Yona Gushiken
In the wake of the Shiba Inu Development Team’s electrifying announcement on Monday, which ignited fervent excitement and bullish sentiment across the crypto community, it became evident that several pivotal details about the team’s current initiative may have been overlooked. While attention gravitated towards the impressive fundraising amount and the prospect of a new token within the Shiba Ecosystem, there are critical nuances and advancements within this promising project that deserve closer examination.
What Is A Layer-3 Blockchain
Layer 3 in blockchain technology refers to an advanced protocol built on top of existing Layer 2 solutions, introducing additional functionalities and capabilities to the blockchain ecosystem. Unlike Layer 1, which serves as the foundational blockchain layer where transactions are settled, and Layer 2, which addresses scalability through off-chain solutions, Layer 3 focuses on enhancing customization, interoperability, and application-specific functionalities.
This means that Layer 3 protocols are highly customizable and can be tailored to suit developers’ specific needs, such as providing solutions for targeted issues like privacy, supporting a high volume of transactions, or enabling complex smart contracts. Additionally, Layer 3 protocols inherit the security features of the underlying Layer 1 blockchain, ensuring robust protection for users’ data and assets.
Shiba Inu’s Privacy Chain
Shiba Inu’s planned Layer 3 blockchain development is poised to introduce a range of groundbreaking features that will redefine the crypto landscape.
This will include a highly customizable Layer 3 blockchain tailored to meet the diverse needs of users. The introduction of the TREAT token as the utility and governance token will underpin a privacy-focused approach within the new Layer 3 blockchain.
Additionally, the upcoming privacy chain will be built on Shibarium, leveraging the infrastructure of Shiba Inu’s Ethereum Layer 2 blockchain for enhanced performance and interoperability. The token ecosystem within this development will encompass familiar assets such as SHIB, BONE, Shibarium’s governance token, LEASH, and an upcoming token named Shi, providing users with a comprehensive suite of options.
In a recent statement, Kaal, the pseudonymous lead developer of Shibarium, highlighted the forthcoming features of the Layer 3 blockchain (L3). He emphasized the extensive customization options L3s will provide, stating, “L3s will be highly customizable.”
Moreover, Kaal noted that all tokens of the Shiba Ecosystem will feature utility and governance. “But one thing everyone needs to know is that we are giving all our tokens UTILITY + GOVERNANCE,” the developer shared.
Furthermore the incorporation of Fully Homomorphic Encryption (FHE) technology from Zama will ensure end-to-end data encryption, bolstering privacy and trust within the ecosystem. To meet regulatory standards, the Layer 3 blockchain is meticulously designed to comply with international law, safeguarding data privacy, security, and regulatory requirements.
As for its release schedule, a testnet is set for release in the third quarter, followed by a mainnet launch after rigorous testing, ensuring a seamless and secure user experience.
