Here’s What You Need to Know

The development team of Shiba Inu, the popular meme-based cryptocurrency, has announced the date for the Shibarium hard fork. According to the announcement, which was shared via the official X account of the protocol, the significant network upgrade is scheduled to take place on May 2.

The team claims that the upgrade is poised to bring enhanced scalability and efficiency to the network. Thereby, improving overall user experience while also laying the groundwork for upcoming features and functionalities.

In a detailed X post, the team explained what the forthcoming changes also mean for Shibarium. While users will gain access to a suite of new features as a result of the upgrade, the hard fork is also expected to bring tangible growth to the network.

Shibarium Hard Fork Expectations

In blockchain technology, a hard fork describes major changes that occur within a protocol that necessitates all nodes or users to upgrade to the latest version of that protocol software. This migration usually comes along with new features and improvements.

Specifically, the Shibarium hard fork is expected to bring substantial changes to the Shibarium network in three major ways.

Firstly, the upgrade aims to improve scalability and efficiency. It hopes to address scalability issues by improving transaction throughput and reducing gas fees. The implication is that, with faster block processing times, Shiba Inu’s network will be better equipped to handle increased demand.

Another key aspect of the Shibarium hard fork is that it will significantly reduce transaction costs. Users can expect lower transaction fees due to optimizations introduced in the hard fork. This move is crucial for enhancing Shiba Inu’s usability and attracting more users.

Lastly, the Shibarium upgrade is also an important preparation for future features. As earlier mentioned, it forms the basis upon which upcoming features and functionalities will be based. More so, the Shiba Inu team has shared in a blog post that the upgrade goes beyond immediate improvements. They claim that there is a strategic foresight behind the hard fork. That is as the Shibarium network prepares to scale significantly with hopes of onboarding the next billion users.

As May 2 approaches, the Shiba Inu community and stakeholders are encouraged to stay updated about the developments and prepare for the changes that will come with the hard fork. However, users can expect to see improved performance and cost-effectiveness from the upgrade.

As of publication, CoinMarketCap data shows SHIB trading at $0.00002552, up 1.84% in the last 24 hours.

next

Blockchain News, Cryptocurrency News, News