Shiba Inu’s Shibarium, which is Ethereum Layer-2 scaling solution, is now live on the mainnet. This follows the success that Shibarium experienced during its testing phase. It has been reported that over 21 million wallets were connected to the project. Meaning, the mainnet launch has come at a time when there is already a lot of buzz surrounding the project.
What makes Shibarium stand out in the market is its innovative Proof-of-Participation consensus mechanism. It refers to the selection of validators based on how many cryptocurrencies they hold in their accounts. This completely eliminates the deployment of Proof-of-Work. However, it is mandatory for participants to stake a minimum of 10,000 BONE to become a validator.
Shibarium is a blockchain that aims to provide a more cost-effective and scalable solution to users.
Shytoshi Kusama, a user with a pseudonym who is the lead developer of the project, has cited that Shibarium gained traction right in the testing phase, noting that more than a hundred companies registered with them to use the layer-1 blockchain solution. Shytoshi interacted with the media and said that they wanted to address the concerns pertaining to having an everything app.
They were grounded in the ideology of bringing innovation only after understanding the perspective of community and decentralization. Moreover, it was a lot about staying true to the nature of interoperability and user-centric design.
This has affected the price of SHIB which currently stands at $0.000008836, a decrease of 9.12% in the last 24 hours while drafting this piece. There is a good chance that SHIB may touch the trading value of $0.0000220 by the end of this year. SHIB predictions have worked out an alternate calculation to clarify that the lowest the token can go is $0.0000091. There is no major milestone for SHIB from the community. There is hope that it will shatter the records to surpass the $1 mark in the next decade.
As Shiba Inu and its community look forward to exploring the launch on the mainnet, it is being learned that a Shibarium executive has underlined the risks of exploitation of the blockchain scaling solution. Lucie, the Marketing Strategist of Shiba Inu, has asked the team to protect users from phishing links and fraudulent schemes that could drain the funds from the network.
That could be the factor behind the slight decline in the SHIB price for changing hands.
The testing phase was clearly a success but the mainnet launch is what really matters. Exploitation would hamper its prospects of accelerating adoption among the community members. The Shibarium mainnet launch has created a buzz for several reasons but the chances of exploitation will stand out if the team does not address them in public.
Until then, estimates have it that the success of Shibarium has the potential to solidify the position of SHIB in the list of top 10 cryptocurrencies in the world.