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Shiba Inu takes step to become DeFi competitor

written by Bella Palmer
shiba-inu

The move is the latest effort by Shiba Inu to break away from its meme coin status and become a significant decentralized finance (DeFi) competitor in a crowded blockchain market.

The Shiba Inu ecosystem will tie all the applications to a blockchain-based digital identity to shore up trust among shib users and governments, a representative for the blockchain told CoinDesk on Thursday.

The move is the latest effort by Shiba Inu to break away from its meme coin status and become a significant decentralized finance (DeFi) competitor in a crowded blockchain market.

Self-Sovereign Identity is the digital alter ego of identity documents, such as passports and driver’s licenses. In the digital world, Self-Sovereign Identity is said to give users more control over their personal data and its distribution online.

Shiba Inu developers say they have been working with community projects – like those using Shiba Inu or looking to build on the upcoming Shibarium blockchain – to make sure Self-Sovereign Identity deployment is a priority.

These developers say the increasing interest in digital identities and data protection in Canada and the EU could help position Shiba Inu as a uninspiring project compared to other blockchains.

We are setting the groundwork for a new global standard in decentralized digital trust and international identity verification, Shiba Inu lead developer “Shytoshi Kusama” stated to CoinDesk. In this way, Shibarium is the forerunner of a new digital age where faith in systems is reinstated and strengthened.

Shiba Inu, originally a meme coin, is turning into a significant blockchain competitor with the launch of Shibarium. The layer 2 network will utilize BONE, TREAT, SHIB and LEASH tokens for applications built on the blockchain.

"Layer 2" is a set of off-chain systems – separate blockchains – built on top of layer 1 protocols, lessening bottlenecks with scaling and data. They bundle multiple off-chain transactions into a single layer 1 transaction, which helps lower the data load and fees.

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The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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