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 cryptocurrency is based on a community spirit. 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 allows to take full advantage of 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 broad 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 art movement to the NFT market through the incubator of artists. Finally, Shiba Inu has also announced that it is launching its own metaverse.
- Blockchain: Like Ethereum, the Shiba Inu ecosystem uses the Proof of Work consensus mechanism and will move to Proof of Stake in the future. This will optimize transactions in terms of speed and cost on the network. Additionally, Shiba Inu integrates 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 this cryptocurrency (SHIB)
- Boosted by ShibaSwap, users can now buy, hold and also sell and trade for rewards, surpassing the value of other staking platforms. The ecosystem should enable cheaper and faster transactions. It should also leverage ShibaSwap’s potential to become one of the most popular and volume-biggest decentralized exchanges.
- The ecosystem also enjoys the largest community called “shiba army” which greatly exceeds 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 very long time.
- Initially launched as a simple joke, it is frequently assimilated, rightly or wrongly, as a pure scam that has no real substance or currency devoid of any real perspective.