Shido Whitepaper

• Superior TPS (Unlimited TPS through Sharding) 

• Extremely low or inexistent Gas Fee

• Scalability - Shido Chain is modular by nature

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

• Scarcity - Burns Shido on each transaction

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Shido Chain is a Layer 1 Sharded PoS Blockchain that is Smart Contract based and has the perfect balance of Security, Decentralization and superior TPS. Shido Chain is fully compatible with EVM Environments & Toolings and is built using the Solidity programming language. Shido (token standard SHI20) is the native coin of Shido Chain and works as the governance token. Shido [SHI20] is also the governance and utility token of all DeFi Utility deployed by Shido Global on Shido Chain. Shido Chain is currently under development and Mainnet is set to launch during the first half of 2023 with Alpha Testnet completed as early as March 2023.

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Compatibility

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

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Solidity

 

Shido Chain is built using the Solidity programming language. The vast number of dApps and blockchain developers using Solidity is a key factor for driving the adoption of Shido Chain. The cross-chain compatibility with EVM environments and toolings through EVMOS makes it easy to migrate dApps and run Smart Contracts on Shido Chain.

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Sharded Proof-of-Stake (SPoS)

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Shido Chain works on a Sharded PoS consensus mechanism. It allows high performance and scalability with a superior TPS that increases proportionally. Transaction fees are almost inexistent. It's energy and cost-efficient with a robust governance system. Shido Chain can support fast block generations, within 3 seconds, in comparison to Ethereum Network which generates blocks every 12 seconds.

 

Shido Chain Sharding Solution allows it to divide the blockchain into different zones. We are able to do this by communicating with the IBC Protocol. Each zone is a parallel blockchain that communicates with the main blockchain through the IBC Protocol. The individual zones can validate blocks simultaneously increasing the capability and transactions per second of Shido Chain. In this way, Shido Chain can scale up and increase its speed proportionally at any given time. This is fundamental to avoid congestion and allows for large-scale applications to be deployed onto Shido Chain 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 Chain. Shido Chain 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 database. This will also increase the security of the blockchain. Each shard will allow Shido Chain to process more transactions versus a single node. Sharded Proof-of-Stake ensures that Shido Chain 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 Chain are designed in the blockchain protocol. Each token issued on Shido Chain meets a specific standard. The usual standard on Shido Chain is SHI20, where 'SHI' is short for Shido, the name of the blockchain, and '20' is the token version.

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 Chain 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 Chain. The singularity of a unique token is that its data will integrate a suite of computer codes to generate a smart contract on Shido Chain. 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, 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 Chain to ensure it's Deflationary Nature. Our Burn Mechanism burns a fraction of the transaction fee for each transaction made on Shido Chain. Each TX fee on Shido Chain is divided into two different parts.

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The first part of the transaction fee is the Base Fee, which is instantly paid to the Shido Chain Validators. Second part of the transaction fee is the Burn Fee which is instantly getting locked up in the Burn Contract allocated on Shido Chain. Once the Burn Amount has reached it's treshold 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 SHIDO tokens from the total supply.

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Our Burn Mechanism is solving the inflationary nature that most blockchains are battling. The SHIDO rewards paid to Validators, which is a running cost, will always be lower than the dynamic burn rate. This is making Shido Chain a hard coded Deflationary Blockchain.

 

Validator Application

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

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Security

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Security is the most important aspect of Shido Chain. We have multi-layer security of the highest standard set in place. Some features that are included are a Byzantine Fault Tolerant system, 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 Chain. Shido also has a full support and maintenance team working on Shido Chain covering all hours.

 

Shido Bridge

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Shido Bridge will be the main gateway onto Shido Chain for $SHIDO token holders and other users. 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 completely free and seamless 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 Chain.

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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 Chain known as wrapped tokens. Using Shido Portal you are able to create and mint new tokens on Shido Chain. The newly minted tokens are pegged to the value of the original token. So users can easily migrate tokens to Shido Chain increasing the adoption rate and moving liquidity. This is process is commonly known as wrapped tokens. You 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 an incubation program for Shido Chain. There will be at least three significant Airdrops from 3 different projects on Shido Chain. For the first Dex, Launchpad and Oracle launched on Shido Chain 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 being taken, 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].

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Zero Carbon Footprint

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Shido Chain is a climate neutral blockchain. Our Validator Nodes are running alongside our Carbon Neutral Program that ensures Shido Chain 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 Chain is already energy efficient due to its design and PoS consensus mechanism. To achieve zero impact we are simultaniously 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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Shido Chain will have a high focus on DeFi, P2E Games and Metaverses.

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​Shido Chain is set to launch in the first half of 2023.