As Shiba Inu gears up for a makeover with the launch of its new identity protocol, the crypto project’s developers are planning to leave behind its meme coin status and cement its position in the DeFi ecosystem as a nuanced platform. Inspired by a dog breed native to Japan, Shiba Inu gained fame with its success as a meme coin. Being one of the earliest and most profitable meme tokens, Shiba Inu has a global fan following. It has often made it to the Top 10 cryptocurrencies. Shiba Inu’s native token, SHIB, is among the most-traded digital assets in the world.
On August 3, 2023, the Shiba Inu team announced that it has been working with developers to make sure that its upcoming Self-Sovereign Identity (SSI) is on track and duly integrated into all its existing protocols.
The Shiba Inu protocols with which SSI will be integrated include the soon-to-be-launched Layer 2 network Shibarium. The integration would enable Shiba Inu users to gain absolute control over their digital identity without compromising security or any interference by third-party services.
The SSI is a unique mechanism that manages digital identities where an enterprise or individual has complete control over data and their accounts.
No interference of third-party services
A key USP of the SSI model is that one doesn’t have to depend on a third-party service provider for managing or storing their data as is the case with traditional identity management systems. What’s more, is that SSI models also let their users store their data in a Web 3.0 wallet. The data can be used for identity verification at websites, dApps, and for accessing other decentralized services.
Talking to a leading news website Inu Shytoshi Kusama, who is a pseudonymous lead developer with Shiba Inu, said the Shib SSI protocol would pave the way for benefits like exception user experience, secure relationship management, fraud reduction, membership perks, guardianship, auto-authentication and increased privacy and data security. Kusama also said that SSI would also address several challenges that businesses and firms face with digital identity management.
The developer said the SSI protocol would be implemented with the Shiba Super app so that all Shibarium dApps can be integrated with it.
About Shiba Inu
Rolled out in August 2020 on the Ethereum network, Shiba Inu is one of the leading ERC-20 tokens. Any launches in the Shiba Inu ecosystem have impacted live cryptocurrencies in the past. Shiba Inu might have been initially developed as a meme coin but in the recent past, its team has been making efforts to add more practical applications to its ecosystem.
Apart from SHIB, the Shiba Inu team has rolled out two more tokens – BONE and LEASH – which have different purposes. While BONE is the governance token of the platform and enables its token holders to participate in the decision-making process, LEASH is meant for Shiba Inu’s loyal supporters. With LEASH, token holders can enjoy a wide array of exclusive benefits and rewards.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
