- The public documentation for the Shibarium beta has been released.
- It explains some of its key benefits and strength compared to the well-established platforms in the crypto space.
The launch of the much-anticipated blockchain layer 2 solutions, Shibarium is fast approaching as Shiba Inu developers release public documentation for Shibarium beta. This project was first proposed by Ryoshi, the creator of Shiba Inu to achieve true decentralization. Ryoshi believes that the community must have a low-cost blockchain solution. According to the document, the team observed how Ethereum faces several challenges including higher transaction fees which heavily affected the Shiboshi NFTs as Shib relied on the Ethereum network.
According to Shiba Project Lead, Shytoshi Kusama, Shibarium will offer low fees for services, games, and applications built on it.
The document presents some key benefits of Shibarium including security, transparency, efficiency, cost-effectiveness, and decentralization. Firstly, the platform is very secure and tamper-proof that can transmit highly sensitive data. A Proof-of-Stake algorithm was carefully selected to ensure that users stake their BONE tokens to be part of the network. Its decentralized nature was derived from the absence of a single controlling entity. A network of computers that maintains a copy of the blockchain collectively was rather used to ensure that it is immune to manipulation by any individual or organization.
The document explained its PoS.
Shibarium’s PoS (Proof-of-Stake) chain utilizes side chains to process transactions, resulting in unparalleled transaction speed and cost efficiency. PoS also guarantees asset security by employing the reliable Plasma bridge framework and a decentralized network of PoS validators.
Some features of the Shibarium
It was also indicated that the platform was designed to scale and adjust to the requirement of any organization, product, platform, project, community, or token. Shibarium is meant to be compatible with major ERC standards, ensuring seamless integration. Also, validators and checkpoints are transferred to Ethereum to guarantee security. To ensure that users are engaged and focused, apps, games, metaverses, and other utilities have been ensured to have a highly acceptable speed. Shibarium has been designed to have the capability to outperform the transaction-per-second speed of Ethereum.
In addition to the seamless and effectiveness of bridging, deposits, and withdrawals, Shibarium maintains the security features of Ethereum. The document further confirms that transactions are extremely low and are kept below $.01. This makes the cost of transactions approximately 10,000 times lower than that of Ethereum. It is also important to note that the burning of EIP 1559 tokens would lead to deflationary token economics and more predictable gas fees.
The Ethereum and Shibarium bridge is also mentioned in the document.
The network bridge is designed to be fast, cost-effective, and flexible, and also serves as a scaling solution. It utilizes a dual consensus architecture (Plasma + PoS platform) to prioritize speed and decentralization, and has deliberately enabled arbitrary state transitions on its sidechains along with EVM support.
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The token that crosses the bridge does not change its circulating supply. The platform mints the same number of tokens (1:1) as a pegged token when it leaves the Ethereum network. To move it back to the Ethereum network, the token is burnt on the Shibarium network and unlocked on the Ethereum network.
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