Shibnobi(Old): A Secure and Simple Multi-Chain Ecosystem for Crypto Enthusiasts

Friends, today let’s talk about a project that once attracted quite a bit of attention in the blockchain world: Shibnobi(Old), also known as SHINJA. Imagine if the blockchain world were a digital metropolis full of all sorts of novelties—then Shibnobi(Old) would be like an ambitious “community center” project in this city, originally aiming to make the metropolis safer, more convenient, and easier for more people to participate in.

However, before we dive in, I want to emphasize: everything I’m about to share is based on the project’s whitepaper and public information, with the goal of helping you understand the project—not as investment advice. The cryptocurrency market is highly volatile and risky, so always do your own research and make decisions carefully.

What is Shibnobi(Old)

Shibnobi(Old) (SHINJA) was first launched in November 2021, positioning itself as a “community-driven” platform. Its core idea is to build an ecosystem for a new generation of crypto enthusiasts, making the crypto world both simple and secure.

You can think of it as a “digital Swiss Army knife”—not just a digital currency (token), but also planning to provide a suite of tools and services. For example, it aims to build a cross-chain decentralized exchange (DEX), like a “super currency exchange center” connecting different national currency exchange points, allowing users to easily swap tokens across Ethereum, Binance Smart Chain, Polygon, and other blockchain networks. In addition, it plans to develop its own blockchain, a secure digital wallet, and even a metaverse environment.

Project Vision and Value Proposition

Shibnobi(Old)’s vision is to “change the cryptocurrency space,” making it safer, fairer, and more transparent for ordinary users and vetted projects. Like an organization dedicated to improving a city’s environment, it hopes to solve current DeFi (decentralized finance) issues such as poor user experience and complex operations, so more people can access this digital world without barriers.

It originally appeared with a bit of a “Meme coin” flavor—Meme coins are cryptocurrencies born from internet pop culture or jokes, like Dogecoin and Shiba Inu. But Shibnobi(Old)’s developers quickly wanted to shed this image, aiming to prove their value by launching practical products and building a large ecosystem.

Technical Features

Shibnobi(Old)’s technical features are mainly reflected in several core components it planned to build:

Shibnobi Swap (DojoSwap)

This is a multi-chain decentralized exchange (DEX), like a global currency exchange platform without middlemen. It aims to solve the problem of inconvenient asset transfers between different blockchains, allowing users to seamlessly swap tokens on Ethereum, Binance Smart Chain, Polygon, and other networks. Imagine being able to easily swap “USD tokens” for “Euro tokens” in one place, without having to visit different banks.

Shibnobi Chain (Kusari Blockchain)

The project plans to develop its own blockchain, called the Kusari Blockchain. This chain is a “hard fork” from Ethereum, like a dedicated lane branching off a highway but with its own unique rules. It uses the Proof-of-Stake (PoS) consensus mechanism, aiming to provide lower transaction fees and faster speeds to address some of Ethereum’s pain points.

Consensus Mechanism: Simply put, this is the set of rules by which all participants (nodes) in a blockchain network agree on the validity and order of transactions. Proof-of-Stake (PoS) is a common consensus mechanism that allows participants holding more tokens to have a greater chance of validating transactions and earning rewards, rather than relying on massive computational power like Proof-of-Work (PoW).

Katana Wallet (3FA Wallet)

This is a secure digital wallet planned to offer three-factor authentication (3FA). It’s like adding multiple password locks to your bank account, greatly enhancing asset security.

Tokenomics

Shibnobi(Old)’s token is SHINJA. Initially, the total supply of SHINJA (V1 version) was extremely large—69 sextillion. This is a “deflationary” token, meaning its total supply decreases over time.

Its tokenomics design includes a set of transaction tax mechanisms:

• Liquidity Pool (LP) Tax: 5% of each transaction goes into the liquidity pool, helping to increase the token’s stability and price floor.


• Reflection Tax: 3% of each transaction is distributed proportionally to all token holders, meaning you can earn passive income from transactions just by holding SHINJA.


• Marketing Tax: 5% of each transaction is used for project marketing and development.

However, it’s worth noting that in November 2022, the Shibnobi project migrated from V1 to V2 contracts. This migration changed the total token supply, with V2 SHINJA’s total supply drastically reduced to 100 billion. This is usually to address price display issues caused by the oversized V1 supply and may come with new tokenomics adjustments.

Deflationary Token: Refers to tokens whose total supply decreases over time, usually through a burn mechanism, theoretically increasing the token’s scarcity and value.

