down to $0.0000093. The market cap currently stands at the $5.47 billion mark.
Shibarium will Stay Decentralized
It was further revealed to the masses that the validator and the delegator aspects of the new L2 would play a major role in keeping Shibarium decentralized. However, true innovation lies in the framework, governance, and charter to help govern the ecosystem’s technology, community, and protective and other innovative aspects.
Shibarium would make active use of the Heimdall validator along with Bor block production nodes, similar to the Polygon ecosystem. Heimdall would be used on the Tendermint consensus engine whereas Bor would be interoperable with the EVM. However, users must lock approximately 10,000 BONE tokens in order to become validators. 21 million BONE tokens would be reserved as rewards for both validators and delegators inside the Shibarium ecosystem.
