The developers behind the Shiba Inu cryptocurrency are taking steps to transition it from a meme-inspired token to one with real utility in decentralized finance (DeFi). They plan to do this by launching a new decentralized identity protocol and integrating it across the Shiba Inu ecosystem.
Specifically, the team announced they are working with their developer community to prioritize and implement a Self-Sovereign Identity (SSI) system into all of their protocols. This includes the upcoming layer-2 network Shibarium.
By tying user identities directly to the protocol layer, the goal is to give users full control over their digital identities when interacting with Shiba Inu applications. This is intended to improve security and remove reliance on third parties.
Self-Sovereign Identity (SSI) is an identity management model where individuals and businesses have complete ownership and control over their digital identities and personal data.
Unlike traditional systems where users rely on third parties to store and manage identity information, SSI allows users to store identity data in a digital wallet. They can then use this to prove their identity to other parties like websites, services, and applications.
A lead Shiba Inu developer known as Shytoshi Kusama told Decrypt that Shib SSI presents new opportunities to solve problems for businesses by improving user experience and enabling secure relationships. Kusama stated that increased data security, privacy protection, fraud reduction, auto-authentication, guardianship, and membership management are some of the potential benefits of this technology.
According to the lead developer, the implementation of the digital identity system will occur on a “Shib Super App” where all decentralized apps (dApps) on the Shibarium network can be integrated.
The developer stated that this is an important part of their plan for “perpetual decentralization.”
Shiba Inu was initially launched in August 2020 as an ERC-20 token on the Ethereum blockchain and was designed to be a meme coin – a lighthearted cryptocurrency not meant to be taken seriously.
However, Shiba Inu quickly gained popularity, with its price surging to an all-time high of $0.000086 in October 2021.
Today, Shiba Inu is the 15th largest cryptocurrency with a market capitalization over $4.8 billion and a current price of $0.0000082, according to CoinGecko.
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