ZyCrypto - 9/18/2023 8:44:01 PM - GMT (+0 )
Kaal Dhairya, a prominent developer associated with Shiba Inu, has stepped forward to offer valuable insights into the ongoing process of renouncing the Bone ShibaSwap (BONE) contract.
The Shiba Inu community has eagerly awaited this move, which involves the team relinquishing control and ownership of the BONE contract, making it impossible for them to create additional tokens. BONE is a cryptocurrency in the Shiba Inu ecosystem that serves as the governance token for the decentralized exchange ShibaSwap and functions as the gas for the recently launched Shibarium Layer-2 Blockchain.
As ZyCrypto reported, back in August, Shiba Inu’s lead developer, Shytoshi Kusama, had reassured BONE holders about the team’s commitment to renounce the contract. He also mentioned that the remaining 20 million BONE tokens would be minted before the renunciation began.
However, since Kusama’s announcement, there has been a conspicuous lack of significant updates regarding the contract’s renunciation, leading to mounting frustration among BONE holders.
In response to this growing concern, Kaal Dhairya, a top developer within the Shiba Inu ecosystem, published a blog post on Saturday, September 16, shedding light on the reasons behind the delay in renouncing the BONE contract.
According to Dhairya, the initial design of BONE was geared towards safeguarding investors against any form of intervention, including actions by administrators. To achieve this, the token was equipped with a Timelock contract controlled by a decentralized multisig wallet. While this security measure was implemented to protect the token’s integrity, it has also introduced an added layer of complexity to the minting and contract renunciation process.
Notably, the blog stated that to ensure a flawless and error-free procedure, the Shiba Inu team is conducting extensive testing before implementing it on the mainnet. Dhairya also outlined the fundamental steps involved, including creating a new liquidity pool, minting BONE tokens to a specific value, and ultimately renouncing the contract. He also noted that a timelock contract with a delay mechanism is employed to enhance security.
Dhairya stressed that the process has already begun, although it necessitates a cautious and meticulous approach, potentially resulting in a gradual timeline for its completion.
“We have already started this process but like anything, it will need to be done very carefully and will take as much time as needed to finish.” Dhairya wrote
That said, the Shiba Inu community has welcomed this news with gratitude, acknowledging the team’s diligent and meticulous efforts in progressing towards the contract’s renunciation. Many users hold optimistic expectations that the anticipated renunciation will enhance BONE’s credibility among investors, potentially leading to listings on additional exchanges and, consequently, a boost in its price.
In the meantime, Saturday’s update has had minimal impact on BONE, trading at $0.80 at press time after experiencing a marginal 1.16% decline over the past 24 hours, according to data from CoinMarketCap.