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Shiba Inu L2 Docs Reveal More Details

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Developers of Shiba Inu’a layer 2 Shibarium published documentation outlining crucial details of the scaling solution, a few days back.

One Shib-focused community member Lucie has compiled some of the key aspects of the protocol particularly the Shibarium Staking Manager.

As previously underlined, Shibarium provides three types of security models for developers to build their DApp on.

One is Proof of Stake security, and the other two are Plasma security and Hybrid [Plasma + PoS].

Lucie wrote Shibarium handles all proof verification and staking activities on the Ethereum smart contract in order to secure Proof of Security consensus, letting L2 handle the computationally demanding tasks. Stakeholders that want to report fraud can act as a validator, delegates, or viewers.

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Shiba Inu L2 Docs Reveal More Details 2

The main contract for validator-related tasks including stake management, reward distribution, and signature verification is called StakeManager.

A single Ethereum address can only be allocated one duty by design, either validator or delegator. The system is protected from changes in ownership and signer by using NFT ID as the source of ownership.

Shibarium, touted to be the “Blockchain of Teh People”, serves as a base for the development of decentralized applications [DApps], including Shib – The Metaverse [Shib.io], Shiba Eternity, and various other products, projects, platforms, and services within the broader Shiba Inu community.

Besides processing “unparalleled transaction speed and cost efficiency”, an EVM-compatible PoS [Proof-of-Stake] chain’s cost per transaction is approximately 10,000 times lower than Ethereum’s one.

PoS also employs the reliable Plasma bridge framework and a decentralized network of PoS validators to ensure asset security.

Shiba Inu Doc Dispels FUD And Drama

To become a validator, one must stake BONE tokens utilizing staking management contracts that are present on the Ethereum mainnet. At every checkpoint, stakeholders received rewards in proportion to their stake, with the proposer receiving an additional bonus, the blog added.

Having said that, the disclosure of the documentation was well received, with some noting that information and the project advancement outweighed the FUD and drama.

As reported by TronWeekly, the Shiba Inu ecosystem was rocked by a scandal concerning the layer-2 protocol. The cause of contention was the Shibarium beta testnet sharing the same chain ID as an existing blockchain.

Developer Kaal Dhairya, later disclosed that a new version of the BETA network with a different chain ID will soon be launched.

Shiba Inu Releases Documentation For Shibarium Beta: A Low-Cost Blockchain Solution

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Shiba Inu developers have made public documentation for Shibarium beta, a blockchain layer-2 solution for the Shiba ecosystem. The objective is to provide a cost-effective blockchain solution for the Shiba ecosystem, and it is expected to reduce transaction fees for those involved in the Shiba Inu experiment. 

Shibarium was first proposed by Ryoshi, the creator of Shiba Inu, who believed that a community must have a low-cost blockchain solution for true decentralization. He stated that Shibarium’s transaction fees would be minimal or zero, enabling seconds for less than pennies turnaround time for transactions.

Shibarium’s layer-2 solution is designed to provide people, developers, and businesses with faster transaction speed and lower fees than blockchains. 

It also serves as a foundation for developing decentralized applications (DApps), including Shib – The Metaverse (Shib.io), Shiba Eternity, and various other products, projects, platforms, and services within the broader Shiba Inu community.

Benefits Of Using Shiba Inu’s Shibarium

One of the main benefits of using Shibarium is security, as it is a highly secure and tamper-proof platform that can store and transmit sensitive data. To secure the blockchain, a proof-of-stake algorithm requires users to stake their BONE tokens from the Shiba Inu Ecosystem to participate in the network. 

This method ensures that validators have a stake in the blockchain’s success, thereby bolstering its security. Moreover, a network of nodes also provides the safety of the blockchain by validating transactions and keeping the blockchain updated.

Another advantage of Shibarium is that it is a transparent platform that allows users to track all transactions and activities. It is also a faster and more efficient platform that processes transactions quickly and easily. In addition, people and businesses can save money on transaction fees by using Shibarium, making it a cost-effective platform.

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. 

The platform is fully EVM compatible, allowing smart contracts to be deployed directly on it, and it is easy to transfer tokens between Shibarium and Ethereum.

Nevertheless, Shibarium is designed to be compatible with major ERC standards, ensuring seamless integration. It has been built to scale and adjust to the requirements of any organization, product, platform, project, community, or token. 

