Recently reports have revealed that the Shiba Inu 72-hour countdown toward its unique self-custodial identity for SHIB has gone live. This step taken by the Shiba Inu (SHIB) development team marks a forthcoming milestone for the Shiba Inu ecosystem.
Shiba Inu’s Unique Self-Custodial Identity For SHIB
On Saturday, October 28, Shiba Inu announced that its highly anticipated unique self-custodial identity for SHIB is underway, highlighting a 72-hour countdown before the project goes live. The announcement follows the launch of Shibarium, a layer 2 scaling solution for the SHIB cryptocurrency.
According to the announcement, the self-custodial identity initiative will be a “game changer” that will bring forth “a seismic shift in the blockchain world.”
In addition, Shiba Inu developer Kaal Dhairya also took to his X (formerly Twitter) handle to point out that the self-custodial identity in the Shiba Inu ecosystem is on its way. “First step towards your self-custodial identity is coming,” the post read.
The announcement stirred up the large and devoted “Shib Army,” and also resulted in an immediate bullish trend for the SHIB token, which saw the price of SHIB facing an upward trajectory.
The post read:
Attention, Shib Army! We all love a good surprise, and yours is on the horizon – the very first step to unlock your unique Shib identity is just 72 hours away!.
The introduction of the Shiba Inu self-custodial identity project might have multiple impacts on the price of SHIB. First of all, it might make the SHIB ecosystem more alluring by offering users a great deal of control over their personal data.
In addition, the initiative could lead to a rise in demand for the SHIB tokens from investors who are confident in the project’s long-term potential and further create new opportunities for Shiba Inu, such as utilizing SHIB for identity verification in online services.
So far, the complete details of the project still remain undisclosed, but the excitement and anticipation by the Shib Army toward the forthcoming self-custodial identity initiative are tangible. However, on Wednesday, November 1, 2023, comprehensive guidelines outlining the primary steps users need to take to acquire their distinct SHIB identity will be made available.
SHIB Inu Adopts Self Sovereign Identity (SSI) System
Earlier this year, the leading developers of the project notified the cryptocurrency world that all Shibu Inu projects would integrate Self Sovereign Identity (SSI) – a blockchain-based identity system.
The SSI represents a user-possessed and controlled digital identity. It ensures users’ complete control over their identity, its validation, and its uses, unlike typical centralized identity systems where personal data is kept with institutions or platforms.
Despite the blockchain-based identity system is not a new idea, it is slowly gaining acceptance in the blockchain field. The integration of the SSI into all the Shiba Inu projects indicates a progressive strategy, as it not only highlights the importance of user data security and privacy but presents a world in which individuals have full control over their digital identities.
Featured image from DevianArt, chart by Tradingview.com