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- Users can now natively hold SHIB on Internet Computer. As per the DFINITY announcement.
- This is made possible by chain key ECDSA and does not require any bridge.
- 250,000 users have joined SHIB in 2022, making its total 1,2588,527
Every protocol and entity of the crypto industry tries everything to lure in maximum consumers. In recent events following the crypto winter and FTX collapse, the majority of users and investors have distanced themselves from the industry, and such steps are necessary to bring back the glory days of the crypto industry.
Shiba Inu (SHIB) can now be natively held on the Internet Computer Platform. This step will expand the currency’s exposure to millions of users. A recent announcement by DFINITY said so.
A not-for-profit organization developing Internet Computer blockchain, DFINITY Foundation, announced in their Tweet that now users can store Shiba Inu natives. This was made possible by chain key ECDSA, as it doesn’t require any bridge.
The company also announced its Internet Computer’s mainnet is now integrated with Bitcoin. This brings the functionality of advanced smart contracts to the world’s largest cryptocurrency.
Now, The Internet Computer would serve as Layer 2 for BTC, where smart contracts on the Internet Computer can send, receive and hold Bitcoin natively. Without the need for any third party or any bridges.
This integration with Bitcoin offers a substitute for these centralized bridges in the form of the Elliptic Curve Digital Signature Algorithm (ECDSA).
Among the new development, Helix, a DEX project based on Internet Computer with chain-key signature features and now building on BTC, will be providing bridgeless inter-chain token swaps. This will be a first in ICP history where users can trade DOGE, SHIB, Polygon and others without bridges on Helix.
ICP holders can now swap their tokens to SHIB on-chain without centralized bridges. ICP is the native token of the Internet computer blockchain, which is an internet-scale public blockchain.
Shiba Inu has been increasing its exposure by continuously gaining attention this year, which resulted in a visible increase in SHIB holders numbers. Per reports, SHIB has added more than 250,000 users amidst the bearish market condition rampant in 2022. Making the total holder count 1,2588,527.
The chart shows a constant sideways movement and no chances for short or long anytime soon. It is currently trading at $0.000009219 and is down by 0.23% in the last 24 hours. Its volume is down by 29.18% and is at $53 million. At the same time, its market cap is also down by 0.2% and stands at $5 billion. Its position against Bitcoin is also down by 0.36% and is now at 0.000000000537 BTC.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
