The newly launched Shib Association has clarified that its upcoming Shiba Inu-focused blockchain is not just a fork but built differently.
The Shib Association is a new initiative formed in August by the team behind Shibburn. The association, which seeks to pursue efforts to drive SHIB adoption, has now shared insights regarding a new SHIB-focused blockchain that it plans to launch.
As previously covered by The Crypto Basic, the new blockchain would solely focus on SHIB, enabling users to pay fees with a pegged version of the asset. However, the announcement led to speculations that the new chain would be a fork of an existing blockchain or even a fork of a forked blockchain.
The Shib Association has denied such claims in a fresh update published on Monday. Rather than being a cloned version of any blockchain, the association revealed that its new blockchain is “built differently.”
Some of you have been asking if the blockchain will be a fork or perhaps a fork of a fork. It's neither. What we're building is a layer 1 blockchain from the ground up, with its native coin pegged to $SHIB, it operates independently with its own consensus and security model. We…
— Shib Association (@ShibAssociation) October 8, 2023
Specifically, the Shib Association mentioned that the new network will be a layer-1 blockchain that operates independently with its own consensus and security model. Additionally, the blockchain will have a “rock-solid” use case that will help it gain appeal in a highly competitive crypto landscape.
Notably, the newly planned blockchain differs from the Shibarium network, which is a layer-two (L2) solution built on Ethereum. While Shibarium uses BONE tokens as gas for transactions, Shib Association’s new blockchain will use a pegged version of Shiba Inu.
New Blockchain to Ensure Low Fees, SHIB Burns, and Fairer Rewards
The Shib Association disclosed as part of its latest update that the new chain hopes to find a balance between offering low fees to users and helping burn SHIB to reduce its supply. The target would be to burn “over a cent” on each transaction while keeping fees low.
Another improvement the SHIB-focused chain would bring is offering a fairer reward model for network participants. The chain will use a Proof-of-Participation (PoP) consensus model, ensuring a “fairer distribution” of tokens compared to Proof-of-Work (PoW) and Proof-of-Stake (PoS) networks.
Moreover, the Shib Association noted that the new blockchain remains in its early development stages. More information regarding its design and links to the SHIB ecosystem will be available shortly.
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