On October 28, the official Shibtoken Twitter account announced a surprise Shib Identity launch set to take place in just 72 hours.
Self-Custodial Identity Unveiled by Shiba Inu
While specific details about this digital identity remain under wraps, Shiba Inu characterized it as a revolutionary development within the blockchain sphere. The project also offered a $5,000 SHIB Giveaway to its community.
Prominent Shiba developer Shytoshi Kusama highlighted it as one of many exciting developments within the digital asset ecosystem. He said:
“Many things on the horizon to help embrace the possibility of a peaceful world with #SHIB as the foundation.”
Another developer, Kaal Dhairya, described the project as the first step towards self-custodial identity.
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Meanwhile, the video has triggered optimism within the community, with several SHIB holders eagerly anticipating more information about the digital identity project.
Vision For Self-Sovereign Identity
Shiba’s recent revelation aligns with an earlier disclosure of plans to incorporate Self-Sovereign Identity (SSI) into all Shiba projects.
In August, Kusama shared the vision of creating digital identities for users. The blockchain-based digital identity aims to provide users with a consistent identity across all Shiba Inu projects, fostering trust among users and governments.
Meanwhile, these projects align with the strategic initiative to transform Shiba Inu into a versatile utility token. Notably, Shiba Inu has achieved a significant milestone with the successful introduction of Shibarium, a layer-2 scaling solution.
Shibarium Data. Source: Shibariumscan
This solution has gained swift adoption, with Shibariumscan data revealing it has completed over 3 million transactions.
Shiba Inu Price Update
Data from BeInCrypto shows that news of the new development has pushed SHIB’s price up by more than 2% to $0.0000080 as of press time.
Shiba Inu SHIB Price Performance. Source: BeInCrypto
This continues the asset’s recent price uptrend that has seen its value grow by more than 10% during the past week amid the broader crypto market rally.
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