Shiba Inu turns into privacy coin like Monero or ZCash? - page 9.

Abiky

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Quote from: Sethrey on February 07, 2023, 05:17:41 AM

According to the latest news, the next 2 updates turns Shiba Inu into privacy coin:

The non-custodial privacy dApp Bermuda announced support for Shiba Inu (SHIB) allowing its users to conduct anonymous transactions.
The Shiba Inu ecosystem continues to expand as the community eagerly awaits the launch of the Layer-2 Shibarium protocol.

Is it on the whole possible to turn a regular coin into privacy one? And does that mean that its rate will now start growing?

Never heard about it. But if the rumors are true, then you can bet SHIBA's price will increase for a short period of time. I honestly don't think how developers are going to add privacy features to Shiba Inu itself, especially when it's a token (smart contract) built on the Ethereum blockchain. The only thing I can think of is forking a mixer contract like Tornado.Cash for users to "anonymize" their SHIBA tokens. Adding ZK-Proofs capability into the SHIBA smart contract itself will be a tough one, especially when gas fees on the ETH blockchain are extremely high.

It wouldn't be a good idea to make SHIBA a privacy-focused coin, as that would lead most exchanges to de-list it. After all, privacy goes against KYC/AML rules for which centralized exchanges are required to comply. Because SHIBA would lose a lot by becoming a privacy coin, it would be best for third-party apps to do the job. The Bermuda dApp does a similar function to Bitcoin's "Samourai" wallet, without actually requiring a change in the cryptocurrency's code. It's much easier and doesn't inflict blame directly into the cryptocurrency itself. Governments are taking a stricter approach towards crypto/Blockchain tech, so we'll see how this plays out in the long run. Just my thoughts Grin

o48o

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Quote from: avikz on February 08, 2023, 11:31:40 AM

It is definitely possible!

I am happy that now Shiba Inu will now have at least one utility - anonymity! Earlier this coin was absolute rubbish without any utility at all. But I am glad to see that it is becoming privacy focused and preparing to becoming a competitor of Zcash or XMR. Good call by the dev team.

Now the value of Shiba Inu should start an upward trend due to the great utility planned to be launched.

Would you really call that any more utility then sending tokens normal way? Only difference is that this rubbish is now using third party service for private transactions.
It's not in a any way in competition of any of the privacy coins out there, especially with Zcash or XMR who have insanely talented dev team.

avikz

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Quote from: Sethrey on February 07, 2023, 05:17:41 AM

According to the latest news, the next 2 updates turns Shiba Inu into privacy coin:

The non-custodial privacy dApp Bermuda announced support for Shiba Inu (SHIB) allowing its users to conduct anonymous transactions.
The Shiba Inu ecosystem continues to expand as the community eagerly awaits the launch of the Layer-2 Shibarium protocol.

Is it on the whole possible to turn a regular coin into privacy one? And does that mean that its rate will now start growing?

It is definitely possible!

I am happy that now Shiba Inu will now have at least one utility - anonymity! Earlier this coin was absolute rubbish without any utility at all. But I am glad to see that it is becoming privacy focused and preparing to becoming a competitor of Zcash or XMR. Good call by the dev team.

Now the value of Shiba Inu should start an upward trend due to the great utility planned to be launched.

wajik-tempe

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The addition of privacy-focused features to Shiba Inu through the support of Bermuda and the upcoming launch of the Shibarium protocol could lead to increased demand and adoption of the coin, which could potentially result in an increase in its value. It will be an interesting move apart from it will be raise the value of the coin or not, better then just being a memecoin.
the success of a privacy coin is largely dependent on its ability to provide robust and secure privacy features, as well as its ability to attract a significant user base.

AmoreJaz

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Quote from: wheelz1200 on February 07, 2023, 05:33:51 PM

Quote from: vv181 on February 07, 2023, 01:24:11 PM

Monero has a privacy implementation enabled by default. It is truly on another level compared with Shiba. Shiba is a token, and the privacy benefit is only achieved if the user uses the third-party platforms mentioned here, though, the guarantee of it, is still shady since it hasn't been tested yet. Also, the way how the token built and the fact it relies on another blockchain tells it can't achieve privacy features as Monero does.

Quote from: Yogee on February 07, 2023, 09:11:51 AM

It's an app developed by another team that allows you to send privately or anonymously right?

Yes, it is. It also seems that it is a brand-new platform and I didn't find any source code for the applications. I would take extra caution and be wary when dealing with the platform.

