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The Shiba Inu team recently met with Rand Hindi, founder of Paris-based cryptography company Zama, discussing how the ongoing partnership benefits the SHIB ecosystem and the broader crypto sphere.
Notably, Shiba Inu and Zama joined forces in February. The collaboration aims to leverage Zama’s expertise in Fully Homomorphic Encryption (FHE) to enhance privacy and security within the SHIB ecosystem.
During the interview, Hindi explained FHE in simple terms and clarified how it differs from traditional encryption methods. According to Hindi, FHE enables data processing without decrypting, ensuring only the owner can access their information.
“With FHE, nobody can see your data – not governments, not hackers, not even the company providing services – because they don’t have your key,” he emphasized.
Exclusive Interview with @zama_fhe CEO Dr. Rand Hindi!!
Discover how Fully Homomorphic Encryption (FHE) will transform privacy, security for Shiba and the future of crypto privacy.
Read more 👇https://t.co/sofKzxz1aD
— The Shib (@TheShibmagazine) July 25, 2024
Hindi went on to explain that FHE’s key advantage lies in its ability to process data while it remains encrypted. It eliminates the need for decryption and protects it from external interference.
In the context of blockchain, this means that data can be kept encrypted from start to finish, from when a transaction is submitted to when smart contracts operate on and store it.
FHE Solves Crypto Privacy Issues
Furthermore, the SHIB team inquired about the crypto industry’s specific security challenges and how FHE can help address them. They asked Hindi to explain how FHE can mitigate risks associated with data breaches, unauthorized access, and other vulnerabilities.
In response, Hindi pointed out that blockchain technology’s inherent transparency poses a significant challenge. Since all transactions, on-chain data, and addresses are publicly visible, it is like sharing sensitive personal financial information with the world.
He stressed that this lack of privacy not only creates security risks but also stifles the development of numerous potential use cases. However, by leveraging FHE, the crypto industry can overcome these limitations and unlock new possibilities.
Motivation Behind Shiba Inu Partnership
Interestingly, the Shiba Inu team asked Hindi about Zama’s motivation to partner with Shiba Inu, a project with meme coin origins. Hindi explained that FHE could make Shiba Inu more mainstream by enabling new applications that require privacy and confidentiality on-chain.
The partnership allows Zama to work with a passionate community and bring FHE to millions of people.
How FHE Integrates with SHIB
Notably, the Shiba Inu team sought insight into how Zama’s FHE technology integrates with the Shiba Inu ecosystem. Hindi noted that FHE is being integrated into the ecosystem via the Shibarium and outside it.
It enables new products like games, DeFi, metaverses, and identity solutions, allowing users to maintain their real identity on-chain without revealing their true identity.
Challenges and Solutions
Furthermore, the team asked about the challenges of integrating FHE into existing crypto platforms. Hindi clarified that Zama has created developer libraries that simplify the integration of FHE, making it accessible to a wider range of developers without requiring deep cryptographic expertise.
Overall, Hindi believes that FHE has the potential to enhance data security across various industries, empowering individuals with control over their information and enabling new business models with privacy as a core value.
Ultimately, the goal is to make the entire internet encrypted end-to-end via a new, FHE-powered protocol.