Shiba Inu’s BONE Contract Renunciation: Developer Kaal Dhairya Explains the Delay

The Shiba Inu community has been on edge, awaiting updates on the much-anticipated renunciation of the Bone ShibaSwap (BONE) contract. This move would effectively make it impossible for the development team to create more BONE tokens, thereby increasing trust among holders. Finally, on Saturday, September 16, Kaal Dhairya, a prominent developer in the Shiba Inu ecosystem, provided some much-needed clarification.

Background

In August, Shiba Inu’s lead developer, Shytoshi Kusama, had promised the BONE holders that the team was committed to renouncing the contract and that the remaining 20 million BONE tokens would be minted before this process began. However, there had been a noticeable lack of updates since Kusama’s announcement, leading to increasing frustration among the community.

Reasons for the Delay

Dhairya published a blog post explaining the complexity involved in the process, which has been a major factor in the delay. According to him, BONE was initially designed with a Timelock contract controlled by a decentralized multisig wallet to protect investors against any unauthorized intervention, including by administrators. This extra layer of security, although crucial for safeguarding the token’s integrity, added complexity to the process of contract renunciation.

The Shiba Inu team is conducting comprehensive tests to avoid any errors when the process is eventually implemented on the mainnet, according to Dhairya. He elaborated that the renunciation involves several fundamental steps: creating a new liquidity pool, minting BONE tokens to a specific value, and then finally renouncing the contract. A timelock contract with a delay mechanism is being employed to enhance the security further.

A Cautious Approach

Dhairya emphasized the need for caution and meticulous planning, stating, “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.”

Community Reaction and Market Impact

The Shiba Inu community has generally welcomed this update, appreciating the team’s careful and measured approach to ensuring the contract’s integrity. Many are optimistic that the successful completion of this renunciation could significantly enhance BONE’s credibility, possibly leading to listings on additional exchanges and an increase in its market value.

As of the last available data, BONE was trading at $0.80 with a marginal 1.16% decline over the past 24 hours, according to CoinMarketCap.

Conclusion

While the lack of updates had initially created tension among BONE holders, Dhairya’s timely intervention has brought a degree of transparency and clarity. The Shiba Inu community now eagerly awaits the successful completion of the renunciation process, hoping that it will serve as a catalyst for BONE’s future growth and credibility.