{"id":618585,"date":"2023-03-16T10:52:19","date_gmt":"2023-03-16T15:52:19","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/16\/shibarium-launch-sparks-chain-id-controversy-shib-takes-a-hit-with-10-price-drop\/"},"modified":"2023-03-16T10:52:19","modified_gmt":"2023-03-16T15:52:19","slug":"shibarium-launch-sparks-chain-id-controversy-shib-takes-a-hit-with-10-price-drop","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/16\/shibarium-launch-sparks-chain-id-controversy-shib-takes-a-hit-with-10-price-drop\/","title":{"rendered":"Shibarium Launch Sparks Chain ID Controversy, SHIB Takes A Hit With 10% Price Drop"},"content":{"rendered":"
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You are here: Home<\/span><\/a><\/span>\/<\/span> News<\/span><\/a><\/span>\/<\/span> Shibarium Launch Sparks Chain ID Controversy, SHIB Takes A Hit With 10% Price Drop<\/p>\n

\"shib\"<\/p>\n

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In the world of blockchain technology, the launch of a new project is always a big deal, and the beta release of Shibarium was no exception.<\/p>\n

Shibarium, a layer 2 network built on top of the Shiba Inu blockchain, was designed to address some of the scalability and data issues that have plagued previous blockchain projects.<\/p>\n

However, concerns were raised when a community member pointed out that the Shibarium beta testnet was using the same Chain ID as an existing blockchain, according to a report<\/a>.<\/span><\/p>\n

For those unfamiliar with blockchain technology, the Chain ID is a unique identifier assigned to each blockchain network. Using the same Chain ID as an existing blockchain would be akin to two people having the same Social Security number \u2013 it just doesn\u2019t work.<\/p>\n

The concern raised earlier today by community member Steve was that the Shibarium testnet may have simply copied the code from an existing blockchain without making the necessary changes to the Chain ID.<\/p>\n

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Steve wrote:
Chain ID is the simplest thing any Blockchain dev looks for first when deploying a Blockchain. As using an ID that already exists is just incompetent as your chain wouldn\u2019t work properly and everyone trying to interact with your chain would instead interact with the other chain.<\/p>\n<\/blockquote>\n

Community & Shibarium Team Respond To Concerns<\/h2>\n

The developers and other prominent community members were quick to address the concerns. JesusM, another member of the Discord channel, pointed out that code is often forked and used in new projects and that there was no evidence that Shibarium had simply copied an existing blockchain.<\/span><\/p>\n

Another network validator, Justinlime, pointed out that forking and building upon existing software is a core tenet of the free and open-source software (FOSS) community.<\/p>\n

Even though the community has given reassurances, Steve\u2019s concerns serve as a reminder that blockchain technology is still in its early stages and errors may occur.<\/p>\n

Nevertheless, the Shibarium team\u2019s prompt and transparent handling of the matter is a promising indication of the project\u2019s prospects. Just like any novel technology, there will be obstacles to overcome, but the blockchain community has shown remarkable resilience.<\/p>\n

Moreover, this early morning swing hit the SHIB price hard, causing it to plummet by approximately 10% to $0.0000102. Currently, it has experienced a slight recovery and is trading at $0.00001046, but it remains down by 7.60% in the daily chart, according to the data from CoinMarketcap.<\/p>\n

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Source: CoinMarketcap<\/figcaption><\/figure>\n<\/div>\n

Related Reading | Shiba Inu Metaverse Booth Draws Huge Crowd<\/a><\/p>\n<\/div>\n

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Read More<\/a>
\n Mishal Ali<\/p>\n","protected":false},"excerpt":{"rendered":"

You are here: Home\/ News\/ Shibarium Launch Sparks Chain ID Controversy, SHIB Takes A Hit With 10% Price DropIn the world of blockchain technology, the launch of a new project is always a big deal, and the beta release of Shibarium was no exception.Shibarium, a layer 2 network built on top of the Shiba Inu<\/p>\n","protected":false},"author":1,"featured_media":618586,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3932,117821],"tags":[],"class_list":{"0":"post-618585","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-launch","8":"category-shibarium"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/618585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=618585"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/618585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/618586"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=618585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=618585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=618585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}