- Shiba Inu has taken the initiative to step into the DeFi ecosystem, securing confidence among the customers.
- The platform will be implementing digital identity verification in all its applications.
- The Self-Sovereign Identity (SSI) deployment would be the key goal of the ecosystem.
Shiba Inu, a popular memecoin built on the Ethereum blockchain, has taken the initiative to affirm its position in the decentralized finance (DeFi) ecosystem. A blockchain spokesperson revealed that a key step toward the acquisition of this transformation is the digital identity verification of the ecosystem’s applications.
As per the recent report, Shiba Inu’s venture toward the space of DeFi is part of its effort to reform its identity from being a memecoin to being a DeFi entity, securing acceptance and confidence among customers. The platform also intends to become a competitor in the vast DeFi ecosystem.
The report highlighted that the platform would implement the Digital Identity Verification in all its future projects including its much-anticipated update, the Shibarium Layer 2 blockchain. Shytoshi Kusama, the lead developer of Shiba Inu commented,
We are laying the groundwork for a new global standard in decentralized digital trust and international identity verification. In this way, Shibarium is the herald of a new digital age where faith in systems is restored and enhanced.
The Shiba Inu developers assured that the Self-Sovereign Identity (SSI) deployment is one of the key goals of the ecosystem. The SSI is the digital equivalent for the identity documents including license and passport. The platform believes that the SSI would bring more security and privacy to the personal data of the community. In addition, the developers hope for better positioning of the project reflecting the rising interest in digital identity and data security.
While Shiba Inu, primarily known as memecoin, has seriously dedicated itself to becoming a part of the extensive DeFi ecosystem, the platform plans to use its tokens SHIB, BONE, TREAT, and LEASH for the blockchain-based apps. Currently, SHIB is trading at a price of $0.000008421 and BONE at $1.61. While TREAT is priced at $0.1134, LEASH holds a price of $481.81.
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