coindesk.com
Shiba Inu will launch a new privacy-focused network on top of the Shibarium blockchain in a move that boosts the value proposition of SHIB tokens, a representative shared with CoinDesk in a release on Wednesday.
Shiba Inu is working with open-source cryptography company Zama on the yet-unnamed network. The exact mechanism is called Fully Homomorphic Encryption (FHE) – a type of privacy tool that lets developers use data on untrusted domains without needing to decrypt it.
The move will bump on-chain privacy for SHIB token holders, Shiba developers said, and help safeguard their personal and transactional data. Shiba Inu ecosystem token treat (TREAT) will power the “new privacy layer.”
The new privacy layer lets developers add a focused network on top of Shibarium, a layer 2 network that settles transactions on the Ethereum blockchain. “These are two different entities, and separate for a variety of reasons,” Shytoshi Kusama, the pseudonymous founder of Shiba Inu, told CoinDesk in a message.
Shibarium went live last August as a low-fee ecosystem focused mainly on financial services and gaming. The network uses several tokens, BONE, TREAT, SHIB and LEASH, for different applications built on the blockchain.