The decentralized wing of the cryptocurrency ecosystem continues to hold significant relevance. The failures of numerous centralized companies have refocused attention on decentralized finance [DeFi]. The Shiba Inu [SHIB] ecosystem appears to be strengthening its position within this domain.
In a bid to foster trust among SHIB users and governments, the network intends to incorporate a blockchain-based digital identity system into all its applications. This system, known as Self-Sovereign Identity [SSI], serves as the digital equivalent of traditional identity documents like passports and driver’s licenses, in the real world. However, in the virtual realm, SSI empowers users with greater control over their personal data. Furthermore, this strategic move is to establish a robust and transparent connection between users, applications, and governing authorities.
According to Shiba Inu developers, they have actively collaborated with community projects that utilize SHIB or intend to build on the forthcoming Shibarium blockchain. The main focus of this collaboration is to prioritize the deployment of the SSI system. Additionally, Shibarium, the layer 2 protocol will mostly release sometime this month.
Also Read: Shiba Inu: Number of Addresses Surge Prior to Shibarium Launch
Why is the Shiba Inu network suddenly embracing SSI?
The Shiba Inu network hopes to transcend the typical perception of meme coins. These assets are often seen as mere jokes. Through its latest vision, Shiba Inu aims to establish itself as a more regulated and disciplined project compared to other blockchain initiatives. This shift is due to the growing emphasis on digital identities and data protection in Canada and the European Union. Shytoshi Kusama, the lead developer of the Shiba Inu network further said,
“We are laying the groundwork for a new global standard in decentralized digital trust and international identity verification. In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced.”
Furthermore, the meme coin network has been all about decentralization. Recently, their lead developer, Shytoshi Kusama, declared a significant milestone called “Shibapendence Day.”
This symbolized a major advancement for the SHIB Army. The highlight of this announcement was the introduction of ShibaSwap. This is the first fully decentralized exchange within the SHIB ecosystem. This long-awaited decentralized exchange aligns perfectly with Shiba Inu’s overarching goal of achieving genuine decentralization.
Also Read: Shiba Inu: Shytoshi Announces ‘Shibapendence Day’, Here’s What It Is