Shiba Inu vs Dogecoin
Shiba Inu refers to himself as “decentralized meme token that has evolved into a vibrant ecosystem”, looking at Dogecoin’s meme culture appeal. The cryptocurrency is called the “Dogecoin Killer,” but how is it actually different from Dogecoin?
Shiba Inu is an ERC-20 token on the Ethereum blockchain: it was created and hosted on the Ethereum blockchain rather than having its own. Dogecoin, on the other hand, has its own blockchain. ERC-20 tokens are stored and sent through Ethereum addresses. The biggest difference, however, is the decentralized exchange ShibaSwap. This makes Shiba a part of the decentralized financial ecosystem on Ethereum. Investors can take advantage of certain features such as token exchange, staking, and earning returns that Dogecoin does not allow.
Key insights at ShibaSwap
However, an audit of ShibaSwap revealed a number of “key findings” including major centralization and privilege risks, where a developer had the power to “retire any ERC20 token BoneToken to any address” they were free to choose. More importantly, all tokens could be lost if that person is hacked. These issues have since been resolved, but ShibaSwap has only been audited once and it’s impossible to know whether or not the team will keep the changes they showed the auditor.