Collaborative Effort for Decentralized Identity
Shiba Inu, a prominent player in the cryptocurrency world, is collaborating with internet domain provider D3 to launch a “.shib” internet and top-level domain. This initiative is part of Shiba Inu’s broader push toward decentralized identity projects, aiming to enhance digital identity verification within the blockchain space.
Application Process and ICANN’s Role
In a conversation with CoinDesk via Telegram, the Shiba Inu network representatives revealed their plans to apply for the .shib top-level domain through the Internet Corporation for Assigned Names and Numbers (ICANN), a global authority for Internet domains. ICANN oversees all internet domain application and vetting processes, granting owners the right to manage domains within specific suffixes.
Crypto Domains and Internet Integration
While crypto domains facilitate linking wallet owners to domain names for identity proof on blockchain applications, they are limited in functionality across broader internet services like browsers, email, or mobile devices. Shiba Inu’s application for the .shib domain seeks to extend this functionality, aiming to be among the first Web3 networks with its own Domain Name System (DNS) namespace.
Shiba Inu’s Vision and Revenue Generation
Shytoshi Kusama, the Lead Developer of Shiba Inu, emphasized the significance of this venture. He stated that partnering with D3 will expand ShibArmy’s reach to over 5 billion internet users, directly connecting them to the SHIB ecosystem. This move is expected to broaden Shiba Inu’s vision for digital identities and contribute to long-term revenue generation within its ecosystem.
The transition of Shib Name Service to D3
Shiba Inu’s existing Shib Name Service (SNS), launched in November as a digital identity verification tool for products built on the Shiba Inu blockchain and Shibarium, a layer 2 network, will transition to D3’s infrastructure. This transition represents a strategic step in integrating Shiba Inu’s offerings with wider internet capabilities, enhancing the utility and accessibility of the SHIB ecosystem.
Shiba Inu’s Strategic Expansion
Shiba Inu’s pursuit of a .shib top-level domain reflects the project’s strategic expansion beyond the confines of the cryptocurrency space. By venturing into internet domains, Shiba Inu aims to bridge the gap between blockchain technology and conventional internet services, potentially setting a precedent for other Web3 networks.