Rony Roy, Author at CryptoTale

News

IOTA Foundation Steps Up its Game With Shimmer Testnet Launch

by Rony Roy

29 Mar, 2023

IOTA Foundation has announced the release of the Shimmer Ethereum Virtual Machine (EVM) test chain on...

News

ConsenSys Re-Ignites zkEVM Race with Linea Launch

by Rony Roy

28 Mar, 2023

Ethereum software company ConsenSys has announced the launch of a public testnet for its zero-knowledge Ethereum...

The SEC’s Recent Action Against Busd Has Had a Resounding Impact on the Value of BNB

Crypto Exchanges

Binance Confronts CFTC Lawsuit Over Alleged Regulatory Breaches

by Rony Roy

27 Mar, 2023

Binance, one of the largest cryptocurrency exchanges in the world, and its CEO, Changpeng Zhao, are...

The Shiba Inu development team has released the public documentation for the highly anticipated Shibarium beta, a blockchain layer-2 solution that promises to revolutionize the Shiba ecosystem by providing a low-cost, efficient blockchain alternative to Ethereum. Ryoshi, the creator of Shiba Inu, proposed Shibarium to significantly reduce transaction fees, potentially bringing them close to zero. By utilizing a proof-of-stake (PoS) mechanism for asset security and side-chains for transaction processing, Shibarium delivers exceptional transaction speed and cost efficiency. Notably, Shibarium is scalable and compatible with major ERC standards, allowing for smooth integration with existing systems. The blockchain's architecture consists of three layers: the Bor layer, Heimdall layer, and Ethereum layer, with the latter comprising an array of smart contracts built atop the Ethereum blockchain. Developers can choose from three distinct security models for their decentralized applications (DApps): Proof of Stake (PoS) security, Plasma security, and a hybrid of both. The PoS layer utilizes Heimdall and Bor technologies, and once two-thirds of validators sign a checkpoint, it is added to the root chain. Validators and checkpoints are subsequently submitted to Ethereum to bolster system security. Cost reduction Shibarium also introduces an intuitive SHIB burning mechanism and may serve as a bridge between various ecosystems. Its fast transaction processing, scalability, security, and simplicity make it an ideal layer-2 solution for the Shiba Inu ecosystem. The documentation further reveals that Shibarium aims to be 10,000 times cheaper than Ethereum in terms of transaction fees, which are divided into base and priority fees. The base fee is a critical component of transaction costs on the blockchain. When users execute transactions, the base fee is locked in a contract on Shibarium, while the priority fee is paid to the validator. Excitingly for the SHIB community, the base fee will be split, with 70% burned and the remaining 30% allocated for network maintenance. During this process, accumulated BONE tokens are sent to Ethereum's Layer 1, where they are automatically swapped for SHIB and subsequently burned by invoking a contract function. Users can access a dedicated portal on Shibarium's website to facilitate this process, as outlined in the documentation.

News

Shibarium Documentation Reveals Major Plans for Shiba Inu Ecosystem

by Rony Roy

27 Mar, 2023

The Shiba Inu development team has released the public documentation for the highly anticipated Shibarium beta,...

Crypto Exchanges

Binance Recovers from Spot Market Halt, Ensures Fund Safety

by Rony Roy

24 Mar, 2023

Cryptocurrency exchange Binance temporarily suspended spot markets on Friday after a bug related to the trailing...

News

Near & WEMADE Unite to Boost Web3 Adoption

by Rony Roy

24 Mar, 2023

The Near Foundation recently disclosed a strategic partnership with WEMADE, a prominent gaming company in South...

News

DRPC Launch Boosts Ethereum Decentralization Before Shanghai

by Rony Roy

24 Mar, 2023

The Ethereum network has taken a significant step towards decentralization with the launch of DRPC, a...

News

Xapo Bank Pioneers USDC Integration for Enhanced Global Payments

by Rony Roy

22 Mar, 2023

Xapo Bank, a prominent cryptocurrency custodian, and licensed private bank has made financial history by partnering...

News

New Ethereum Update Sets the Stage for April’s Shanghai

by Rony Roy

21 Mar, 2023

Ethereum's core developers have announced the release of Geth v1.11.5 (Erszbat), a crucial update that enables...

Crypto Exchanges

Binance and MrPay Collaborate to Offer Binance Gift Cards in Italy

by Rony Roy

21 Mar, 2023

Cryptocurrency exchange Binance has recently partnered with MrPay, an Italian licensed software provider and registered Virtual...

News

USDC Depegging A Catalyst for a Stronger Crypto Industry Report Says

by Rony Roy

21 Mar, 2023

The recent depegging of USD Coin (USDC) from the U.S. dollar, dropping to as low as...

News

Vitalik Buterin Advocates for Multisig and Social Recovery Wallets

by Rony Roy

18 Mar, 2023

Ethereum co-founder, Vitalik Buterin, has emphasized the importance of self-custody of funds through Multisig wallets and...

Rony Roy

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