Shiba Inu Developers Introduce Shib Name Service and Shibdentity
The developers of Shiba Inu have recently launched the Shib Name Service (SNS) on its layer-2 network, Shibarium, as part of their efforts to make the SHIB ecosystem self-sufficient. The Shib Name Service aims to introduce Shibdentity, a self-custodial identity system that enhances security and user experience by creating a decentralized identity platform. This system eliminates censorship and allows users to control their digital identities without depending on third-party platforms.
According to a disclosure on October 31, the launch of the SNS is considered a milestone for Shiba Inu. It allows users to self-manage their Shibarium addresses without third-party interference and transfer tokens using unique initials.
However, the newly launched SHIB self-authentication system, Shibdentity, has experienced technical issues since its launch on November 1. The developer, Kaal Dhairya, acknowledged this issue and stated that the team is working to resolve it as soon as possible. The cause of the technical glitch has not been disclosed, but it may be due to overwhelming traffic on the system.
Shibarium’s Milestones and Price Movements
Shibarium has achieved significant milestones since its launch in late August, with over 3.5 million total transactions and over 1.2 million blocks in less than two months post-launch. Currently, Shibarium boasts a total of 3.8 million transactions and over 1.5 million blocks.
Despite expectations that the launch of Shibarium would boost Shiba Inu’s price by facilitating token burns, lowering transaction costs, and increasing speed, Shiba Inu recorded a considerable price decline within the launch period. However, the token has recently shown notable strides with over 15% 30-day price increases and nearly a 6% gain in the last seven days. Over the past 24 hours, SHIB’s price has increased over 2% and currently trades at $0.0000081.
Hot Take: Shiba Inu Developers Address Technical Issues with Newly Launched Self-Authentication System
The recent technical issues with Shibdentity highlight the challenges that come with launching innovative systems in the cryptocurrency space. While these setbacks can be frustrating for users, it’s essential to remember that developers are working diligently to address these issues and ensure a seamless experience for SHIB holders. As the ecosystem continues to evolve, overcoming these obstacles will ultimately contribute to its long-term success.
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