In an attempt to bolster its platform’s credibility among users and governmental bodies alike, Shiba Inu developers are taking hold of digital identity services, thereby integrating them into all applications across their platform. Such initiatives could potentially heighten demand for SHIB tokens and draw the attention of serious investors keen on supporting projects with a robust image.
The Shiba Inu project, eager to shed its meme-coin label and step forward as a serious decentralized finance (DeFi) contender, plans to tie every application to a blockchain-based digital identity. This progressive measure strengthens community trust and governmental respect, while also combating the crowded blockchain market.
By integrating Self-Sovereign Identity (SSI) – the digital counterpart of identity documents such as passports and driver’s licenses – the developers of Shiba Inu aim to give users the reins over their distribution of personal data online.
The digital identities and the burgeoning interest in data protection in regions like Canada and Europe are noted by Shiba Inu’s developers. This could potentially reposition Shiba Inu as a more palatable project contrasted against other blockchains. “In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced”, according to Shiba Inu lead developer “Shytoshi Kusama”.
SHIB is quickly morphing from its original meme coin nature, maturing into a strong blockchain contender with the initiation of Shibarium. This layer 2 network will use BONE, TREAT, SHIB and LEASH tokens for applications built on the blockchain.
Layer 2 systems, which refer to the off-chain operations built on top of layer 1 protocols, aid in reducing bottlenecks with scaling and data. They manage to mitigate the data load and corresponding fees by bundling numerous off-chain transactions into a solitary layer 1 transaction.
Shibarium’s test blockchain has exhibited substantial activity over the past months, logging roughly 27 million transactions from an estimated 16 million wallets as of July. A clear indication of the brisk demand for the network, which is scheduled to go live later this month.
These pivotal developments place Shiba Inu and Shibarium at the forefront of the DeFi world, but they also highlight some potential challenges. Relying on digital identities can introduce potential privacy concerns, and managing increased demand may place additional pressure on the network’s scalability. Nevertheless, these activities exhibit Shiba Inu’s visionary approach on the blockchain’s future and its commitment to enhancing user trust.
Source: Coindesk
