Today will be a special day, a different episode of the “Token Review” series. As probably have you already read from the title, we will talk about one of the most famous “meme-token”, Shiba Inu (SHIB)!
In the last review, I talked about Dogecoin, If you missed my last review, you can recover it here
OVERVIEW
Let’s start to introduce Shiba Inu!
Shiba Inu Token is a meme-token that was born in 2020, as a joke, picking up on some of the themes related to Dogecoin, a project that has now become one of the most highly capitalized tokens in the industry. Animated by a very large community, $SHIB, that's the ticker, is now also a speculative investment product and was one of the most popular projects of 2021. We are far from the serious cryptocurrencies that aim to solve the big problems of the economic sector, exchanges and banks. Shiba has no major claims in this regard, except to become the community of reference for the entire meme token industry.
What is Shiba Inu?
Created in August 2020 by a founder named Ryoshi, Shiba Inu takes its name from the pet dog of the same name. And don't confuse it with the similar Dogecoin-themed dog, which features the same breed as its mascot. Shiba Inu calls itself a "Dogecoin killer". Like many other cryptocurrencies, Shiba Inu operates on a decentralized computer network that manages a database called a blockchain. This blockchain database tracks and manages the cryptocurrency, verifying transactions and recording every transaction that occurs with it. So, the database ends up being a long-term record of cryptocurrency movement. Specifically, Shiba Inu runs on the Ethereum blockchain, offering the security and functionality of that platform
What does Shiba Inu do?
Shiba Inu is really divided into multiple tokens that help the entire cryptocurrency ecosystem function:
SHIB: This is the core currency of Shiba Inu that can be traded and used as a medium of exchange.
LEASH: This token is limited to 107,646 units, making it the most limited of the Shiba Inu-related coins. It provides rewards for those who validate transactions in the cryptocurrency.
BONE: This token has 250 million units and is used to allow those who use Shiba Inu to vote on various proposals.
Shiba Inu also has other strengths of a community, including ShibaSwap, its own decentralized coin exchange platform, and Shiboshis, a type of non-fungible token (NFT). The cryptocurrency continues the riff on its canine-themed coin throughout its ecosystem, including the cryptocurrency white paper, which the founders call "WoofPaper". Meanwhile, it refers to those who own and support the coin as its "Shib Army."
If you want to check the WoofPaper you can download it from this link
Tomorrow we'll see new details about Shiba Inu!
I invite you to follow me so you don't miss the second part of the article!