The platform maintains the security features of Ethereum while substantially enhancing the blockchain’s speed, making it an exciting development for the Shiba Inu community.

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Shiba Inu Team Dispel FUD On The Puppynet Drama

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Shiba Inu ecosystem was in the midst of a recent scandal pertaining to its layer-2 protocol. Concerns about the Shibarium beta testnet sharing the same chain ID as an existing blockchain were raised by a prominent member of the community.

“Chain ID is the simplest thing any Blockchain dev looks for first when deploying a Blockchain,” community member Steve wrote.

“As using an ID that already exists is just incompetent as your chain wouldn’t work properly and everyone trying to interact with your chain would instead interact with the other chain.”

“Why is it that it looks like shibarium test net has taken rinia testnet genesis file? Changed the name from renia. But forgot to change the chain ID,” Steve added.

Soon the issue spread like wildfire with developers and other leading community members chiming in, each coming with their own theories.

Things further escalated when YouTuber BitBoy entered the scene, threatening to expose the identity of Shiba Inu’s lead dev Shytoshi Kusama.

Kusama also didn’t hold back and took BitBoy on, requesting receipts and enquiring as to how his T-shirt sales were going.

In an effort to dispel some of the FUD, the principal Shiba Inu developer issued a number of statements in the Shibarium Telegram chat.

Kusama claimed that Puppynet and Shibarium both used the same ChainID number and that the creators of Shibarium evidently forgot to delete it.

Shibarium is not an open-source project, according to the Shiba Inu project lead, and forking would be against the rules.

He did stress that Puppynet is simply a testnet and that “multiple nets to address any bugs found in the current Puppynet version.” will be available.

Another developer also took to Twitter to dispel the misinformation saying that when the Alpha network was deployed, a few chain IDs were chosen at random: 417 [Alpha], 517 [Staging], and 917 [pre-pod/beta].

Shiba Inu Dev To Soon Deploy A Fresh BETA Iteration With New Chain ID

He admitted to not double-checking the date the puppynet network was launched because the aforementioned chains were not yet officially registered anywhere.

The concerned developer, Kaal Dhairya, also disclosed that a new version of the BETA network with a different chain ID will soon be launched.

Without getting into any fist fights I will be redeploying new version of BETA network with a new chain ID Fresh deployments will be rare in the future but are possible because we will still be in BETA phase. I wish good luck to the blockchain and hope we can all work together.

Shibarium Launch Sparks Chain ID Controversy, SHIB Takes A Hit With 10% Price Drop

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In the world of blockchain technology, the launch of a new project is always a big deal, and the beta release of Shibarium was no exception.

Shibarium, a layer 2 network built on top of the Shiba Inu blockchain, was designed to address some of the scalability and data issues that have plagued previous blockchain projects.

However, concerns were raised when a community member pointed out that the Shibarium beta testnet was using the same Chain ID as an existing blockchain, according to a report.

For those unfamiliar with blockchain technology, the Chain ID is a unique identifier assigned to each blockchain network. Using the same Chain ID as an existing blockchain would be akin to two people having the same Social Security number – it just doesn’t work.

The concern raised earlier today by community member Steve was that the Shibarium testnet may have simply copied the code from an existing blockchain without making the necessary changes to the Chain ID.

Steve wrote:
Chain ID is the simplest thing any Blockchain dev looks for first when deploying a Blockchain. As using an ID that already exists is just incompetent as your chain wouldn’t work properly and everyone trying to interact with your chain would instead interact with the other chain.

Community & Shibarium Team Respond To Concerns

The developers and other prominent community members were quick to address the concerns. JesusM, another member of the Discord channel, pointed out that code is often forked and used in new projects and that there was no evidence that Shibarium had simply copied an existing blockchain.

Another network validator, Justinlime, pointed out that forking and building upon existing software is a core tenet of the free and open-source software (FOSS) community.

Even though the community has given reassurances, Steve’s concerns serve as a reminder that blockchain technology is still in its early stages and errors may occur.

Nevertheless, the Shibarium team’s prompt and transparent handling of the matter is a promising indication of the project’s prospects. Just like any novel technology, there will be obstacles to overcome, but the blockchain community has shown remarkable resilience.

Moreover, this early morning swing hit the SHIB price hard, causing it to plummet by approximately 10% to $0.0000102. Currently, it has experienced a slight recovery and is trading at $0.00001046, but it remains down by 7.60% in the daily chart, according to the data from CoinMarketcap.

