Try Quests to earn cryptoShiba Inu (SHIB)
Shiba Inu was developed to answer a simple question: "What would happen if a cryptocurrency project was 100% run by its community?" Its founder, Ryoshi, attributes its origins to an "experiment in decentralized spontaneous community building." According to Ryoshi, the power of collective decentralization can build something stronger than a centralized team ever could create.
Because Shiba Inu is an Ethereum-based ERC-20 token, it was created on and hosted by the Ethereum blockchain instead of its own blockchain. Ryoshi states in the paper that he chose to build the Shiba Inu ecosystem on Ethereum because it was already secure and well-established, and it allowed the project to stay decentralized
Shiba Inu is an Ethereum-based altcoin (a cryptocurrency other than Bitcoin) that features the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is widely considered to be an alternative to Dogecoin; in fact, proponents of Shiba Inu tout it as "the Dogecoin killer."
Shiba Inu and Dogecoin are meme coins, which are cryptocurrencies associated with some theme—like the Shiba Inu in the case of Shiba Inu and Dogecoin—but are often launched as a parody or inside joke rather than as a digital product that actually has utility. While Dogecoin was launched in December 2013, Shiba Inu was created in August 2020 by an anonymous individual or group called Ryosh
In the range of one year, from August 2020 — when the cryptocurrency was created — until October 2021, SHIB surged to an all-time high of US$0.0000819, an incredible +8,420,000% change.
Upon issuance in 2020, Shiba Inu’s creators had sent 50% of the token supply to Ethereum co-founder Vitalik Buterin, creating hype for the project. This effectively dropped SHIB’s circulating supply by almost half, which some argue may have played a part in making the token more popular.
Another crucial moment in the token’s history was when Buterin sold about 9% of his SHIB holdings, which he donated to help fight the devastating spread of COVID-19 in India.
SHIB operates as a decentralised cryptocurrency, leveraging the power and security of the Ethereum network. It is an ERC-20 token, which means it can interact with various decentralised finance (DeFi) projects that share the same blockchain.
As an ERC-20 token, SHIB is not mined like with Proof of Work (PoW) cryptocurrencies, such as Bitcoin, which require mining to validate transactions and create new blocks. Instead, SHIB is based on the Ethereum network, which operates on a Proof of Stake (PoS) consensus mechanism. A supply of 1 quadrillion SHIB tokens were minted when it launched in August 2020, all of which were pre-mined.
Instead of mining, individuals acquire SHIB through trading on decentralised and centralised exchanges, or by participating in the Shiba Inu ecosystem.
A large portion of SHIB’s total supply is held in reserves. Additionally, a percentage of each transaction is burned, further reducing the supply over time. These deflationary measures contribute to the token’s scarcity.
SHIB is part of the wider Shiba Inu ecosystem, which consists of several tokens with different use cases that complement each other. All are inspired by the Shiba Inu dog breed.
The main token of the ecosystem, which aims to be an Ethereum-based alternative to Dogecoin (DOGE). SHIB has a total supply of one quadrillion tokens, of which 50% were burned to Vitalik Buterin’s wallet and 50% locked in Uniswap’s liquidity pool.
As the Shiba Inu ecosystem and community continue to grow, the development team is actively working on improving the token’s functionalities and exploring potential partnerships. As the crypto market evolves and new trends emerge, it will be interesting to see how Shiba Inu adapts and whether it can sustain its current level of popularity.
While the SHIB token has gained significant attention and popularity, it is important to conduct thorough research before committing funds.
references:
https://crypto.com/university/what-is-shiba-inu-shib