Shiba inu is a blockchain based on the same technology as Ethereum but with the particularity of being fully managed by its community. It is an altcoin launched in 2020 and whose cryptocurrency called SHIB was originally intended as “a prank” and the “Dogecoin killer”.
Shiba Inu (SHIB): the essentials to know
1 – What is the Shiba Inu crypto (SHIB)?
- Basic principle : This crypto-currency is based on the same blockchain technology as Ethereum but has the particularity of being fully integrated by its community. It is therefore intended to be decentralized and independent of any institution, foundation or organization. Its other particularity lies in the fact that it was initially designed as a “prank” as a response to its competitor Dogecoin.
- Use : Through its ERC-20 type SHIB token powered by Ethereum, Shiba Inu enables leveraging smart contracts to create decentralized financial products. Shiba inu also benefits from a dedicated decentralized exchange platform: shibaswap. The latter facilitates the exchange of crypto-assets or the sequestration of crypto-currencies.
2 – The project and the blockchain behind Shiba Inu
- Project : the environment is particularly large as it aims to not only fund the rescue of real Shiba Inu breed dogs through its Amazon Smile campaign, but also help introduce the Shiba art movement to the NFT market through the incubator of artists. Finally, Shiba Inu also announced their own metaverse.
- Blockchain: Like Ethereum, the Shiba Inu ecosystem uses the Proof of Work consensus mechanism and is moving to Proof of Stake in the future. This optimizes transactions in terms of speed and cost on the network. Furthermore, Shiba Inu has been integrated with the Avalanche Bridge, a bridge to facilitate transfers between the Avalanche and Ethereum blockchains. Thus, holders of SHIB tokens can take advantage of smart-contracts and decentralized applications on Avalanche.
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4– Analysis and opinion on Shiba Inu (SHIB)
- Boosted by ShibaSwap, users can now buy, hold and also sell and trade for rewards, surpassing the value of other staking platforms. The promise of cheaper and faster transactions should multiply ShibaSwap’s potential to become one of the most popular and volume-biggest decentralized exchanges.
- The Shiba Inu ecosystem also includes the largest community called the “shiba army” which is well over one million members.
- The total supply of the SHIB token is said to be one quadrillion of which 50% is locked on Uniswap, a decentralized financial platform. Too large an offer which strongly dilutes the value of the token. This is why SHIBs are regularly destroyed (burned) to reduce the supply in circulation, and thus contribute to scarcity… but this will take a lot of time.
- Initially launched as a simple joke, the shiba inu is frequently equated, rightly or wrongly, as a pure scam that has no real substance or currency devoid of real prospect.