The post Shibarium Details Unveiled: How It Works and How It Was Built appeared first on Coinpedia Fintech News
Cryptocurrency and Blockchain have grown in popularity due to the transparency and efficiency they provide in comparison to traditional banking and financial systems. Cryptocurrency is a relatively new and intriguing market with virtually endless potential. Blockchain technology enables business operations across different domains.
Shibarium, a Layer-2 alternative for the Shiba Inu money, recently came under fire for allegedly being a clone, upsetting the community. Along with the cloning claim, there has been controversy in the Shiba Inu community over the transparency of the development team.
It appears like they are trying to change the narrative and make amends by increasing transparency.
Long-Awaited Shibarium Documentation Goes Live
Shiba Inu head developer Shytoshi Kusama was the first to inform the community in a Telegram message that documentation outlining the operation and construction of Shibarium, the Shiba Inu ecosystem’s Ethereum Layer 2 solution, is now available to the general public.
In subsequent messages, he stated that the team put in a lot of effort to develop the paperwork, claiming that they had numerous 16-hour work days this week. The developer stated that there would be edits to rectify any apparent mistakes and omissions, particularly to add that the oracle utilized was provided by the Unification Foundation.
Meanwhile, Kusama has hinted that the developers would continue to surprise the community. The developer described the following steps, including additional tests and testnet iterations. Additionally, the team would strive to send out each of the over 5,000 responses to the Shibarium intake form. In the midst of all of this, the group has started a new Discord server.
Hi #SHIBARMY! We are happy to announce that Shibarium’s Testnet is running again. You can now access the Docs to learn how to set up your equipment & understand how Shibarium works. You will find the Docs here: https://t.co/1FDQOnd9Gu
— Shib (@Shibtoken) March 24, 2023
As previously reported, a Shiba Inu Telegram group admin stated that the documentation was complete, with developers working over the fine details with Kaal Dhairya, the project’s lead developer. It should be noted that the documents were originally supposed to debut one week after the Shibarium beta network became live. As a result of debunked allegations that the code was a clone of the Rinia network, developers have altered the Shibarium testnet chain ID.
Price breakup on Shibarium
Shibarium is advertised as having 10,000 times lower transaction fees than Ethereum. Notably, base and priority fees are separate charges on the network. Validators receive the priority fee, 70% of the base is automatically used to burn and purchase back SHIB, and 30% is set aside for network maintenance.
Shibarium appears to be taking a positive step towards increasing transparency and gaining user trust in the crypto world.
