Shiba Inu Coin Cryptocurrency: Everything You Need to Know. Shiba Inu coin (SHIB) is a decentralized cryptocurrency that was created in August 2020. It is inspired by the Shiba Inu, a Japanese dog breed, which also serves as the mascot for Dogecoin, another cryptocurrency with meme origins.
Shiba Inu coin is an ERC-20 token, which means it is built on the Ethereum blockchain. It has a total supply of one quadrillion tokens, and is designed to be a deflationary currency, meaning that the supply of tokens will decrease over time.
Shiba Inu coin has become increasingly popular in recent months, and is now one of the most traded cryptocurrencies in the world. It is still a relatively new cryptocurrency, and there is some risk associated with investing in it. However, it has the potential to be a very profitable investment for those who are willing to take on the risk.
How does Shiba Inu coin work?
Shiba Inu coin is a decentralized cryptocurrency, which means that it is not controlled by any government or financial institution. It is powered by a decentralized network of computers, which makes it very secure and resistant to censorship.
Shiba Inu coin transactions are verified by miners, who are rewarded with SHIB tokens for their work. Miners use powerful computers to solve complex mathematical problems, which helps to secure the network.
How to buy Shiba Inu coin
Shiba Inu coins can be bought and sold on a variety of cryptocurrency exchanges. Some of the most popular exchanges for buying and selling SHIB include Binance, Coinbase, and Kraken.
To buy SHIB, you will need to create an account on a cryptocurrency exchange and deposit funds into your account. Once you have deposited funds, you can place an order to buy SHIB.
Is Shiba Inu coin a good investment?
Shiba Inu coin is a high-risk, high-reward investment. It is a relatively new cryptocurrency, and there is some risk associated with investing in it. However, it has the potential to be a very profitable investment for those who are willing to take on the risk.
If you are considering investing in Shiba Inu coin, it is important to do your own research and understand the risks involved. It is also important to invest only what you can afford to lose.
SHIB Developers Strive to Shed the Meme Coin Label through the Introduction of a Novel Identity Protocol
The Shiba Inu (SHIB) ecosystem is poised to transition beyond its meme coin classification through the introduction of a novel identity protocol, firmly establishing its presence in the decentralized finance (DeFi) landscape.
Today, it was revealed that the SHIB team is collaborating with its developer community to emphasize and incorporate a Self-Sovereign Identity (SSI) framework into its protocols. This initiative extends to SHIB’s forthcoming layer-2 network, Shibarium, ensuring that users within the Shiba Inu ecosystem have complete control over their digital identity, assuring heightened security, all while remaining free from third-party influence. Self-Sovereign Identity (SSI) represents a paradigm for managing digital identities, granting individuals and businesses exclusive authority over their accounts and personal data.
In contrast to conventional identity management systems where users entrust a third-party provider with the storage and management of their identity data, SSI empowers users to store their identity information in a digital wallet. This data can then be utilized to verify their identity with other entities, such as websites, services, and applications.
Shytoshi Kusama, a lead developer at Shiba Inu, stated, “Shib SSI opens up new possibilities for resolving various challenges for both businesses and companies, ranging from enhanced user experience to secure relationship management. This technology brings a multitude of advantages, including heightened data security, privacy, and protection, reduced fraud, automatic authentication, guardianship, and membership, to name just a few.”
As per the developer’s explanation, the integration of digital identity will occur within a “Shib Super App,” providing a gateway for every Shibarium dApp.
“This represents a significant step in our ongoing commitment to decentralization,” Kusama emphasized. Originally introduced in August 2020 as an ERC-20 token operating on the Ethereum blockchain, Shiba Inu was initially conceived as a “meme coin,” essentially intended to be a playful and not entirely serious cryptocurrency.
Nevertheless, it rapidly gained popularity, with its value soaring to an all-time high of $0.000086 in October 2021.
As of the present day, Shiba Inu ranks as the 15th largest cryptocurrency within the industry, boasting a market capitalization exceeding $4.8 billion, and trading at $0.0000082, as reported by CoinGecko.
Here are some of the things to consider before investing
- It is a new cryptocurrency: Shiba Inu coin was only created in August 2020. This means that it is a relatively new cryptocurrency, and there is less historical data available to make informed investment decisions.
- It is a volatile cryptocurrency: Shiba Inu coin is a very volatile cryptocurrency, meaning that its price can fluctuate wildly. This makes it a risky investment, even for experienced investors.
- It is a community-driven cryptocurrency: Shiba Inu coin is a community-driven cryptocurrency. This means that the development of the coin is controlled by the community members, rather than by a central authority. This can be a good thing, as it can lead to innovation and development. However, it can also be a bad thing, as it can lead to infighting and disagreements within the community.
Overall, Shiba Inu coin is a high-risk, high-reward investment. It is important to do your own research and understand the risks involved before investing in it.