The unexpected news of Balltze’s untimely death, known as ‘Cheems’ in the internet meme community, in August 2023 shocked the world. Balltze, a Shiba Inu dog, brought smiles to millions of people worldwide through various memes. Another popular dog, Kabosu, inspired the creation of Dogecoin, a meme-based cryptocurrency. But did you know that the Shiba Inu breed has also inspired another crypto asset? Shiba Inu has gained popularity as an alternative to Dogecoin, and if you want to learn more about this competitor, you’ll need a Shiba Inu guide.
Shiba Inu aims to decentralize cryptocurrencies and put control back into the hands of the average person. It offers decentralized protocols with better value benefits compared to centralized counterparts. So, why was Shiba Inu created? The project was started in August 2020 by an anonymous person named Ryoshi. It was the first token where the community addresses 100% of the operations, ensuring decentralization. The whitepaper, also known as the ‘Woofpaper,’ explains the working mechanisms and rationale behind the project. Shiba Inu aims to develop a community called the Shib Army, which fosters true decentralization without any centralized team, direct leadership, or funding.
Interestingly, the founder of Shiba Inu sent 50% of SHIB tokens, the native token of the community, to Ethereum founder Vitalik Buterin. Buterin burned around 90% of the tokens and donated the remaining 10% to a COVID-19 relief fund. This unexpected action raised questions about the use of the donations.
Shiba Inu’s journey has been remarkable. While Dogecoin has its own blockchain network, Shiba Inu is an ERC20 standard token on the Ethereum blockchain, earning it the title of the “Dogecoin for Ethereum.” The growing popularity of Shiba Inu has led to the development of new types and communities, such as Shiboshis and Shibarium. The passionate Shib Army has formed active communities on various social media platforms, including Discord, Reddit, Telegram, and Twitter.
Shiba Inu leverages the Ethereum network and its Proof of Stake consensus mechanism for its working mechanisms. SHIB tokens are ERC-20 tokens on the Ethereum network, and their value remains the same as other tokens. The total supply of Shiba Inu is restricted to 1 quadrillion SHIB tokens, ensuring inflationary properties. The ShibaSwap decentralized exchange, released in June 2021, allows users to deposit tokens for earning interest and provides various activities like digging, burying, and fetching tokens.
ShibaSwap is the primary hub for DeFi use cases in the Shiba Inu ecosystem. It also introduced LEASH and BONE, two new ERC20 tokens within the community. LEASH initially tracked the price of Dogecoin’s DOGE token but now operates independently. Users can stake LEASH tokens or use them for various purposes within the ecosystem.
In conclusion, Shiba Inu has gained popularity as an alternative to Dogecoin, offering decentralized protocols and empowering the average person in the world of cryptocurrencies. With its passionate community, growing ecosystem, and unique features like ShibaSwap, Shiba Inu has made a significant impact in the highly competitive cryptocurrency landscape.
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