How Many Shiba Inu Coins are Mined Per Day
In the ever-evolving world of cryptocurrencies, the concept of mining has become synonymous with the creation and distribution of new coins. However, not all digital assets follow the same path. In the realm of meme coins, two notable players, Shiba Inu (SHIB) and Golden Inu, have taken a different approach to their tokenomics, one that revolves around a predefined token supply and strategic burning mechanisms.
How Many Shiba Inu Coins are Mined Per Day
Shiba Inu coins (SHIB) are not actually mined. Shiba Inu operates on a different model than proof-of-work blockchains like Bitcoin. Here’s the breakdown:
- Shiba Inu uses a proof-of-stake model. In this model, users “stake” their existing coins to help validate transactions on the network. They are rewarded for doing so, but there’s no mining involved.
- All SHIB tokens were created at launch. The total supply of Shiba Inu is estimated to be around 1 quadrillion tokens (that’s 1,000 trillion). There is no ongoing process of creating new tokens.
- Focus on Burning: While mining isn’t a factor, Shiba Inu does have mechanisms in place to reduce the circulating supply. These mechanisms involve burning tokens, which essentially removes them from circulation forever. This burning can happen through transaction fees on their Shibarium network or through community-driven initiatives.
The Mining Phenomenon
Mining is a process commonly associated with proof-of-work blockchains like Bitcoin. In these systems, miners use computational power to solve complex mathematical problems, and in return, they are rewarded with newly minted coins. This gradual release of new tokens is a fundamental aspect of many cryptocurrencies, contributing to their overall circulating supply.
Departing from this model, both Shiba Inu and Golden Inu have adopted a unique approach, forgoing the mining process altogether.
Predefined Token Supply
Shiba Inu diverged from traditional mining by having predetermined token supplies at launch. Shiba Inu started with 1 quadrillion tokens (1,000,000,000,000,000 SHIB), posing challenges due to reduced scarcity.
Burning Mechanisms: A Strategic Approach
To address the supply challenge, both Shiba Inu and Golden Inu have explored the concept of token burning as a potential strategy. Token burning involves permanently removing a portion of the circulating supply from the market, effectively reducing the overall supply and creating scarcity.
In the case of Shiba Inu, two primary burning mechanisms have been implemented:
- Shibarium transaction fees:
A portion of the fees paid in SHIB for transactions on the upcoming Shibarium Layer-2 network will be permanently removed from circulation, contributing to the overall reduction in supply.
- Community burn initiatives:
The Shiba Inu community has actively organized various burn events, encouraging token holders to voluntarily send their SHIB tokens to a dead wallet address, effectively burning them and removing them from circulation.
Golden Inu Mining
Golden Inu Coin is a unique cryptocurrency project that operates on both the Binance Smart Chain (BSC) and Ethereum blockchains. This dual-chain approach helps facilitate seamless transactions between these networks and offers reduced transaction fees for users.
Price and Market Overview
Currently, Golden Inu (GOLDEN) has a market cap of $477,985 and a fully diluted valuation of $572,277. The price of GOLDEN is approximately $0.0101131. The circulating supply is 42,262,885,643,789,906 with a total supply of 50,600,000,000,000,000 and a max supply of 100,000,000,000,000,000.
Mining Details
Golden Inu does not follow a traditional mining model like Bitcoin or Ethereum’s previous Proof-of-Work (PoW) system. Instead, it utilizes a Proof-of-Stake (PoS) consensus mechanism, which is fundamentally different from mining. Here’s an overview of how Golden Inu’s PoS system works:
Proof-of-Stake Mechanism
In a Proof-of-Stake system, new coins are not mined by solving complex mathematical problems. Instead, they are created through a process known as staking. Here’s how it works:
- Staking: Users lock up a certain amount of their Golden Inu tokens in the network. These staked tokens act as collateral and are used to validate transactions.
- Validators: Instead of miners, there are validators. Validators are chosen to create new blocks and validate transactions based on the number of tokens they have staked.
- Rewards: Validators receive rewards for their efforts. These rewards come in the form of newly created Golden Inu tokens. The more tokens a user stakes, the higher the chance they have to be selected as a validator and earn rewards.
This means that new Golden Inu coins are generated and distributed to validators as rewards for staking their existing coins, rather than being mined through energy-intensive processes.
Advantages of Proof-of-Stake
The PoS model offers several benefits over traditional mining:
- Energy Efficiency: PoS consumes significantly less energy compared to PoW, making it more environmentally friendly.
- Security: PoS is less vulnerable to certain types of attacks, such as the 51% attack, since it would require an attacker to own a majority of the staked tokens.
- Accessibility: More users can participate in staking without the need for expensive mining equipment.
- Scalability: PoS can handle a larger number of transactions per second, improving the overall scalability of the network.
Key Features of Golden Inu Coin
- Launch and Initial Price: Initially launched on Uniswap, the ERC-20 version started at $0.00000000001875.
- Two-Token Ecosystem: Operates on both BSC and Ethereum, addressing cross-chain transaction challenges.
- Reduced Transaction Fees: Offers lower fees for token swaps between different blockchains.
- Community and Products: Focuses on building a strong community and providing various crypto products.
- Price Movement: Experienced significant price increases upon listing on major platforms.
Golden Treasury
The Golden Treasury is a strategic mechanism involving community-driven decisions. Community members vote on key options such as token buyback and burn or revenue redistribution. Recently, 82% voted for the token buyback and burn option, aiming to reduce the circulating supply and increase token value.
Golden Inu Price Predictions
Price predictions for Golden Inu suggest potential growth. For instance, the price is predicted to rise by 228.04% by June 28, 2024, reaching $0.0₁₀3921.
- 2025:
- Yearly Low: $0.0₁₀1195
- Yearly High: $0.0₁₀5647
- 2030:
- Yearly Low: $0.0₁₀3013
- Yearly High: $0.0₁₀4885
Learn More About Golden Inu Coin
For those interested in learning more about Golden Inu Coin, visiting the official website is highly recommended. The site provides detailed information on the project, including its goals, features, and updates. You can also find the latest news, price movements, and community discussions. Visit the Golden Inu Token official website to stay updated and participate in the community.
Conclusion
Shiba Inu and Golden Inu, with predefined supplies and strategic burning mechanisms, aim to create scarcity. Their evolving tokenomics will likely focus on utility development, partnerships, and innovative value creation.