SHIB 1D graph coinmarketcap 1
Source: CoinMarketcap

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Shiba Inu Fan Addresses Elon Musk-Shytoshi Kusama Rumors

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A Shiba Inu-focused account has refuted rumors of project lead Shytoshi Kusama being Elon Musk. Calling them “fake,” and “he is not Elon,” he expressed regret that nobody else has been clarifying this issue.

The rumors first surfaced when the Tesla CEO posted a cryptic symbol on Twitter on Feb 8, confusing his over 128 million followers.

Despite the fact that the tweet had only the letter “.” [dot] and had no other information, it caused quite a stir among the members, especially after it was discovered that Shiba Inu’s main developer Kusama also tweeted the same symbol on Twitter in December 2022.

While this may look like a mere coincidence, soon theories emerged that the two persons might be connected in some way or the other.

One such speculation doing the rounds is Musk being the pseudonymous Shytoshi Kusama.

To avoid stoking more rumors, it should be noted that the claims are unlikely to be true given the lack of information concerning Kusama’s real identity.

One of the top Shiba Inu developers and a co-founder of SHIB utilize the fictional name Shytoshi Kusama to hide their identities. This is comparable to the case of the creators of Bitcoin, who employed the pseudonym Satoshi Nakamoto to conceal their true identities.

These speculations, even though existed on Crypto Twitter for a long time, have gathered more steam after the recent confirmation of the launch of Shibarium beta.

Apart from this, the Twitter user SHIBARMY CANADA [Dezaxe] also began to clarify claims related to the PAW project.

Shiba Inu: Paw Is Not A Part Of Shibarium

According to him, it is not a part of Shibarium and has never claimed to be, but it wants to support the Layer 2 solution and build on Shibarium.

That said, the SHIB army is elated over the actions of not one but two high-profile wallet providers ahead of the beta launch of Shibarium, the layer 2 network of Shiba Inu.

As reported by TronWeekly, MetaMask has recently integrated a new feature with gaming giant Unity to boost the web3 gaming sector. Even Kusama himself has retweeted the post.

And another one is Exodus, one of the oldest non-custodial crypto wallets announcing via Twitter that it has “logged” Shiba Inu’s upcoming layer 2 networks with its asset team.

Shiba Inu’s Project Lead Came Up With This Ahead Of Shibarium

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Shiba Inu’s lead developer Shytoshi Kusama has launched a new website and intake system. According to the blog published by the team, the new site will contain projects proposed by developers, content creators, business owners, and job seekers.

It’ll allow us to meet the army and remain organized in the process. It’ll allow us to grow Shibarium’s reach with professional companies, and allow us to reset our relationships with businesses that we’ve connected to in the past. Finally, it’ll help us find the right validators.

As the intake system goes live, the team said it will be updating the Wiki and releasing further information about Shibarium’s beta launch soon.

Similar to other layer-2 scaling solutions like Polygon [MATIC], Shibarium aims to increase transaction speed and lower costs in the Shiba Inu ecosystem.

The new network will let developers create custom tokens within the Shiba Inu ecosystem.

Users will be able to trade SHIB tokens without going via a centralized exchange thanks to the establishment of a decentralized exchange following the launch of the mainnet on the Ethereum blockchain.

SHIB tokens will have more liquidity as a result, making it simpler for users to trade them.

Kusama went on to say that all tokens and products available on the beta network are solely for testing, cautioning traders to keep an eye on new tokens that launch on the nascent network.

“Don’t get scammed and buy anything you’ll find on Shibarium until the Shibarium main net launch”

Shibarium’s beta release is anticipated to happen the following week. The official release has not yet been given a launch date.

Recently, Shiba Inu’s Kusama invited developers to join the Shibarium project.

Shiba Inu’s Upcoming Project Will Be More Than Just This

He advised the Shiba Inu community to embrace decentralization as a strategy for overcoming the enigmatic feline organizations that uphold the status quo.

Kusama also emphasized that Shibarium is more than merely a means of enabling the Shiba Army to use digital resources, such as tokens and NFTs, or to get access to virtual spaces like the Metaverse.

Furthermore, he said that the scaling solution will include burning Shib on every Shibarium project to build a global ecosystem, protecting each legitimate project, donating to a global network of non-profit organizations, and prioritizing the growth of Shibarium projects.

