New funding aims to develop a Layer 3 blockchain with advanced privacy features, attracting major investors like Animoca Brands and Polygon Ventures.
The cryptocurrency sector is witnessing significant advancements as Shiba Inu, a popular Ethereum-based ecosystem, successfully raises $12 million in a token sale aimed at developing a new privacy-focused blockchain. This move underscores the growing importance of privacy and security in the digital currency space.
Shiba Inu's recent funding round attracted various heavyweight investors, including Animoca Brands and Polygon Ventures. The capital raised will be channeled towards creating a Layer 3 blockchain, which will be built atop their existing Shibarium platform. This new layer aims to incorporate advanced privacy features using Fully Homomorphic Encryption (FHE), a system that allows computations on encrypted data, offering robust data privacy without decrypting the underlying data.
The primary goal of this initiative is to enhance user privacy and security significantly. By integrating FHE, Shiba Inu aims to offer a platform where transactions and data interactions remain confidential, addressing one of the critical concerns in the blockchain community. This development is not just a technical upgrade; it is a strategic move to position Shiba Inu as a leader in the privacy-centric blockchain space.
The project's roadmap includes launching a testnet by the third quarter of this year, with plans for the mainnet to go live after extensive testing phases. This phased approach ensures that the network is robust and secure before full-scale public deployment. The introduction of the TREAT token, which was sold to raise the necessary funds, is expected to play a crucial role in this new ecosystem.
For investors and users of the Shiba Inu ecosystem, this development signals a significant shift towards prioritizing data privacy, potentially attracting more users who value confidentiality in their transactions. Additionally, the involvement of prominent investors like Polygon Ventures and Mechanism Capital suggests strong confidence in the project’s success and its potential to set new standards in blockchain privacy.
