The Shiba Inu ecosystem is gearing up for a significant advancement with the development of its very own Layer 3 network. This news comes courtesy of a recent tweet by SHIB team member Lucie, who shed light on various aspects of the Shiba Inu universe, including tokens, dApps (decentralized applications), and the highly anticipated Layer 3 project.
A Look Inside the Shiba Inu Ecosystem
Lucie’s tweet offered a comprehensive overview of the Shiba Inu ecosystem, highlighting existing assets like SHIB, LEASH, BONE, the Shiboshis NFTs (non-fungible tokens), and the ShibtheMV metaverse project. Additionally, the upcoming TREAT and SHI tokens, yet to be launched, continue to generate excitement within the community.
The Shiba Inu ecosystem also boasts a variety of dApps, including ShibaHub, ShibaSwap (a decentralized exchange), and Shiba Eternity, all built on Shibarium, the project’s Layer-2 solution on the Ethereum blockchain. Furthermore, Lucie highlighted the SHIB name service, a project developed in collaboration with D3inc.
Privacy Takes Center Stage with Layer 3
However, the most intriguing development within the Shiba Inu ecosystem appears to be the introduction of its dedicated Layer 3 network. According to Lucie, the team is currently collaborating with Zama, an open-source cryptography company, to bring this innovative project to life.
The Layer 3 network will leverage a powerful tool called Fully Homomorphic Encryption (FHE). FHE allows developers to perform computations on encrypted data without decryption, a feature that significantly enhances both security and privacy. This technology has the potential to benefit the entire Shiba Inu ecosystem, encompassing tokens like Bone and Treat, the metaverse project, and even Shibdentity (a decentralized identity solution, details yet to be revealed).
Building on Earlier Announcements
This news aligns with earlier announcements made by the Shiba Inu team in April 2024. Back then, plans for a privacy-focused network built on top of Shibarium were unveiled. This upcoming Layer 3 network, powered by the TREAT token, aims to provide enhanced on-chain privacy for SHIB holders by protecting their personal and transaction data.
The Road Ahead for Shiba Inu
The development of a Layer 3 network demonstrates the Shiba Inu team’s commitment to innovation and advancement. By leveraging FHE technology, the project has the potential to offer a significant advantage in terms of privacy and security, potentially attracting new users and developers to the Shiba Inu ecosystem. With the TREAT token and other upcoming projects on the horizon, the future looks bright for the Shiba Inu universe.