Shido Whitepaper

• Superior TPS (Unlimited TPS through Sharding) 

• Extremely low, almost inexistent Gas Fee

• Scalability - Shido is modular and scalable by nature

• Compatibility - EVM compatible, WASM and IBC (Inter-Blockchain Communication)

• Scarcity - Burns SHIDO on each on-chain transaction

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Shido is an infinitely scalable Layer 1 Proof-of-Stake Blockchain that has the perfect balance of Security, Decentralization and superior TPS. Shido is fully compatible with EVM Environments, WebAssembly and is built using the Solidity programming language. SHIDO (token standard SHI20) is the native coin of Shido and works as the governance token. SHIDO [SHI20] is also the governance and utility token of all DeFi Utility deployed by Shido onto the Blockchain. Shido is currently under development with Mainnet set to launch in December, 2023.

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Compatibility

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Shido is modular and scalable by nature. The scalability spans both horizontally and vertically. It natively interoperates with other blockchains and is part of the Cosmos Network of inter-connected blockchains. Shido is building a capability-based system on top of Tendermint with open-source modules. As Shido also is EVMOS integrated makes it compatible with Ethereum dApps and other EVM environments such as Binance Smart Chain. Ethereum Virtual Machine enables developers to seamlessly value transfer and run smart contracts from EVM environments onto Shido. In addition, the IBC protocol empowers Shido to link decentralized applications on various inter-connected blockchains and benefit from both joint liquidity and value transfers within the Cosmos. On top of this, Shido also has an on-chain WASM Compiler, enabling developers to freely choose programming from languages such as RUST.

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Solidity

 

Shido Network is built using the Solidity programming language. The vast number of dApps and blockchain developers using Solidity as main language is a key factor for driving the adoption of Shido. The cross-chain compatibility with EVM environments and WebAssembly makes it easy to migrate dApps and run Smart Contracts on Shido for any Web3 developer.

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Sharded Proof-of-Stake (SPoS)

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Shido works on a Sharded Proof-of-Stake consensus mechanism. The consensus engine allows for high performance and scalability, with a superior TPS that can be increased proportionally. Transaction fees on Shido are very low, almost inexistent. The blockchain is energy and cost-efficient with a robust decentralized governance system. Shido can support fast block generations, between 0.8-2,5 seconds, with single block finality where each transaction added are instantly final. This in comparison to Ethereum Network which generates blocks every 12 seconds.

 

Shido Sharding Solution allows us to divide the blockchain into different smaller zones. We are able to do this by communicating through the IBC Protocol. Each zone is a parallel blockchain that communicates with the main blockchain instantly through the protocol. The individual zones can validate blocks simultaneously increasing the capability and transactions per second of Shido. In this way, Shido can scale up and increase its speed proportionally at any given time. This is fundamental to avoid any potential congestion of the network and allows for large-scale applications to be deployed onto Shido without effecting the performance.

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​The Sharded Proof-of-Stake consensus mechanism will give Shido the necessary authority to ensure the security and reliability of Shido. Shido validators will propose and validate each new block created in the different zones. The sharding solution ensures decentralization and scalability by eliminating the need for a large centralized database, which will also increase the security of the blockchain. Several shards will allow Shido to process more transactions versus a single node. Our Proof-of-Stake ensures that Shido will stay secure, decentralized and highly scalable both vertically and horizontally for the foreseeable future.

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Token Standard

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The digital tokens available on Shido are designed in the main blockchain protocol. Each token issued on Shido meets a specific standard set. The usual standard on Shido is SHI20, where 'SHI' is short for Shido, the name of the blockchain and ecosystem, and '20' is the token version used.

SHI20 Fungible Token

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The fungible token SHI20 is an interchangeable token. Each token has the exact same value and can be traded 1:1 with each other, which by definition makes it a fungible token. The SHI20 standard concerns only fungible tokens and are similar to ERC20, BEP20 or USDT.

SHI30 NFT - Non-Fungible Token

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The NFT standard, or non-fungible token, on Shido is called SHI30. Regardless the fact that the SHI30 NFT standard is built on the principle of the SHI20 standard, they are different. Tokens that follows the SHI30 standard comes with a transaction history.

The non-fungible token SHI30 is a designed computer program. This standard will allow each digital possession to be certified and authenticated through the mechanism of Shido. The singularity of a unique token is that its data will integrate a suite of computer codes to generate a smart contract on Shido Network. The smart contract address will gather all the information relating to the NFT and will allow the ownership of this unique SHI30 token to be transferred securely. The SHI30 standard therefore refers to the characteristics of non-fungibility which represents a unique token. The standard of an NFT will be based on a set of unique token information such as its popularity, its age and its degree of rarity. These characteristics will help assigning the SHI30 NFT a specific value differentiating it from other non-fungible tokens.

