Shiba Inu Establishes Major Partnership to Foster Shibarium Development: Details

TL;DR

Shiba Inu collaborates with Zama to integrate fully homomorphic encryption (FHE) into its Shibarium layer-2 solution, with the aim of improving data privacy and security for transactions and smart contracts. Despite the development, the price of SHIB fell more than 6% in the last 24 hours. However, it remains on a two-week scale due to the recent rallies. Shiba Inu’s latest collaboration

Shibarium’s marketing strategist, using the handle X LUCIE, revealed that Shiba Inu shook hands with open source crypto company Zama. The goal is to improve the capacity of the meme coin ecosystem by mainly focusing on the layer 2 scaling solution.

“A crucial component of this evolution is fully homomorphic encryption (FHE), an innovative technology that allows cryptographic transactions to occur on the blockchain while keeping sensitive data, such as financial information and NFT identities, completely hidden ,” the ad says.

This technique is used in cryptographic applications to protect user data while allowing essential operations, such as verifying transactions or executing smart contracts, without revealing any private information.

According to LUCIE, the integration of FHE could strengthen the technological and governance framework of the Shiba Inu ecosystem, “opening the door to new use cases in various projects”, such as Treat or Bone.

“Although FHE is still evolving and improving in efficiency, its potential is substantial and the research community is actively working to overcome the associated challenges,” X user concluded.

Some members of the SHIB community described the partnership as a major bullish factor that could drive a rise in meme coin prices in the near future. Others questioned whether the development will make Shibarium safer. LUCIE responded positively, saying that the protocol “will have more options.” They said it will be released as L3 on Shibarium.

For more updates on the ecosystem, check out our Shibarium news.

SHIB Price Outlook

Despite the announced collaboration, SHIB’s assessment remains very negative. In fact, the second largest meme coin is the worst performing cryptocurrency in the last 24 hours, witnessing a price decline of over 6%.

SHIB Price, Source: CoinGecko

Still, it remains well in the green on a two-week scale due to the recent rally. As reported by CryptoPotato, SHIB hit a three-month high over the weekend, while its market cap briefly topped $12.5 billion. The market capitalization is currently approximately $10.8 billion, making it the fourteenth largest cryptocurrency.

Those willing to check out what factors might have played a role in the price drop, check out our detailed article here.

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