Shiba Inu Announces Privacy-Focused Layer 3 Blockchain, Raises $12M

The Shiba Inu meme is developing a new Layer 3 blockchain centered on privacy, building on its existing Layer 2 blockchain, Shibarium. The project raised $12 million through the sale of TREAT tokens to venture capital firms, including Polygon Ventures. The new blockchain will utilize fully homomorphic encryption technology from Zama, providing end-to-end data encryption. Shiba Inu aims to onboard a billion users via the new blockchain while maintaining compliance with international regulations. The testnet is expected to launch in Q3 2023.

Shiba Inu Unveils Plans for Privacy-Focused Layer 3 Blockchain

The Shiba Inu project, renowned for its Shiba Inu meme-inspired cryptocurrency, has embarked on an ambitious endeavor to create a new Layer 3 blockchain. This new blockchain, built upon Shiba Inu's Layer 2 Shibarium blockchain, aims to provide users with enhanced privacy and security.

Fundraising for Innovation

To finance the development of this Layer 3 solution, the Shiba Inu project has raised a substantial sum of $12 million through a private token sale. The new token, named TREAT, was sold exclusively to non-US venture capital investors, including notable names like Polygon Ventures, Mechanism Capital, and Animoca Brands.

The presence of Polygon Ventures among the investors is particularly noteworthy, as Polygon is currently developing a similar Layer 3 solution. This investment suggests a potential partnership or deeper collaboration between the two projects.

The TREAT Token

The TREAT token will serve as both a utility and governance token for the privacy-focused Layer 3 blockchain. While it has yet to be officially launched on the market, caution is advised due to the existence of unrelated tokens bearing the same name.

Currently, three distinct crypto tokens use the name TREAT, including the new TREAT token by Treat DAO and another highly volatile token that has recently experienced a sharp decline.

The New Layer 3 Blockchain

The new blockchain, built upon Shibarium, aims to implement a robust privacy layer at the third level. To achieve this, the project will leverage Fully Homomorphic Encryption (FHE) technology developed by Zama, a specialized company that recently secured $73 million in funding.

FHE is often considered the "Holy Grail" of cryptography, as it enables end-to-end data encryption while data is being processed.

Ambitious Goals

Shiba Inu envisions the new privacy-oriented Layer 3 blockchain as a catalyst for onboarding another billion users to the cryptocurrency market. However, the project acknowledges the challenges of maintaining compliance with international laws and regulations.

Timeline and Prospects

The project anticipates the release of the testnet for the new blockchain in the third quarter of this year. As the development progresses, further details and updates on the project's specifications and roadmap are expected to be disclosed.