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Shiba Inu Adopts Tech to Bring More Privacy to SHIB Token Holders
Shiba Inu ecosystem token TREAT will power a "new privacy layer" for the Shibarium blockchain.
Updated Mar 8, 2024, 10:23 p.m. Published Feb 29, 2024, 4:21 a.m.
- Shiba Inu developers are working with cryptography company Zama to develop a new privacy-focused network.
- The network will sit on top of Shibarium and offer improved privacy for SHIB token holders.
Shiba Inu plans to introduce a new privacy-focused network on top of the Shibarium blockchain in a move that boosts the value proposition of SHIB tokens, a representative shared with CoinDesk in a release on Wednesday.
Shiba Inu is working with open-source cryptography company Zama on the as-yet-unnamed network. The network will use Fully Homomorphic Encryption (FHE) – a privacy tool that lets developers use data on untrusted domains without needing to decrypt it.
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The Shiba Inu ecosystem token treat (TREAT) will power the "new privacy layer," which lets developers add a focused network on top of Shibarium, a layer-2 network that settles transactions on the Ethereum blockchain. The move will improve on-chain privacy for SHIB token holders, Shiba Inu developers said, and help safeguard their personal and transactional data.
"These are two different entities, and separate for a variety of reasons," Shytoshi Kusama, the pseudonymous founder of Shiba Inu, told CoinDesk in a message.
Shibarium went live last August as a low-fee ecosystem focused mainly on financial services and gaming. The network uses several tokens, BONE, TREAT, SHIB and LEASH, for different applications built on the blockchain.
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