The network promises many advantages, including transparency, security, and low-cost transactions.
Shibarium, the Shiba Inu layer-2 network, promises a wide range of benefits for investors, from the security of user assets to low transaction costs at an unparalleled rate. These benefits were highlighted in the recently-released documentation and further compiled by Lucie, a prominent Shiba Inu influencer.
Benefits of using #Shibarium
There are many benefits of using the Shibarium blockchain. Some of the key benefits include:
The Shibarium blockchain is a highly secure and tamper-proof platform that has the capability to store and transmit sensitive data. To secure… pic.twitter.com/bJjmUvq7ca
— ????? (@LucieSHIB) March 26, 2023
Shibarium pledges to deliver top-tier security using a hybrid system that leverages the Plasma framework and PoS validators.
The Plasma framework is a proposed scaling solution introduced initially by Vitalik Buterin and Joseph Poon in 2017. It is designed to increase the transaction processing capacity of blockchain networks, making them faster and more scalable.
It scales transactions by creating a hierarchical system of “child” blockchains connected to a “parent” blockchain, such as Ethereum. The framework also includes a set of security mechanisms designed to protect child blockchains from fraudulent or malicious activities, such as submitting invalid transaction data.
Shibarium also employs PoS security by utilizing Bone ShibaSwap (BONE), which users can stake to earn rewards and simultaneously contribute to the security of the network.
High Transaction Speed
As detailed in the Shibarium documentation, the layer-2 network promises a fast transaction speed at an unprecedented scale. The documentation mentions that Shibarium’s transaction speed can outperform Ethereum’s.
Lower Transaction Fees
Despite promising a higher transaction speed than Ethereum, Shibarium offers lower transaction fees. Its transaction fees are expected to be 10,000 times lower than Ethereum’s average fees.
Similar to most blockchains, Shibarium is highly decentralized, with no central point of control. Consequently, the network’s security is sustained by the community through staking and network validation, thus safeguarding the network and eliminating the possibility of a central authority having control over it.
As a blockchain network, Shibarium inherently possesses the traditional transparency that characterizes blockchain technology. This enables investors to seamlessly monitor all transactions executed on the network through the dedicated blockchain scanner.
Shiba Inu Burns
As an exclusive benefit to the Shiba Inu ecosystem, Shibarium has been touted as a SHIB furnace. The network is expected to burn Shiba Inu with up to 70% of its base transaction fees, thereby bolstering the Shiba Inu burn initiative. This should provide support for the asset’s price.