The Shib Association, a newly formed initiative by the team behind Shibburn, has clarified that its upcoming Shiba Inu-focused blockchain is not just a fork but built differently. The association aims to drive SHIB adoption and has shared insights about its new SHIB-focused blockchain.
Previously, it was reported that the new blockchain would solely focus on SHIB and enable users to pay fees with a pegged version of the asset. However, this led to speculations that the new chain would be a fork of an existing blockchain or even a fork of a forked blockchain.
In a recent update, the Shib Association denied such claims and revealed that their new blockchain is “built differently.” They clarified that it is not a cloned version of any blockchain but rather a layer-1 blockchain that operates independently with its own consensus and security model.
The association also mentioned that the new blockchain will have a “rock-solid” use case, which will help it gain appeal in a highly competitive crypto landscape. This sets it apart from the Shibarium network, which is a layer-two (L2) solution built on Ethereum. While Shibarium uses BONE tokens as gas for transactions, the new blockchain will use a pegged version of Shiba Inu.
One of the goals of the new SHIB-focused chain is to find a balance between offering low fees to users and helping burn SHIB to reduce its supply. The association aims to burn “over a cent” on each transaction while keeping fees low. This will help create a fairer reward model for network participants compared to traditional Proof-of-Work (PoW) and Proof-of-Stake (PoS) networks.
It is important to note that the new blockchain is still in its early development stages. More information about its design and links to the SHIB ecosystem will be available shortly.
In conclusion, the newly launched Shib Association has clarified that its upcoming Shiba Inu-focused blockchain is not just a fork but built differently. The association aims to offer a unique and competitive blockchain solution specifically tailored for SHIB, with low fees, SHIB burns, and a fairer reward model. As the development progresses, more details will be shared with the community.