Shiba Inu Association Details Plans for Purpose-Built SHIB Blockchain

2023-10-9 19:00

The Shib Association, a group formed by the Shibburn team to boost SHIB adoption, recently offered details on a new blockchain it is building centered around the Shiba Inu token.

Contrary to speculation, the association stated the blockchain will not simply fork an existing chain but rather operate as an independent layer-1 network.

The SHIB-based blockchain will have its own consensus mechanism and security model. It aims to provide a “rock-solid” use case to gain traction against rival chains.

Unlike the layer-2 Shibarium built on Ethereum, the new blockchain will use a pegged version of SHIB as gas fees. The goal is to enable low transaction fees while still burning over 1 cent of SHIB per transaction.

By adopting a Proof-of-Participation consensus, the network also plans to offer fairer token distribution compared to models like Proof-of-Work and Proof-of-Stake.

The Shib Association noted that the development of the tailored blockchain remains in its early stages. More details around integration with the wider SHIB ecosystem will be revealed soon.

The planned network marks an ambitious effort to expand utility for the SHIB token via a purpose-built blockchain. If successful, having its own dedicated chain could unlock new use cases and demand drivers for the meme cryptocurrency.

But the project faces challenges standing out in a crowded field of new blockchain platforms. Gaining developer traction will be key for the SHIB-powered network to become a compelling alternative.

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The post Shiba Inu Association Details Plans for Purpose-Built SHIB Blockchain appeared first on CaptainAltcoin.

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blockchain shib association details shiba inu fork

Источник: captainaltcoin.com

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