Wigwam is the best Shibarium blockchain crypto wallet

Shibarium blockchain review

Shibarium comes into existence as a Layer 2 blockchain which is under development by the Shiba Inu project. Its purpose is to form a well-established relationship with the Ethereum blockchain (Layer 1). This ingenious solution is targeted at determining some of the basic challenges in Ethereum including the high gas fees and slow transaction times, by introducing a better platform that is not only scalable but also cheap. Shibarium plans are mere prototypes, with details about its workings and technical specifics being kept under wraps at the moment. However, the enthusiastic community with high hopes awaits the arrival as it is seen as a gradual step in the transformation of the Shiba Inu token from a ‘fancy meme currency’ to a dominant player in the decentralized economy.

What Problem it Solves

Shibarium solves the critical issues of scalability and the high transaction fees of the Ethereum network. A key feature of Shibarium is that it uses off-chain transactions, thus easing the network’s strain, which has a positive effect on transaction speed and fee prices. This Layer 2 solution might be capable of transforming the Shiba Inu ecosystem by enabling an uncomplicated and attractive process for users. When Shibarium is implemented this would mean a progressive step towards the problems of expensive gas prices and slow transactions on the Ethereum blockchain which have as a result been obstacles to many.

Shibarium Technology

Shibarium has been designed to ensure that some of the workload does not require much processing power, which is applied to other competent Layer 2 protocols. The plan is focused on providing a solution for the mainnet network of Ethereum which uses about the same amount of power as a small country. The BONE coin will be used to pay the gas fee in the coming blockchain. Moreover, 20 million tokens have been already allocated to the Shibarium ecosystem to encourage validators and delegators. 

Shibarium connects to Heimdall Validators and Bor block-producing nodes, being similar to Polygon (MATIC). Whilst Bor will be node-compatible with Ethereum Virtual Machine (EVM), Heimdall will be based on the Tendermint consensus engine in addition. Node runners have to lock 10000 BONE tokens to qualify as validators. This feature is extended with the possibility to delegate their tokens to those who do not want to operate nodes.

Shibarium Team

The members of the Shibarium team have long-time backgrounds in blockchain and DeFi development. This project got its roots from the Shiba Inu community which has been critical in its growth and development. It is because of this community-based strategy that Shibarium has gathered projects that are either planning on launching or have already launched on other chains but who choose to gravitate to a single chain and thus enrich the layer with their growth. The group is an active part of the ecosystem, engaging in its improvement as well as delivery of its validator monitoring infrastructure.

Shibarium Investors

Shibarium introduced a distinctive funding model into the blockchain space, and it did not need financial support from renowned venture capitalists in that initial stage. As opposed to this, the project has gathered a very strong local community that works with the project directly in its development and growth. Due to its community-oriented model, the Shibarium chain blends the projects that are in the development phase or have already appeared on other chains into the same chain, which brings it significant development. The project gets a lot of hype from the test net launch which also signals that it could potentially become successful.