According to a recent announcement, Shiba Inu (SHIB) will now be held natively on the Internet Computer platform, exposing the meme cryptocurrency to hundreds of thousands of users.
In a tweet, the DFINITY Foundation, the non-profit organization developing the Internet Computer blockchain, announced that users would soon be able to hold Shiba Inu natively on the Internet Computer blockchain. This is enabled by chain key ECDSA, which does not require a bridge. DFINITY announced the mainnet integration of the Internet Computer with Bitcoin this week, bringing advanced smart contract functionality to the world’s largest cryptocurrency.
The Internet Computer would now act as a Layer 2 for Bitcoin, allowing smart contracts on the Internet Computer to hold, send, and receive Bitcoin without the use of blockchain bridges or other third parties. Integrating the Internet Computer with Bitcoin also offers an alternative to centralized bridges in the form of threshold ECDSA (Elliptic Curve Digital Signature Algorithm).
Helix, an Internet Computer-based DEX project with chain-key signing features now built on Bitcoin, would provide bridgeless inter-chain token swaps as part of this new development. For the first time in ICP history, users could trade Shiba Inu, Dogecoin, Polygon, and other cryptocurrencies on Helix without using bridges.
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ICP holders could also exchange their tokens for SHIB on-chain, eliminating the need for centralized bridges. ICP is the native token of the Internet Computer blockchain, a public blockchain that runs on the internet. Shiba Inu has seen increased exposure this year as it continues to gain popularity. As a result, the number of SHIB holders has increased noticeably.
According to WhaleStats, there are currently 1,258,527 Shiba Inu owners.