Shiba Inu is the first token that is entirely governed by its community and intends to establish a decentralized standard. Starting from scratch, the Shiba Inu community, known as the Shib Army, is aiming to determine if decentralization can genuinely function when a currency lacks a centralized staff, financing, and direct leadership.

SHIB is the Shiba Inu cryptocurrency, and after its inception, Ryoshi handed 50% of the token's supply to Ethereum founder and Russian-Canadian programmer Vitalik Buterin. The other half has been reserved for liquidity on Uniswap, a decentralized financial platform. Buterin destroyed 90% of his SHIB tokens, which were valued around 6.7 billion USD at the time, in May, with the remaining 10% going to an India COVID-19 relief fund established up by Polygon founder Sandeep Nailwal.

The Dogecoin Killer project is unusual in that it is administered by the Shiba Inu community, who firmly believe in a decentralized system that decouples power from centralized authority. This is supported by their Woofpaper, which claims that by collective decentralization, they can develop something considerably superior than what a centralized team could do.

History

Shiba Inu was developed by the pseudonymous Ryoshi in August 2020. Except for his Twitter and Medium profiles, little is known about the guy behind Shiba Inu. Ryoshi says in a Medium article dated May 2021, "I am nothing. I am not significant. Even if my "identity" could be unmasked, the attempt would be ineffective. I'm just some insignificant man pounding away at a keyboard, and I'm easily replaced. "My name is Ryoshi." That hasn't prevented many from wondering about Ryoshi's true identity. On Reddit, for example, a user named No Mulberry4575 pointed out that Ryoshi had uploaded a photo of Buterin hanging out in Japan with Karl Floersch, who specializes in blockchain system development with an emphasis on Ethereum. If this is accurate, and considering Buterin acquired 50% of the SHIB supply, the Reddit community believes the Ethereum team is engaged with Shiba Inu.

How does it work

The SHIB currency is an Ethereum-powered ERC-20 token. Shiba Inu can use smart contracts to construct decentralized finance products since it operates on the Ethereum network. The Dogecoin Killer intends to join the DeFi industry, which has gained traction as protocol prices and acceptance have risen, with its decentralized exchange and artist incubator. The incubator will allow artists to utilize Ethereum's network to auction off non-fungible tokens using smart contracts, resulting in a non-fungible token market that eliminates the need for third parties.

Users will be able to stake their currencies for BONES after Shiba Inu releases its DEX, ShibaSwap. According to Shiba Inu's website, BONE, dubbed "another Dogecoin Killer," is their next asset, which will increase DeFi's potency. The specifics on how to obtain BONE will be disclosed at a later date. When BONES are accessible, the only method to mine them will be to stake SHIB on the ShibaSwap platform. Those who invest in SHIB will receive interest. LEASH, ShibaSwap's third flagship asset, will have a total availability of only 100,000 coins. This may be found on Uniswap.

Total supply and circulation

The entire supply of SHIB is one quadrillion. Half of this amount is locked up on Uniswap, while the other half was given to Vitalik Buterin at the start. The current circulating supply of SHIB is 589,378,531,614,491.