Shiba Inu Aims to Become Serious DeFi Contender, Add Digital IDs

UTC by Bhushan Akolkar · 3 min read
Shiba Inu Aims to Become Serious DeFi Contender, Add Digital IDs
Photo: Depositphotos

Shiba Inu is gearing up for the mainnet launch of Shibarium scheduled ahead of this month at the upcoming Blockchain Futuristic Conference.

Shiba Inu has become more than just a memecoin with developers working on several interesting projects aimed at expanding the Shiba Inu ecosystem. In order to further strengthen trust among SHIB users and governments, the Shiba Inu developers plan to tie up all applications to a blockchain-based digital identity. This shows that the Shiba Inu ecosystem is further expanding its horizon from being a mere memecoin platform to becoming a serious contender in the crowded decentralized finance (DeFi) blockchain market.

Shiba Inu in DeFi Space

Self-Sovereign Identity (SSI) is basically a digital version of user identity documents, such as passports and driver’s licenses. It empowers users to have greater control over their personal data and how it is shared online.

Shiba Inu developers are collaborating with community projects, especially those using SHIB or planning to build on Shibarium blockchain, to prioritize Self-Sovereign Identity (SSI) deployment. They believe the increasing interest in digital identities and data protection in Canada and the European Union could distinguish Shiba Inu as a more controlled and secure project compared to other blockchains. Speaking to CoinDesk, Shiba Inu lead developer Shytoshi Kusama said:

“We are laying the groundwork for a new global standard in decentralized digital trust and international identity verification. In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced.”

Developments in Shibarium

Shibarium is the Layer-2 scalability platform built atop Ethereum by the Shiba Inu developers. This layer 2 network will utilize BONE, TREAT, SHIB, and LEASH tokens for applications developed on the blockchain.

“Layer 2” refers to off-chain systems or separate blockchains built on top of layer 1 protocols, which help overcome scaling and data limitations. They bundle multiple off-chain transactions into a single layer 1 transaction, reducing data load and fees.

Shiba Inu’s Layer 2 platform, Shibarium, has achieved an important milestone. The testnet called Puppynet has recorded a total of 34 million transactions, which shows impressive growth. According to Puppyscan, the total number of transactions on the testnet has reached 34,103,383, and the number of blocks has risen to 1,938,771.

Moreover, the total wallet addresses have reached 17,063,326, indicating significant expansion. This progress comes as Shytoshi Kusama, the lead of Shiba Inu, announces a major update before the mainnet launch.

The Shibarium mainnet launch shall happen ahead of this month at the upcoming Blockchain Futuristic Conference. Lead developer Shytoshi Kusama has extended an invitation to Elon Musk.

Blockchain News, Cryptocurrency News, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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