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Shiba Inu Adopts Tech to Bring More Privacy to SHIB Token Holders

Shiba Inu ecosystem token TREAT will power a "new privacy layer" for the Shibarium blockchain.

By Shaurya Malwa
AccessTimeIconFeb 29, 2024 at 4:21 a.m. UTC
Updated Mar 8, 2024 at 10:23 p.m. UTC
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Shiba Inu dog breed. (Christal Yuen/Unsplash)
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  • Shiba Inu developers are working with cryptography company Zama to develop a new privacy-focused network.
  • The network will sit on top of Shibarium and offer improved privacy for SHIB token holders.

Shiba Inu plans to introduce a new privacy-focused network on top of the Shibarium blockchain in a move that boosts the value proposition of SHIB tokens, a representative shared with CoinDesk in a release on Wednesday.

Shiba Inu is working with open-source cryptography company Zama on the as-yet-unnamed network. The network will use Fully Homomorphic Encryption (FHE) – a privacy tool that lets developers use data on untrusted domains without needing to decrypt it.

The Shiba Inu ecosystem token treat (TREAT) will power the "new privacy layer," which lets developers add a focused network on top of Shibarium, a layer-2 network that settles transactions on the Ethereum blockchain. The move will improve on-chain privacy for SHIB token holders, Shiba Inu developers said, and help safeguard their personal and transactional data.

"These are two different entities, and separate for a variety of reasons," Shytoshi Kusama, the pseudonymous founder of Shiba Inu, told CoinDesk in a message.

Shibarium went live last August as a low-fee ecosystem focused mainly on financial services and gaming. The network uses several tokens, BONE, TREAT, SHIB and LEASH, for different applications built on the blockchain.

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa
Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter

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