SHIBA INU (SHIB), an experimental crypto money project, started to be listed on global cryptocurrency exchanges one after another. Popularized on social media, SHIBA INU has turned into an experiment followed by tens of thousands of people.
SHIBA INU; It takes its name from the shiba inu dog, associated with Dogecoin. Positioned in a line close to DOGE with the images it uses, SHIBA INU deems itself worthy of the title of DOGECOIN KILLER.
What is it, how did it come about?
The foundations of the project were laid by a man named Ryoshi, who was unknown and who said “it doesn’t matter”.
Ryoshi spoke with a friend about cryptocurrencies at an event in Osaka last year, shared his vision with him, and asked him to help bring that vision to life.
The two prepared a smart contract for $ SHIB using the ERC-20 standard on Ethereum. While 50% of the total supply was locked into this contract required for sales transactions, the other half was sent to Vitalik Buterin, the founder of Ethereum.
The capital of 10 ETH provided by Ryoshi’s friend was used to open the pair on the decentralized cryptocurrency exchange Uniswap. The keys of the pool here were burned so that the pool would not be emptied.
Why did it arise, what is he trying to do?
SHIBA INU originally emerged as a “decentralized and spontaneous community building experiment”.
Behind the project is a paid developer, marketing, design etc. does not have a team. No investment was received from any institution during the installation phase. It can be said that the aim is to test the practicality of the decentralization principle.
Ryoshi says, “I want to see if it’s possible for someone who has nothing to build something out of nothing.” says. He did not spend money out of his pocket, nor did he grant him a portion of the SHIB supply while establishing the SHIB accordingly. When Ryoshi buys a SHIB, he “buys from the market” like everyone else.
Since no donation has been given to anyone, including the founder name, SHIBA INU’s marketing, listing in stock exchanges, etc. There is no SHIB fund allocated for their costs. This is why SHIB is following the organic growth path.
The future of “a decentralization experiment”
SHIBA INU was introduced in August 2020. In the intervening period, the number of users in Telegram was 90,000; The number of followers on Twitter exceeded 160,000.
Currently the most obvious Achilles tendon of the project seems to be Vitalik Buterin. Let us remind you that half of the total supply has been sent to his wallet. Ryoshi says this about this:
“We sent more than 50% of the total supply to Vitalik. If there is no weak spot, there is no perfection. Unless Buterin can rug us, SHIBA will grow and survive. ”
SHIBA’s growth plans are actively shaped in line with the community’s suggestions and wishes. Ryoshi’s first suggestion was to start burning the remaining tokens.
The experiment, which was successful in its early stages, started to grow over time and a decentralized exchange called ShibaSwap was announced. At ShibaSwap; With the SHIB and LEASH developed after it, BONE tokens will come to the fore.
SHIB published a document titled WOOF Paper on April 29, mostly as a whitepaper or prospectus in the style we are used to. In this document, which we can translate as “HAVName” in order to preserve its originality, there is the following statement:
“The Shiba Inu Token and the Shib Army have gone beyond a simple experiment. With the launch of ShibaSwap, we have become a decentralized ecosystem with its own DEX. ”
About the future; existing Shiba Inu products will be standardized and integrated into global marketplaces; It is said that projects such as Artist Incubator and ShibaSwag will be developed and new token pairs will be opened.