In a decisive move to stem the trend of scams on the Shiba Inu ecosystem, the memecoin project cemented a partnership with D3 to introduce “SHIB name tokens.” This partnership is important as the crypto space has consistently witnessed an escalation of threats from malicious actors in recent times. These actors hack into wallets, and blockchains and make away with funds in millions of dollars.
Shib Name Service Introduces New Alternative
Fred Hsu, the co-founder and CEO of D3, says the SHIB name tokens are blockchain-based assets that provides a safe and secure alternative to traditional addresses.
The name service avoids the long and hard to remember alphanumeric wallet addresses which are error prone. Besides, the name token is user-friendly and helps prevent phishing scams or attacks.
Notably, the Shiba Inu community gets periodic warnings from the ecosystem on how to protect their digital assets from these malicious actors. Recently, following the WazirX attack, a SHIB top developer sounded a critical warning to the community members not to release their keys or crypto.
The new collaboration with D3 guarantees that users have better control over not just their assets but also their identities. This facilitates a truly decentralized network which allows users to control their online presence across the web. Users can sell, buy or manage the SHIB name tokens on D3 marketplace as they transact in any of Shiba Inu’s cryptos including LEASH, BONE or SHIB.
According to Hsu, major challenges in the Web3 ecosystem include the ability to scale utility for their growing community. To address this, name tokens like .SHIB will foster Web3 communities that grant interoperability and security for their rapidly expanding platforms while accessing the over 5 billion users on the internet.
Anticipated Impact on Web3 and the Shiba Inu Ecosystem
Hsu remains optimistic that as SHIB name tokens gain traction, not just within Shiba Inu community but in the broader world, digital identity will improve. Also, the ecosystem will record trust and ownership for a more user-friendly and secure Web3 experience.
Stakeholders are eager to see how this new collaboration will significantly reduce cases of phishing scams and impersonation on the Shiba Inu ecosystem.
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