BNB
by BSCN
June 6, 2024
The process, expected to take 1-2 weeks, will involve calling the renounceOwnership function on both networks, ensuring no further changes can be made to the contract.
The Baby Doge has successfullyย passed a proposal to renounce ownership of the Baby Doge token contract on both Ethereum (ETH) and Binance Smart Chain (BNB Chain).ย
Theย proposal initially suggested on May 29, was overwhelmingly approved by the community and marks a significant step toward enhancing decentralization and community trust.
๐ Exciting News! Weโve proposed to renounce the BabyDoge token contract on ETH & BNB Chain! ๐ถ
โ Baby Doge (@BabyDogeCoin) May 29, 2024
๐น Decentralization: Enhances trust and transparency within our community.
๐น Security: Reduces the risk of admin misuse or central control.
๐น Industry Standard: Following in theโฆ pic.twitter.com/sGBohI97EP
A total of 848 trillion votes were cast for the proposal, with 99.53% voting in favor and only 0.47% opposing it.ย
The primary objectives of the proposal are to enhance decentralization, security, and community trust. According to Baby Dogeโs official announcement, the renouncement of ownership aims to align with the true ethos of decentralized finance (DeFi).
Decentralization: Renouncing ownership ensures that no single entity has control over the token contract, which aligns with the principles of DeFi.ย
ย
Security: By renouncing ownership, the risk of potential admin misuse or malicious activity is significantly reduced. This reportedly enhances the overall security of the Baby Doge ecosystem.
The BabyDoge team intends to keep the community informed throughout the process through official channels such as Twitter, Discord, and Telegram. In accordance with reports, regular updates will be provided to ensure transparency and understanding.
ย
The full renouncement process is expected to take approximately 1-2 weeks, including verification and community communication. BabyDoge team has alreadyย renounced the BabyDoge token contract on Ethereum.
ย
The primary risk associated with this renouncement is its finality. Once ownership is renounced, no further changes can be made to the contract.ย
ย
BabyDoge isย trading at $0.00000000194, with almost no change in 24 hours, as of writing.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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