A layer-2 network that will operate on top of the Ethereum mainnet is going to be called Shibarium. The creators of the dog-themed coin Shiba Inu have released an update on their website to tell the community about the forthcoming beta release of Shibarium.
During the announcement, SHIB developers discussed layer-2 blockchains and gave information about them.
They underlined the fact that Shibarium is now under development in order to give a platform that will enable the community to create and expand the project and accomplish the ambition of its creator.
Although there are many who feel that the purpose of developing Shibarium is to drive up the price of Memecoins, the creators have said that this was not their intention.
Instead, the developers mentioned that the purpose of the new update to its infrastructure is to revolutionize the Shiba ecosystem by removing barriers to entry for small transactions, upgrading the speed, allowing the development of decentralized applications, and integrating nonfungible tokens. All of these goals will be accomplished through the implementation of the new update.
A burning mechanism for SHIB is one of the most requested improvements for the project, and as such, it is highlighted as a critical upgrade in the most recent announcement.
Their creators state that every transaction that takes place on the network will necessarily involve some number of SHIB tokens being burned. Every time a transaction is carried out inside of the network, this process will be activated.
The response that the team gave to all concerns about the time frame was “soon,” even though the developers did not provide a precise date for the introduction of the product. Those who are a part of the Shiba Inu community have voiced their delight at the recent turn of events.
SHIB creator Shytoshi Kusama made the announcement on social media on November 22, 2022. He said that the World Economic Forum (WEF) has invited the project to participate on the creation of a worldwide policy on the metaverse.
The developer emphasized that if it is successful, the initiative would collaborate with other internet giants such as Facebook and Decentraland to assist the World Economic Forum in the process of formulating the policy.