Developer of Shiba Inu Coin Announces Overview of Layer 2 Network “Sivarium” | coindesk JAPAN | Coindesk Japan

Layer 2 network “Shibarium” is coming soon and joins the growing line of Ethereum-based blockchains such as Arbitrum and Optimism that are trying to solve scalability, speed and cost issues. I’m trying to

A beta testnet, a blockchain that mimics real-world functionality, is set to launch in the coming weeks.

Layer 2 refers to a set of off-chain solutions (separate blockchains) built on top of Layer 1 to alleviate scaling and data bottlenecks. It also bundles multiple off-chain transactions into a single Layer 1 transaction, helping reduce data load and fees.

In a January 15 blog post, the Shiba Inu Coin developer said that apart from Sibarium being used as a cheap means of payment for decentralized applications (dApps) built on networks, the NFT sector will grow in the coming years. is expected to thrive, so it said it will focus on the metaverse and gaming applications.

This launch was formed as a Shiba Inu-themed meme coin during the previous bull market, and has since sought to position itself as a full-fledged project with its own blockchain network and dApp ecosystem. SHIB) may contribute to building strong fundamentals.

It also has the potential to further strengthen the fundamentals of the Shiba Inu ecosystem’s three tokens, Shiba Inu Coin (SHIB), LEASH (collar), and BONE (bone), with a total market capitalization of over $5 billion (about 640 billion yen). be.

A certain amount of SHIB is burned for each transaction in Sibarium, but the specific amount has not yet been determined. Burning means permanently deleting a token.

Validator movement

Sibarium validators lock the BONE to run software “Heimdall validators” that provide an overview of transactions and programs “Bor block producer nodes” that integrate Ethereum into the rest of the network. A validator is an entity that maintains and approves transactions on the blockchain network.

Validators are limited to 100 slots. In addition, validators must have a minimum investment of 10,000 BONE, and all rewards will be paid in BONE. “The onboarding of these validators takes into account their experience, trust and knowledge, and is done to ensure that they are committed to the integrity and integrity of Sibarium,” the developer said. .

“The development team is currently reviewing gas prices for the blockchain network. Gas prices for this network are expected to be lower than gas prices for the Ethereum mainnet,” the developer said.

Meanwhile, a rewards token soon named “TREAT” to incentivize the liquidity pool of decentralized exchange ShibaSwap, which uses SHIB, and provide users with lower network fees and better reward strategies. will be implemented, the developer said in a post.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Shiba Inu Developers Reveal First Look of Layer 2 Blockchain Shibarium