The Shiba Inu memecoin project develops the Shib Identity system to protect user data from the risks posed by quantum computing technology.
Shib Identity uses Fully Homomorphic Encryption technology to secure privacy and data, combined with the Shib Name Service to create an advanced Blockchain identity solution, built in collaboration with the reputable cryptography partner Zama.
MAIN CONTENT
Shiba Inu develops Shib Identity – a secure data identity system against quantum computing.
Collaborating with cryptography company Zama to apply Fully Homomorphic Encryption to protect user information.
Despite many technological improvements, SHIB's price remains low due to large supply and limited token burning efficiency.
What is Shib Identity and why is it essential for Shiba Inu?
Shib Identity is a comprehensive secure identity system designed to protect user data from threats posed by quantum computing technology in the future, affirming a leading position in security.
In a post on Shib Magazine, the Shiba Inu development team emphasized: “Shiba Inu's long-term defense plan includes the Shib Identity system, something that many other platforms have yet to consider.” The system is built on a comprehensive architecture, allowing users absolute control over privacy and data access.
Shiba Inu’s long-term defense plan includes something most ecosystems haven’t even started thinking about: a purpose-built identity system called Shib Identity.
(Shiba Inu CEO, 2024, Shib Magazine)
What is Fully Homomorphic Encryption technology and what is its role in Shib Identity?
Fully Homomorphic Encryption (FHE) allows for the processing of encrypted data without the need for decryption, ensuring that personal information remains confidential during identity verification. This is a significant advancement in security.
This technology enables Shib Identity not only to address current risks but also to withstand threats posed by quantum computing in the future, ensuring digital sovereignty for users.
It’s a tough technology to pull off, but it offers a rare advantage: resilience not just against today’s threats, but the kind quantum computers could pose down the line.
(Cryptography expert from Zama, 2024)
How does Shiba Inu collaborate with the cryptography company Zama?
Shiba Inu has partnered with Zama, a French cryptography company specializing in FHE technology research, which has just launched a testnet for the Confidential Blockchain Protocol, to develop Shib Identity.
This relationship adds credibility to the project, as Zama provides a security layer for existing blockchains and commits to the highest privacy standards, aligning with the goal of protecting Shiba Inu user data.
What role does the Shib Name Service (SNS) play in the new ecosystem?
SNS will be deeply integrated with Shib Identity to revolutionize on-chain identity, in which the .shib domain registered with ICAAN can be used as a standard web domain, expanding utility and security for users.
This helps Shiba Inu become a leading blockchain ecosystem in applying decentralized identity technology, enhancing the experience and safety for users worldwide.
What is the situation with SHIB's price and its influence from developments in the ecosystem?
Improvements like Shib Identity, Shib Alpha Bridge, and Shibarium Layer-2 have not yet generated a positive impact on SHIB's price, due to the large supply of 589 trillion Tokens and insufficient burning rate.
According to statistics, only 1 billion SHIB have been burned in the last 7 days, accounting for a very small percentage, while other Tokens like TREAT increased by 59% during the same period, somewhat reducing the effectiveness of SHIB's usage and value.
Token Increase/Decrease in 7 days Current Total Supply Application in the SHIB ecosystem +15% 589 trillion Main Token, memecoin TREAT +59% Undetermined Token in the Shib Identity system BONE +3.85% Undetermined Governance and Utility Token
Frequently Asked Questions
When will Shib Identity officially launch? Shiba Inu has not announced the official launch time for Shib Identity; the project is in a long-term development process with thorough preparations. How does Shib Identity differ from other identity systems? Shib Identity stands out with Fully Homomorphic Encryption technology, which secures user data even while processing it, far surpassing many other platforms. What is Zama's role in this project? Zama provides advanced cryptographic technology and is the main partner assisting Shiba Inu in developing exclusive identity security against quantum computing. Why hasn’t SHIB’s price increased despite many upgrades? SHIB's price is affected by a very large supply and a low burning rate of Tokens, which is not enough to create sustainable price leverage. How do SNS and Shib Identity combine? SNS will provide the .shib domain as a foundation for Shib Identity, creating a new on-chain identity standard that enhances security and utility for users.
Source: https://tintucbitcoin.com/shiba-inu-ra-mat-he-thong-bao-ve-du-lieu/
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