The Shiba Inu released Shibarium mainnet, an Ethereum layer 2 scaling solution, on August 16 after months of testing. In which millions of users participate and over 21 million wallets have been created.
Shibarium is built on a new consensus mechanism called proof-of-participation (PoP), which works by selecting a validator in proportion to the volume of cryptocurrency holdings involved. This is done to avoid the computational cost of The proof-of-work by new L2 blockchain solution is designed to interact with the core Ethereum layer-1 blockchain, enabling more scalable and cost-effective transactions.
Ahead of the mainnet’s launch, Shiba Inu’s lead developer “Shytoshi Kusama” noted that L2 has received a lot of attention from new projects. A screenshot of a developing company on Shibarium, saying that over 100 companies are using it.
Builders on #Shibarium
Thank you for the projection process!!#SummerOfShibarium pic.twitter.com/rn3PZvTkpV
— KURO
SHIBARMY JPN
(@kuro_9696_9696) August 15, 2023
Kusama noted that many people in the tech world are talking about “everything app,” but these innovations need to be done from a community and decentralized perspective. He added that Shibarium incorporates both of these principles into its operations. while respecting “The principle of decentralization, interoperability, and user-centric design for both the blockchain and the technology sector as a whole.”
As for the aspects of the new L2 Validator and Delegator, Shibarium is decentralized. But the real innovation lies in the regulatory framework. that helps harness technology, ecosystems, communities, protection and innovation.
Shibarium will use the Heimdall validator and the Bor block production node, which is quite similar to the Polygon ecosystem. Heimdall will be based on the Tendermint consensus engine, while Bor will be fully interoperable with the Ethereum Virtual Machine.
Users must lock 10,000 BONE in the Shibarium network to become a validator, with 21 million BONE reserved as rewards for validators and delegators within the Shibarium ecosystem and used to pay for gas.
refer : cointelegraph
picture cryptonews
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