Shiba Inu Develops Quantum-Resistant Identity System Shib Identity

The memecoin project Shiba Inu is actively developing a privacy-focused identity system called Shib Identity to mitigate the risks posed by quantum computing. The Shib team acknowledged this initiative in a recent publication, highlighting the growing threat of quantum computing to users' data security.

In a post on Shib Magazine, the project emphasized that the risks associated with quantum computing are no longer theoretical, given recent technological advancements. Major tech companies like Apple and Microsoft have already begun addressing these risks, and Shiba Inu is following suit. The project's long-term defense strategy includes the development of Shib Identity, a purpose-built identity system designed to protect user data from both current and future threats, including those posed by quantum computers.

Shib Identity operates on a full-stack architecture grounded in digital sovereignty, giving users complete control over their privacy and data access. The technology behind Shib Identity is Fully Homomorphic Encryption (FHE), which allows encrypted data to be processed without exposing user information. This ensures that identity credentials remain private during verification processes.

The project aims to integrate Shib Identity with its Shib Name Service (SNS) to revolutionize on-chain identity management. The SNS team is currently working towards obtaining ICAAN approval, which would enable .shib names to function as standard web domains.

To advance the development of Shib Identity, Shiba Inu has partnered with Zama, a France-based cryptography company specializing in FHE. Zama recently launched its public testnet for the Confidential Blockchain Protocol, which provides full transaction data encryption on existing blockchain networks. This partnership underscores Shiba Inu's commitment to building a quantum-resistant tool.

Shib Identity will be accessible through the TREAT token, although the specifics of how this integration will work have not been disclosed. The project is described as a long-term initiative aimed at preparing the Shiba Inu ecosystem for the eventual arrival of quantum computing. However, no specific timeline for the launch of Shib Identity has been provided.

Shib Identity is just one of several ongoing developments within the Shiba Inu ecosystem. The project recently launched the Shib Alpha bridge, which updates its cross-chain infrastructure by connecting it to its Layer-3 network, Shiba Alpha Layer. Additionally, Shiba Inu has introduced several other initiatives, including Shibarium Layer-2, various tokens, and Shib Finance, all part of its transition from a basic memecoin to a utility-driven protocol.

Despite these developments, the SHIB token has not seen significant price gains, currently down 38.57% this year and trading at $0.00001334. While the memecoin has risen by 15% in the past week, it has struggled to regain its 2021 peaks. The large supply of 589 trillion tokens and a relatively low burn rate contribute to these struggles. For instance, only one billion SHIB have been burnt in the past seven days, a small fraction of the total supply.

The presence of other ecosystem tokens, such as TREAT and BONE, has also limited SHIB’s utility within the ecosystem, leading to divergent performance among the tokens. TREAT has seen a 59% increase in the last seven days, while BONE has only gained 3.85%.