Shiba Inu (SHIB) lead developer, Shytoshi Kusama, announced the new projects in a recent blog post.

According to Kusama, in addition to the expected Stablecoin SHI, the Shiba Inu ecosystem will soon welcome a new collectible card game designed for its future metaverse.

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In the blog post, the SHIB lead developer said the need for the Stablecoin SHIB became more compelling after the Terra blockchain fiasco, which resulted in the depegging of TerraUSD (UST).

He said SHI would be able to avoid the problems found in other assets alike, due to the fact that it’s being independently developed by a group of Shiba Inu developers.

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In the blog post, Kusama explained:

“Needless to say Shi is a concern after watching other stable tokens collapse and billions in dollars get wiped off the market completely. *Poof* WOOF! So as for Shi, we’ve seen independent development from a group of developers in our decentralized network.

“They’ve submitted a version of Shi that seems to avoid the issues found in other moonshots, while allowing Shi to be used to counter and balance payments that need to be done without market fluctuations.

“This will be an experimental protocol, like everything decentralized that Shib does, and a more detailed and complex set of information will be released about this token as it is finalized. Bearing no insane issues, this should be released in 2022.”

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TREAT for the Shiba Inu Community

According to Shytoshi Kusama, TREAT, a new reward token designed for the Shiba Inu community, will be applied to all the projects in the ecosystem.

The digital asset will play a vital role in the card game development, Shiba Collectible Card Game, and in providing stability for SHI.

Although there is no specific date yet, Kusama said if everything goes as planned, the stablecoin SHI would be launched later this year.

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In the blog post, the Shiba Inu lead developer, Shytoshi Kusama, said: “I refuse to give any hard dates at this time, but I expect to see one or multiple of these technologies before the end of summer or very early fall.”

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What Shibarium, SHI, and SHIBFE Represent in the Shiba Inu Ecosystem

Shibarium is Shiba Inu’s Layer 2 blockchain that utilizes the digital token BONE and stands as the backbone of all the SHIB projects that are in development.

SHI refers to Shiba Inu’s stablecoin solution. Speaking on SHI’s development, the blog post says: “Timeline: TBD Finishing development and going into testing soon.”

Moreover, SHIBFE stands for Shibarium Financial Ecosystem. The project is paired with SHI Development and is related to SHIB’s financial products.

Shiba Inu also introduces the Shibarium hackathon ahead of the completion of these components and the Shibshire Blastaway. The concept of Shibshire Blastaway represents the decentralized outcome of SHIBFE and a completed Shibarium.

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This concept of a multi-industry decentralized conglomerate that uses the SHIBFE is loosely based on Berkshire Hathaway, which has its business built on the back of a variety of industries.

Shiba Inu has also announced the retention of its first legal counsel: Craig Kessler Esquire (CK1), a legal consultant for Amazon Studios/Prime Video and Hulu. Craig will aid in finalizing contracts with upcoming Shib.io Metaverse Studio, Metaverse Advisory Team, and other contracts, including NDAs, entertainment deals, and new partnerships.

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Ryoshi Explains Stablecoin SHI

According to Ryoshi, the founder of Shiba Inu (SHIB), stablecoin SHI is an algo-stable coin that is pegged to 1 cent. He also describes the digital asset as the “global exchange of value for plebs.”

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Ryoshi revealed in a blog post that SHI stablecoin will be released after the launch of Shiba Inu’s layer two solution Shibarium: “Want to be launched after the Shibarium has established. But can also launch before on ETH network and bridge over of course.”

He also stated that the stablecoin will run concurrently on both Ethereum and Shibarium networks. He added that his desire is to see SHI become a global stable currency that will be leveraged by countries as a store of value and means of payment.

Ryoshi noted:

”The end goal is that SHI (operating both on ETH and the Shibarium) becomes a global stable currency that plebs across all countries are able to use as both a store of value and method of payment.”

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He also emphasized that the stablecoin is being built by the SHIB team without soliciting help from any third parties: “Whatever it is, it needs to be built with care not to rely on 3rd party oracles. They need to be built to be fully contained, perpetual and autonomous”

Also, back in late January 2022, during an AMA session on Discord, lead developer Shytoshi Kusama made it known that SHI will soon go live, stating that a dedicated and very smart team is working on it.

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The post What Is Shiba Inu’s First Stablecoin SHI? When Is It Launching? Details appeared first on Times Tabloid.

As a report has it, the stablecoin, which was first suggested by Shiba Inu founder Ryoshi in May 2021, will be rolled out on both Shibarium and Ethereum blockchain.

According to the blog post where Ryoshi first mentioned the stablecoin, SHI will be designed as a global stablecoin that will be leveraged as a payment instrument and a store of value.

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All the most popular stablecoins in the market are backed by fiat currency, such as US Dollar. Shiba Inu’s first stablecoin SHI will not be different in this regard.

According to the Shiba Inu team behind the project, SHI would be pegged to $0.01. In order to make this happen, the developers have to hold reserves or collateral that backs the payment method in secure storage to protect its value from experiencing the crypto market’s volatility.

At the moment, the team has not disclosed how they would maintain the stability of the stablecoin, but Gossip Shib, a stern Shiba Inu supporter, has little knowledge about stablecoin’s development.

Gossip Shib disclosed on Twitter that the team has several things to consider when developing the stablecoin.

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Gossip Shib tweeted, “New facts about SHI @wenfloat – Leash is not confirmed to be the gov token for SHI – There’s other plays on the map to consider when developing SHI – Gov/Yield for SHI is not decided yet – SHI needs require Devs involvement As it’s not totally independent of the project.

“Stables are something super extensive and deep, and it’s out of my knowledge. That’s why the right people are managing it. Teams are working on some dummy tests before we launch official SHI”

“Ryoshi says this: “The end goal is that SHI (operating both on ETH and the Shibarium) becomes a global stable currency that plebs across all countries are able to use as both a store of value and method of payment.”

At the time of press, the date for the official launch of SHI has not been specified by the team behind the project.

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The post Shiba Inu (SHIB) First-Ever Stablecoin, SHI, Advances toward Official Launch appeared first on Times Tabloid.