Shibarium Mainnet goes live: Shiba Inu's Ethereum layer-2 blockchain sparks enthusiasm

Shiba Inu, the cryptocurrency that captured attention during the 2020-2021 bull market, has achieved a remarkable milestone with the launch of its Shibarium mainnet. The Ethereum layer-2 (L2) scaling solution went live on 16 August, following an extensive beta phase that saw the creation of a staggering 21 million wallets on the L2 platform. This unprecedented interest from users during the testing phase has set high expectations for the potential of the Shibarium ecosystem.

Innovative consensus mechanism & features

At the heart of Shibarium's innovation lies a novel consensus mechanism known as proof-of-participation (PoP). This mechanism selects validators based on their cryptocurrency holdings, ensuring a more energy-efficient and cost-effective approach compared to traditional proof-of-work schemes. Built to seamlessly interact with Ethereum's primary layer-1 blockchain, Shibarium promises a scalable and economical transaction platform, addressing one of the key challenges facing the blockchain industry.

Community-driven ecosystem & decentralisation principles

Despite experiencing significant price volatility, the Shiba Inu community demonstrated its resilience by establishing a decentralised ecosystem around the cryptocurrency. This ecosystem includes the decentralised exchange ShibaSwap, the native token BONE, a metaverse, and an engaging Web3 game. The launch of Shibarium fueled further excitement, propelling SHIB's price to a new multiweek high in anticipation.

Shytoshi Kusama, the lead developer behind Shibarium, emphasised the importance of community and decentralisation in technology innovations. Kusama revealed that Shibarium has already attracted over 100 companies developing on the platform, underlining its appeal as a versatile solution.

By using Shibarium for governance in this system, alongside self-sovereign identity to ensure quality membership (Shibisenship), the metaverse as our territory, and the ability to partner with other like-minded states, we have effectively shattered what nationhood is and rebuilt it upon the Shib ethos of decentralisation!

Shytoshi Kusama

Shibarium's architecture employs the Heimdall validator and Bor block production nodes, akin to the Polygon ecosystem. Heimdall, utilising the Tendermint consensus engine, and Bor, seamlessly interoperable with the Ethereum Virtual Machine, collectively contribute to Shibarium's technological prowess.

To maintain decentralisation, users can become validators by locking 10,000 BONE tokens on the Shibarium network. Notably, 21 million BONE tokens are earmarked for rewards to validators and delegators, serving as compensation for authorised gas charges within the ecosystem.