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Deflationary Blockchain

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Shido has built in a Burn Mechanism on Shido to ensure it's Deflationary Nature. Our Burn Mechanism burns the transaction fee including the priority fee for each transaction made on Shido. Each TX fee on Shido is divided into two different parts.

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The first part of the transaction fee is the Base Fee. Second part of the transaction fee is the Priority Fee. In comparison to Ethereum Network, Shido is burning both the base fee and the priority fee. Once the Burn Amount has reached it's threshold in the Shido Burn Contract, the Burn Function gets triggered. The Burn Function then automatically sends the tokens to a 'dead wallet' and remove the native SHIDO coins from the total supply and circulation.

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Our Burn Mechanism is solving the inflationary nature that most blockchains are battling whilst minting and paying rewards to Validators. The SHIDO rewards paid to Validators, which is a running cost for the Ecosystem, is paid by revenue from Shido Utility. Which is a vast amount of revenue streams. This is making Shido a hard coded deflationary Blockchain different from other prominent ecosystems.

 

Validator Application

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​The Validator decentralized application is a web-based application. In the Validator dApp, all Shido Validators can easily onboard the blockchain. Shido Validators can both deposit and stake, or, unstake and withdraw their funds at any time using the Validator dApp. The Shido validator application shows real-time status of all validators on the blockchain and the respective amounts staked.

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Security

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Security is the most important aspect of Shido. We have a multi-layer security of the highest standard set in place. Some features that are included are a Byzantine Fault Tolerant system from Tendermint Consensus Engine, Reliable Validator Nodes with Firewall on all permissioned nodes, EdDSA signature scheme to protect transactions, Instant Response Readiness, Requested Encryption, Secured Authentication, Two Factor Authentication and Server-side captcha. This is to mention a few of the security measures put into place for Shido. Shido also has a full support and maintenance team working on Shido covering all 24 hours.

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Shido Bridge

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Shido Bridge is a decentralized bridge and the main gateway for liquidity onto Shido. Both for current $SHIDO token holders as well as other users and developers. Using Shido Bridge the $SHIDO tokens holders are able to migrate their BEP20 or ERC20 $SHIDO to SHIDO [SHI20] coins. Shido will not charge any fee for migrating tokens to SHIDO [SHI20] native coin. It will be a completely free and seamless transaction besides the gas fee from the origin chain, which in this case is either Ethereum or Binance Smart Chain. Shido will always encourage the adoption of Shido and on-chain liquidity.

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Shido Portal

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Shido Portal is a decentralized token bridge communicating with Ethereum and Binance Smart Chain. Existing projects and communities on these chains can seamlessly move tokenized assets onto Shido known as wrapped tokens. Using Shido Portal you are able to create and mint new tokens on Shido. The newly minted tokens are pegged to the value of the original token. So users can easily migrate tokens to Shido Network increasing the adoption rate and onboarding liquidity. This is process is commonly known as wrapped tokens. Users are also able to use the bridge to unwrap the tokens again back to the chain of origin. Shido will not charge any fee for bridging tokens, it will be free besides the gas fee from the origin chain. 

 

Incubation Program

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Shido is starting a full incubation program for Shido. There will be at least three significant Airdrops from 3 different projects on Shido. For the first Decentralized Exchange, Launchpad and Oracle launched on Shido we will airdrop their native tokens for the current holders of SHIDO [SHI20], product users and contributors. Details will be shared at a later stage, but it all starts right now. Snapshots of current $SHIDO holders are currently ongoing, even before further details regarding the incubation program are announced. If you are holding ERC20 or BEP20 $SHIDO today, you will be eligible for Airdrop of SHIDO [SHI20] native coin when Shido Mainnet launches.

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Zero Carbon Footprint

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Shido is a climate neutral blockchain. Our Validator Nodes are running alongside our Carbon Neutral Program that ensures Shido does not impact the environment. Our Zero Carbon Footprint program collects rewards to our Green Fund that is used to reduce the climate impact to zero.

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Shido is already energy efficient due to its design and Proof-of-Stake consensus mechanism. To achieve zero impact we are simultaneously running Shido Carbon Neutral program were we are reforesting and planting trees in Africa. We are together with OneTreePlanted.org reforesting the nature in Côte d'Ivoire, Ethiopia, Ghana, Kenya, Malawi, Rwanda, Tanzania and Uganda.

 

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Due to Shido's architecture will have a high focus on DeFi, P2E Games and Metaverses.

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​Shido Network Mainnet is set to launch in December, 2023.