Shiba Inu
- The fast growth of the Worldcoin (WLD) project has triggered a sense of urgency in building a network of proof-of-persons in the blockchain ecosystem.
- Shiba Inu (SHIB) developers led by Shytoshi Kusama have been working on Self-Sovereign Identity (SSI) to give Shiba Inu users more control of their online data.
The Shiba Inu (SHIB) ecosystem is undeniably slated for more growth and adoption in the future amid the mainstream adoption of digital assets and blockchain technology. The Shiba Inu ecosystem consists of a self-sustaining structure with several tokens including LEASH, and BONE, with a combined fully diluted valuation of about $8.6 billion.
However, the competition in the meme coin industry does not allow the Shiba Inu ecosystem to rely on speculative aspects alone. As a result, the Shiba Inu developers led by Shytoshi Kusama have been working on a layer two scaling solution – similar to Polygon (MATIC), and Arbitrum (ARB) on the Ethereum network – dubbed Shibarium.
Notably, the Shibarium network is meant to help onboard more Web3 users to the Shiba Inu ecosystem safely and at scale. However, the need to differentiate artificial intelligence (AI) bots and humans have seen the Shib core developers back on the drawing board.
Closer Look at Shiba Inu Network and Digital Identity Verification
Following the rise of artificial intelligence, which has seen the development of proof-of-persons networks like Worldcoin (WLD), the Shiba Inu core developers are ostensibly working on a digital verification system for the upcoming Shibarium network.
Reportedly, the Shiba Inu ecosystem will tie all the applications to a blockchain-based digital identity to strengthen trust among Shiba Inu users and governments. Moreover, governments around the world intend to work closer with DeFi protocols to ensure local regulations are met, including taxation and data protection.
The Shiba Inu developers understand the rising interest in digital identities and data protection in Canada and the European Union and could help position the Shibarium network and SHIB as a top project compared to other blockchains.
We are laying the groundwork for a new global standard in decentralized digital trust and international identity verification.
Shiba Inu lead developer Shytoshi Kusama recently noted adding:
In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced.
In a bid to give the Shiba Inu users more control over their personal data, the core developers have been working on Self-Sovereign Identity alias SSI to further protect identity documents, like passports and driver’s licenses. Already, the Shiba Inu developers have been working on deploying the Self-Sovereign Identity on decentralized applications building on the soon-to-be-launched Shibarium layer two networks.
Market Outlook
Shiba Inu traded around $0.00000823 on Thursday, having dropped approximately 5 percent YTD. According to the latest on-chain data, the Shiba Inu network has about 1.32 million holders, who have facilitated approximately 10,802,986 transactions. Worth noting that approximately 41 percent of Shiba Inu’s total supply has already been burnt with the Shibarium network expected to accelerate the burning rate.
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