The upcoming blockchain, set to be constructed on Shiba Inu’s Layer 2 Shibarium platform, is aiming to integrate fully homomorphic encryption to boost confidentiality.

Shiba Inu disclosed a triumphant $12 million fundraising round to lead the way in crafting a pioneering Layer 3 blockchain concentrating on privacy, as per an article dated April 22 from The Block.

The recent financial injection stemmed from the TREAT token sale, involving distinguished venture capital entities like Polygon Ventures, Mechanism Capital, and Big Brain Holdings.

Despite uncertainties surrounding the location of these investors, Shiba Inu’s chief developer, Shytoshi Kusama, clarified that no U.S.-based organizations took part.

TREAT Token: Dual Purpose

The TREAT token, distributed in this round, assumes a pivotal role within the Shiba Inu ecosystem, serving as both a utility and governance token, thereby amplifying its functional flexibility.

The initiative is gearing up to unveil a second token named SHI later in 2024, alongside TREAT, which stands as a non-stable token.

Within the Shiba Inu ecosystem, several tokens are presently in circulation, such as the renowned SHIB memecoin, BONE, the governance token of Shibarium, and LEASH, Shibarium’s loyalty token that grants BONE rewards to faithful users.

Technological Progression

The forthcoming Layer 3 blockchain will be established on Shibarium, Shiba Inu’s existing Layer 2 solution constructed on Ethereum.

Through the utilization of fully homomorphic encryption, this layer-3 blockchain seeks to heighten privacy and trust. This innovative technology facilitates computations on encrypted data without necessitating decryption, thereby fortifying privacy.

“It’s crucial that we uphold a project that aligns with international regulations while safeguarding data privacy and individual security,” Kusama conveyed to The Block. “By enabling individuals to uphold their privacy while also acquiring credentials to authenticate their identity, our entire system bolsters security and compliance simultaneously.”

In the wake of the fundraising declaration, Shiba Inu’s token, SHIB, observed a 5% surge in market value, trading at $0.00002719 at the time of publication.