Unveiling the intricacies of Shiba Inu's recent "BONE Contract Renunciation" announcement, this article provides an in-depth understanding of its impact on the crypto ecosystem, security measures, and how it plays a crucial role in future listings.
Stay ahead of the curve with these insights.
Contents
BONE Contract Renunciation by Shiba Inu
On September 16, 2023, Kaal Dhairya, a developer for Shiba Inu (SHIB), updated the official SHIB blog to reveal details about the "BONE Contract Renunciation," a significant future initiative.
Contract renunciation refers to the process of relinquishing control and administrative rights over a smart contract operating on the blockchain. This is considered a crucial process to counteract potential malpractice by developers.
Once the control of the contract is renounced, no further alterations or operations can be conducted, making the contract immutable and secure for its intended function.
In the cryptocurrency industry, fraud schemes that involve manipulating contracts to inflate token supply or impose unfair fees are common. As such, from a security and trust standpoint, relinquishing ownership and control over contracts is emphasized.
The Importance of BONE's Contract Renunciation
This announcement details how the BONE cryptocurrency, used in the decentralized exchange "ShibaSwap" and the trending Layer 2 "Shibarium," will undergo contract renunciation.
When the control and administrative rights for BONE are renounced, the token becomes immune to unauthorized changes, thus enhancing its security and fraud prevention measures.
Moreover, contract renunciation is cited as a key factor for listing tokens on major cryptocurrency exchanges like "BINANCE." It is reported to expedite BONE's listing process.
Reasons for the Delay in Contract Renunciation
Shytoshi Kusama, the Chief Developer of Shiba Inu, had promised to renounce the BONE contract in August 2023. However, no significant updates were made after that, causing some discontent among the community.
According to the newly published article, this delay is related to the "investor protection measures implemented in BONE's initial design," which includes the adoption of time-locked contracts managed by decentralized multi-signature wallets, making the relinquishment process more complex.
Given the complexities, thorough testing will continue, and while the process has already started, caution is required, thus it will take time.
Steps and Cautions for Contract Renunciation
The announcement also explains the 12-step procedure for contract renunciation, including the creation of new liquidity pools.
Within the process, a dummy token named "Calcium" will be created. The article cautions that if someone tries to sell this token, it should be considered a scam.
Additionally, LUCIE from the SHIB team mentioned in a post on the 12th about upcoming projects, including "BONE Contract Renunciation, ShibaSwap 2.0, TREAT, Shibahub, Metaverse."
Recent updates on the "expansion of a burger franchise using Shibarium" have also been announced, so keep an eye out for new initiatives and developments.