Shib Association's Upcoming SHIB-Focused Blockchain: A Game Changer for Shiba Inu (SHIB) Token

Bombolo | News and Media

In the world of cryptocurrency, innovation is key to survival and success. Shiba Inu (SHIB), one of the most talked-about tokens in the crypto sphere, is set to undergo a significant transformation with the introduction of a new blockchain by Shib Association. Alex, the mastermind behind Shibburn's burn tracker, has recently revealed exciting developments within this new initiative.

Shib Association, a brainchild of Shibburn, has set its sights on advancing SHIB-based technologies. This promising venture made its initial announcement just last month. However, a recent post by Alex has shed more light on the project's intricate details.

Also Read: SHIB's market journey: Stability and challenges. Is it a good investment?

A Collaboration with a Tech Giant

What's most intriguing about this development is the involvement of a former Google employee, who will play a pivotal role in building this new network. Their goal is clear: to have it up and running on Github soon. With the project's architecture meticulously mapped out, development is already well underway.

A Singular Focus on SHIB

Unlike its predecessors, this groundbreaking blockchain will exclusively concentrate on SHIB, leaving other tokens within the Shiba Inu ecosystem aside. In a move that emphasizes transparency and community involvement, the network will embrace an open-source approach and adhere to the Proof-of-Participation consensus model.

The Burn Mechanism Mystery

One of the most intriguing aspects of this blockchain is its involvement in burning SHIB tokens. However, the team has remained tight-lipped about their strategy for incinerating these tokens. It's possible they may implement a fee system, utilizing the proceeds to buy and burn SHIB, thus potentially boosting its value.

Also Read: Shibarium's Token Burn: Can Shiba Inu Hit $0.01?

A Comparison: Shibarium vs. Shibburn's Blockchain

To gain a better understanding of this development, it's crucial to differentiate between Shibarium, SHIB's latest layer-2 network, and Shibburn's upcoming blockchain. While Shibarium employs ShibaSwap Bone (BONE) as its gas fee, the new blockchain will rely on SHIB. Whether this blockchain will be a fork of Shibarium or another existing blockchain remains undisclosed. Rest assured, the team promises to keep the community updated in the near future.

Fueling SHIB's Ascent

The primary goal of this new blockchain is to contribute to the burning of SHIB, potentially catalyzing an increase in its price. In a bid to further elevate the SHIB ecosystem, the SHIB team is also rumored to be developing a burn mechanism that could eliminate trillions of tokens annually. SHIB's burn rate has experienced a downturn in recent weeks due to decreased network activity. At the time of writing, SHIB's burn rate had decreased by a substantial 68.02% over the last 24 hours, while its trading price hovered at $0.00000727, marking a 2.2% decrease within the same timeframe.

As the cryptocurrency landscape continues to evolve, the introduction of Shib Association's dedicated SHIB-focused blockchain is an exciting development. With its innovative approach to token burning and a former Google employee at the helm, the future of SHIB looks promising. The crypto community eagerly awaits further updates on this groundbreaking project.

Also Read: Choosing Between XRP and Shiba Inu: A Guide to Your Crypto Investment

FAQs

1. What is the purpose of Shib Association's new blockchain?

   Shib Association's new blockchain is dedicated to advancing SHIB-based technologies and contributing to the burning of SHIB tokens.

2. How will the new blockchain incinerate SHIB tokens?

   The precise method for burning SHIB tokens remains undisclosed, but it is speculated that a fee system may be utilized.

3. What distinguishes Shibarium from Shibburn's blockchain?

   Shibarium employs ShibaSwap Bone (BONE) as its gas fee, whereas the new blockchain will use SHIB as its gas fee.

4. Is the new blockchain a fork of Shibarium?

   Whether the new blockchain is a fork of Shibarium or another existing blockchain has not been revealed by the team.

5. What is SHIB's current burn rate and trading price?

   At the time of writing, SHIB's burn rate had decreased by 68.02% in the last 24 hours, and its trading price was $0.00000727.