What is Shiba Inu Coin? How does it work?


Shiba InuWhat is Shiba Inu?

Shiba Inu is a breed of hunting dogs in Japan and is categorized in the small-to-medium breeds.

Shiba Inu Coin

Shiba Inu coin (code: SHIB), also known as Shiba Token, is a decentralized meme cryptocurrency created in August 2020 by an anonymous person known as “Ryoshi”.

SHIB is an experiment in decentralized spontaneous community building. It is based on Ethereum. SHIB token is our first token and allows users to hold Billions or even Trillions of them.  Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time.

The supply limit for the currency is one quadrillion (1,000,000,000,000,000), meaning that just under one quarter of the currency is currently in circulation.

What is Meme Coin?

Meme is a project that combines that innovations of Non-Fungible Tokens (NFT) and DeFi. Token holders can stake MEME coin in farming contracts which allow users to earn reward points. Reward points are used to redeem crypto arts in the form of NFTs. If you missed out on farming these arts, you can purchase them from the secondary market on OpenSea.

What is ShibaSwap?

ShibaSwap is the Shiba Inu project’s own decentralized exchange cryptocurrency, where you can trade other crypto for Shiba Inu coin, or vice-versa. The backers of the coin describe it as a “safe place to trade your valuable crypto while remaining decentralized.” There will be three flagship tokens: $SHIB for the Shiba Inu coins, $LEASH for the Leash Dogecoin Killer and $BONE for Bone.

The service has yet to launch, and anyone considering using it should research its suitability first. If you’re using existing coins to buy Shiba then you may be at risk of losing money.
The coin’s official site might talk a good game, but it’s also heavy on jargon and may prove inaccessible to the casual reader

LEASH was originally set to be a rebase token pegged to the price of Dogecoin. Now, it has been unleashed and will not rebase.  With a total circulation of ONLY 100k tokens, it has the opposite appeal to Shib (which has a much larger supply). The second token incentivized on the swap offers special rewards for those who provide liquidity.

BONE Dogecoin Killer is our next token! COMING SOON, Shiba Inu Bone, takes the power of Defi to the next level.  Details on how to acquire this token, tokenomics and incentives will be announced with the reveal of ShibaSwap.

Shiba Inu’s Technology

$SHIB is a token on Ethereum’s network. Fungible tokens like Shiba Inu are ERC-20 tokens, while non-fungible tokens (NFTs) use the ERC-721 token standard. Because the token is powered by Ethereum, Shiba Inu can leverage smart contracts to make decentralized financial products.

The DeFi industry has gained traction this year with tokens like Uniswap, yearn finance and Aave skyrocketing in both price and adoption. These cryptocurrencies use smart contracts on Ethereum’s blockchain to create decentralized exchanges (DEXs), lending protocols and even interest-bearing accounts.

Shiba Inu plans on entering the DeFi space through its Artist Incubator. The decentralized program will use Ethereum’s network to let artists auction off NFTs, replacing the 3rd party needed for transactions with smart contracts.

Once Shiba launches its DeFi ecosystem, users will be able to stake their Shiba Inu tokens to “dig” for bones. Bones is touted as “the Dogecoin Killer” by Shiba Inu, and the only way to mine the token will be through staking Shiba Inu tokens on its platform.

Dogecoin Technology

Dogecoin is essentially the same technology as Bitcoin. It’s code was copied and pasted from Bitcoin’s.

But Dogecoin isn’t an exact clone of Bitcoin. Dogecoin has a much higher circulating supply than Bitcoin, and there’s no maximum supply for the doggy-themed cryptocurrency. With over 129 billion DOGE in circulation, the supply is far more abundant than Bitcoin’s 21 million maximum supply.

Dogecoin is a proof-of-work cryptocurrency, so it uses computing power to secure its blockchain in a similar way to Bitcoin. DOGE is merge-mined with Litecoin, meaning that anyone who mines Litecoin or Dogecoin can choose to mine the other currency. This allows for it’s network power to be more stable than being mined alone.

Shiba Inu’s platform will allow investors to earn Bone tokens through staking their tokens, essentially letting those who stake Shiba Inu earn interest on their investment.

Shiba Inu’s recent surge in price is likely due to the hype over Dogecoin more than anything else. Although ShibaSwap offers some interesting products, the company has yet to make its product available to its community. Shiba tokens will be necessary for getting Shibaswap’s Bone tokens, so if you’re interested in Bone, then you’ll need to buy Shiba Inu. If you’re into speculation, Shiba Inu may be for you.

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