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- Shiba Inu developers aim to bolster the project's reputation with both users and governments by integrating digital identity services into all platform applications.
- These measures have the potential to bolster SHIB token demand, as they enhance the perception of the project's legitimacy among the investment community.
On Thursday, a spokesperson for the blockchain informed CoinCryptoUs that the Shiba Inu ecosystem plans to integrate all applications with a blockchain-based digital identity system. This strategic move aims to enhance trust and credibility among SHIB users and governments alike.
The recent move marks Shiba Inu's latest endeavor to transcend its meme coin reputation and establish itself as a formidable contender in the competitive blockchain market, aiming to emerge as a prominent player in the realm of decentralized finance (DeFi).
Self-Sovereign Identity (SSI) serves as the digital counterpart of traditional identity documents such as passports and driver's licenses. Within the digital realm, SSI empowers users with greater control over their personal data and its online dissemination.
Shiba Inu developers emphasize their strong commitment to prioritizing the deployment of SSI by actively collaborating with various community projects. They have been closely engaged with initiatives utilizing SHIB and those with intentions to establish their presence on the upcoming Shibarium blockchain.
These developers believe that the increasing focus on digital identities and data protection in Canada and the European Union could serve as a strategic advantage for Shiba Inu, setting it apart as a more responsible and secure blockchain project compared to others in the industry.
"We are laying the groundwork for a new global standard in decentralized digital trust and international identity verification,” Shiba Inu lead developer “Shytoshi Kusama” said in a message to CoinDesk. “In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced.”
SHIB, originally conceived as a meme coin, has rapidly evolved into a formidable blockchain contender following the introduction of Shibarium. This groundbreaking layer 2 network will leverage BONE, TREAT, SHIB, and LEASH tokens to power diverse and robust applications built on the blockchain.
"Layer 2" denotes a collection of off-chain systems, essentially separate blockchains, constructed atop layer 1 protocols, aimed at mitigating scaling issues and handling data more efficiently. These Layer 2 solutions combine numerous off-chain transactions into a solitary layer 1 transaction, thereby alleviating data congestion and reducing associated fees.
In recent months, a trial blockchain for Shibarium has experienced significant activity, witnessing an impressive 27 million transactions from approximately 16 million wallets as of July. This surge in usage clearly indicates a strong demand for the network. Excitingly, the official launch of the network is anticipated to take place later this month.
