Shiba Inu’s share price fell 10 percent in the past 24 hours as a result of the drama surrounding Shibarium’s computer code. Last week launched the beta version of the long-awaited Shibarium. However, the euphoria surrounding the launch quickly dissipated after it became known that the computer code for the platform may have been copied and stolen.
Stolen computer code?
It wasn’t long before an important member of the Shiba Inu community took to Discord to voice his concerns. According to the community member, Shibarium’s test network used the same Chain ID as an existing blockchain.
“Chain ID is the simplest thing a blockchain developer looks for when they want to publish a blockchain. Using an ID that already exists is not competent, because your blockchain would not work properly with it. Anyone trying to interact with it would be communicating with the other blockchain as a result,” said Steve from the Shiba Inu community.
“Why does it look like the Shibarium test network grabbed the rhinia testnet genesis file. Then the name was changed from Rinia to Shibarium, but Chain ID was forgotten,” Steve adds to his story.
Other developers and prominent members of the Shiba Inu community also stepped in to calm things down. According to them, there is absolutely no evidence that Shibarium is a fork (copy) of a blockchain that launched last month.
What is Shibarium?
Shibarium is a new second layer on Shiba Inu that makes it possible to publish smart contracts. For example, the Shiba Inu community will soon be able to get started with decentralized finance (DeFi), non-fungible tokens (NFTs) and other exciting things that are possible with smart contracts.
In theory, Shiba Inu itself will compete with Ethereum, although it remains to be seen how many people will actually take the project seriously. In the end, it remains a token set up for fun, just like Dogecoin.
On the other hand, Shiba Inu has managed to collect a market cap of several billion dollars in a relatively short time – since August 2020. In that sense it is really starting to represent a decent value.