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- 1 SHIB, the world’s leading ecosystem of decentralized Finance (DeFi) cryptocurrencies, revealed a plan to launch the ‘.shib’ domain.
- 2 In partnership with internet domain player D3, Shiba Inu to enable interoperability between Web2 and Web3.
The internet is continuously evolving so why not the crypto world? To enable interoperability between Web3 and the crypto world, Shiba Inu has devised a new plan to launch the ‘.shib’ domain. A tweet from D3’s account on December 19, 2023, confirmed the plan.
The Need for Domain
SHIB, the world’s leading ecosystem of DeFi crypto, gained so much popularity in the crypto space. To make the impression much stronger, Shiba Inu decided to launch its domain and announced a partnership with D3 Global.
The next-generation domain company is going to assist Shiba Inu with the .shib top-level domain (TLD). The new domain is expected to function on the internet’s Domain Name System (DNS).
Domain names “.crypto” and “.eth” not working natively on the internet’s domain system, but Shiba Inu expects a smooth working of the ‘.shib’ domain. Both the domains don’t operate with internet tools like email and web browsers because they don’t operate on the DNS.
On the other side, Web2 domains including “.com” and “.net” operate on DNS but do not support Web3 tools and solutions.
To mitigate such issues and make Web3 more accessible to crypto holders, Shiba Inu came up with a new plan. If succeeded, individuals holding “.shib” in their email address, mainly the SHIB token holders, will be able to access ordinary email applications.
“Partnership with D3 will help to scale outside of the #ShibArmy, offering around 5 Billion users direct access to SHIB ecosystem”, tweeted Shyatoshi Kusama.
Partnering with D3 thus helps in integrating the traditional internet with the Web3 Ecosystem, offering enhanced security, utility, and transparency.
Apart from this, the internet domain firm is also planning to offer “name tokens” for the SHIB holders to make asset transfers much easier. With name tokens, users can send coins to various blockchains without the need for an alphanumeric wallet address.
To make all this happen, D3 is required to apply to the United States-based non-profit firm Internet Corporation for Assigned Names and Numbers (ICANN). The company is accountable for developing and enforcing policies for the internet and internet identifiers.
In addition to this, SHIB is among the first decentralized ecosystems to establish a partnership with D3, a firm collaborating with leading Web3 projects. Shayan Rostam, the Co-founder of D3 also responded to the plan, expecting delivery of a real Web3 domain, working everywhere.
“Our team is excited to work with the Shiba Inu team and all prepared to bring usable domains to the Shib Ecosystem”, said Rostam.
Impact on SHIB
An announcement from Shiba Inu’s office filled the crypto ecosystem with joy. According to CoinGecko data, the meme tokens price doesn’t respond to the news, declining by over 1% after the announcement. The SHIB coin price at current is $0.00001023, a decline of 1.89% in one day.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
