The BabyDogeCoin team has announced a proposal to renounce the BabyDoge token contract on both the Ethereum (ETH) and Binance Smart Chain (BNB) networks.
This move is aimed at enhancing decentralization and increasing trust within the BabyDoge ecosystem.
The renouncement of the token contract means that no single entity will control the BabyDoge token contract. According to the BabyDoge team, this measure is expected to reduce the risk of administrative misuse or malicious activities, thereby increasing the security and trust of the BabyDoge ecosystem.
The entire process is anticipated to take one to two weeks, including thorough verification and communication with the community. The BabyDoge team has committed to announcing proposal details, timelines, and updates through their official channels on Twitter, Discord, and Telegram.
BabyDogeCoin (BABYDOGE) is a deflationary cryptocurrency launched in June 2021 by the Dogecoin community. Modelled after the success of Dogecoin (DOGE), it operates on the Binance Smart Chain (BNB) and aims to support animal adoption and welfare initiatives.
A significant aspect of this proposal is that once the token contract is renounced, no further changes can be made. Therefore, a comprehensive review and confirmation process is essential to ensure all aspects are carefully considered.
The team has asked for the community’s support and emphasized the importance of clear and transparent communication to ensure understanding and backing for this move.
As of press time, the community response appears to be overwhelmingly positive, with 99.4% of the current total votes in favour of the proposal.
Voting on the proposal is open until June 5, 2024, in a bid to allow all community members to have their say in this significant decision.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.