Agreed. It's just a 3rd party app it doesn't mean "sbib will be anonymous like monero" lol. I'm weary about these 3rd parties even deploying a way to make these anonymous in the long run. It's just a token just like the rest of the tokens.

so before people are proud holding shib, better know what's the real score here. so it is not a real deal of being anonymous token. just another 3rd party app that will assist users to make sure they are doing anonymous txs. so yeah, better be cautious using this new platform, they have no reputation yet to be trusted with big amount of funds. just try it with small funds first. but in any case, this is misleading as it is not really like the privacy protocol of monero.

wheelz1200

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Quote from: vv181 on February 07, 2023, 01:24:11 PM

Monero has a privacy implementation enabled by default. It is truly on another level compared with Shiba. Shiba is a token, and the privacy benefit is only achieved if the user uses the third-party platforms mentioned here, though, the guarantee of it, is still shady since it hasn't been tested yet. Also, the way how the token built and the fact it relies on another blockchain tells it can't achieve privacy features as Monero does.

Quote from: Yogee on February 07, 2023, 09:11:51 AM

It's an app developed by another team that allows you to send privately or anonymously right?

Yes, it is. It also seems that it is a brand-new platform and I didn't find any source code for the applications. I would take extra caution and be wary when dealing with the platform.

Agreed. It's just a 3rd party app it doesn't mean "sbib will be anonymous like monero" lol. I'm weary about these 3rd parties even deploying a way to make these anonymous in the long run. It's just a token just like the rest of the tokens.

DeathAngel

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Interesting, it might be a good idea to start allocating a small % of your portfolio into SHIB then? It did so well a couple of years back, I do think it has potential to have a second epic run though, similar to Dogecoin in 2020/21. This is definitely something to keep an eye on, hopefully it will create another hype faze. Investors can be excited about the potential of this..

goaldigger

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Don’t know much about how the technology works but if there’s a way to turn a meme token into a privacy coin and there’s a demand, then it might worth to try. This can be a good update and probably a new trend, if SHIB will successfully implement this update, you can expect more up trend to their value. The issue with SHIB is their utility, and now they are planning to create utilities which can be a big one, will try to analyze this and start to buy some SHIB before its too late, bull hype started to come.

Xal0lex

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Quote from: Sethrey on February 07, 2023, 05:17:41 AM

And does that mean that its rate will now start growing?

The rate will go up, if only this coin will suddenly become wildly popular among private coin lovers. But why do they need SHIB when they have Monero? People who value privacy will choose Monero. SHIB is a memcoin that has grown through social media shilling. Most people don't care about its utilitarian features, they only care about the difference between the purchase price and the sale price.

cabron

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Interesting update of this memecoin.
I did search for the info that OP is saying. Maybe this one will be it https://www.crypto-news-flash.com/new-feature-turns-shiba-inu-into-privacy-coin-like-monero-or-zcash-can-it-drive-shib-to-0-01/

We didn't expect Doge to also reach where it is right now but it made it. If Shib happens so fast in less than 5 years to hit at least $0.01, I'll be double-dog damned!

vv181

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Monero has a privacy implementation enabled by default. It is truly on another level compared with Shiba. Shiba is a token, and the privacy benefit is only achieved if the user uses the third-party platforms mentioned here, though, the guarantee of it, is still shady since it hasn't been tested yet. Also, the way how the token built and the fact it relies on another blockchain tells it can't achieve privacy features as Monero does.

Quote from: Yogee on February 07, 2023, 09:11:51 AM

It's an app developed by another team that allows you to send privately or anonymously right?

Yes, it is. It also seems that it is a brand-new platform and I didn't find any source code for the applications. I would take extra caution and be wary when dealing with the platform.

Yogee

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It's an app developed by another team that allows you to send privately or anonymously right? It's not on the Shiba Inu's protocol level so you can't really compare it to the likes of Monero or Zcash. This is probably closer to sending ETH via Tornado Cash back when the app was still not hunted and sanctioned by regulators.

yazher

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If this is for real then their heading into some kind of positive thing considering the current situation of the centralized coins nowadays. That's right we need coins like that because of the ongoing updates that are little by little taking us our privacy again with the new updates. When remembering back then, the government are less occupied with what was going on with the crypto industry because they thought it was just some scheme that was used for scams. now that they see it's an earning opportunity for them, they put a heavy load on the people behind it and take huge actions on the projects that they cannot put their hands on. For example these privacy coins we have right now.

passwordnow

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Quote from: Sethrey on February 07, 2023, 05:17:41 AM

And does that mean that its rate will now start growing?

Possible if the demand surges and it's going to all lie down with that. An update for a project like this, if the interesting part is being made then you'll see if the investors are going to bite it.
I know that there are still a lot of investors for shiba and having such an update might keep on giving them hope that it will recover. And as we're approaching to the possible next bull run, nobody knows until we gotta see the pump after this news has been released.

Sethrey

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According to the latest news, the next 2 updates turns Shiba Inu into privacy coin:

The non-custodial privacy dApp Bermuda announced support for Shiba Inu (SHIB) allowing its users to conduct anonymous transactions.
The Shiba Inu ecosystem continues to expand as the community eagerly awaits the launch of the Layer-2 Shibarium protocol.

Is it on the whole possible to turn a regular coin into privacy one? And does that mean that its rate will now start growing?

Topic: Shiba Inu turns into privacy coin like Monero or ZCash? - page 9. (Read 1485 times)