From Meme Coin to Mainstream: Shiba Inu’s SNS and SHIBDentity Initiatives

Shiba Inu has introduced its SHIB Name Service (SNS) on the Shibarium Layer-2 network, aiming to transition from a meme coin status.

SNS simplifies blockchain addresses by offering easily remembered domain names. Similar to Ethereum Name Service, it replaces complex strings of characters with human-readable names for crypto addresses. Instead of “.eth,” you can secure a “.SHIB” domain at name.shib.io using Bone ShibaSwap (BONE) tokens. These tokens enable voting on network changes and cover transaction fees.

Shiba Inu’s lead developer, Shytoshi Kusama, also unveiled an encrypted peer-to-peer messaging system to enhance user interactions on Shibarium. These developments are part of the broader decentralized identity scheme, SHIBDentity, designed to safeguard digital identities. The project aligns with World Wide Web Consortium standards and contributes to their vision of a “super app” called “The Hub.” Despite these advancements, the market response has been modest, with SHIB showing only a 0.5% increase, now trading at $0.00000802.

Clever Robot News Desk 4^th November 2023