The memecoin project Shiba Inu is working on a privacy-focused Shib Identity to address the risk of quantum computing. The Shib team confirmed this in a recent publication while noting the major risks that quantum computing poses to users’ data. According to a post published on Shib Magazine, the project noted that the risks of quantum computing are no longer remote with recent technological advancements. It stated that big tech companies such as Apple and Microsoft have already started making efforts to address the risks, and Shiba Inu is also doing the same. It said: “Shiba Inu’s long-term defense plan includes something most ecosystems haven’t even started thinking about: a purpose-built identity system called Shib Identity.” The post further explained how the Shib Identity works, noting that it is a “full-stack architecture grounded in digital sovereignty” with users having full control of their privacy and data access. It was noted that the technology used was Fully Homomorphic Encryption (FHE), which allows encrypted data to be processed. This means user data can remain private, ensuring identity credentials are never exposed during verification. The post noted: “It’s a tough technology to pull off, but it offers a rare advantage: resilience not just against today’s threats, but the kind quantum computers could pose down the line.” Interestingly, the project plans to leverage its Shib Name Service (SNS) with the Shib Identity to reimagine how on-chain identity works. The project noted that the SNS team is already working on getting ICAAN approval, which will allow .shib names to serve as standard web domains. Shiba Inu partners with cryptography firm Zama The post further disclosed that Shiba Inu has partnered with Zama to develop the Shib Identity. It described the partnership as a sign of credibility in its efforts to build the quantum computing-resistant tool. Zama is a France-based cryptography company working on FHE, and it recently launched its public testnet for its Confidential Blockchain Protocol. The protocol serves as a privacy layer that operates on existing blockchain networks, offering full transaction data encryption even from node operators. Meanwhile, the Shib team disclosed that the Shib Identify will be accessible through its TREAT token. However, it did not explain how this would work, noting that it would be built into the system by design. Although the post suggests that it is a long-term, deliberate project, preparing the Shiba Inu ecosystem for the arrival of Quantum Computing, it did not specify when it would go live. SHIB continues to struggle despite developments within the ecosystem Interestingly, Shib Identity is only one of the several ongoing developments within the Shiba Inu ecosystem. The project also recently launched the Shib Alpha bridge, which updates its cross-chain infrastructure by connecting it to its Layer-3 network, Shiba Alpha Layer. Beyond this, the project has already teased and launched several initiatives, including Shibarium Layer-2, several tokens, Shib Finance, and others. All these initiatives are part of the project’s efforts to transition from a basic memecoin play into a utility-driven protocol. However, the efforts have not translated into positive price gains for the SHIB token, down 38.57% this year and trading at $0.00001334. Although the memecoin has risen by 15% in the past week, it has struggled to reclaim its peaks from 2021. Shiba Inu struggles are likely due to its large supply of 589 trillion tokens and a burn rate that has not been enough to put a sizable dent in the supply. For instance, only one billion SHIB have been burnt in the past seven days, representing a tiny fraction of the supply. The presence of other ecosystem tokens, such as TREAT and BONE, also appears to have limited SHIB’s utility within the ecosystem, leading to divergence in the performance of the tokens. According to CoinMarketCap, TREAT has been up 59% in the last seven days, while BONE only saw 3.85% gains. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