BONE Up By 40% As It Scores Listing On Gate.io

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BONE gets wider adoption as the central token of Shibarium has been listed in a leading digital asset exchange via an official blog post.

Gate.io, one of the top 10 exchanges in the world, announced that it would add support to Bone ShibaSwap with the trading pair BONE/USDT on February 24, 2023, at 4:00 am UTC.

Founded on Cayman Island in 2013 by Lin Han, the platform boasts over 12 million registered users across 224 nations, and nearly $4 billion daily trade volume, making it one of the largest cryptocurrency exchanges in the market.

At present, the exchange has over 1400 listed cryptocurrencies.

As of now, Gate.io is gearing up to set shop in Hong Kong following the local government’s planned 50 million Hong Kong dollar [$6.4 million] cash injection into Web3 under the city’s 2023-24 budget.

On Feb. 22, Gate Group said that it will apply for a crypto license in the region allowing it to launch “Gate HK.” The firm’s local firm, Hippo Financial Services, obtained the license in August 2022 to provide virtual asset custodial services.

Having said that, Bone has gained an enormous listing across several crypto platforms as the highly-awaited debut of Shiba Inu’s scaling protocol draws closer after much delay.

Some of those listings that garnered attention were in Huobi, Singaporean digital derivatives exchange Bitget, and Seychelles-based XT.com, etc. XT.com claims to be the world’s first social-infused cryptocurrency exchange and supports over 500 cryptocurrencies and 800 trading pairs.

Blockchain payment system, FCF Pay has too extended payment options with BONE on Prepaid Virtual Debit Cards.

In addition to that, the token went live on the Singaporean trading platform BingX as well as crypto exchange StealthEX’s mobile trading app.

BONE Grabs Investor’s Interest

BONE will serve as the governance token for the scaling solution, and will also be used to settle all gas prices throughout the Shibarium ecosystem.

The popular meme token also entered the coveted top 100 largest cryptos reflecting its growing popularity. 

Bone ShibaSwap’s market value has increased as a result of the recent events, pushing it closer to the $2 level. With a 24-hour trading volume of over $16 million.

BONE is currently exchanging hands at $1.96, up by 5% from the previous day, demonstrating strong investor interest and demand.

Shiba Inu’s BONE Burst Into Top 100 Amidst Shibarium Launch Update

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Continuing its giant strides, the BONE token burst into the top 100 largest cryptos according to coinmarketcap.

Not only that, the central token of Shibarium has been on an impressive note, rallying by 35% in the past week.

This comes after the official handle of the project announced the arrival of Shiba Inu’s highly-anticipated layer-2 network Shibarium beta mode next week.

BONE will serve as the governance token for the scaling solution, and will also be used to settle all gas prices throughout the Shibarium ecosystem.

However, the launch dates for both the beta and official versions of the protocol have been the subject of much debate keeping the SHIB community hooked.

To top that, Shytoshi Kusama, the project’s pseudonymous principal developer, has consistently declined to reveal the precise dates in order to prevent disappointment from any delays.

That has, however, not stopped SHIB fans to popped up the question in one way or the other. The barrage of queries from a section of overzealous fans prompted Kusama to close the project’s Telegram channel temporarily.

As reported by TronWeekly, the lead developer got a bit overwhelmed when asked again to provide a hint of the release date.

The main developer teased members earlier this week with the mysterious phrase “things come way before May,” igniting rumors of an impending launch. He even went on to claim that the launch might happen sooner than they had anticipated.

While BONE’s ranking has increased since the announcement of Shibarium. The token has been added to numerous cryptocurrency platforms.

BONE Scores Major Listings

For instance, the listing of BONE by XT.com, a Hong Kong-based exchange with a Seychelles registration, a few weeks back. 

XT boasts of itself as the first cryptocurrency exchange in the world with a social component. More than 500 coins and 800 cryptocurrency trading pairings are supported by it.

Before that, the token went live on the Singaporean trading platform BingX and on the crypto exchange StealthEX’s mobile trading app,

In addition, the Shiba Inu community launched a petition to get Binance to list the BONE cryptocurrency as well.

BONE is worth $1.86 at the time of writing, with a marginal increase in the last 24 hours. The 99th-ranked token has a market cap of more than $426 million.

