Shiden Network

Shiden Network

SDN
$0.165999603%-9.60

Key Metrics

Price$0.165999603
Real Volume (24H)$409,511.58
Marketcap$10,814,088.05
Fully Diluted Valuation$26,012,518
ATH$8.36
ATH Date9/11/2021, 7:35:21 PM
ATL$0.254042
ATL Date6/18/2022, 9:59:23 AM
Circulating Supply57M
Total Supply77M
WebsiteN/A
WhitepaperN/A
Popularity Rank1244
Chart
What is Shiden Network?

Shiden Network (SDN) represents a revolutionary smart contract network tailored for the decentralized application (DApp) layer, leveraging the power of the Kusama Network while supporting multiple blockchains. Unlike Kusama, which lacks smart contract functionalities, Shiden has been meticulously crafted to embrace "layer 2" solutions. These supplementary frameworks are designed to optimize transaction speeds and enhance scalability within the network.

According to the official Shiden platform, its primary objective is to function as a parachain on Kusama. Parachains are essentially user-generated blockchains that connect to Kusama's Relay Chain, the core blockchain of the network. By utilizing the Relay Chain, Shiden benefits from Kusama's shared security, consensus mechanisms, and transaction settlements.

Shiden also boasts a dedicated test network known as Shibuya, which closely mimics the functionality of the main Shiden network. Shibuya operates alongside its own relay chain and serves as a testing ground for new features before their deployment on Shiden. This unique approach allows users to verify the functionality of their smart contracts on Shibuya before transitioning them to the live Shiden network.

The native token of the Shiden network is denoted as 'SDN.' Users are required to utilize SDN tokens for executing transactions and deploying smart contracts within the network. Additionally, SDN token holders have the opportunity to stake their tokens on their preferred dApps, enabling them to earn additional SDN tokens. This mutually beneficial arrangement incentivizes both nominators and dApp developers to actively participate in the Shiden ecosystem.

The inception of the Shiden Network can be traced back to 2020 when it was developed by Stake Technologies Pte. Ltd. Spearheaded by its founder and CEO, Sota Watanabe, Shiden Network emerged as the canary network for Astar, an operational blockchain network with a limited token supply. Astar, originally known as Plasm Network, embarked on its journey in 2019, laying the groundwork for Shiden's subsequent development and growth.

In terms of token supply, the maximum total issuance of SDN tokens is strictly capped at 70,000,000 SDN. This limitation ensures a controlled and sustainable token economy within the Shiden Network, fostering stability and long-term value for its participants.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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