Shiba Inu has inked a new partnership with Zama, an encryption design startup to enhance the security of its ecosystem
Shiba Inu’s marketing lead, LUCIE, took to X to announce the project’s new partnership with Zama. The latter is an open-source cryptography company that builds Fully Homomorphic Encryption (FHE) solutions for blockchain and Artificial Intelligence (AI).
Shiba Inu Acknowledges the Capacity of Fully Homomorphic Encryption
Hinging on the latest alliance, Shiba Inu is trying to unlock new frontiers with FHE and, ultimately, enhance the Shib ecosystem’s capabilities. The focus is on Shibarium and some other enterprise-level concepts currently being developed. LUCIE described Fully Homomorphic Encryption as a groundbreaking technology that upholds privacy while allowing crypto transactions to occur on the blockchain.
Shib Partners with @zama_fhe to Unlock New Frontiers with Fully Homomorphic Encryption (FHE)
The collaboration between https://t.co/4RzThbql2L and https://t.co/LxnVv5XLnM is set to significantly enhance the Shib ecosystem’s capabilities, particularly with Shibarium and various… pic.twitter.com/WSpc9FWIYN
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 30, 2024
This technology helps to hide sensitive data like financial information and Non-Fungible Tokens (NFT) identities. This does not undermine traditional encryption methods, which protect users’ data equally. However, these methods have challenges, requiring the decryption of information for analysis. In turn, this creates security vulnerabilities, defeating the purpose of encryption.
The Shiba Inu executive highlighted that FHE effectively tackles this challenge by enabling computations on encrypted data without ever decrypting it. She acknowledged that FHE could potentially transform the crypto space, offering several promising applications. Some of its applications include confidential smart contracts, encrypted key signing, secure data analysis, NFT auctions, and real-world assets.
By collaborating with Zama, Shiba Inu is trying to ensure that smart contracts can execute complex calculations while maintaining confidentiality and transparency.
Shiba Inu Plans Launch of SHI Stablecoin
Security functionalities are crucial for Shiba Inu, especially with its new initiative, the SHI stablecoin. Only a few days ago, LUCIE discussed details of the stablecoin, which Ryoshi first introduced in 2021. She informed the community that SHI will be released to the Shibarium Layer-2 scaling blockchain for general use.
Notably, SHI is designed as a decentralized stablecoin to maintain a value of $0.01. Its goal is primarily to reduce the volatility of most cryptocurrencies and bring stability and utility to the Shibarium blockchain.
In the long run, the plan is to make everyday transactions, such as payments, and Decentralized Finance (DeFi) applications, like borrowing, lending, and yield farming, easy.
