Welcome back,
It has been sometime since i shared anything in the long form content here on inleo but today i am here to share something interesting with all the people here.
Everyone must have heard about the term Meme coins, they are dogecoin, shiba inu, kishu, pepe, etc. There is a long list of coins under this segment and they are known as meme coin as they are so much in supply with zero or very less usecase in real life. So, they are nothing but a meme coins to this industry and this is not my views on the meme coins but it is the view of well known whales and experts of this industry.
Initially when Meme coins were referred to as meme coins was the time when we use to saw sudden fluctuation in the token and there use to be a time when that token gets dead like it was never before. Shiba Inu is one of those coins that was made fun of and called as a meme coin back in 2021.
Today we will talk about the Shibarium blockchain i.e a layer 2 project and shiba, leash, bone, and few more tokens comes under this layer 2 blockchain itself. The native token of shibarium is BONE token, i don't know if people have heard about that token or not but being a native token of this blockchain i expect BONE to shine in the upcoming bull run.
So why am i talking about the Shiba Inu and Shibarium chain today. Well there is a thing that is introduced today coming from shibarium that has changed the game for Shiba Inu itself, people will have to think before calling this coin a meme coin after learning about this new addition in to the list of existing developments being done on shibarium.
Shib Name Service was launched today and anyone who has been following the market and developments going on with some top blockchain they will immediately know what this Shib Name Service is, It is similar to what Ethereum offers under the name Eth name service.
What is Shib Name Service ( SNS )
Shib Name Service is a service that will now allow users of shibarium blockchain to create a unique name that is also known as shib names. This according to their team is a part of their Shibdentity ecosystem.
To understand it better let me share a how things have changed with this SNS coming into the play. Earlier you was asked to write a lengthy address that was confusing while you sending tokens to someone else.
Now you can directly use shib names that will work as the wallet address itself. Now if my shib name is "alan.shib" you can simply use this name instead of a lengthy string ( 0xCD4C526E9981d841232d1cB85F2ddf08451C4673).
I hope with that everyone has understand what is Shib Name service and how it will be used by people. Now there are alot of benefits that is being shared by the shibarium foundation under this new service but i will be sharing what i think are the real benefits of these services.
Advantages of Shib Name Services
Readable addresses - I think this will really improve the user experience, believe me that not everyone is ok with using long form addresses all the time they are sending tokens specially to a friend or family. Things will become easier for sure.
Reduces chances of errors - As these are going to be simple and easy to learn addresses, the chances of errors while sending tokens from one end to another will reduce for sure.
Attract people - Those who are so lazy that even a lengthy address keep them away from blockchain might see this as a motivation for themself.
Now let us see some benefits that was told by the shibarium team itself:
Security : According to their team as SNS is a service on top of shibarium blockchain it is definitely secure and trustable, though just like any other POS chains there are chances of attacks on shibarium as well.
Decentralization - They proclaim that there will be no central control on the SNS being bought by the user but at the same time a person has to pay again and again to use the SNS years after years. I am not a big believer of Decentralisation.
Interoperable - This is what i really see as a benefit, if SNS can be used to communicate across different platforms then i will really give it a thumbs up from my side.
Conclusion
I have seen a similar service on ethereum blockchain and so it is not a invention but still i will like to appreciate shibarium because there are a lot of developments going on with the platform.
They built a game, a swapping service, now a SNS and this shows that they are good with the development part even though shiba inu is called a meme coin, i think after all these developments we should give some respect to the blockchain. Share your thoughts about the same with me in the comments below.
Thank You