Zach Humphries, the founder of XT Algo, a popular trading software in the crypto world, has responded to reports about Shiba Inu’s development of a new privacy-focused Layer-3 (L3) blockchain. Humphries took to Twitter to express his excitement about the initiative, stating that he is pleased that Shiba Inu recognizes the potential of L3 blockchain solutions.
The news comes after reports emerged that the Shiba Inu ecosystem team successfully raised $12 million to build a privacy-focused L3 blockchain called Shibarium. The team managed to secure funding by selling its upcoming TREAT token to major venture capitalists, including Animoca Brands, Shima Capital, Polygon Ventures, Stake Capital, and Mechanism Capital.
Shiba Inu’s lead developer, Shytoshi Kusama, shed light on the ongoing development of the L3 blockchain. According to Kusama, the developers are using Zama’s fully homomorphic encryption technology to build the blockchain. It is worth noting that Shiba Inu had previously collaborated with Zama earlier this year to enhance privacy features for user data management. This partnership also involved Shiba Inu utilizing Zama’s technology to develop its privacy-focused L3 blockchain.
Kusama revealed that the testnet version of the highly anticipated L3 blockchain will be launched in Q3 2024. This testing phase will allow developers to identify and resolve any technical issues before the blockchain is officially launched on the mainnet. Interestingly, the TREAT token will serve as the governance and utility token for the blockchain, meaning that users will only be able to pay gas fees using TREAT.
Shiba Inu has been making significant strides in shedding its meme coin label and showcasing its technological advancements. Originally launched as a meme coin in August 2020, the project has introduced impressive products and solutions, including an L2 blockchain. Now, with the development of a privacy-focused L3 blockchain, Shiba Inu is further distancing itself from its meme coin origins. However, Kusama emphasized that the development team remains committed to the project’s original vision set by Ryoshi, the anonymous founder of Shiba Inu.
By adopting Layer-3 technology, the Shiba Inu ecosystem aims to leverage more advanced functionalities that can enhance its privacy, scalability, and interoperability with other networks, particularly Shibarium.
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