What is Shiba Inu? Things You Need to Know About this Coin

3 mins, 12 secs Read
Updated On December 22, 2023

The Shiba Inu, originally a Japanese hunting dog breed, has become the latest crypto asset to grab attention in the market. Modeled after Dogecoin—which started as a joke coin—Shiba Inu positions itself as a “Dogecoin Killer” and works to empower individual control through its decentralized protocols. 

With this innovation occurring, consumers need to understand where decentralization can offer advantages over traditional centralized systems. Are you looking to invest in Bitcoin? Make sure to visit https://bitcodes-ai.com/ before you make any decisions.

What is Shiba Inu?

Bitcoin has achieved great things, demonstrating the power of a decentralized economy. Taking this notion one step further is Shiba Inu launched in August 2020 by Ryoshi – the first token to run 100% independently of its community to create a truly decentralized standard. 

The Woofpaper explains that cryptocurrencies with centralized governance can suffer due to political and economic influences, leading to uncertainty around their longevity. With no startup funding or official team backing it up, the Shib Army set out on an ambitious mission: see if they could make decentralization work without support from any external authority figures.

From Where to Get Hands-on Shiba Inu?

Investing in it brings several benefits. Are you considering it to invest in it? Here are the top crypto exchanges from where you can get it. These are: 

  • Gemini: It is one of the user-friendly crypto exchange platforms. In November 2021, he was the first who listed this cryptocurrency. They are very well-versed in building simple, elegant, and secure crypto products based on their four pillars i.e., product, security, licensing, and compliance. 
  • Coinbase Global: This platform is the largest cryptocurrency exchange based in the US. They started including this crypto in September 2021. They offered a fair, accessible, efficient, and transparent financial system altered by crypto.
  • Binance: Being a world-leading blockchain ecosystem, it has platforms for both, an international and a US that have popularity worldwide. The international platform of Binance added SHIB in May 2021, and its U.S. platform added SHIB in November 2021. They include the most extensive digital asset exchange.

How Does Shiba Inu Work?

SHIB is a cryptocurrency operated by Ethereum and it is an ERC 20 token. Shiba Inu, since it operates on Ethereum, can utilize smart contracts to produce decentralized finance solutions. The Dogecoin Killer intends to get into the DeFi area, which has taken off with its decentralized exchange as well as artist incubator as a result of protocol increase in cost as well as adoption. 

The incubator will permit artists to make use of the Ethereum system for auctioning non-fungible tokens through smart contracts, establishing an NFT marketplace that eliminates the necessity for third parties. Individuals are going to be ready to stake their dollars on BONES whenever Shiba Inu introduces its DEX, ShibaSwap. On Shiba Inu’s site, BONE is described as yet another Dogecoin Killer that can take the strength of DeFi to greater levels.

What Makes Shiba Inu Different from Others?

Dogecoin Killer is exceptional in that its initiative is initiated by the Shiba Inu group which has a strong belief in a decentralized method that takes away command from central government structures. This is backed up by the organization’s very own Woofpaper, which says that it can create something much superior to what a central team could produce through collective decentralization.

Shiba Inu started its existence as a test in decentralized community development, from 0 to 0. Shiba is trying to see if decentralization could be effective if it’s community-driven, without money, no central staff, and no immediate leadership. 

Shiba Inu put into action a community initiative to gather as well as send a proportion of all AmazonSmile purchases towards the Shiba Inu Rescue Association since financial contributions. The Shiba Inu Rescue Association is a place where individuals can come together to assist these canines to start to be much smarter and braver.

The Takeaway 

Shiba Inu is one of the most recent cryptocurrency projects to emerge, which takes inspiration from Dogecoin (DOGE). Though it has yet to reach any major milestones, it seeks to blaze a new trail in decentralized operations & governance. With 100% community management and backing, we may soon find out just how successful a project can be that isn’t controlled by a centralized team—and this could be only the beginning.

Shiba Inu is aiming to revolutionize the non-fungible token store with the artist incubator of it as well as 3 flagship assets: BONE, LEASH, and SHIB. These efforts may eventually lead to it dethroning Dogecoin as the leading crypto meme coin – only time will tell. ShibaSwap is the other use case for Shiba Inu, but it’s in a crowded market yet. However, one thing is for sure – Shiba Inu’s initiatives demonstrate just how powerful decentralized community building can be when done correctly.

Author: Joseph Williams