ShibaNet Will Be Shiba Inu's Decentralised Marketplace: Here's What To Expect From The SHIB Storefront

With the Shiba Inu ecosystem growing larger every month, the ShibaNet is one of the upcoming SHIB products adding to the positive sentiment surrounding the token.

NOWPayments already lets merchants accept SHIB as a payment method, and BitPay will soon let Newegg and AMC accept SHIB. However, a decentralised version of these payment systems now seems a goal for the Shiba ecosystem.

Here’s everything you need to know about the ShibaNet.

What Is The ShibaNet?

ShibaNet is a decentralised marketplace that lets users buy, sell and trade goods using the Shiba Inu ecosystem.

Shiba’s volunteer project lead, Shytoshi Kusama, first posted about ShibaNet in a July blog post entitled ‘SHIBA INU PHASE 2’. He said: “A financial institution is only good as the consumers and businesses that utilize their financial instruments.”

ShibaNet will run on the Shibarium Layer-2, allowing it to skip the high Ethereum gas fees associated with cryptocurrency payments.

However, it will not use SHIB. To allow for a more stable payment setup, ShibaNet will use SHI - the Shiba ecosystem’s upcoming stablecoin.

We don’t know the specifics of ShibaNet’s features just yet. However, Shytoshi did give us some information on what to expect. He said:

I am particularly proud of the ability to split residual or royalty payments between parties whenever a contract is activated.

This reduces the need for multiple hours of contract work in industries that are otherwise ridden with shady contracts and deals where artists and sub-contractors rarely see their residuals.

Alongside the likes of the Shiba Inu Game and the Doggy DAO, for example, the ShibaNet is among the elements contributing towards the ShibArmy’s bullish sentiment for the future.

ShibaNet Release Date

There is no official release date or release window for ShibaNet just yet. However, we can put together some information about when to expect its launch.

In his blog post, Shytoshi referenced a ‘Shiba financial ecosystem’. If we count this as ShibaNet, or similar to ShibaNet, then we know it is unofficially part of Shiba’s Phase 3. Shiba is currently in Phase 2, which includes ShibaSwap, Shibarium, SHI, ShibaCon.

As ShibaNet will require Shibarium and SHI, it will only come after the rollout of these two Shiba products. Both these also have no set release dates.

While this makes it seem like ShibaNet is quite far off, Shytoshi’s blog post suggests development is quite far along.

“The technological side of this project is currently WORKING and is ready to begin deep audits (which as we’ve seen can be rather time-consuming),” he said. “We’ll be turning to our network of trusted devs, and also to Certik to once again prove this protocol is safe for all users.”

We’ll keep this post updated when any more news on ShibaNet comes out.

Read More: Bitmart Hacker Steals 893 Billion Shiba Inu Coin (SHIB) Worth $32 Million

[Image: Drew Beamer/Unsplash]