Popular meme-inspired cryptocurrency Shiba Inu (SHIB) has partnered with cryptocurrency leader Zama to integrate a privacy-enhancing technology called Fully Homomorphic Encryption (FHE) into its ecosystem. This groundbreaking development based on the SHIB rewards token TREAT will set a new standard for privacy and security.
What is fully homomorphic encryption?
FHE allows complex calculations to be performed on encrypted data without having to decrypt the information first. This allows you to perform analytics, transactions, and more while keeping the underlying data completely secure and confidential.
Dr. Rand Hindi, CEO and Co-Founder of Zama, a leading expert, said:
It’s exciting to work with SHIB to provide FHE to millions of people in our community. This will not only enable a wide range of new use cases on the Shiba Inu platform, but will also set a new benchmark for blockchain privacy and security.
Until now, FHE has been limited to laboratories and theoretical papers. Through its partnership with Zama, Shiba Inu becomes the first major blockchain project to fully embrace this encryption technology.
Enhanced privacy and security
The FHE integration marks a watershed moment in ensuring privacy across the Shiba Inu’s growing ecosystem. As a result, new encryption layers empower participants to protect their personal information, transaction history, account balances, and more. At the same time, it maintains the convenience and user experience that the community has come to expect from the platform.
We know that to achieve our vision for a nation-state, we must empower our citizens to operate with full confidence that their activities are private and secure.
The founder of the Shiba Inu, known by the pseudonym Shytoshi Kusama, said:
This integration decisively meets Kusama’s view of prioritizing privacy.
For example, privacy and security breaches in a Web3 environment can have serious financial consequences. Theft, hacking, exploits, and surveillance are ever-present risks. Shiba Inu leverages best-in-class FHE security to proactively protect our community rather than being reactive after an issue occurs.
More use cases to come
In addition to enhancing privacy, FHE’s integration opens the door to specialized distributed applications built on top of Shiba Inu’s infrastructure. By maintaining confidentiality in a mathematically verifiable way, FHE enables innovations such as private smart contracts, secret voting, anonymous surveys and counting, multi-party computation, and more.
Interestingly, Shibarium, the Shiba Inu’s layer 2 blockchain network, is likely to be the first platform to leverage these FHE-based concepts. Shibarium’s transaction fees are a fraction of Ethereum’s and its speeds are over 100 times faster. The combination of efficiency, affordability, and now unparalleled privacy provides an unparalleled value proposition beyond the SHIB token itself.
Shiba Inu: Looking ahead
Combining encrypted computing with its own emerging ecosystem puts Shiba Inu at the forefront of blockchain innovation. This integration highlights the project’s commitment to privacy rights and user security, despite its origins as a meme coin.
Moreover, as the Web3 industry matures, users are becoming increasingly data-savvy and demanding greater transparency. Ahead of this trend, Shiba Inu is positioned to lead the privacy standards for the next generation of blockchain advancements.
This major privacy and security upgrade comes amid growing speculation about Shiba Inu exchange-traded funds (ETFs). Shiba Inu has yet to officially confirm its plans for an ETF, but industry analysts predict approval is likely this year given the token’s enormous popularity and liquidity. Above all, Shiba Inu enhances user privacy, making the ecosystem a more attractive proposition for ETF support.