Yona Gushiken
Crypto genius and co-founder of Ethereum, Vitalik Buterin, has once again seized the attention of enthusiasts with his latest update. Renowned for his brilliant mind and unwavering focus on privacy and security within the blockchain sphere, Buterin’s decision to refresh his article on Fully Homomorphic Encryption (FHE) couldn’t be timelier.
His move, citing significant interest in the topic, coincides with an important announcement from the Shiba Inu development team, revealing plans to integrate ZAMA’s FHE technology into a layer-3 privacy chain.
In an article penned by Buterin himself in July 2020, he eloquently described the concept of FHE as a cryptographic holy grail. The technology, he said, represents a groundbreaking advancement wherein computations can be performed on encrypted data without the need for decryption, presenting a formidable solution to privacy concerns in data processing.
As the crypto genius articulates, “The promise of fully homomorphic encryption (FHE) is powerful: it is a type of encryption that allows a third party to perform computations on encrypted data, and get an encrypted result that they can hand back to whoever has the decryption key for the original data, without the third party being able to decrypt the data or the result themselves.”
On Feb. 28, through The Shib magazine, Shiba Inu unveiled its strategic alliance with ZAMA, an avant-garde open-source cryptography company specializing in cutting-edge FHE solutions for blockchain and artificial intelligence. This partnership marks a seminal moment in the progression of Web3, uniting two trailblazing entities in the crypto realm to establish unprecedented standards in data privacy and security.
Amid the flourishing and expansive growth of the Shib ecosystem, the integration of Zama’s solutions presents a groundbreaking opportunity. By leveraging Zama’s encryption tools, the Shib ecosystem can significantly enhance privacy measures throughout its infrastructure, safeguarding transactional confidentiality, user interactions, and data privacy at every level of the chain.
However, the vision extended far beyond mere integration. In a significant move, the Shiba Inu development team disclosed in April that it successfully raised $12 million through the sale of its yet-unreleased token, TREAT, to non-U.S. venture capital investors. These funds are earmarked for the development of a groundbreaking privacy-focused Layer 3 blockchain, constructed on Shibarium, with the forthcoming TREAT serving as its utility and governance token.
The new blockchain would be designed to adhere to regulatory standards. Shiba Inu lead developer Shytoshi Kusama emphasized the importance of maintaining a project that aligns with international laws while safeguarding data privacy and individual security. He said. “By allowing people to both be private yet still gain credentials to verify their identity, our entire system extends security and compliance at the same time.”
