Shiba Inu is gearing up for the next adventure. The meme coin network has teamed up with open-source cryptography firm Zama to launch a new privacy-focused network on top of the Shibarium blockchain. Behind this collaboration lies an innovative technology called fully homomorphic encryption [FHE], a privacy tool that enables developers to process data on untrusted domains without decrypting it.
Traditional data encryption involves the tedious process of first decrypting data, processing it, and then encrypting it again, making it vulnerable to privacy breaches. Under FHE, all online activities, ranging from the moment data is sent from a device to when it is received back, can be encrypted end-to-end. The FHE integration is designed to significantly enhance the privacy and security of online interactions across the SHIB domain.
Although the new privacy network is yet to be named, the shielded transactions will be powered by the TREAT token as an incentive. The Shiba team says this move will enhance on-chain privacy for SHIB token holders and help protect their personal and transaction data.
Paris-based Zama, the company behind FHE, was one of the 10 finalists in the RSA Conference 2023 Innovation Sandbox contest due to groundbreaking advancements in Fully Homomorphic Encryption.
Shiba Inu’s TREAT Token Would Replace BONE
As per the SHIB blog, TREAT, one of the Shiba ecosystem’s tokens would serve multiple purposes, including providing liquidity to the SHI stablecoin, eventually replacing the BONE token as the reward token for ShibaSwap and providing rewards for SHIB: The Metaverse and the blockchain version of the Shiba Inu-themed collectible card game Shiba Eternity.
This partnership with Zama is the last piece or element in a collection of Shiba Inu technologies as it forges ahead to reach its vision of becoming a perpetual genuinely decentralized community, flourishing with branded governance, blockchain technology, economy, territory, and entertainment landscape; bolstered with cyber resilience, IRL prowess, and infused with an ebullient meme-inspired ethos designed for a billion people.
In related news, the transaction fees on Shibarium, the Shiba Inu layer-2 network, stands at $0.00001, per on-chain data. The figure is much lower than other leading networks, such as Bitcoin, Cardano, Ethereum, and Polygon.
