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Founder of popular trading software XT Algo Zach Humphries reacts to reports of Shiba Inu developing a new blockchain solution.
Zach Humphries, a notable crypto influencer and founder of crypto trading software XT Algo, has reacted to reports of the ongoing development of Shiba Inu’s privacy-focused Layer-3 (L3) blockchain.
In a recent tweet, Humphries expressed enthusiasm about the initiative, emphasizing that he is glad Shiba Inu sees the future of L3 blockchain solutions.
This is going to be a Layer 3 blockchain. Yes, it's a thing. I am glad #SHIB sees the future of Layer 3's https://t.co/LGuHZOJzhm
— Zach Humphries (@Z_Humphries) April 22, 2024
Shiba Inu Raises $12M to Build New Blockchain
The prominent crypto influencer made this known while reacting to recent reports indicating that the Shiba Inu ecosystem team raised $12 million to develop a privacy-focused L3 blockchain on Shibarium.
As reported earlier, the team behind the Shiba Inu ecosystem raised the funds by selling its upcoming TREAT token to some major venture capitalists, including Animoca Brands, Shima Capital, Polygon Ventures, Stake Capital, and Mechanism Capital.
Shiba Inu’s lead developer, Shytoshi Kusama, provided insight into the ongoing development of the L3 blockchain. According to Kusama, Shiba Inu developers are building the L3 blockchain using Zama’s fully homomorphic encryption technology.
Before leveraging Zama’s technology for its L3 blockchain, Shiba Inu had already collaborated with the Paris-based open-source cryptography company earlier this year. At the time, Shiba Inu utilized Zama’s technology to improve privacy features for user data management.
The partnership between Shiba Inu and Zama in February also includes Shiba Inu adopting the company’s technology to develop its privacy L3 blockchain.
Meanwhile, Kusama disclosed that the highly anticipated L3 blockchain’s testnet version will go live in Q3 2024. The testing will help developers identify and resolve all technical issues associated with the blockchain before launching it on the mainnet.
Interestingly, the upcoming TREAT token will function as the blockchain’s governance and utility token. This implies that users would only pay gas fees on the blockchain using TREAT.
Shiba Inu Moves to Shred Meme Coin Tag
Shiba Inu has continued to stun the crypto community with its technological advancements and evolution over the years. The crypto project, which initially launched as a meme coin in August 2020, has rolled out outstanding products and solutions, including an L2 blockchain, thus helping it shred its meme coin title.
Shiba Inu developers have gone a step further to shred the meme coin title by building a privacy-focused L3 blockchain. However, Kusama confirms that despite this evolution, the Shiba Inu development team aims to retain the vision Ryoshi, the anonymous Shiba Inu founder, had for the project.
By embracing Layer-3, the team behind the Shiba Inu ecosystem seeks to leverage more advanced functionalities that could improve its privacy, scalability, and interoperability with other networks, especially Shibarium.