Team, Governance, and Funding

The Shibnobi project was co-founded by Luke Carter and Cliff Fettner in November 2021. Cliff Fettner serves as CEO, Luke C. as CMO, with designer André Santosa and chief moderator Speros Palmer among the core team members.

The project initially emphasized its “community-driven” nature, meaning the community plays an important role in its development. However, it’s worth noting that there have been reports of legal disputes between co-founders, which could impact the project’s governance and development.

Roadmap

Shibnobi(Old)’s roadmap is full of ambition. Here are some key milestones and plans:

• November 2021: Project launch, SHINJA (V1) token goes live on Ethereum.


• December 2021: Whitepaper released.


• February 2022: Official whitepaper publication.


• March 2022: Listed on BitMart, BKEX, and other exchanges.


• May 2022: Listed on P2PB2B.


• June 2022: Project rebranding, aiming to shed the “Meme coin” image, with redesigned logo and user interface.


• November 2022: SHINJA token migrates from V1 to V2, with the new V2 total supply set at 100 billion.


• Future Plans (V1 whitepaper and early promotions):
  
  
  
  • Develop Shibnobi Swap to enable multi-chain swaps.
  
  
  • Launch Kusari Blockchain for lower fees and faster transactions.
  
  
  • Release Katana Wallet (3FA wallet).
  
  
  • Build ecosystem components such as Shibnobi Verse (metaverse), Shibnobi Play (gaming), Shibnobi Software, Shibnobi Studios, and Shibnobi NFT.
  
  
  • Dojoverse (metaverse) planned for release in 2023.
  
  
  
  

Common Risk Reminders

Investing in any cryptocurrency carries risks, and Shibnobi(Old) is no exception. Here are some common risks to be aware of:

• Technical and Security Risks: Although the project claims audits by firms like CertiK, risks such as smart contract vulnerabilities and network attacks are always present in blockchain projects.


• Economic Risks:
  
  
  
  • Price Volatility: The crypto market is known for its wild swings, and SHINJA’s price has also seen significant ups and downs.
  
  
  • “Meme Coin” Background: Although the project is trying to transform, its original “Meme coin” nature may make its price more susceptible to community sentiment and market hype rather than fundamentals.
  
  
  • High Transaction Taxes: The high transaction taxes (buy/sell and transfers) in V1 may affect trading activity and user experience, and could hinder its widespread adoption as a payment method to some extent.
  
  
  • Market Manipulation Risk: A lower market cap may make it more susceptible to market manipulation.
  
  
  
  


• Compliance and Operational Risks:
  
  
  
  • Project Development Uncertainty: Despite an ambitious roadmap, actual development progress and delivery of promises may be uncertain.
  
  
  • Internal Team Issues: Legal disputes between co-founders may negatively impact the project’s stability and future development.
  
  
  • Information Transparency: There have been reports of broken links on the project website and unclear key information (such as circulating supply), which may affect investor trust.
  
  
  
  

Verification Checklist

When researching any blockchain project, here are some key pieces of information you can verify yourself:

• Block Explorer Contract Address: Shibnobi(Old) (V1)’s Ethereum contract address is
  0xab167E816E4d76089119900e941BEfdfA37d6b32
  . You can check transaction records and holder information for this contract on Etherscan and other block explorers.


• GitHub Activity: Check the project’s GitHub repository to see code update frequency and developer community activity.


• Official Website and Social Media: Visit the project’s official website (if still available) and official social media channels (such as Twitter, Telegram) for the latest information and community updates. However, note that Shibnobi’s official website shibnobi.com has been offline since October 30, 2024.


• Audit Reports: Look for and read audit reports issued by third parties such as CertiK to understand the security assessment of its smart contracts.

Project Summary

Shibnobi(Old) (SHINJA) is a blockchain project launched in 2021, carrying a “Meme coin” background but with a grand vision to build a comprehensive, secure, and user-friendly DeFi ecosystem. It plans to enable multi-chain swaps via Shibnobi Swap, provide efficient transactions through the Kusari Blockchain, and secure user assets with the Katana Wallet. Its V1 token SHINJA featured a deflationary mechanism and transaction taxes, aiming to reward holders and support project development.

However, the project’s development has not been smooth. In 2022, it underwent a migration from V1 to V2 tokens, which is usually a major milestone but can also bring uncertainties. In addition, the project faces inherent crypto market volatility, challenges from its early “Meme coin” image, and potential internal team issues.

All in all, Shibnobi(Old) is an ambitious project trying to carve out its own path in the competitive DeFi space. For anyone interested in this project, it is strongly recommended to conduct thorough independent research, carefully evaluate its whitepaper, technical implementation, team background, community activity, and market performance, and fully understand the risks involved. This is not investment advice—please proceed with caution.