SHIB team has implemented fully homomorphic encryption technology

In the first phase, it is available for transactions with the TREAT ecosystem token

29.02.2024 - 09:10

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2 min

What’s new? The developers of the “dog” meme token Shiba Inu (SHIB) have increased the privacy and data protection of ecosystem users and developers by implementing fully homomorphic encryption (FHE). The initiative is in collaboration with Zama, a company specializing in blockchain and artificial intelligence encryption technologies.

Source: Twitter.com

What else is known? The innovative FHE technology allows data to be processed in encrypted form, which increases its security. With more traditional methods, encrypted data needs to be decrypted, processed, and then encrypted again, exposing information in the process that could be vulnerable to leaks.

FHE makes data inaccessible not only to the service provider, hackers, or government agencies but also ensures that computations can be performed publicly without compromising user privacy as the data remains encrypted throughout the process.

Previously, Zama, as one of the leading companies in FHE solutions, was one of the top ten finalists in the RSA Conference 2023 Innovation Sandbox contest.

With access to Zama’s open-source tools, developers in the Shib ecosystem will be able to build privacy-centric applications.

Initially, the technology will be used in transactions with the TREAT token, which is used to provide liquidity to the SHI stablecoin. In the future, TREAT will replace BONE as the token for paying rewards on the ShibaSwap exchange.

Shiba Inu team to apply for registration of the .shib Internet domain

The application must be approved by the international non-profit organization, ICANN

At the time of writing, SHIB ranks second in the meme token ranking and 19th in the overall cryptocurrency ranking with a capitalization of $8,1 billion. The asset is trading at $0,0000138 on Binance and has added 24,4% overnight and 44,1% over the week, according to data from the CoinGecko aggregator.

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