Shiba Inu signs an important partnership to promote the development of the 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 the development, SHIB price fell by more than 6% in the last 24 hours. However, it is still rising on a two-week scale due to recent rallies.

Shiba Inu's latest collaboration

Shibarium's marketing strategist, using the handle x LUCIE, x.com/LucieSHIB/status/1840643504403284326″ target=”_blank” rel=”noopener” data-wpel-link=”external”>revealed that Shiba Inu shook hands with open source crypto company Zama. The goal is to improve the capacity of the meme coin ecosystem by mainly focusing on the layer 2 scaling solution.

“A crucial component of this evolution is fully homomorphic encryption (FHE), an innovative technology that allows cryptographic transactions to take place on the blockchain while keeping sensitive data, such as financial information and nft identities, completely hidden.” , reads the advertisement.

This technique is used in cryptographic applications to protect user data while allowing 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 is still evolving and improving in efficiency, its potential is substantial and the research community is actively working to overcome it. the challenges associated with it”concluded the x user.

Some members of the SHIB community described the partnership as a major bullish factor that could drive a price rally for the meme coin. in the near future. Others questioned whether the development will make Shibarium safer. LUCIE responded positively and said that the protocol “will have more options.” They said this will be be thrown like L3 in Shibarium.

For more updates on the ecosystem, check out our shibario news.

SHIB Price Outlook

Despite the announced collaboration, SHIB's valuation remains in the red. In fact, The second largest meme coin is the worst performing cryptocurrency in the last 24 hours, with a price drop of more than 6%.

Still, it remains in the green on a two-week scale due to the important rally recorded recently. As cryptopotato SHIB reportedly hit a three-month high over the weekend, while its market capitalization briefly surpassed $12.5 billion. Currently, the capitalization amounts to approximately $10.8 billion, making it the 14th largest cryptocurrency.

Those who want to check what factors could have influenced the fall in pricescheck our detailed article here.

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