Leading memecoin project Shiba Inu has announced a strategic initiative aimed at increasing the value proposition of its SHIB token by launching a new privacy-focused network on the Layer 2 Shibarium Blockchain. Accordingly, Shiba Inu will collaborate with open-source cryptography company Zama to develop its unnamed privacy-focused network using a privacy tool known as Fully Homomorphic Encryption (FHE).
Shiba Inu’s Developer Team Moves Towards a Privacy-Focused Network
Shiba Inu has announced plans to launch a new privacy-focused network on the Layer 2 Shibarium Blockchain in collaboration with open-source cryptography company Zama, with the goal of enhancing the value proposition of the SHIB token. The network will be developed using a privacy tool known as FHE. For those unfamiliar, FHE allows developers to use data in untrusted environments without the need to decrypt, offering advanced privacy and security measures.
This initiative is expected to protect the personal and transactional data of SHIB token holders while also supporting their on-chain privacy. The new privacy layer will be supported by the Shiba Inu ecosystem token TREAT.
The launch of this privacy-focused network will allow developers to add a special layer on top of Shibarium, a Layer 2 network designed to execute transactions on the Ethereum Blockchain. Shiba Inu’s anonymous founder Shytoshi Kusama emphasized that the privacy network and Shibarium are different networks, each serving different purposes within the ecosystem.
Shiba Inu’s Shibarium
As known, Shibarium, which became operational in August 2023, serves as an ecosystem focused primarily on financial services and gaming applications, offering low transaction fees. The network supports multiple tokens including BONE, TREAT, SHIB, and LEASH, catering to various use cases and applications built on the Blockchain. With the addition of the privacy-focused network to Shibarium, Shiba Inu aims to further expand the features and benefits of its Blockchain infrastructure.
The announcement of the new privacy-focused network is part of Shiba Inu’s development and commitment to enhancing the features of the Blockchain ecosystem. Shiba Inu aims to improve the privacy and security features offered to its user community by leveraging the latest privacy technology and strategic partnerships, ultimately contributing to the growth and adoption of the SHIB token and the Shiba Inu ecosystem.
