The developers of Shiba Inu have provided an update on the progress of revoking the Bone ShibaSwap (BONE) contract.

It should be noted that if the Shiba Inu team chooses to give up the BONE contract, they will also give up their control and ownership of the token's contract. This means that once they renounce the contract, they will no longer be able to create new tokens.

Those who are passionate about BONE have been encouraging the Shiba Inu team to abandon the contract so that prominent exchanges, such as Binance, can add the token to their listings.

During August, the main developer of Shiba Inu, Shytoshi Kusama, promised holders of BONE that the team would abandon the contract. He also stated that the development team would need to produce the remaining 20 million BONE before renouncing the contract.

After Kusama's update, there has been no significant news about the BONE contract renunciation. As a result, many BONE holders have taken to social media to express their disappointment with the situation.

Kaal Dhairya, the main developer of Shiba Inu, recently wrote a blog post clarifying the reasons for the team's delay in revoking the BONE contract.

Dhairya stated that the way BONE was originally designed has made it difficult to mint the remaining supply of the token and to renounce its contract. The token was initially created with the intention of safeguarding investors.

To prevent human intervention, specific actions were taken, such as incorporating a timelock contract that was managed by a team.

Dhairya mentioned that due to the intricate process of renouncing the BONE contract, the Shiba Inu team will carry out extensive testing before deploying the procedure on the main network.

Outlined were a series of actions required to renounce the contract of the token. These steps involve establishing a fresh liquidity pool, producing BONE up to the desired amount, and subsequently abandoning the contract.

Moreover, Dhairya mentioned that the team behind Shiba Inu will implement a timelock contract that includes a delay mechanism to ensure safety.

It is noteworthy that Dhairya mentioned the team's initiation of the BONE contract's revocation process. Nonetheless, he emphasized that this course of action requires careful handling and will take some time.

“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

HYIPer.net » BONE contract renouncing plans shared by Shiba Inu team