Crypto Market News: Elon Musk is facing a task in hand thanks to artificial intelligence based tools, which is to prevent data scraping and system manipulation on Twitter. Earlier, CoinGape reported that the social media platform blocked data access to AI based chatbots like ChatGPT. This came as part of a pool of new restrictions the company made on Saturday, which impacts the number of posts each user can access in a single day. Musk’s trademark was evident with the platform severely skewing the rules in favor of paid users when compared to non-verified users.

Also Read: Popular Analysts Predict 10% Rally In Ethereum Against Bitcoin, Will Altcoins Follow?

Meanwhile, Twitter’s data scaping problem appears to have a solution in the crypto market. Interestingly, the solution bypasses the need for placing limits on daily tweets accessed by users to prevent scraping.

Theta Network (THETA) Tech

According to Theta Network supporters, its technology offers a framework for decentralized data streaming and delivery that could potentially prevent unauthorized data scraping by AI companies. Data scraping involves usage of software tools or scripts to pull out data from websites and databases, which is posing a major threat to user data safety on the internet. In recent times, it has been stated that AI companies have been using data scraping tools to be able to train their large language models (LLMs). Elon Musk’s criticism of AI development is well known, after his support to the demand for limiting the pace of development in the industry.

A Twitter account named Larry, a THETA supporter, explained how Theta Network’s “Methods and systems for a decentralized data streaming and delivery network” patent can help in the social media company’s cause.

“This technology could potentially reduce the need for Twitter to impose daily post viewing limits, thereby enhancing the user experience.”

Overall, a collaboration in this direction could be a massive boost for the crypto market. Yet, it remains to be seen if Musk is keen on developing an in-house tech solution.

Also Read: Bitcoin Shrimps Racks Up More BTC; Is This A Signal Of Bull Run?

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

• Key network validator gives update on launch date for Shibarium public beta testnet launch.
• Shib to benefit greatly from the launch as adoption is bound to rise and possibly send prices to $0.10.

Shiba Inu is set to take over the crypto market with the launch of its new Layer-2 scaling solution Shibarium. The launch of Shibarium has been teased for the most part of 2022. Developers are now updating the Shib community on the next move to keep an eye out for.

In a recent tweet from Ringoshi Toitsu, the operator of FUND REUMining and Validator on the Unification maincahin, revealed that Unification and Shib are coming together to “unify data together.”

Toitsu also gave more insight on when to expect the launch in response to a twitter user who insisted on getting an exact date for public beta testnet launch.

“Unification and SHIB team are working non stop to have Shibarium released. There is no exact date provided & would be against my ethics to provide a solid date with no substantial evidence. Best we can do is speculate SOON given the recent github updates.” He explained.

However, a Shib influencer known as Shib BPP, has revealed that the beta testing is going to come right after the documentation process, which is next on developers list.

He also pointed out the addition of a “Shibarium announcement” section to the official Shiba token community on Discord.

$SHIB discord has added a new section #SHIBARMY pic.twitter.com/ySfjkXvj7E

— $SHIB BPP (@ShibBPP) January 4, 2023

Meanwhile, developers have taken time out to clear up rumors surrounding the upgrade. Via the official Shibarium network twitter handle, developers confirmed that Bone is the only token selected by developers for usage and gas fees. “No other tokens will be necessary to operate within the protocol.” They added.

Shibarium Update

As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.

Follow us for the latest crypto news!

1/6

— Shibarium Network (@ShibariumNet) January 4, 2023

Developers have also debunked claims that suggests that Shibarium is being developed for other tokens.

“Furthermore, and to make it strictly clear: Shibarium has been developed for @Shibtoken and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens.” They explained in another tweet.

Developers reminded community members that the layer-2 scaling solution only belongs to the Shib community and its “solid foundation.” Shibarium will always encompass support Shiba sinus and its growth, they added.

Can Shib attain a price level of $0.10?

Shiba Inu has seen a commendable spike in its price since its launch in August of 2020. Since then, the meme coin has been mentioned side by side with the likes of Dogecoin, one of the longest-standing memecoin in the market.

Shib’s highest price to date is $0.000086. Shib attained this price on the 28th of October and has since dropped to $0.000084.

Shibarium’s launch is expected to take to bring scalability to the network, and this could in turn help Shib to gain more momentum in the market.

Some analysts have also predicted that Shiba Inu has the capacity to rise to $0.10 this year. But in the short term, some are predicting a 30% spike in price before the end of January.

• The SHIB Army is quite excited about the launch of Shibarium, the Layer-2 scalability solution for Shiba Inu.
• Shibarium brings along some key benefits like higher throughput, lower fees, token utility, and much more.

Shiba Inu was one of the most celebrated memecoins during the crypto bull run of 2021. Last year in 2022, the Dogecoin-competitor faced severe correction as altcoins plummeted amid the crypto winter.

