- Shiba Inu lead developer Shytoshi Kusama has explained the importance of Self-Sovereign Identity (SSI) integration in Shibarium.
- The SHIB SSI would be implemented after the mainnet launch of Shibarium.
The Shiba Inu team has been very active in updating the gallant community on every step toward the transition from meme to a full ecosystem. It was recently reported that the team has unveiled Self-Sovereign Identity (SSI) as part of its decentralization plans and the effort to advance trust among users.
In the latest blog post, the outspoken Shiba Inu developer Shytoshi Kusama explained the significance of the SSI to the Shibarium project.
According to Kusama, the introduction of SSI could cause a shift in data ownership by giving users absolute control over their personal data. The SSI implementation would prevent data theft which has been a huge challenge within and outside the blockchain industry.
By harnessing these technologies, we envision a world where identity theft is a thing of the past, where personal data leaks are unheard of, and where trust is inherent and not an exception. This isn’t a mere idea but a tangible future that is no longer impossible.
SSI would also enhance granular governance to address all the difficulties in the Shiba Inu ecosystem.
Addressing Misconceptions of the SSI and the Shibarium
One major misconception that follows the SSI implementation is that it would trigger an immediate improvement in the network. This was addressed by Kusama as he explained that the feature would have to be accompanied by a robust system and intensive research. This process would take months to be completed. To be clear on this, Kusama disclosed that the mainnet launch of Shibarium would be done before the implementation of the Shib SSI.
The whole development is meant to achieve long-term decentralization. For this reason, developers are simultaneously working on features and enhancements in this regard. Further details of the SSI would be captured in the whitepaper set to be unveiled at the Blockchain Futurist Conference in mid-August.
There have also been several discussions concerning a possible Shibarium ecosystem token said to be introduced soon. In the report, Kusama denied this rumor, claiming that no such thing has ever been in development. The only token that would be considered for the operations of Shibarium is Bone. This asset would serve as the gas token for the layer 2 solution. On top of that, it would be the token meant for delegators to “bury” to get a portion of the reward. Finally, Bone would help develop technology “governance” within the system.
SHIB Price Could Hit $0.01
The full implementation of Shiba Inu and the SHIB SSI is expected to have a positive effect on the Shiba Inu price as investors accumulate the token ahead of the events. According to the Stock Dork CEO Adam Garcia and Moneyzine CEO Jonathan Merry, there is a possibility that the asset could stage a rally in the short term.
The development would solve the congestion and scalability problems of the network. Per their analysis, this could be a catalyst for a 116,859 percent surge in the Shib token. This means the asset could hit $0.01 in the near term.
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