Shiba Inu has made a name for itself over the years, and with each new partnership, the meme coin moves further away from the realm of being a ‘joke’ to being a mainstream investment option. Once again, the team behind the popular crypto project have made a major move after announcing a brand-new partnership. This partnership with Zama, “an open source cryptography company that builds state-of-the-art Fully Homomorphic Encryption (FHE) solutions for blockchain and AI.”
A New Frontier For Shiba Inu
Shiba Inu marketing lead and exec, Lucie, took to the X (formerly Twitter) platform to inform the SHIB community of an exciting new partnership. This partnership with Zama is in line with the team’s vision to create a Fully Homomorphic Encryption (FHE) system.
According to the post, leveraging the Zama system creates for safer environments for interacting with datasets by not requiring decryption of the information for analysis. This way, companies are able to avoid security issues while carrying out their analytics without fear or threat of exploit. Lucie uses the analogy of “a locked box that allows operations without being opened.”
Furthermore, the Shiba Inu team member outlined how the FHE technology could have significant impacts for crypto. One example of this is the creation of confidential smart contracts that are able to carry out their functions without making any sensitive data or information public.
Another application comes into play for non-fungible token (NFT) auctions. FHE makes it possible for investors to make private bids on an NFT without revealing it to the public. Eventually, only the winning bid is made public, ensuring the privacy of bidders long after the auction is over.
Other applications include securing data analysis by allowing for pooled data analysis, encrypted key signing which helps to enhance security when carrying out cross-chain transactions, and facilitating investments in assets without disclosing the information of the investors, a major concern in the Real-World Asset industry.
Major Applications For SHIB
When it comes to Shiba Inu itself, Lucie also outlined how the partnership with Zama will benefit the project. For one, the marketing lead explains that the partnership will help to open the door for new use cases for the ecosystem’s projects. This ranges from BONE to TREAT, as well as the upcoming Metaverse game and the Shidentity program.
“Although FHE is still evolving and improving in efficiency, its potential is substantial, and the research community is actively working to overcome the challenges associated with it,” Lucie told the community.