Exploring Shiba Inu’s Shibarium: Shytoshi Kusama’s Journey In Creating A Groundbreaking Layer-2 Solution 

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Shytoshi Kusama, the mastermind behind Shiba Inu (SHIB), recently disclosed his plans for a new Layer-2 solution entitled Shibarium. Through a blog post, Kusama unveiled his experiences during the development of the platform as well as the issues he faced along the way.

Shiba Inu’s Shibarium Future & its Impact Its Community

In the Feb 20th blog post, Kusama stated that he is a member of the Shiba Inu community and serves as “a visionary, designer, writer, speaker, and manager of business and technology.” He expressed his gratitude towards the community members for their relentless efforts in ensuring that Shib runs as a decentralized unit. 

Kusama specifically mentioned people who have been instrumental, such as LC, Trophias, Stixil, UB, Baysed, Kraken, Bravo, Firstword, Queenie, and Milkshake, from Growth in the success of Shiba Inu.

Kusama also addressed the Breeds, a concept that was designed to create a structure in a decentralized group of volunteers who wanted the best for both Shib and its community. While the concept was successful, Kusama realized that the members should not be limited by their assigned tasks.

He stated that the Defense Breed was recognized for its commitment to tackling FUD and responding to inquiries on Discord. Through this, they had the chance to collaborate, make arrangements, and finalize contracts with organizations that had no involvement with Shibarium developers. Consequently, this team will now be referred to as “The Real Team.”

Kusama also spoke about the development of a decentralized Shiba game for Shiboshis, which required him to take the lead in production, marketing, design, structure, and the roadmap. 

However, Kusama is confident that the goal of producing a quality game that can be licensed and deployed within the Shiboshi environment to grant awards to gamers is steadily progressing.

Kusama’s main challenge was finding ways to work with outside companies, as Shiba is a decentralized community. Therefore, business entities had to be created to enable such interaction. 

This challenge led to the Welly project, where Kusama discovered a powerful, smart, and talented team that he hoped to work with in the future. Unfortunately, this caused a troubling response from the Breeds, who saw this new team as threatening their existence.

Nevertheless, Shytoshi Kusama’s Shibarium is an exciting prospect for the Shiba Inu community. Despite the challenges, Kusama remains committed to creating a platform enabling Shib to interact with outside companies and organizations. With the support of community members, Kusama’s Shibarium is poised to revolutionize the crypto space.

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Shiba Inu’s Shibarium Invites Developers To Join The Decentralization Movement

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Shiba Inu’s creator, Shytoshi Kusama, has recently invited developers to join the Shibarium project, a Layer-2 (L2) blockchain that can support peer-to-peer transactions and digital product building. 

In a recent blog post, Kusama urged the Shiba Inu community to embrace decentralization as the way forward to fight against the shadowy feline entities that maintain the status quo.

Shiba Inu’s Shibarium: The First Step to a Global Movement

Kusama emphasizes that Shibarium is more than just a tool to empower Shiba Army to utilize digital assets, tokens, and NFTs or gain access to digital places like the Metaverse. 

Instead, Shibarium encourages closed-community product loops, enabling the launch of Shiba-branded, community-originated, physical products with greater utility. 

It also allows the exercise of product loyalty by choosing quality-equivalent Shiba-oriented goods and creating unique community-powered platforms. 

The only centralized aspect of Shibarium is a core system that allows for actual trust and a series of validators and delegators that keep the system decentralized and operational.

Kusama stated that Shibarium is a multi-faceted approach that requires the community to identify multiple values and understandings. 

Among these are burning Shib on every Shibarium project to build a global ecosystem, protecting each legitimate Shibarium project, donating to a global network of non-profit organizations, and prioritizing the growth of Shibarium projects.

Shiba Inu has already gained a large following on social media platforms such as Twitter and Reddit. However, there have been concerns that Shiba Inu’s rise is due to the hype created by its use of Elon Musk’s name and the lack of a clear roadmap. 

As per the blog post, the Shibarium project aims to address these concerns by providing developers with an opportunity to embrace decentralization and contribute to the creation of a better world.

Shibarium’s Decentralization Approach

Shibarium’s decentralized approach aims to empower individuals and communities to take control of their lives and create a better world. It represents a significant shift away from the greed of capitalism to a healthier, hybridized approach, where people can still profit from their hard work and expertise. 

According to the blog post, the community can burn Shib on every Shibarium project, donate to a global network of non-profit organizations, and prioritize the growth of Shibarium projects to make this vision a reality.

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