Ripple operates a blockchain that supports financial transactions, including remittances and currency exchanges. It introduced XRP in 2013 and pre-mined 100 billion tokens. Currently, 58 billion tokens are in circulation while the rest remain in Ripple’s escrow accounts.
Ripple initially aimed for financial clients to adopt XRP instead of fiat currencies. However, XRP never became a mainstream payment method. Unlike proof-of-work (PoW) blockchains, it does not support mining. It also lacks the ability to create decentralized applications (dApps) like proof-of-stake (PoS) blockchains.
Shiba Inu launched in 2020 on Ethereum’s blockchain. Ethereum transitioned to PoS in 2022, making it more energy-efficient. SHIB supports smart contracts and staking, which allows users to earn rewards.
The goal of enabling quicker transactions is addressed through a Shiba Inu Layer-2 protocol referred to as Shibarium, further accompanied by a Decentralized Exchange (DEX), ShibaDEX which connects the SHIB token to other Proof of Stake (PoS) tokens. Approximately 40% of SHIBs inflationary tokens have been burnt to counter the initial supply of 1 quadrillion tokens.
