Shiba Inu Takes a Significant Step in the DeFi Ecosystem with SSI Update - COINTURK NEWS
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Shiba Inu Takes a Significant Step in the DeFi Ecosystem with SSI Update

3:35 pm (49 days ago)
August 4, 2023

Shiba Inu, a popular meme token built on the Ethereum blockchain, has taken an important step to confirm its position in the decentralized finance (DeFi) ecosystem. A Shiba Inu employee announced that efforts are being made for a digital identity verification in the ecosystem’s applications, marking a crucial milestone for this transformation.

Shiba Inu Aims High

According to a recent report, Shiba Inu wants to transform itself from a meme coin to a DeFi asset with its venture into the DeFi space. This desire is seen as part of an effort to gain acceptance and trust among users. The platform also aims to become a competitor in the vast DeFi ecosystem.

The report highlighted that the platform will implement Know Your Customer (KYC) verification in all its future projects, including the Shibarium Layer-2 blockchain network. Shytoshi Kusama, the lead developer of Shiba Inu, made the following comment:

“We are laying the groundwork for a new global standard with a decentralized digital ecosystem and an international identity verification system. In this way, Shibarium will herald a new digital era where faith in systems is rebuilt and improved.”

SSI and Purpose of Use

The developers of Shiba Inu stated that Self-Sovereign Identity (SSI) distribution is one of the key goals of the ecosystem. SSI is the digital equivalent of identity documents such as driver’s licenses and passports. The platform believes that SSI will bring more security and privacy to the community’s personal data. Additionally, the developers hope to better position the project by reflecting the increasing interest in digital identity and data security.

Although initially known as a meme token, Shiba Inu is seriously committed to becoming part of the comprehensive DeFi ecosystem. The platform plans to use SHIB, BONE, TREAT, and LEASH tokens for blockchain-based applications. Currently, SHIB is trading at $0.000008421 and BONE at $1.61. TREAT is priced at $0.1134, while LEASH is priced at $481.81.

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