In a significant development announced on Wednesday, Shiba Inu, the renowned cryptocurrency, revealed plans to launch a privacy-focused network atop the Shibarium blockchain. The initiative aims to enhance the value proposition of SHIB tokens, as disclosed by a representative in a release to CoinDesk.
Enhancing Privacy with Innovative Technology
Shiba Inu has partnered with Zama, an open-source cryptography company, for the development of this unnamed privacy-centric network. The groundbreaking aspect of this project lies in its utilization of Fully Homomorphic Encryption (FHE), a sophisticated privacy tool enabling developers to work with data in untrusted domains without the necessity of decryption.
The upcoming network will be fueled by the Shiba Inu ecosystem token, TREAT, which will serve as the cornerstone of the “new privacy layer.” This layer is designed to be integrated on top of Shibarium, a layer-2 network facilitating transactions on the Ethereum blockchain. Shiba Inu developers believe that this strategic move will elevate on-chain privacy for SHIB token holders, providing enhanced protection for their personal and transactional data.
Shiba Inu Founder Clarifies Distinct Entities
Addressing the collaboration and the new privacy-focused network, Shytoshi Kusama, the pseudonymous founder of Shiba Inu, emphasized the separation of the two entities for various reasons. In a message to CoinDesk, Kusama clarified, “These are two different entities, and separate for a variety of reasons.”
Evolution of Shibarium: A Financial and Gaming Ecosystem
Shibarium, which went live in August of the previous year, has established itself as a low-fee ecosystem primarily concentrating on financial services and gaming. The network leverages various tokens such as BONE, TREAT, SHIB, and LEASH, each catering to diverse applications within the blockchain framework.
Unveiling the Privacy Layer – A Strategic Move
The decision to introduce a privacy-focused layer atop Shibarium aligns with Shiba Inu’s commitment to advancing the privacy and security measures for SHIB token holders. By incorporating Fully Homomorphic Encryption, developers on this network can interact with data seamlessly, enhancing the overall security posture.
TREAT Token’s Pivotal Role
At the core of this innovative privacy layer is the TREAT token, an integral component of the Shiba Inu ecosystem. As the driving force behind the new layer, TREAT empowers developers to integrate a focused network that amplifies the privacy features on Shibarium.
Conclusion: Elevating Privacy Standards for SHIB Token Holders
In summary, Shiba Inu’s collaboration with Zama to introduce a privacy-focused network is a strategic move aimed at fortifying the privacy measures for SHIB token holders. The use of Fully Homomorphic Encryption positions this initiative at the forefront of privacy-centric advancements in the blockchain space. As Shiba Inu continues to evolve its ecosystem, the integration of a dedicated privacy layer signifies a commitment to safeguarding user data and enhancing the overall value proposition of SHIB tokens.