Shiba Inu, the cryptocurrency that captured the world’s attention with its dog-themed tokens, is back in the news. The team behind the famous memecoin has just raised $12 million through the sale of its new token, TREAT. This marks an important milestone as it aims to fund the development of their privacy-focused Layer 3 blockchain, built on top of Shibarium, their Ethereum-based Layer 2 blockchain.
A Major Investment With Renowned Partners
The investors involved in this round of financing are exclusively non-US venture capitalists, including such well-known names in the industry as Polygon Ventures, Mechanism Capital and Animoca Brands, among others. This fundraising highlights the growing international appeal of Shiba Inu’s projects, and raises questions about the presence of some US-based investors. Nevertheless, Shiba Inu’s lead developer, known by the pseudonym Shytoshi Kusama, insists that all investors are based outside the US, although the full names of the entities are not disclosed.
TREAT, the Token of the Hour
The TREAT token is described as the utility and governance token for Shiba Inu’s new blockchain. It is also announced as the latest non-stable token in the Shiba Inu ecosystem, which also plans to introduce a new token called Shi later this year. Existing tokens in this ecosystem include SHIB, the popular memecoin, BONE, Shibarium’s governance token, and LEASH, a limited-offer token.
A New and Innovative Blockchain
Shiba Inu’s new blockchain uses full homomorphic cryptography technology, considered to be the “Holy Grail” of cryptography. This technology enables complete encryption of data, even during processing, which is a first for a blockchain dedicated to data privacy and security. According to Kusama, this blockchain not only complies with regulatory requirements, but also aims to protect users’ privacy while enabling them to verify their identity.
Next steps and future developments
Shiba Inu plans to launch a testnet for its new blockchain in the third quarter of this year, with deployment of the mainnet scheduled after a series of extensive tests. The excitement surrounding this new advance is palpable in the crypto community, particularly among those who closely follow Shiba Inu’s developments.
In conclusion, Shiba Inu’s blockchain project with the TREAT token appears to be a revolutionary step for the ecosystem, combining technological innovation and insightful market strategy. With renowned partners and a strong community, Shiba Inu could well redefine expectations around cryptocurrencies and digital transaction privacy.
