Shiba Inu is a decentralized cryptocurrency that was created in August 2020 by an unknown individual or group called “Ryoshi.” It is named after a Japanese breed of dog, which is also featured in the Dogecoin symbol, which was initially a satirical cryptocurrency based on the Doge meme. The Shiba Inu self-identifies as a “Dogecoin killer.” It was dubbed a “meme coin” and a pump and dump scheme.
As is the case with many other cryptocurrencies, SHIB is based on a decentralized network that utilizes the blockchain database. This blockchain database keeps track of and manages the cryptocurrency, confirming and documenting all transactions. As a result, the database becomes a long-term record of the cryptocurrency’s movement. Shiba Inu, in particular, operates on the Ethereum blockchain, benefiting from the platform’s security and functionality. According to Ryoshi’s paper, he picked Ethereum as the platform for the Shiba Inu ecosystem because it was already safe and well-established, and it allowed the project to remain decentralized
SHIB begins with a supply of 1 quadrillion (equal to 1,000 trillion), of which Ryoshi put 50% in Uniswap (for liquidity purposes) and the remaining 50% in the safekeeping of Ethereum co-founder Vitalik Buterin. In May 2021, Buterin donated 50 trillion tokens(approximately 1$ billion worth of tokens) to India’s Covid Relief Fund and burned the remaining 450 trillion tokens to a dead wallet. The term “burned” refers to tokens that remain on the blockchain but are locked up and will never enter circulation
Features of Shiba Inu
The Shiba Inu ecosystem is made up of three coins and a variety of additional services. The three tokens are as follows:
Shiba Inu ($SHIB): SHIB is the primary currency of the project. It is the native token of the Shiba Inu ecosystem, with a total quantity of 1 quadrillion
Leash ($LEASH): This was first released as a rebase token (also known as an elastic token), a form of token similar to an algorithmic stablecoin in which the supply automatically rises and lowers in response to a computer algorithm in order to maintain a fixed price relative to another asset. This token is limited to 107,646 units.
Bone ($BONE): With a total quantity of 250 million coins, BONE is intended to serve as the platform’s governance token. This implies that holders of BONE tokens can propose and vote on improvements to the ShibaSwap protocol using the platform’s “Doggy DAO.” Additionally, BONE tokens are minted and awarded to users that generate liquidity on the network.
There are further facets to the Shiba Inu ecology, which include the following:
ShibaSwap: This is the Shiba Inu ecosystem’s decentralized exchange. This is a decentralized exchange that enables people to trade cryptocurrencies.
Shiba Inu Incubator: The incubator’s mission is to explore new methods to appreciate artists’ creativity outside of traditional art mediums. Its mission is to cultivate true producers of art and other forms of material.
Shiboshi: These are Non Fungible Tokens (NFTs) created by Shiba Inu and made available on the Ethereum network. Each Shiboshi has a unique feature.