Product
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Devs of SHIB announced the launch of Shibarium
The Layer 2 solutions for SHIB have been announced by devs. While the release date is still in question, we can see how this update will improve the ecosystem.
Key points:
- The developers SHIB recently released an update to inform their community about the upcoming beta release of Shibarium.
- SHIB developers emphasized that Shibarium is intended to serve as a tool that will allow the community to construct and expand the project and fulfill the founder's goals.
- They stated that the purpose of the new update is to "revolutionize the Shiba ecosystem" by removing barriers to entry for small transactions, increasing the speed, allowing the development of decentralized applications, and integrating non-fungible tokens.
- However, the developers did not specify a specific release date, instead, they reiterated that their response to all questions regarding the timeframe is "soon."
- SHIB developer Shytoshi Kusama posted on Twitter that the World Economic Forum (WEF) had invited the project to participate in creating a global policy regarding the metaverse, if the project is successful, it will collaborate with other tech companies like Facebook and Decentraland in helping the World Economic Forum develop policy.
The developers of the Shiba-themed token Shiba Inu recently released an update to inform their community about the upcoming beta release of Shibarium — a layer-2 network that will run on top of the Ethereum mainnet.
In the statement, SHIB developers discussed the functionality of layer-2 blockchains. They emphasized that Shibarium is intended to serve as a tool that will allow the community to construct and expand the project and fulfill the founder's goals. Some believe that Shibarium is intended to increase the value of memecoins, however, the developers stated that this was not the intention. They said:
“Patience is key, and some see Shibarium as a price-pumping tool, but that is not the project's focus and never has been.”
Instead, the developers stated that the purpose of the new update is to "revolutionize the Shiba ecosystem" by removing barriers to entry for small transactions, increasing the speed, allowing the development of decentralized applications, and integrating non-fungible tokens.
The most significant change in the new announcement is the addition of a burning mechanism for SHIB. According to the developers, all transactions on the network will have an implicit burn amount associated with SHIB tokens. This mechanism will occur whenever a transaction is completed within the network.
However, the developers did not specify a specific release date, instead, they reiterated that their response to all questions regarding the timeframe is "soon."
Shiba Inu enthusiasts were pleased by the news. Some believe that there are numerous exciting things to come in the ecosystem's future, while others are simply happy to read about a new update.
On November 22nd, 2022, SHIB developer Shytoshi Kusama posted on Twitter that the World Economic Forum (WEF) had invited the project to participate in creating a global policy regarding the metaverse. The developer emphasized that if the project is successful, it will collaborate with other tech companies like Facebook and Decentraland in helping the World Economic Forum develop policy.
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