Shiba Inu, a famous meme token on the Ethereum blockchain, is solidifying its place in the decentralized finance (DeFi) ecosystem.
An employee from Shiba Inu announced that they are working on implementing digital identity verification in the ecosystem’s applications. This move represents a significant milestone in the token’s journey towards transformation.
Shiba Inu Sets Ambitious Goals
According to a recent report, Shiba Inu has ambitious plans to evolve from being a meme coin into a DeFi asset by entering the DeFi space. This transformation is aimed at gaining trust and acceptance among users and establishing itself as a competitor in the vast DeFi ecosystem.
The report also mentioned that Shiba Inu will introduce Know Your Customer (KYC) verification in all its future projects, including the Shibarium Layer-2 blockchain network.
Shytoshi Kusama, the lead developer of Shiba Inu, stated that they are building the foundation for a new global standard with a decentralized digital ecosystem and an international identity verification system. This move aims to create a new era of improved faith and trust in systems.
Shiba Inu Aims for Secure Self-Sovereign Identity
The developers of Shiba Inu have set an important goal for the ecosystem: to implement Self-Sovereign Identity (SSI). This concept is like having digital identity documents, such as driver’s licenses and passports, but with users having complete control over their data. By adopting SSI, the platform aims to enhance security and privacy for the community’s personal information. They also want to capitalize on the growing interest in digital identity and data security.
Transitioning from Meme Token to DeFi Player
Although originally known as a meme token, Shiba Inu is now fully dedicated to becoming a significant part of the decentralized finance (DeFi) ecosystem. To achieve this, the platform plans to utilize tokens like SHIB, BONE, TREAT, and LEASH for various blockchain-based applications.
Currently, SHIB is trading at $0.000008421, BONE at $1.61, TREAT at $0.1134, and LEASH at $481.81.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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