Shiba Inu takes step to become DeFi competitor

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.