What is SHIBA INU?

SHIB is a popular altcoin among crypto investors. However, before you Trade SHIB, it is vital that you understand what you are investing in.

Shiba Inu is a cryptocurrency created to be a decentralized alternative to other popular cryptocurrencies. It is built on the Ethereum blockchain and uses the ERC-20 token standard. Shiba Inu aims to provide a community-driven platform for users to earn rewards through holding and staking their tokens. Its unique token distribution model sets it apart from other cryptocurrencies, with a large portion of its total supply distributed through an airdrop event to Ethereum addresses. This was done to make the token accessible to a broader range of users

How is SHIBA INU different?

When launching their SHIBA INU community into the NFT market, the creators of the SHIBA INU website encourage dog-inspired artists from all over the world to help grow the arts Shiba movement. Shiba Inu has also launched an Amazon Smile fundraising effort to help the Shiba Inu Rescue Association save real Shiba Inu pets from euthanasia.

After starting as just another meme coin among many, Shiba Inu's fame exploded after its creator, Vitalik Buterin, reportedly burnt his entire supply of SHIB. As long as Vitalik doesn't rug us, Ryoshi had said, Shiba Inu will be alright, and he had given Buterin half of the SHIB supply.

Buterin burned 90% of his stake, which would have been worth billions of dollars at today's prices due to the meteoric rise of SHIB. The remaining 10% went to charity, along with an additional 50 trillion SHIB that Vitalik had pledged to a COVID-19 relief fund. He said he distributed the tokens because he didn't want to be a locus of power. SHIB's value dropped temporarily. As a result, however, it has since recovered as the community has reached an understanding with the charity.

For Ryoshi, the point of Shiba Inu has always been to test whether or not an organization can function well with no central leadership. Royshi wrote on Medium that the community's division over Buterin's token donation would ultimately help it distribute more widely and decentralize power. His ultimate goal is to have the Shiba Inu-owned stablecoin serve as the international currency of exchange while the core ecosystem serves its practical purpose.

ShibaSwap, a fork of Sushiswap with its own little twists and elements, is the coin's designated DEX. In addition, Shiba Inu aims to launch SHI, a cent-pegged algorithmic stablecoin that will serve as the global exchange of value for plebs. Shibarium, the Shiba layer-2 solution, is scheduled for release first, and Ryoshi expects SHI to function similarly to DAI. As a result, SHI would have a safety net in the form of collateral that could restore its value to one cent if the peg were ever to be broken.

In the context of a larger financial ecosystem, SHI would be added to Curve as a weighted pool pair. If that happens, Ryoshi says the Shiba Inu ecosystem will see forks of the major DeFi protocols, necessitating an immutable bridge.

Also, Shiba would start holding regional gatherings and an annual conference called ShibaCon, which would be held in a country with lax immigration regulations for the sake of inclusiveness for global plebs.

Shiba Inu's increased token burns are one of the first changes it's made in 2022, and they've helped revive interest in the token. More than 239 million SHIB were destroyed at a Christmas party hosted by Bigger Entertainment, a crypto record label that sells merchandise, NFTs, and concert tickets. Since late October, the crew had used nearly a billion SHIB.

Network security

The 22-page WoofPaper for SHIB explains that the currency is an ERC-20 token built on Ethereum, a proof-of-stake blockchain.

Last but not least, in his final blog post, Ryoshi said that Shiba Inu would create its own layer-two solution that would be more decentralized than Polygon or BSC, both of which Ryoshi believes are not genuinely decentralized. As stated above, the principal pair token for the Shiba L2 is intended to be BONE. This would give rise to the name Shibarium.

Ryoshi claims that a highly talented blockchain team will create Shibarium because they know their actions when creating blockchain-based systems. Developer Eric M revealed in the Shiba Inu Discord server that Shibarium would be released soon, however no specific date was given.

Founders

The coin's mysterious creator, Ryoshi, is credited with creating the Shiba Inu. Similar to Bitcoin's enigmatic creator, Satoshi Nakamoto, little is known about the dog-themed cryptocurrency's mysterious creator. His blog, RYOSHI RESEARCH, features an entry in which he calls himself just some guy of no consequence tapping at a keyboard.

Ryoshi stated that in most initiatives, there are different positions, such as a CEO, a tech guy, and a roadmap, culminating in someone plebs can bitch at. He emphasizes that he still has no SHIBs despite his claims of accountability and responsibility for the breed. Because of this, Ryoshi can remain pure and unbiased, finding happiness with Shiba in other ways.

Where can you buy SHIB?

SHIB is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice