HomeNewsSHIB Potential: Shiba Inu Network To Challenge for DeFi Prominence, Integrate Digital...

SHIB Potential: Shiba Inu Network To Challenge for DeFi Prominence, Integrate Digital IDs in Ecosystem

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In an exciting move, Shiba Inu is breaking free from its origins as a meme coin, striving to claim a substantial position within the world of decentralized finance (DeFi). With the upcoming launch of the layer 2 network, Shibarium, the developers are looking to amplify demand for SHIB tokens while building robust trust among users and governments alike by integrating digital identities into all platform applications.

Breaking Meme Coin Stereotypes

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Shiba Inu’s decision to align its platform applications with blockchain-based digital identity services is a strategic attempt to enhance its perceived legitimacy among investors and governments. This move could potentially ramp up the demand for SHIB tokens, as it helps the coin break free from its meme coin status and positions it as a formidable contender in the crowded DeFi arena.

Self-Sovereign Identity (SSI) is at the core of this digital identity concept, serving as the digital equivalent of physical identity documents such as passports and driver’s licenses. The digital space grants users greater control over their personal data and its distribution online, which is a boon for data protection.

Rising Interest in Digital IDs and Data Protection

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As the team of Shiba Inu developers collaborates with community projects – those either using SHIB or planning to build on Shibarium – the priority is to ensure SSI deployment. Rising interest in digital identities and data protection in Canada and the European Union could help establish Shiba Inu as a more refined project in comparison to other blockchains. “We are laying the groundwork for a new global standard in decentralized digital trust and international identity verification,” Shiba Inu lead developer “Shytoshi Kusama” told CoinDesk.

Shibarium: The Herald of a New Digital Age

The upcoming Shibarium network, which is set to go live later this month, aims to leverage SHIB, LEASH, TREAT, and BONE tokens for applications built on the blockchain. The so-called ‘Layer 2’ network, operating on top of Layer 1 protocols, is a significant strategy to alleviate scaling issues and data bottlenecks.

A test run for Shibarium has displayed significant activity in recent months, recording 27 million transactions across an estimated 16 million wallets as of July. This flurry of activity is a promising indicator of high demand for the network, setting the stage for the actual launch. As Shiba Inu forges ahead, its ambitious journey from a meme coin to a potential DeFi leader is likely to captivate the attention of investors and governments worldwide.

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