Shiba Inu (SHIB) is a decentralised cryptocurrency that operates on the Ethereum blockchain. It was created as an experiment in decentralised community building and features the Shiba Inu dog breed as its mascot.
Shiba Inu operates on the Ethereum blockchain as an ERC-20 token. Currently, it uses the Proof of Work (PoW) consensus mechanism, but it is expected to transition to Proof of Stake (PoS) with Ethereum's upgrade. It leverages smart contracts for decentralised finance products and is part of the broader Shiba Inu ecosystem, which includes the ShibaSwap decentralised exchange.
Shiba Inu's use cases include serving as a decentralised meme token, acting as a medium of exchange within its ecosystem (such as ShibaSwap), and being used for transactions by merchants who accept SHIB. It also serves as an investment asset and is utilised in real-world applications like travel bookings and donations, among other uses.
Shiba Inu was created in August 2020 by an anonymous individual or group called "Ryoshi." Inspired by Dogecoin, it aimed to construct a community-driven meme token. It gained significant attention with Vitalik Buterin's donation of SHIB for COVID-19 relief. The ecosystem has expanded with ShibaSwap and other tokens like LEASH and BONE, as well as developments like Shibarium, a layer two blockchain solution.