Shiden Network

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Discover Shiden Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Shiden Network?

Shiden Network (SDN) is a multi-chain decentralized application layer built on the Kusama Network. It supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions, enabling the deployment of various decentralized applications (dApps) and smart contracts. The SDN token is used for staking, consensus, and rewarding validators, as well as incentivizing the development and use of dApps within the network.

How is Shiden Network used?

The Shiden Network (SDN) is a utility token that serves several purposes within the Shiden ecosystem. Its primary functions include:

  • Staking for Consensus: SDN tokens are used for staking to ensure the network's consensus mechanism.
  • Rewards for Validators and Nominators: SDN tokens are distributed as rewards to validators and nominators for their participation in the network.
  • Commission Payment: SDN tokens are used to pay commissions within the network.
  • dApps Rewards System: SDN tokens are used to incentivize the development and use of decentralized applications (dApps) on the network. Token holders can stake their SDN tokens to support their preferred dApps, earning rewards in the process. This system encourages the creation of high-quality dApps and fosters a thriving ecosystem.

These functions enable the Shiden Network to operate efficiently and promote the growth of its decentralized application layer on the Kusama Network.

How do I store Shiden Network?

To store Shiden Network (SDN) tokens, you have several options:

  1. Hardware Wallets: Ledger and Trezor are highly recommended for their security. You can connect your Ledger device to Ledger Live and find Shiden EVM (SDN) in the app to manage your tokens.

  2. Software Wallets: Klever offers a secure crypto wallet with various payment methods to buy SDN tokens. This wallet provides a user-friendly interface to manage your SDN holdings.

  3. Metamask: You can also use Metamask, but transferring SDN tokens between Substrate and Metamask requires converting addresses manually. There is a proposal to create a web interface to simplify this process.

  1. Exchange Wallets: After purchasing SDN on an exchange, you can store it in the exchange's wallet. However, it is recommended to transfer your tokens to a hardware or software wallet for added security.

Remember to always prioritize the security of your tokens by choosing a reputable wallet and following best practices for storing cryptocurrencies.

How to buy Shiden Network?

To buy Shiden Network (SDN) tokens, follow these steps:

  1. Create an Account: Register on a cryptocurrency exchange that supports Shiden Network trading, such as Kraken, Crypto.com Exchange, Coinw, MEXC Global, or gate.io. Verify your identity and secure your account with two-step verification.

  2. Fund Your Account: Use fiat currency to purchase a cryptocurrency like USDT, ETH, or BNB, which can be easily traded for SDN. You can use services like PayPal, bank cards, or bank deposits to fund your account.

  3. Transfer Funds: Transfer the purchased cryptocurrency (USDT, ETH, or BNB) to the exchange that supports Shiden Network trading.

  1. Buy SDN: Use the transferred funds to buy Shiden Network (SDN) in the spot market. You can do this by selecting the SDN trading pair (e.g., SDN/USDT) and executing the trade.

  2. Store Your SDN: Once you have purchased SDN, you can store it in your exchange account or transfer it to a personal cryptocurrency wallet for added security.

Remember to research and compare different exchanges to find the most suitable one for your needs, and always follow the specific procedures for each exchange.

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History of Shiden Network

Shiden Network (SDN) is a project built on top of the Kusama network, aiming to create a multi-chain decentralized application layer. The network was founded by Sota Watanabe and has engaged in crowdfunding to support its parachain auction bid.

Shiden Network is designed to execute smart contracts compliant with EVM (via Solidity) and Web Assembly (WASM), offering significant potential for advanced decentralized applications (dApps). The network's token, SDN, is a utility token that allows for the lockdrop mechanism and incentives for all network participants. Its main functions include staking for consensus, rewards for validators and nominators, commission payment within the network, and use of the dApps Rewards system to incentivize dApps creators.

The total issuance of SDN tokens is limited to 71,336,892, which will be issued through a deflationary issuance policy. The network's unique ability to deploy dApps on multiple chains, its incentive policy for dApps creators, and its dApps Rewards system set it apart within the Kusama/Polkadot ecosystem.

Shiden Network is in full development, leveraging the power of the Substrate framework to offer high scalability, fast confirmation times, interoperability with Substrate-based networks, and great expandability. This commitment aims to establish Shiden Network as one of the prominent DeFi projects within the Kusama ecosystem.

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How Shiden Network works

Shiden Network (SDN) is a multi-chain decentralized application layer built on top of the Kusama network. It aims to create a scalable and interoperable platform for decentralized applications (dApps) by supporting various Layer 2 scaling solutions, including Plasma and the Optimistic Virtual Machine (OVM). This allows developers to deploy smart contracts compatible with the Ethereum Virtual Machine (EVM) and WebAssembly (WASM) from day one, making it a favorable ecosystem for dApp development.

