The Shiba Inu project has announced the launch of a new initiative called Shib Identity, aimed at protecting user data from threats associated with quantum computing.
Shib Identity: Protection from Quantum Threats
According to a post in Shib Magazine, the Shiba Inu project confirmed that the threat of quantum computing is no longer distant, with companies like Apple and Microsoft already taking steps to mitigate it. The Shiba Inu team announced a long-term defense plan that includes the creation of an identity system called Shib Identity. This system is based on fully homomorphic encryption (FHE) technology, which allows encrypted data to be processed while maintaining user privacy. The publication emphasizes that this solution will create an additional layer of protection not only from current threats but also from potential risks posed by quantum computers in the future.
Partnership with Zama for Shib Identity Development
In addition, Shiba Inu has partnered with Zama, a company specializing in cryptography, to develop Shib Identity. Zama is working on FHE technologies and recently launched a public testnet for its Confidential Blockchain Protocol. This partnership highlights the seriousness of Shiba Inu’s intentions in creating a tool that can protect data from quantum threats. It is expected that Shib Identity will be accessible through the TREAT token, although details on how this will function are still unclear.
Current Challenges for Shiba Inu in the Market
Despite recent initiatives like Shib Identity, the Shiba Inu project continues to face challenges in the market. The SHIB token has recorded a 38.57% decrease this year, trading at $0.00001334. Interestingly, SHIB has struggled even with a recent 15% rise over the past week. Major issues include a high supply of 589 trillion tokens and insufficient burn rates. For instance, only one billion SHIB has been burned in the past week, which merely makes a slight dent in the total supply.
Shiba Inu is actively working on protecting its users' data and adapting to future challenges related to quantum computing. However, current market indicators show that the project is grappling with significant issues that require attention and resolution.
