Binance Poll Attracts Surprising Responses

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A cryp­to triv­ia pub­lished on Twit­ter by Binance.US to test the knowl­edge of the cryp­to com­mu­ni­ty about meme coins and cryp­to forks has spurred sur­pris­ing responses.

Binance U.S. set out by giv­ing a brief intro­duc­tion about cryp­to forks: “A cryp­to fork is a split in a blockchain, result­ing in a new cryp­tocur­ren­cy with sim­i­lar char­ac­ter­is­tics to the orig­i­nal one.”

It also briefly defines meme coins: “Meme­coins are cryp­tocur­ren­cies that are based on humor­ous cul­tur­al references.”

It then asked, “Which meme coin below is a fork of Lite­coin?” The options it gave were Shi­ba Inu, Doge­coin, Flo­ki and Oth­ers (ask­ing the com­mu­ni­ty to com­ment on any oth­er meme coin which was not listed).

Sur­pris­ing­ly, a high­er per­cent­age of respon­dents (36.9%) went for Shi­ba Inu. A total of 17.2% and 28% went for the options Doge­coin and Flo­ki, respec­tive­ly. Then, 17.9% went for the “Oth­ers” option.

Shi­ba Inu (SHIB) is an ERC-20 token based on the Ethereum blockchain. Doge­coin, rather, is a fork of Lite­coin (LTC).

The most sur­pris­ing fact is that a high­er per­cent­age of respon­dents went for Shi­ba Inu, while the low­est per­cent­age went for Doge­coin, which is a fork of Litecoin.

FLOKI, a cross-chain cryp­tocur­ren­cy that can be used on both the Ethereum blockchain and the Binance Smart Chain, was also cho­sen by a siz­able por­tion of respon­dents. The results of the cryp­to triv­ia seem to sug­gest an impor­tant need for cryp­to education.

Doge­coin and Shi­ba Inu are both dig­i­tal cur­ren­cies with canine themes; how­ev­er, they dif­fer sig­nif­i­cant­ly. Shi­ba Inu is built on the Ethereum blockchain, and Shibar­i­um, a Lay­er 2 blockchain solu­tion, is now under development.

The guid­ing prin­ci­ples out­lined in the “woof paper,” the canine equiv­a­lent of a white paper that details cryp­tocur­ren­cy project ideas and road maps, serve as the foun­da­tion for the Shi­ba Inu ecosys­tem, which has tokens SHIB, BONE and LEASH.

Doge­coin (DOGE), a fork of Lite­coin (LTC), uses the same scrypt algo­rithm and may also be mined using Lite­coin-spe­cif­ic hard­ware. Doge­coin also has its blockchain.



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