Shiba Inu (SHIB) continues its journey that started as a meme token as a major DeFi player. A number of innovations have surfaced today, including Shibarium, the highly anticipated Layer-2 Blockchain.
Shiba Inu developers extend digital identity services to all apps
A Shiba Inu developer shared his new vision for the project, telling CoinDesk on Thursday. Accordingly, they plan to connect all applications to a Blockchain-based digital identity to strengthen trust between users and governments.
This move is Shiba’s latest attempt to ditch its meme token status and become a serious DeFi contender. Shiba Inu developers plan to make digital identity documents known as Self-Sovereign Identity or SSI a priority for Shibarium.
Self-Sovereign Identity or SSI is the digital secondary identity of identity documents such as passports and driver’s licenses. In the digital world, SSI gives users more control over their personal data and its online distribution. Shiba Inu developers say they are working with community projects such as those using SHIB or those planning to develop the upcoming Shibarium Blockchain to ensure SSI deployment is a priority.
These developers say the increased interest in digital identities and data protection in Canada and the European Union could help position the Shiba Inu as a more “compatible” project compared to its competitors.
Shytoshi Kusama: We are laying the groundwork for a new global standard
“We are laying the groundwork for a new global standard in decentralized digital trust and international authentication,” says Shytoshi Kusama, Shiba Inu’s lead developer.
Originally a meme token, SHIB is turning into a serious blockchain contender with the launch of Shibarium. Layer-2 Blockchain will use BONE, TREAT, SHIB and LEASH cryptos for Blockchain-based applications.
🔥 Shibarium Beta Bridge has gone live for public testing! 🎉
Be among the first to try out this revolutionary cross-chain solution.
Remember, always exercise caution and verify authenticity before connecting your wallet to any website.
PLEASE DO NOT USE YOUR REAL ASSETS!… pic.twitter.com/7yfhX8gQc6
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) July 26, 2023
Meanwhile, Shibarium Bridge beta testing went live at the end of July. cryptocoin.comAs we reported, the new bridge currently allows token transfers between the two networks.
Shiba Inu made ATH on various metrics with new enhancements
There has been a significant increase in activity for SHIB over the past month. New SHIB addresses posted a staggering 115% weekly increase. However, unprecedented excitement and anticipation was observed among investors. This momentum peaked in July and is still continuing, up 22% over the last seven days.
However, this boom is not limited to new addresses. The amount of non-empty wallets also reached the absolute maximum, reaching a full 1.24 million addresses containing SHIB tokens. This is a significant number, accounting for 35.3% of all Shiba Inu token holders. This shows that a significant part of the community is actively engaged in cryptocurrency.
The recent increase has helped the Shiba Inu project to take a more positive position relative to its competitors. Especially in regions such as Canada and the EU, increasing digital identities and data protection measures are gaining importance. Therefore, the Shiba Inu is expected to be considered a more reliable and compatible project. However, investors should always consider market conditions and risks.
