Monday, December 4, 2023

Shiba Inu Token Falls 10% Amid Shibarium Code Drama |Updated|

The price of Shiba Inu’s (SHIB) dropped by 10% in the last 24 hours due to controversy surrounding the codebase of the Shibarium blockchain, which is set to be launched soon.

Last week, as CoinDesk reported, the much-anticipated Shibarium blockchain made its layer 2 network beta version available. A blockchain that simulates real-world operation is called a beta testnet. On top of layer 1 protocols, layer 2 refers to a collection of off-chain technologies (distributed blockchains) that alleviate scale and data bottlenecks.

Thoughts were raised on Thursday morning on Shiba Inu’s Discord channel, and the excitement around the launch was put on hold. Shibarium’s beta testnet leveraging an existing blockchain’s Chain ID raised issues.

When implementing a blockchain, “Chain ID is the easiest thing each Blockchain engineer searches for first,” commented community member Steve. Because your chain wouldn’t function properly if you used an existing ID, everyone attempting to communicate with it would instead interact with the other chain.

Why does the rinia testnet genesis file appear to have been stolen by the Shibarium test net? the name was changed from renia. But neglected to update the chain ID,” Steve continued.

Developers and other well-known community members responded quickly to the issues. One JesusM posted on the Discord channel, “There is absolutely no indication that this is a fork of a chain that began last month. “Code is constantly forked. Nevertheless, there is no proof that it was.

Another network validator from Discord, “Justinlime,” added: “Even if some of the code was utilized in the beta does not indicate all of it was. It seems quite unlikely that it is a direct fork with no changes. At its core, FOSS (free and open-source software) stands for forking and improving upon existing software.

When writing, the BONE and LEASH tokens from the Shiba Inu ecosystem had also fallen more than 10% the previous day.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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