- Shiba Inu has partnered with ZAMA, a cybersecurity company renowned in the space for building its Fully Homomorphic Encryption (FHE) technique.
- The partnership targets Shibarium, ensuring that smart contracts can be as complex as users like without sacrificing their privacy and security.
Shiba Inu has announced a new partnership with ZAMA as it seeks to further make it more secure, easier and more convenient for developers to build on Shibarium.
According to the team’s marketing lead, ZAMA will “enhance the Shib ecosystem’s capabilities, particularly with Shibarium and various enterprise-level concepts currently in development.”
Shib Partners with @zama_fhe to Unlock New Frontiers with Fully Homomorphic Encryption (FHE)
The collaboration between https://t.co/4RzThbql2L and https://t.co/LxnVv5XLnM is set to significantly enhance the Shib ecosystem’s capabilities, particularly with Shibarium and various… pic.twitter.com/WSpc9FWIYN
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 30, 2024
Shiba Inu has been working with ZAMA since earlier this year. In February, the team revealed that it was working with the company on a new privacy-focused network that would sit atop Shibarium; with Shibarium already a Layer 2 on Ethereum, the new network would be a Layer 3. TREAT, one of the four tokens on the Shibarium network—the others are BONE, LEASH, and SHIB—was designated as the token for the new Layer 3.
Lucie, the marketing lead at Shiba Inu, has now shared more details about the partnership with ZAMA. First, the two are focused on implementing Fully Homomorphic Encryption (FHE), a technique that offers more security to data while enabling users to leverage it without having to decrypt it. Think about it like having data inside a lock box where you can leverage this data for all sorts of applications while it remains locked and away from third parties. This would allow users to keep their sensitive information private while also utilizing their data for various applications.
In crypto, FHE is a much more critical technique than in most other fields. This is because the sector is rampant with cybercrime. According to TRM Labs, criminals handled $34 billion last year, a staggering sum for such a nascent industry, and this figure is likely to rise this year. This makes techniques like FHE, which obfuscates sensitive data, critical for users’ safety.
Shiba Inu Beefs Up Security with ZAMA Partnership
ZAMA is at the heart of a revolution that applies complex mathematics and encryption techniques to ensure that data can be accessed but not revealed.
Through its FHE technique, it enables confidential smart contracts that execute without ever revealing sensitive data. It can also enable secure data analysis where pooled data can be analyzed while individual privacy is guaranteed. Encrypted key signings in cross-chain transactions and ensuring bids remain private in NFT auctions, and only the winning offer is showcased are among the other possible benefits.
“FHE strengthens the technology stack and governance framework of the Shib ecosystem, opening the door to new use cases across various projects…The partnership with Zama, an open-source cryptography company specializing in FHE, ensures that smart contracts can execute complex calculations while maintaining confidentiality and transparency,” stated Lucie.
SHIB trades at $0.00001778, dipping 8.5% in the past day for a $10.48 billion market cap.
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