Shiba Inu among the most popular cryptocurrency in 2022, alongside Bitcoin and Ethereum.

Shiba Inu among the most popular cryptocurrency in 2022, alongside Bitcoin and Ethereum.

What Is Shiba Inu (SHIB)?

A cryptocurrency other than Bitcoin called Shiba Inu (SHIBUSD) is built on Ethereum and has the Shiba Inu, a Japanese hunting dog breed, as its mascot. Shiba Inu is frequently mentioned as a Dogecoin substitute; in fact, its proponents refer to it as the Dogecoin killer.

Shiba Inu and Dogecoin are two instances of meme coins. Meme coins are digital currencies associated with a certain topic, in this case, the Shiba Inu dog. Meme coins are typically introduced as inside jokes or parodies rather than as useful digital products. Unlike Dogecoin, which was introduced in December 2013, Shiba Inu was developed in August 2020 by an unidentified person or group called Ryoshi.

The Shiba Inu Ecosystem

The following three coins make up the Shiba Inu ecosystem:

  • SHIB: Shiba Inu: This serves as the project’s primary unit of exchange. Starting with a supply of 1 quadrillion, or 1,000 trillion, Ryoshi gave half to Ethereum co-founder Vitalik Buterin for storage and then locked half in Uniswap for liquidity reasons. When India was suffering from the Delta version of the coronavirus in May 2021, Buterin sent the country more than 50 trillion Shiba Inu coins, which were then worth over $1 billion, to a COVID-19 relief fund there. Shortly after, Buterin added 40% of the whole supply of Shiba Inu to a so-called “dead wallet,” or permanently deleted it from circulation.
  • Leash (LEASH): Leash is the second token in the Shiba Inu ecosystem and symbolizes the opposite end of the ecosystem’s spectrum with a total supply of just 107,646 tokens as opposed to the billions of Shiba Inu tokens.
  • Bone (BONE): With a total supply of 250,000,000 tokens, Bone falls in the middle of the other two tokens in terms of its supply in circulation. On subsequent proposals, the SHIBArmy will be able to vote using it as a governance token.
  • ShibaSwap: ShibaSwap is a DeFi platform that aims to offer a secure cryptocurrency trading environment while remaining decentralized. The best site to purchase and sell SHIB and LEASH is on ShibaSwap.
  • Shiba Inu Incubator: The incubator looks for ways to value originality and ingenuity while refocusing attention away from well-known artistic forms including painting, photography, and computer portrayal.
  • Shiboshis: They are non-fungible tokens (NFTs) created by 10,000 Shiba Inus and recorded on the Ethereum blockchain. Each Shiboshi has a unique set of characteristics that makes it collectible.

Understanding Shiba Inu (SHIB)

A “woof paper”—possibly a play on the word “white paper”—that is accessible on the ShibaToken.com website lays out the fundamental principles of the Shiba Inu ecosystem.

The article claims that Shiba Inu was created as a response to the following straightforward query: “What would happen if a cryptocurrency project was 100% managed by its community?” Ryoshi, the organization’s founder, explains that it began as an “experiment in decentralized spontaneous community creation.” Ryoshi asserts that collective decentralization has the ability to forge stronger bonds than a centralized team could possibly manage.

The SHIBArmy’s base of more than 500,000 members upholds its founding tenets, which are: 

  • The project started from scratch, with nothing, in the spirit of building something from nothing; 
  • It was not established on the foundation of an already established group or pre-formed team; and 
  • A professed love of Shiba Inu dogs.

Being an ERC-20 token based on Ethereum, Shiba Inu was created on and is hosted on the Ethereum blockchain rather than its own blockchain. The Shiba Inu ecosystem was built on Ethereum because, as Ryoshi said in the paper, it was already secure, and dependable, and allowed the project to keep its decentralized nature.

Shiba Inu joins Bitcoin and Ethereum as the most popular cryptocurrencies in 2022.

Numerous other types of assets have entered the cryptocurrency market throughout time. Most, however, fell short of rivaling well-known cryptocurrencies like Bitcoin [BTC] or Ethereum [ETH]. As its ubiquity increased, the meme coin Shiba Inu [SHIB] changed this story. The product was well-liked even if its worth dropped somewhat this year.

The biggest cryptocurrency exchange in the world, Binance, tweeted about the cryptocurrency that will be most popular in 2022. It was anticipated that BTC and ETH would be on the list. But the presence of the Shiba Inu caught a lot of people off guard. But the Shib Army was jubilant. Clearly, 2022 was a very important year for Shiba Inu. The network generated a lot of buzz with the launch of its own video game and a restaurant with a SHIB theme. 

Alongside this, network developers could be observed making fun of the locals regarding Shibarium. The SHIB network started a surprise countdown earlier today. While many people thought this countdown had something to do with Shibarium, several people disagreed. The countdown had reached 14 hours, 45 minutes, and 11 seconds at this point.

Shiba Inu holding count clears the way for healing

After this year’s holder count significantly increased, a decline in the total number of unique addresses began in December. However, the Shib Army was once more seen seeking to raise its numbers before 2022 came to an end. The number of addresses on SHIB at the time of publication was 1,268,344, which was a record high for the network.

As was already established, despite the asset’s price is in freefall, Shiba Inu’s popularity did not change. SHIB is currently trading 90.34 percent below its October 2021 $0.00008845 record high.