However, the Shiba Inu developers have been working on expanding the ecosystem further. One of the most awaited developments for Shiba Inu is its Layer-2 scalability platform Shibarium. While Shiba Inu developers have been working on this exciting development, the SHIB Army is still curious to know why Shibarium is so important and what it exactly does.

As Shiba Inu is closing up to the launch of Shibarium, let’s understand what exactly this new-layer blockchain has to offer.

What Is Shibarium?

Dubbed Layter-2, Shibarium is not exactly a blockchain but an additional layer that runs atop the Ethereum blockchain network. The basic purpose of the Layer-2 scalability platform Shibarium is to take the extra load of Shiba Inu transactions so that it doesn’t solely rely on the Ethereum blockchain.

One of the major issues with the scalability of Ethereum is that all the transactions will be processed on-chain. It means that they will be recorded directly on the blockchain. This might lead to congestion due to the limited amount of space on the blockchain to store transactions.

Here’s where the Layer-2 scalability solution Shibarium comes into the picture. It works by allowing users to perform off-chain transactions which can later be settled on-chain in a batch. Since on-chain settlements happen less actively, it also allows faster and cheaper transactions.

The Layer 2 scalability solution Shibarium also brings along some interesting benefits to the platform. This includes higher throughput for the ecosystem’s users. Another major benefit is that Shibarium will introduce a burning mechanism for the SHIB coins. The massive supply of SHIB tokens is also one of the major obstacles to its transformation into a utility token. Shibarium will help alleviate some of this problem.

Some market players also believe that Shibarium can play a crucial role in the development of decentralized applications (DApps) on the Shiba Inu platform. Besides, as Shiba Inu plans to expand its footprint in the Metaverse space, Shibarium can play a crucial role in this matter.

The Layer-2 scalability platform Shibarium has also got its principal utility token BONE.

Before Shibarium Launch, Ethereum Whales Scoop SHIB coins

On Tuesday, January 3, Shiba Inu (SHIB) popped up as Ethereum whales started scooping a large number of SHIB coins. Also, the SHIB price jumped on Tuesday due to a massive surge in the Shiba Inu burn rate. Over 182 million tokens were burned in just a matter of 24 hours. As of press time, SHIB is trading at a price of 0.000008261 and a market cap of $4.5 billion.

In the past 24 hours, there have been a total of 182,339,090 $SHIB tokens burned and 11 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) January 3, 2023

• Decentralized exchange SundaeSwap recently made a deployment on Hydra showing its ability to accomplish very fast settlements.
• Cardano’s Hydra is aiming for one million TPS with a latency period being less than one second.

One of the major challenges for blockchain networks is addressing the scalability issues as thousands of new users join every day. The Cardano blockchain network is one such platform that actively working to address this matter.

The Cardano has been actively working on its Layer-2 scalability solution Hydra. The Hydra protocol will work atop the existing Layer 1 Cardano blockchain. The Hydra scalability solution seeks to address several concerns while ensuring an optimum fee structure acceptable to both – validators and users.

Thus, the Hydra protocol seeks to minimize latency, maximize throughput, incur low to no costs, as well as reduce storage requirements significantly. It seeks to achieve a throughput that will cater to applications in the real world. This includes identification, payment, gaming, or mobile services.

By leveraging the power of Hydra, Cardano-based decentralized exchange (DEX) SundaeSwap achieved a major milestone last weekend. It recently showed a small demo of very fast settlement by deploying SundaeSwap on the Cardano blockchain network. The announcement noted:

Today our team is excited to demo something we’ve been hard at work on for months: SundaeSwap on Hydra! While a ways out, this is an important milestone in not just our scaling journey, but Cardano’s as well.

This development will encourage a lot of decentralized exchanges to set up their platform on the Cardano blockchain in the future.

Today our team is excited to demo something we’ve been hard at work on for months:

SundaeSwap on Hydra! While a ways out, this is an important milestone in not just our scaling journey, but Cardano’s as well.

We’ll provide detail later, but in the meantime check out our video pic.twitter.com/eRyUPT88QL

— SundaeSwap Labs (@SundaeSwap) October 14, 2022

Cardano Hydra – Achieving one million TPS

If the blockchain platforms have to compete with legacy systems such as Visa and Mastercard they have to offer throughput to the scale of millions of transactions per second. With the Hydra protocol, the Cardano blockchain is taking up this challenge on its sleeves.

When it comes to scalability, one of the sole metrics of consideration is transactions per second (TPS). On the existing Cardano blockchain, the minimum latency is 20 seconds for adding one block. However, in Layer 2 protocols like the Hydra, it is possible to attain confirmation times of less than a second.

Cardano believes that the Hydra protocol can help it achieve the aspirational target of one million transactions per second (TPS). “Throughput measured in TPS per Hydra head is secondary, and mostly limited by the available hardware. In principle, by adding increasing numbers of Hydra heads to the system, arbitrarily high throughput can be achieved by the system as a whole,” notes Cardano’s parent group, Input Output Global (IOG).

Cardano noted that they will continue to develop the Hydra-node and the Hydra Head protocol until it becomes a stable foundation for the community.