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According to a recent announcement, Shiba Inu (SHIB) would now be natively held on the Internet Computer platform, thus expanding the meme cryptocurrency's exposure to hundreds of thousands of users.
You can soon hold #DOGE or #SHIB natively on the #InternetComputer thanks to Chain Key ECDSA - no bridges ♾️🔥 https://t.co/0FlrBUBwfS
— DFINITY (@dfinity) December 9, 2022
DFINITY Foundation, the not-for-profit organization developing the Internet Computer blockchain, has announced in a tweet that users can soon hold Shiba Inu natively on the Internet Computer blockchain. This is made possible by chain key ECDSA, which requires no bridge.
In the week, DFINITY announced the Internet Computer's mainnet integration with Bitcoin, bringing advanced smart contract functionality to the world's largest cryptocurrency.
The Internet Computer would now serve as a Layer 2 for Bitcoin, where smart contracts on the Internet Computer can hold, send and receive Bitcoin natively, without the need for blockchain bridges or other third parties.
The Internet Computer's integration with Bitcoin also provides an alternative to centralized bridges in the form of threshold ECDSA (Elliptic Curve Digital Signature Algorithm).
As part of this new development, Helix, an Internet Computer-based DEX project with chain-key signing features and now building on Bitcoin, would provide bridgeless inter-chain token swaps. For the first time in ICP history, users would be able to trade Shiba Inu, Dogecoin, Polygon and others without bridges on Helix.
Tomiwabold OlajideICP holders would also be able to swap their tokens to SHIB on-chain with no centralized bridges. ICP is the native token of the Internet Computer blockchain, an internet-scale public blockchain.
This year, Shiba Inu has seen increased exposure as it continues to gain attention. This has resulted in a visible increase in the number of SHIB holders. As reported by U.Today, Shiba Inu added more than 250,000 users despite the bearish market conditions prevalent since 2022.
According to WhaleStats data, the number of Shiba Inu holders is currently at 1,258,527.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team