Shiba Inu (SHIB) Explained in 60 Seconds
Shiba Inu started out as a joke, but has quickly turned into a multi-billion dollar project.
In August of 2020, a pseudonymous developer called Ryoshi started the project as an experiment in crypto community governance, meaning a test of how a community could decide on changes to a cryptocurrency project.
Shiba Inu is not a coin but instead a token, and there is an important distinction. Crypto coins are generally built on and rely on their own blockchain. In comparison, a crypto token relies on the power, security, and upkeep of an existing blockchain. In other words, a crypto token does not own the blockchain it operates on.
As a token, Shiba Inu lives on the Ethereum network. Since Shiba Inu uses the Ethereum blockchain, it can utilize smart contracts and do things that you can’t do on Dogecoin, the OG meme coin, which is instead a crypto coin and resides on its own blockchain. Dogecoin is similar to Bitcoin in that it does not have smart contract functionality.
What does this mean? It means that with Shiba Inu, you can do things like lend it out, or let other people trade with it while you collect fees.
This is why many people believe Shiba Inu is the Dogecoin killer.
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