😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Shibarium Hits 1 Million Blocks Milestone, Showing BONE's Utility

Published 2023-05-27, 10:02 a/m
© Reuters.  Shibarium Hits 1 Million Blocks Milestone, Showing BONE's Utility
SHIB/USD
-

U.Today - beta "Puppynet" has now attained the critical milestone of 1 million blocks. According to , the testnet of Shibarium has seen the total blocks produced reach 1,014,430.

A total of 12,836,266 transactions have been processed on the Shibarium testnet since its inception on March 11. Interacting wallet addresses have surpassed the 16 million mark at 16,033,219. The average block time at the time of writing is five seconds.

The Shiba Inu community expressed delight at the latest milestone of 1 million total blocks as it highlights growing bone utility.

What stands out the most about the architecture of the Shibarium network is its design: There is a three-layered architecture in this context.

In the Shibarium network's three-layer architecture, the Bor layer, which has a primary focus on block production, is the third layer. The Bor node, which is the side chain operator featuring EVM compatibility, is also known as the Block Producer implementation.

The fee model is another important aspect of how Shibarium architecture and design operate. Normal transactions result in fees being collected by the Bor layer in the form of BONE tokens, which are then distributed to block producers.

is used as the main token for staking and paying gas fees for Shibarium transactions. This explains the utility of BONE in block production.

Shiba Inu takes step in community protection

In related news, Shiba Inu is taking an extra step to protect the SHIB community from scams.

, a Shiba ecosystem official, recently shared an update about "Susbarium," a Twitter handle identifying scams within the SHIB ecosystem, saying the account had been renamed to Shibarmy Scam Alerts.

Lucie adds that the Twitter handle is now under the control of Shibarium Tech Discord channel moderators.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.