What is SHIB?
Shiba Inu (SHIB) is a meme-inspired cryptocurrency created in 2020 by Ryoshi. As part of the popular dog-themed crypto movement, SHIB quickly became a rising star in 2021 thanks to viral events and high-profile supporters like Elon Musk and Vitalik Buterin. Dubbed the “DOGE killer,” SHIB has been called DOGE 2.0 and has gained a significant following among crypto enthusiasts. But SHIB’s journey to success has not been without controversy, as some have criticized its lack of utility beyond its meme status. Despite this, SHIB continues to be a top-performing cryptocurrency, with its unique charm and popularity keeping it in the spotlight.
What’s the difference between a token and a coin?
Tokens and coins are often mentioned in the same breath, but they have key differences that set them apart. While DOGE and SHIB may both have furry friend themes, SHIB is not a coin – it’s a token. Coins like Ethereum, Bitcoin, and DOGE are associated with their own blockchain, while tokens like DAI, Link, and SHIB are created on a blockchain but don’t help to run it.
As an Ethereum token, SHIB doesn’t have the same level of utility as DOGE, which has its own blockchain. This has led some to compare SHIB to Ethereum, which offers a range of functionalities beyond basic transactions and store-of-value assets. Ethereum is a smart contract-enabled blockchain that enables users to build decentralized apps, engage in decentralized finance, and participate in other smart contract processes that can’t be done on Bitcoin’s more basic blockchain.
So while DOGE and SHIB may both be dog-themed cryptocurrencies, their differences in technology and functionality make them distinct from one another. Understanding the distinctions between coins and tokens is key to making informed decisions about cryptocurrency investments.
Smart contracts
In the world of Web 3.0, smart contracts are the next level of contracts we deal with every day. From buying a house to ordering an Uber, contracts play a crucial role in our lives. Traditional contracts often involve intermediaries, making the process time-consuming and costly.
For instance, selling a house requires multiple intermediaries, including real estate agents and banks. But with smart contracts, the process becomes simpler and more efficient. Instead of relying on middlemen, the buyer and seller sign a smart contract that is locked until both parties fulfill their obligations.
This is where Shiba Inu’s smart contract integration comes in. By bringing this functionality to the blockchain, it’s possible to make transactions faster and easier. Say goodbye to the hassle of traditional contracts and hello to the future of decentralized finance with Shiba Inu’s smart contracts.
SHIB & Ethereum
SHIB, being a token on the Ethereum blockchain, inherits all the security features and benefits of Ethereum. The token is smart contract-enabled, which means that it shares many of the same use cases as Ethereum. These use cases include pooling funds to earn interest, farming by staking tokens and using tokens as collateral for loans. By leveraging the capabilities of the Ethereum blockchain, SHIB has the potential to enable a wide range of decentralized applications that can transform the way we interact with financial products and services.
What does it mean to invest in SHIB?
SHIB, like DOGE, faces the risk of losing its memetic value as the cryptocurrency industry attracts more professionals. This is why SHIB is often referred to as a potential DOGE killer. However, there is still plenty of room for both projects to coexist. Which of these furry-themed tokens do you think will come out on top?