Shiba Inu was selling for a low of $0.000008537 at the time of publication, with a daily increase of 3.19 percent. In light of this, numerous members of the community pointed out that SHIB may be on level in terms of popularity with BTC and ETH. However, it was extremely doubtful that the price of the meme coin would ever reach those levels, at least anytime soon.

Beldex network has announced collaboration with Geometry Labs

Beldex network has announced collaboration with Geometry Labs

Through the use of the Beldex blockchain, Beldex Labs is collaborating with the decentralized platform Geometry Labs. The platforms want to solve concerns such as privacy in blockchain with this agreement, which will also allow the creation of privacy solutions that will assist users in protecting their data while it is stored online.

What Does Beldex (BDX) Mean?

The Beldex network is an ecosystem that is decentralized and built on privacy, and it was designed so that users may engage in anonymous and secure chat and transactions. By providing financial incentives to network validators, the Beldex network ensures that the digital footprints left by consumers of internet services are concealed. The Beldex network’s native cryptocurrency is denoted by the ticker symbol BDX.

The objective of the Beldex platform, as stated in the whitepaper, is to provide a workable answer to the issues of scalability and privacy that arise within the context of the blockchain technology network. When it comes to the mining process, Beldex makes use of master nodes so that it may be scaled. The master nodes are servers that confirm transactions in the network by locking currency. They do this by using the proof-of-stake idea.

The Beldex platform makes use of Monero’s source code, in addition to a mix of ring signatures, stealth addresses, and RingCT, to protect users’ anonymity while they are using the network.

The new partnership announcement

Beldex Research Labs, which is the research arm of the Beldex project, has announced a partnership with Geometry Labs, which is a decentralized finance and cryptography research and development lab. The purpose of this partnership is to increase the capacity of the Beldex blockchain so that it can accommodate the development of applications like BChat over the network.

The platforms want to solve concerns such as privacy in blockchain with this agreement, which will also allow the creation of privacy solutions that will assist users in protecting their data while it is stored online. To be more specific, the mission of Beldex is to develop platforms that will contribute to the expansion of free expression and an open peer-to-peer economy. Although existing blockchains and the decentralized apps (dApps) that have been created on top of them are believed to be autonomous, they do not provide the necessary level of anonymity to keep gatekeepers at bay.

Geometry Labs intends to provide technical consulting services in the areas of cryptography and protocol design, methods of scalability, and applications for decentralized and private protocols. According to Codeman Crypto, Chief Technical Officer of Beldex, as a prelude to adding EVM compatibility, Beldex is working on the implementation of a blockchain network to improve the synchronization of nodes and storage efficiency by utilizing cryptographic accumulators. This is being done in preparation for the addition of EVM compatibility.

Final Thoughts

The implementation of apps like BelNet, Beldex Browser, and Beldex Privacy Protocol will go more smoothly as a result of this. It is now using the Ring Confidential Transactions (RingCT) protocol to anonymize the sender and recipient identities, as well as the amount of value that is being moved, according to insights obtained from the Beldex network. The network asserts that it provides adequate anonymity with a ring size of 11, which is necessary to guarantee that the transactions cannot be linked to one another. On the other hand, the use of decoys in each transaction makes them cryptographically flexible. The Beldex team plans to grow the network by first validating the existing RingCT protocol and then implementing a proving system that does not need a setup to minimize the number of proofs and transactions. Beldex anticipates that its network will see an increase in the number of transactions that take place per second (TPS) as a result of the reduction in proof size, laying the groundwork for the addition of smart contract capabilities to it.

ETHEREUM PRICE RISKS A DROP BELOW $1K IF THESE KEY PRICE METRICS TURN BEARISH

ETHEREUM PRICE RISKS A DROP BELOW $1K IF THESE KEY PRICE METRICS TURN BEARISH

The cryptocurrency (ethereum) market is growing to include more assets and chains available than ever before. Unfortunately, despite the number of assets at play, most decentralized exchanges (DEXs) are still unable to deliver and facilitate the frequency and volume of trades necessary to satisfy the market. As a result, these exchanges face a lack of liquidity and high slippage, often occurring when fractions of an order are completed at a lower price and the rest at a higher and less advantageous price.

For this reason, investors often seek out manual workarounds, including checking for the best trading prices on all DEXs before making a transaction. Despite so many exchanges at play, the market has yet to see an actual cross-chain liquidity aggregator that can facilitate transactions across multiple chains for a swap. At present, aggregators cannot access the full breadth of available chains, nor are they user-friendly. For reference, some tools force users to connect multiple wallets or manually swap them between protocols.

Chainge Finance addresses this pressing DeFi concern with the Chainge app, giving users access to the SUM liquidity of multiple DEXs across several chains at the same time. Powered by the Fusion DCRM tech, the DEX aggregates liquidity cross-chain to ensure that users get the best prices for their target swaps.

“The Chainge app is the door to Web3. An app that provides unmatched security, top trading prices and the best cross-chain solution on the market. Furthermore, advanced integrated DeFi tools such as a derivatives market, time-framing and yield farming offer crypto users the means to maximize their wealth’s potential in a 100% decentralized way,” Dejun Qian, the CEO of Chainge Finance, shares in response to the team’s efforts.

The result is that Chainge Finance users can tap into extensive cross-chain liquidity with a single tap.

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