- The Shiba Inu marketing lead, Lucie, has explained why the BONE token was created and how it is used in the SHIB ecosystem.
- Initially, BONE was meant to reward SHIB holders but its purpose was later changed to facilitate SHIB burns on Shibarium.
- Lucie also compared SHIB to BTC, emphasizing the decentralized nature of both cryptocurrencies.
Shiba Inu’s marketing lead, Lucie, reveals the original purpose of the BONE token and draws parallels between SHIB and BTC. Understand the intricacies of the SHIB ecosystem and its decentralized approach.
The Original Purpose of BONE
Lucie, the official marketing lead for Shiba Inu, recently shared insights into the creation of the BONE token. Initially, BONE was created to reward SHIB holders. However, the purpose of the token was later changed to facilitate SHIB burns using the layer-2 solution, Shibarium. The decision to change the token’s purpose was made for practical reasons, and it’s unclear whether this decision was made before or after the departure of SHIB’s founder, Ryoshi, in May 2022.
BONE’s Role in the SHIB Ecosystem
BONE tokens now power transactions on Shibarium, serving as a means for paying gas fees. A portion of these fees is set aside for developers to continue maintaining the network, while the other part is converted into SHIB and moved to unspendable wallets to be burned. Lucie emphasized the importance of each token playing its own role in the Shibarium ecosystem.
SHIB’s Comparison to BTC
In a recent tweet, Lucie addressed complaints about slow SHIB burns and the developer team’s current non-contribution to them. She stated that there is no centralized authority behind Shiba Inu, drawing a parallel to Bitcoin, the original cryptocurrency created by the elusive Satoshi Nakamoto. Lucie reminded the community that the team cannot burn SHIB at will; Ryoshi destroyed his own burn keys and handed the vision to Shytoshi Kusama.
The Decentralized Nature of SHIB
The point of creating SHIB was to allow other developers to build their products and dApps around Shiba Inu. Lucie stated that those who want more SHIB meme coins to be burned need to create tools with high utility. In this case, BONE will be earned by the team, which they will later convert into SHIB and burn. She added that “no one can stop you because, just like around BTC, EVERYONE can build around SHIB.” However, building on SHIB requires significant financial resources, focus, and persistence.
Conclusion
The BONE token, initially created to reward SHIB holders, now plays a crucial role in the SHIB ecosystem by facilitating SHIB burns on Shibarium. Lucie’s comparison of SHIB to BTC underscores the decentralized nature of both cryptocurrencies. As SHIB continues to evolve, the community’s role in creating high utility tools will be instrumental in driving SHIB burns and contributing to the ecosystem’s growth.
