SHIB Goes For an Upgrade

Shiba Inu (SHIB), aiming to transition beyond its meme coin label, has announced the development of a new identity protocol in an effort to reinforce its position in the decentralized finance (DeFi) sector. The team is collaborating with its developer community to integrate a Self-Sovereign Identity (SSI) into its protocols, prioritizing user security and privacy.

The integration will extend to SHIB’s forthcoming layer-2 network, Shibarium. The implementation of SSI will empower users to maintain full control over their digital identity within the Shiba Inu ecosystem, free from the influence of external parties.

The SSI model allows individuals or businesses to control their accounts and personal data independently. Unlike conventional identity management systems that rely on third-party providers, SSI enables users to store their identity data in a digital wallet. This data can then validate their identity for various services, such as websites and applications.

According to Shytoshi Kusama, a pseudonymous lead developer at Shiba Inu, the Shib SSI presents a wealth of opportunities to resolve numerous challenges for businesses. “Enhanced data security, privacy protection, fraud reduction, auto-authentication, guardianship, and membership are just some of the benefits that this technology offers,” Kusama told Decrypt.

The application of digital identity will be featured on a “Shib Super App”, where all Shibarium dApps can be incorporated. Kusama noted that this is a crucial part of their commitment to continuous decentralization.

Shiba Inu, which was launched in August 2020 as an ERC-20 token on the Ethereum blockchain, began as a lighthearted “meme coin” not meant for serious investment. Yet, the coin quickly garnered attention, with its value soaring to an all-time high of $0.000086 in October 2021.

Currently, Shiba Inu holds the position of the 15th largest cryptocurrency in the industry, boasting a market capitalization exceeding $4.8 billion, with its value standing at $0.0000082, as per CoinGecko.

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It is the most realistic way for us to distill the entirety of what we have learned (and that includes the RSC community opinion). We have an array of articles that have gradually picked off one by one different projects, some of which end up being many thousands of words to come to this conclusion. It is not capitulation because we all remain in the market. It is simply a consolidation of quality. We seek the cream of the crop as the milk turns sour on aggregate.

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