Shiba Inu Team to Pin Another Security Layer to Improve Network Privacy: Details

The integration of this encryption tool into Shiba Inu’s protocol seemingly brings the user protection under the spotlight.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 1 March 2024 16:56 IST

Shiba Inu Team to Pin Another Security Layer to Improve Network Privacy: Details

The name of the security protocol being developed by Shiba Inu and Zama remains unknown

Highlights

The Shiba Inu team has not revealed a date for this security deployment
The security protocol will safeguard users’ personal, transactional data
Shiba Inu community is witnessing gradual growth

The developers maintaining the Shiba Inu ecosystem are deploying a new layer of security to improve the network's privacy settings. The Shiba Inu team is developing this security protocol in partnership with Zama, a cryptography company that confirmed the development on X this week. The name of this security protocol under development remains unknown for now. It is, however, known that the protocol will use a tool called the Fully Homomorphic Encryption (FHE) -- through which developers can unlock data on untrusted domains without having to decrypt or engage with it.

The Shiba Inu ecosystem is maintained on the Layer-2 Shiberium blockchain, which is built atop the Ethereum blockchain. Once Shiba Inu rolls out its security protocol, it will find residence on the Shiberium blockchain. TREAT, a crypto token that is part of the Shiba Inu ecosystem will back the use of this security protocol.

Holders of the Shiba Inu tokens will get better safety for their personal and transactional data, a Coindesk report said without disclosing anything in detail.

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We're happy to partner with @Shibtoken to bring FHE to millions of people in their community. It is incredibly exciting for us at Zama to see FHE going to production, and setting a new benchmark for blockchain privacy and security.

Read more on @CoinDesk https://t.co/Yr4sdLpegM pic.twitter.com/SXEFLfICb6
— Zama (@zama_fhe) February 29, 2024

The integration of this encryption tool into Shiba Inu's protocol seemingly brings the user protection under the spotlight. The move could set a mark for other Layer-2 blockchains to adopt similar methods too and secure their respective networks and communities as well.

In January 2023, SHIB emerged as the only ERC-20 token crypto to most appear on the Ethereum mother-chain transactions. Data from Nansen from the time also showed that Shiba Inu had emerged as the top-most choice for new entrants to begin crypto investments with. With its community showing gradual growth, the Shiba Inu team has been taking a number of community-first initiatives.

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In December 2023 for instance, the SHIB team applied to the Internet Corporation for Assigned Names and Numbers (ICANN) aiming to acquire the ‘.shib' domain, which if approved, would let members of its community create email addresses with the ‘.shib' suffix. This would eliminate the need for its community to create long, alphanumeric crypto wallet addresses to manage assets across different blockchains.

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Further reading: Cryptocurrency, Shiba Inu, SHIB, Blockchain Security

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More