Are there any limitations or drawbacks of Shiba being an ERC20 token?

3 answers

• Kim NdutaFeb 12, 2023 · 3 years ago
  As an ERC20 token, Shiba is subject to the limitations of the Ethereum network. This means that it may face scalability issues during periods of high network congestion, leading to slower transaction times and higher fees. Additionally, being an ERC20 token, Shiba relies on the Ethereum network for its security, which means that any vulnerabilities or attacks on Ethereum could potentially impact Shiba as well.
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• Jason StroudApr 19, 2024 · a year ago
  One potential drawback of Shiba being an ERC20 token is the lack of interoperability with other blockchain networks. Since ERC20 tokens are specific to the Ethereum network, it may be more difficult for Shiba to integrate with other platforms or participate in cross-chain transactions. This could limit its potential use cases and adoption in the broader cryptocurrency ecosystem.
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• thebrand paletteNov 23, 2020 · 5 years ago
  From BYDFi's perspective, one limitation of Shiba being an ERC20 token is the reliance on a single blockchain network. While Ethereum is currently the most popular and widely used blockchain for ERC20 tokens, it is always important to consider diversification and explore opportunities on other networks. This can help mitigate risks associated with network congestion and potential vulnerabilities specific to Ethereum.
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