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Dogecoin (DOGE) rival Shiba Inu (SHIB) has provided more detailed information on the status of its much-hyped Sibarium project.
In a new blog post, the project To tell A beta version of the SHIB ecosystem’s proposed Layer 2 scaling protocol is “launching soon.”
According to Shiba Inu’s official blog, Shibarium aims to achieve scalability, faster transaction times, lower gas bills, and a wider development framework. It runs on the Ethereum (ETH) blockchain.
describe the project
In the summer of 2021, it was common for the cost of gas to adopt cryptocurrencies or NFTs on the ERC network to be very high. are often used, impractical and impractical for everyday trading.
So how do you remove the barriers to entry for small transactions that occur in everyday life? In a layer 2 blockchain like Sibarium, transactions occur “off-chain”. In other words, transactions occur and are exchanged outside the Layer 1 (Ethereum) blockchain. By allowing the layer 2 blockchain to do the bulk of the processing work, it reduces bandwidth and reduces end-user costs (gas bills) and processing time. “
Sibarium also aims to make it easier for developers to build decentralized applications (DApps) on the Shiba Inu blockchain.
Shibarium developers previously announced that Bone ShibaSwap (BONE) will become the official digital asset used to operate the blockchain, with each transaction burning a SHIB token.
At the time of writing, SHIB is trading at $0.000011. The 15th largest crypto asset by market capitalization is down more than 3% in the last 24 hours, but is up more than 20% in the last 7 days.
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