The development team behind Dogecoin spinoff Shiba Inu has introduced a new tool for enhancing user privacy in the SHIB and Web 3 ecosystems.
The innovation, known as “Fully Homomorphic Encryption (FHE) brings “complete on-chain data protection.” to members of the SHIB community, according to a press release shared with CryptoPotato.
- SHIB has launched the technology in collaboration with Web3 encryption leader Zama, which builds similar solutions for other blockchain and AI-focused technologies.
- According to IBM, FHE lets users unlock “the value of data on untrusted domains without needing to decrypt it.” For crypto, it lets users protect their personal and transactional data against the rising threat of data breaches.
- Shytoshi Kusama, the pseudonymous developer leading the Shiba Inu project, said that FHE is a “seminal milestone in delivering their promise to turn the SHIB community into a “nation-state” of “Shibizens.”
- Rand, CEO and Co-Founder of Zama, stated that FHE will “catalyze the growth” of the SHIB ecosystem. He added:
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“Not only will this enable a wide range of new use cases on the Shiba Inu platform, it will also set a new benchmark for blockchain privacy and security.”
- FHE will take advantage of Shiba Inu’s new privacy layer powered by TREAT, a token that provides liquidity for the SHI stablecoin. In the past 7 days, the price of TREAT has risen 131%.