Shibarium Gas Fees 10K Times Lower Than Ethereum’s?
- Shibarium comprises a three-layered architecture with a dual consensus algorithm.
- Shiba Inu (SHIB) dropped 1.5% whereas BONE rose 5% in the last 24h.
The Shiba Inu team officially released the public documentation of the layer 2 solution Shibarium. The SHIB project brands Shibarium as the Shiba Inu ecosystem’s “low-cost blockchain solution” for the community.
There have been ample FUDs and speculations revolving around Shibarium Beta. Recently, a pseudonymous Chain ID launched on Puppynet popped up as the issue. After resolving the error, the testnet is now restored and re-deployed, as previously ensured by the SHIB Dev Kaaldhairya affirmed.
What is Shibarium?
The official project doc highlighted the salient network architecture of Shibarium. Significantly, this L2 blockchain encompasses a fully EVM-compatible, three-layered network – Base layer, Heimdall, Bor. Primarily, Ethereum is the base layer that will accommodate the staking-focused smart contracts. The team stated the possibility of integrating several other PoS chains as base layers in the future.
Second, the blockchain’s Heimdall layer monitors and manages the network of PoS validators and block producers. Chiefly, it ensures the Shibarium-Ethereum connection sync. Third, Bor is the block producer layer of the L2 blockchain. It is responsible for implementing block production. Currently, it implements Geth, go-ethereum, a prominent Ethereum execution client.
Notably, Shibarium comprises a hybrid, dual consensus framework – Plasma with proof-of-stake (PoS). The PoS platform is secured by external validators, while, the Plasma system relies on Ethereum’s security. Furthermore, the network also would extend hybrid side-chains to speed up the transactions.
In the current phase, the PoS blockchain activated three services – Wallet, Bridge, and Staking. First, the Shibarium Wallet lets users transact and store assets. Secondly, the Ethereum-Shibarium bridge will facilitate withdrawals and deposits across the two chains. These bi-directional transactions follow a novel mechanism. Thirdly, through Shibarium Staking, users would receive rewards by staking.
Ultimately, the layer-2 solution is contending to emerge as the better “cost-effective alternative” to Ethereum. But all the hype does not seem to favor the Shiba Inu network in attracting new users.
The native Shiba Inu coin, SHIB, was down 1.23% in the last 24 hours. At press time, as per CoinMarketCap, SHIB traded at $0.00001065. On the other hand, the Shibarium’s gas token BONE noted a 24h price gain of 5.7% to trade at $1.20.
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