Shiba Inu, the second most popular memecoin on the market today, has announced the launch of a new feature for its users on the Shibarium network.
According to this recent announcement tweet from the official Shiba Inu account, Shiba Inu has launched something very similar to one of Ethereum's core features.
Let's go over what this feature is.
This new feature, called the SHIB Name Service is very similar to Ethereum's Ethereum Name Service.
Much like Ethereum's naming service, it allows users to replace long, generic address strings, and have their identities be represented on the blockchain with simple names like "Bob" or "Alice".
For example, instead of sending some SHIB to "0x82ade0…", you can simply send these funds to "bob.shib"
According to a blog post from Shytoshi Kusama, the lead developer of Shiba Inu, SNS is also a key component of Shibidentity, which is another project that aims to provide decentralized identity solutions for Shiba Inu users.
According to Kusama, SNS will have several benefits for users such as allowing them to verify the identity of the recipient (using human readable names), before sending tokens.
Users will also be able to own and control their names without relying on any centralized authority or intermediary.
Even better, users can also use their names for various purposes, such as accessing decentralized applications (DApps), websites, or social media platforms that support the SNS.
Other features include a reputation/karma system, smart wallets and W3C Standard Compliance as outlined in this post.
Here's how to get a unique SNS address before it gets taken:
According to Kusama's blog post, SNS is not only a feature for personalizing names.
It also doubles as a building block for Shibidentity, a project that Kusama described as "a paradigm shift in decentralized identity solutions."
Kusama says that Shibidentity will allow users to own and control their digital identities through methods like self-custodial authentication, smart wallets mentioned earlier, and verifiable credentials.
This means that users will be able to prove their identity and attributes on-chain, without revealing sensitive information or relying on third parties.
Shibidentity will also enable users to access various services and opportunities in the decentralized economy, such as lending, borrowing, trading, gaming, voting, and more.
In this tweet, Kusama also hinted that more developments are coming soon for Shibidentity and the Shiba Inu ecosystem in his recent tweet.
Shiba Inu also announced a $5,000 giveaway to celebrate the launch of SNS. However, to participate in the giveaway, users need to follow some simple steps:
The tweet also states that the giveaway will end on November 7 and 10 winners will be randomly selected to win $500 each on November 8.
Despite the launch of SNS being a bullish development for the Shiba Inu community, it did not translate into a price recovery for SHIB.
Over the last day, the memecoin is down by almost 1% according to COinmarketCap, and is trading at about $0.000007617.
As seen in the chart above, SHIB's price is trading above the 50-day exponential moving average (blue) at $0.00000770, which acts as a support level.
However, it also faces resistance at the 200-day EMA at $0.00000833 (red).
If SHIB price breaks below the 50-day EMA, it could find support somewhere around $0.000008.
If a break above this zone occurs, we can then see an uptrend in the cryptocurrency.
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