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.
