ShibaInu Launches Blockchain Identity Project
ShibaInu developers are preparing for the launch of a major SHIB identity on the blockchain. This would be another groundbreaking project that would give more utility to the meme token.
The official Shibtokenaccount on X revealed on October 28th that were planning on launching a surprise SHIB identity within a period of 72 hours.
No details
The digital identity was described by ShibaInu as a revolutionary development within the blockchain space, but specific details about it were not disclosed.
The project also involved a giveaway of $5,000 ShibaInu tokens to the community. Lead ShibaInu developer, ShytoshiKusama also talked about the development.
He said that it was one of the numerous exciting developments that were taking place within the digital asset ecosystem.
He stated that there were a number of things on the horizon that would help in creating a peaceful world, while the SHIB token would serve as its foundation.
KaalDhairya, another ShibaInu developer, referred to the project as the first step towards establishing a self-custodial identity.
Meanwhile, the video has led to some optimism within the community, and a number of SHIB holders are eager to learn more information about the digital identity project.
Self-sovereign identity
The recent revelation from the ShibaInu ecosystem aligns with their earlier disclosure about incorporating Self-Sovereign Identity (SSL) into all of the projects on the network.
Kusama had said back in August that they planned to create digital identities for their users. The aim of the digital identity, which would be based on the blockchain, would be to give users a consistent identity in all ShibaInu projects.
This would result in trust amongst governments and users. Meanwhile, these projects are also in line with the strategic initiative of adding more utility to the SHIB token.
This would help it from transforming from just another meme token into one that actually offers some utility to its users.
A significant milestone was recorded by the ShibaInu network with the launch of Shibarium, the layer-2 scaling solution.
It has seen swift adoption in the market and the latest data shows that more than 3 million transactions have already been processed.
SHIB Price update
According to the latest data, the new development drove up the price of the second-largest meme token in the market by 2%, which saw it reach $0.0000080.
This is a continuation in the recent uptrend seen in the price of the ShibaInu token, which saw its value rise by more than 10% in the last week amidst the rally recorded in the broader crypto market.
It is expected that more announcement like these that add utility to the token might push up the price of the meme coin even higher.
