A spokesman for Shiba Inu said in a recent announcement on Wednesday that the company intends to launch a new privacy-focused network on top of the Shibarium blockchain, which will improve the value proposition of SHIB tokens.
On the network that isn’t yet named, Shiba Inu is collaborating with open-source cryptography company Zama. The network will make use of Fully Homomorphic Encryption (FHE), a privacy technique that eliminates the requirement for developers to decrypt data before using it on untrusted domains.
The “new privacy layer,” which enables developers to add a targeted network on top of Shibarium, a layer-2 network that settles transactions on the Ethereum blockchain, will be powered by the Shiba Inu ecosystem token treat (TREAT). According to Shiba Inu developers, the change would assist protect the personal and transactional data of SHIB token holders and enhance their on-chain privacy
The founder of Shiba Inu, Shytoshi Kusama, went on to say in a message, “These are two different entities, and separate for a variety of reasons.”
Shibarium launched in August of last year as a low-cost ecosystem with a primary focus on gaming and financial services. For various blockchain-based applications, the network uses multiple coins, including BONE, TREAT, SHIB, and LEASH.