I’ve been waiting for the results of the ins and outs of SHIBASWAP before I push any money in that direction. This morning, I got up and did my usual research and found out the results are not good. The word on the streets is that Shibaswap got the lowest rating of all of the exchanges listed today. It was rated a single one-digit number which is 3.
I will post the ratings below after I explain why this concerns me as a potential Shibaswap investor. The rating scores five different categories. The first rating which, is on code and team graded Shibaswap with a zero. There are questions about the coding and the people behind the swap.
The next category is documentation, for which they scored a rating of 11. The experts went on to score zeros for testing and security, which make up lines three and four.
The last category was access control which scored a 9. There were problems across the board. Perhaps the most alarming to me would be the security and not knowing who owns the bulk of the swap. Security is a big issue because hacks can take away your currency. I have seen hackers bring down the best of things, government websites, department store data, and games. If you are dealing with any liquidity, making your platform safe should be a top concern. So, seeing zero in security is a big no-no for me.
Another issue is that the majority of the swap is owned by one address, and when it was exposed, random addresses, were added with little to no currency. This is a little shady and concerning. Why were dummy addresses added, and if they aren’t dummy addresses, where is their currency? What was up with the timing?
The realist in me understands that things do not get great overnight. When Obamacare started up, the website was garbo! It took some months to get the website off and running. So, we could be seeing something like this with Shibaswab. It is a new exchange, and it isn’t expected to have perfect numbers across the board. Yet, I have this little voice in my head that keeps saying, my momma didn’t raise no fool!
So, I will be careful and pay attention before I decide to dump any money into the swap until they can fix these issues. As always do your research on things! I am not giving you financial advice, I am just breaking down the skinny. Be careful in the crypto universe.