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The discussion of Shiba Inu vs. Ethereum 2.0 compares the largest DeFi ecosystem against a popular meme coin with DeFi features. Both networks offer scalability and advanced services. Here are the differences between Shiba Inu vs. Ethereum 2.0.
What is Shiba Inu?
Shiba Inu launched in 2020 to much publicity. The token takes inspiration from the meme coin movements leader Dogecoin and introduces a lot of other features that make it more advanced than its predecessors.
Shiba Inu isn't a knockoff of Dogecoin and was launched as a Dogecoin killer. It's a complete DeFi ecosystem that offers users a variety of features like staking. The Shiba Inu project took the unique approach of pricing tokens for fractions of a cent.
The goal of this approach was to enable anyone to purchase and hold millions of tokens. The goal is that the ecosystem will grow to push the token's value to $1. At that point, all the holders would see significant windfalls.
What is Ethereum 2.0?
Ethereum 2.0 is the latest upgrade made to the hugely popular Ethereum blockchain. This was the largest upgrade to date. It converted the PoW (Proof-of-Work) consensus mechanism to a PoS (Proof-of-Stake) network.
- The upgrade placed Ethereum in line with fourth-generation competitors by expanding scalability and lowering energy consumption. Ethereum today is the largest DeFi ecosystem and remains a pioneer in the market.
What Problems Was Shiba Inu Built to Alleviate?
Shiba Inu was designed to solve a couple of main issues in the market. The token takes cues from Dogecoin in that it leverages the popular Shiba Inu meme to help make the project more relatable. Meme coins combine society's moments with humor.
Shiba Inu brings DeFi functionality to the meme coin sector. For the longest time, meme coins were only seen as a comical way to conduct crypto transactions. Today's advanced meme coins combine DeFi features to produce ROIs.
What Problems Was Ethereum 2.0 Built to Alleviate?
Ethereum 2.0 was designed to alleviate the congestion issues of the original Ethereum network. Additionally, it was the first network to introduce smart contract support. However, the network was designed as a PoW network which required a lot of energy to secure.
Ethereum 2.0 eliminates high energy consumption. There are no more miners needed to validate the network. Instead, users can stake their tokens which can be more democratic while providing rewards.
How Does Shiba Inu Work?
Shiba Inu is an ERC-20-compliant network built on the Ethereum blockchain. It leverages a non-custodial design, a high-performance DEX, multiple DeFi services, and tokens to provide a unique combination of passive income options.
The ShibSwap exchange is where users can trade their SHIB for other tokens in the Ethereum ecosystem. This non-custodial exchange provides near real-time transactions and scalability. Users can leverage the platform using an ERC-20 compatible wallet which makes it easy to onboard.
SHIB serves multiple roles in the Shiba Inu ecosystem. It's the utility token that is tasked with fees and rewards. The token can be staked to secure passive returns and may be used as a cryptocurrency.
LEASH is a secondary token that Shiba Inu users can hold to leverage the price of DOGE on the ETH blockchain. The LEASH token operates as a store of value assets with a limited supply. The token re-bases every day at 6:30 AM UTC to 1000/1 the price of DOGE.
How Does Ethereum 2.0 Work?
Ethereum 2.0 adds Sharding technology to the ecosystem. Sharding is a method of storing data that improves performance. Sharded blockchains can scale much faster than non-sharded options.
Ethereum 2.0 Serenity
The upgraded version of Ethereum has more sustainability compared to its previous version. Ethereum 2.0 does away with power-hungry miners. These nodes can drive up the energy requirements of the network to new heights. Ethereum 2.0 is all about reducing the carbon footprint.
The network upgrade increases bandwidth as a way to improve scalability further. This expansion was needed to support the massive amount of new DeFi and GameFi protocols launching on the blockchain.
Ethereum Validator Nodes
Anyone can qualify to be a validator node with the new Ethereum setup. They simply need to meet the minimum staking requirements. These requirements are set at 32 ETH at this time. Those who don't have that much ETH can still stake using staking pools.
ETH (Ether) is the utility token for the network. This token is required to execute smart contracts and transactions on the Ethereum blockchain. It's common for people to confuse Ethereum the blockchain with Ether the utility token.
ETH is one of the top-performing blockchain assets and is the utility token for the most popular DeFi network in the world. Ethereum also leads the world in token launches, NFTs, and a variety of other crucial stats. As such, it remains a staple in the crypto community.
How to Buy Shiba Inu (SHIB) and Ethereum (ETH)
Currently, Shiba Inu (SHIB) and Ethereum (ETH) are each available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is a top exchange for USA residents. (Excluding New York & Washington state).
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
Shiba Inu vs. Ethereum 2.0 – Son vs Father
It's difficult to compare Shiba Inu to Ethereum as the network is built atop Ethereum. Shiba Inu adds a fun twist to the DeFi movement which helps to bring new users into the fold. On the other hand, the latest version of Ethereum 2.0 can take on the tasks required by advanced DeFi protocols.
When comparing the two, Ethereum can be seen as a far better store of value in the long term. However, Shiba Inu's continued network expansion and community growth means that the project is here to stay for the foreseeable future. Additionally, the rise of meme coins again in the market has placed renewed light on the project.
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