Shiba Inu signs an important partnership to promote the development of Shibarium: details

TL;DR

• Shiba Inu is collaborating with Zama to integrate fully homomorphic encryption (FHE) into its Shibarium layer-2 solution, aiming to improve data privacy and security for transactions and smart contracts.
• Despite this development, the price of SHIB has fallen by more than 6% in the last 24 hours. However, it remains up on a two-week scale due to recent rebounds.

Shiba Inu’s latest collaboration

Shibarium Marketing Strategist, using the handle X LUCIE, revealed that Shiba Inu shook hands with open source crypto company Zama. The goal is to improve the capabilities of the meme coin ecosystem by primarily focusing on the Layer 2 scaling solution.

“A crucial part of this evolution is fully homomorphic encryption (FHE), a revolutionary technology that allows cryptographic transactions to take place on the blockchain while keeping sensitive data – such as financial information and NFT identities – completely hidden ”, says the ad.

This technique is used in cryptography applications to secure user data while enabling essential operations, such as verifying transactions or executing smart contracts, without revealing any private information.

According to LUCIE, the integration of FHE could strengthen the technological and governance framework of the Shiba Inu ecosystem, “opening the door to new use cases in various projects”, such as Treat or Bone.

“Although FHE continues to evolve and improve its effectiveness, its potential is substantial and the research community is actively working to overcome the challenges encountered. the challenges associated with it“, concluded user X.

Some members of the SHIB community have described the partnership as a major bullish factor that could propel a price rise for the meme coin. in the near future. Others wonder if the development will make Shibarium safer. LUCIE responded positively, saying the protocol “will have more options.” They said it would be to be launched in L3 on Shibarium.

For more updates on the ecosystem, check out our Shibarium News.

SHIB Price Outlook

Despite the announced collaboration, SHIB’s valuation remains deep in the red. Actually, The second-largest meme coin is the worst-performing cryptocurrency in the past 24 hours, down more than 6% in price.

It nevertheless remains well in the green on a two-week scale due to major rally recorded recently. As CryptoPotato According to reports, SHIB hit a three-month high over the weekend, while its market capitalization briefly exceeded $12.5 billion. Currently, the capitalization is worth around $10.8 billion, making it the 14th largest cryptocurrency.

Those who want to check what factors may have played a role in the price dropplease see our detailed article here.