Shiba Inu is a new meme coin in the crypto world that has gained the attraction of many investors. This coin was launched in august 2020 by an anonymous person known as Ryoshi. Shiba Inu is a hunting dog bread of Japan, which has been transformed into a decentralized meme coin. The first coin fully controlled by its community was named the Shiba army.
What is SHIB?
SHIB is a token of Shiba Inu Cryptocurrency those 50 percent of the supply was transferred to the founder of Ethereum named Vitalik Buterin, and the remaining was locked into the Uniswap (decentralized finance platform).
In May, Burterin burnt 90 per cent of the tokens for $6.7 billion and sent the remaining 10 per cent of the token to India's Covid-19 funds. The biggest challenge was to use the donation without disturbing the Shiba Inu value.
Working of Shiba Inu
The SHIB coin is a kind of ERC-20 token on the network of Ethereum, which gives it the power to create decentralized finance products by leveraging smart contracts. The main motive of this coin is to become a Dogecoin killer. In a coming couple of days, the incubator will enable artists to buy non-fungi table tones using the Ethereum network, creating a market of NFT without the interference of a third party.
Users can stake the coins for BONES when Shiba Inu launches its DEX. The details about the launch of BONEs are still to be announced, but when it's available, staking SHIB on the ShibaSwap platform will be the only way to mine BONES.
What makes Shiba Inu unique?
The project of Shiba Inu is run by the Shiba community, whose main aim is to create a decentralized system, eliminating all the centralized authorities. The Shiba Inu community is trying to contact dog-inspired artists worldwide to join the artist incubator. Doing this will helps them to encourage the artists to make payments in SHIB for buying or selling NFTs.
Total circulation of Shiba Inu coin
According to the official website of Shiba inu, its total supply is one quadrillion, from which 50 percent are locked in the decentralized financial platform Uniswap, and others were gifted to Vitalik Burtin. The total circulation of SHIB tokens is 558.01 trillion, with a market capitalization of $4716535842.
Shiba Inu will have three coins to its name: SHIB, LEASH, and BONE. However, you can trade SHIB and LEASH in the open market, but BONE is not yet officially released. In addition, the trainers will also teach you how to mine BONE using SHIB.
What makes the Shiba Inu network secure?
Staking is a process that ensures the safety of the Shiba Inu network. However, it uses the network of Ethereum that uses the system of proof-of-work in which miner has to use high-end computers to solve the complex mathematical situation for Shiba Inu mining, which is very slow and energy inefficient.
Therefore, the Ethereum network is shifting towards a proof-of-stake system, making transactions cheaper and fast. For example, Pos uses an algorithm that picks stake pools to win a block of transactions used to reach consensus.
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