Shytoshi Kusama Says 'Possibilities Are Near Endless' With Shiba Inu And Shib Sovereign Identification

Following the announcement of the implementation of Self-Sovereign Identity (SSI) on all the apps on its platform, Shiba Inu's pseudonymous developer Shytoshi Kusama has bared more details about the ambitious integration that "strives to change" the paradigm by "allowing Shibarium builders, and community members, the opportunity to fully own their data or leverage it in a fair manner."

Described as a crucial component of all the initiatives of the ecosystem, particularly of the highly awaited Layer-2 scalability solution Shibarium, Kusama defined the Shib Sovereign Identity as "a series of protocols and technologies that allow a user in a system to retain their identity (and other verified credentials) as well as their assets, in a wallet."

The pseudonymous lead developer explained that the reason behind the SSI implementation is far beyond decentralization, as it also aims to change the paradigm — the belief that "not owning your data is good" while large businesses monetize consumers' data and cash in billions with users' "permission" but not with their "full understanding."

"We've been made to believe that not owning your data, is good! Just think about it! Large corporations make BILLIONS by monetizing your data, technically with your permission, but not always with your full understanding. All the while creating addictive cycles that in most cases have been shown to lead to bad mental health," Kusama said in the blog post "Shib SSI: What, Why, & Wen!" which is available in 10 languages.

Another reason for the implementation of the Shib Sovereign Identification is the near-endless possibilities it would benefit the entire Shiba Ecosystem, the broader crypto industry and the world.

"When you combine the low-cost nature of Shibarium, and the other amazing technologies the entire Shib community has developed for this new L2 solution with Shib SSI, the possibilities are near endless," Kusama said.

They pointed out several benefits including "enhanced business processes," "cost savings for mom & pop businesses struggling under the weight of inflation" and "fraud prevention for governments."

The lead developer also said, "By harnessing these technologies, we envision a world where identity theft is a thing of the past, where personal data leaks are unheard of, where trust is inherent and not an exception. This isn't a mere idea but a tangible future that is no longer impossible."

As for the actual date of the SSI implementation, Kusama gave their usual answer: "SOON." But they explained that "the implementation of Shib SSI into Shibarium is not an instantaneous feat. It will take months of research and the build out of a powerful system."

Kusama, however, suggested that the Shibarium will be launched first, and SSI implementation would take place afterward, along with "a host of other features and enhancements to ensure Shibarium is resilient, powerful and that Shib remains decentralized perpetually."

"Self-sovereign identities (SSIDs) represent the next frontier in the decentralized world, seeking to transfer ID control from big tech to the actual owners of biometric data. Although the technology is still in development, many crypto firms or protocols are already exploring ways to integrate it into their systems," Brighty app co-founder and CTO Nikolay Denisenko told International Business Times when asked about the benefits of SSI and its impact on the cryptocurrency industry.

"SSIDs integration will bring many positive advantages, including trustless privacy, data security, and potential monetary benefits. Users will gain flexibility in choosing which parts of their data are shared with third parties, reducing the risk of unauthorized data theft. Additionally, the owners of biometric data can benefit from any monetization associated with the SSID," the former lead backend engineer of Revolut added.

The seasoned IT executive, however, warned that the integration of SSID is not a simple undertaking and the process of developing a user-friendly system takes time aside from regulatory challenges of the technology considering the bureaucracy surrounding blockchain technology.

"However, amidst this positive outlook, the integration of SSIDs faces several challenges. Cryptographic systems may appear overly complex to the average user. Beyond that, the time needed to develop a user-friendly system that would appeal to everyone might discourage some innovators from pioneering this move," Denisenko told IBT.

"The emergence of SSIDs will undoubtedly encounter regulatory hurdles before gaining true prominence. With the bureaucracy surrounding blockchain technology in most countries, I can predict a significant challenge for the widespread adoption of SSIDs," he said further.

The imminent launch of Shibarium and the announcement of the planned SSI integration helped push the price of Shiba Inu (SHIB) Bone ShibaSwap (BONE) and DOGE Killer (LEASH) to see double-digit gains over the weekend.

As of 1:42 p.m. ET on Sunday, SHIB was trading down at $0.00000934, with a 24-hour trading volume down by 31.85% at $521.1 million, representing a 7.66% decrease in the last 24 hours and 11.34% gain over the past seven days.

Based on the latest data from CoinMarketCap, SHIB's total circulating supply stands at 589.35 trillion SHIB, with its value down by 7.94% at a $5.5 billion market cap.