Architecture and Layers

The Shiden Network operates on a decentralized system organized into layers. The first layer, written in Substrate, is a public blockchain that ensures the stability and security of the network. It is deployed as a Kusama parachain. The second layer, also known as child layers, is used for developing various modules that provide unique functionalities. These child layers have infinite capacity and can implement complete protocols or virtual machines, making them highly flexible.

Optimistic Virtual Machine (OVM)

The OVM is a key component that streamlines and unifies the various Layer 2 solutions. It allows developers to express the logic they want to achieve in their applications, and the machine takes care of enforcing it. This makes it easier for developers to build and execute smart contracts and applications using the L1 Adapter client app, similar to the model used on the Ethereum network.

Lockdrop Mechanism

Shiden Network uses a lockdrop mechanism as its economic incentive system. This mechanism is similar to fixed-term staking, where SDN token holders participate in a fixed-term stake according to their level of participation within the system. In return, they get the opportunity to participate in the network, either as node runners or validators of operations. This system incentivizes the development and use of dApps in the network.

dApp Staking and Rewards

Shiden Network also features a dApp staking mechanism, where token holders can stake their SDN tokens to support their preferred dApps. This contributes to the ecosystem's growth and earns tokens through block rewards. Additionally, dApp developers receive rewards based on the amount staked on their applications. When new blocks are generated, the system pays a reward, with 50% going to the developers of the dApps deployed in the network. This incentivizes the development of quality dApps that offer helpful services to the Shiden community.

Token and Staking

The SDN token is the utility token of the Shiden network, used for staking, consensus, and as a reward for validators. It is also used for commission payments within the network and to incentivize the development and use of dApps. Token holders can stake their tokens to participate in the network and earn rewards.

Relationship with Astar Network

Shiden Network is a sister network to Astar Network and serves as a "canary network" or test network for Astar. This means that Shiden is a rapid protocol development space where users can test new functions before they are implemented in Astar. The goal is to create a scalable and decentralized application development platform for Astar.

Overall, Shiden Network offers a unique multilayer architecture, cross-chain compatibility, and a commitment to fostering a thriving community, making it a promising platform for decentralized application development.

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Shiden Network's strengths

The token Shiden Network (SDN) has several strengths that make it a unique and promising cryptocurrency project.

Multi-Chain Functionality

Shiden Network is a multi-chain decentralized application layer on the Kusama Network, which means it supports various blockchain ecosystems, including Ethereum, Secret Network, and Cosmos. This multi-chain functionality allows for greater interoperability and flexibility, making it an attractive platform for developers and users alike.

Smart Contract Support

Shiden Network supports both Ethereum Virtual Machine (EVM) and WebAssembly (WASM) from day one, providing compatibility with a wide range of smart contracts. This support for multiple virtual machines enables the platform to accommodate a diverse range of decentralized applications (dApps) and use cases.

Incentivizing Developers

Shiden Network offers a unique feature where SDN token holders can stake their tokens on their favorite dApps, allowing both the nominators and the dApp developers to earn SDN tokens. This mechanism provides a basic income for developers, incentivizing them to build and maintain high-quality applications on the platform.

Governance and Staking

SDN tokens have several utilities, including on-chain governance, where token holders can vote on proposals and activities. Additionally, SDN can be used for staking on dApps and collators, allowing users to participate in the network's validation process and earn rewards.

Cross-Chain Capabilities

As a canary network of Astar, Shiden Network focuses on developing and expanding its ecosystem in the fields of cross-chain token bridges and other interoperability solutions. This focus on cross-chain capabilities enhances the platform's overall value proposition and potential for growth.

These strengths position Shiden Network as a robust and versatile platform, well-suited to support a wide range of decentralized applications and use cases, making it an attractive investment opportunity for those interested in the cryptocurrency space.

Shiden Network's risks

Shiden Network (SDN) carries several financial risks. One of the primary risks is its high risk rating, as indicated by InvestorsObserver analysis, which suggests that investing in SDN may be a high-risk venture. Additionally, the token's deflationary issuance policy and limited total supply of 71,336,892 tokens may lead to market volatility and affect its value.

Another risk is the security of the SDN controller, which is a central point of control for the network. If the controller is compromised, it could lead to significant financial losses for investors. Furthermore, the scalability of the network is also a concern, as a centralized controller may struggle to manage large networks, potentially leading to performance degradation and financial losses.

The interoperability of network devices from different vendors is another challenge that could impact the financial performance of SDN. Different vendors may use different versions of the OpenFlow protocol, making it difficult for devices to work together seamlessly, which could lead to additional costs and financial risks.

Lastly, the token's utility and its reliance on the lockdrop mechanism, which incentivizes network participants, may also pose financial risks if the mechanism fails to attract and retain participants or if the incentives are not sufficient to maintain network activity.

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Did Shiden Network raise funds?

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Shiden Network’s team

  • Sota Watanabe: CEO of Stake Technologies, the organization building Astar Network, and the founder of Shiden Network.

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