The same Shiba Inu meme wants to create a new blockchain.
His crypto, SHIB, is actually a token on Ethereum and other blockchains, and the project has already created its own first blockchain, Shibarium, which is a Layer 2 on Ethereum.
Now the idea is to create another blockchain that acts as a Layer 3 focused on privacy.
Shiba Inu meme coin fundraising for its new blockchain
In order to develop the new Layer 3, the Shiba Inu project raised 12 million dollars.
This collection took place by selling a new token, called TREAT, to non-US venture capital investors, including Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital and Comma 3 Ventures.
Note the presence in this group of investors of Polygon Ventures, a venture capital fund connected to Polygon.
Proprio Polygon is working on a project that is in some ways similar to a Layer 3, so Polygon Ventures’ investment in this new Shiba Inu initiative could have deeper implications than one might think.
The funding round was launched a few months ago, and concluded at the beginning of April.
The amount raised is high but not extremely high. However, its size seems to be more than compatible with the development of a Layer 3.
The new TREAT token
The new TREAT token will serve as a utility and governance token for the new Layer 3 focused on privacy.
It has not yet been launched on the markets, and it is necessary to be very careful because there are other tokens with the same name that are not in any way connected to this.
There are five crypto tokens called TREAT, although one is actually called Good Doge, and TREAT is just the ticker for it, and another one is obsolete.
However, this means that there are actually three of them that are called this way and that are exchanged online.
In particular, there is the new TREAT by Treat DAO, which suddenly gained 4% with the news of Shiba Inu. Most likely, some inexperienced speculator thought that this was the new TREAT token of Shiba Inu, and bought it hoping that it would increase in value.
Instead, the other token called TREAT, which is traded on the markets today, is curiously showing a -33% decrease, but it is a very volatile crypto, launched less than a year ago, and in full post-bubble crash after reaching its peak a month and a half ago (-85%).
There is still very little information available about the new Shiba Inu token TREAT, and it is definitely not yet tradable online.
The new blockchain
Instead, we know a little more, although still very little, about the new Shiba Inu blockchain.
It should be noted that the Shiba Inu project does not have its own level 1 blockchain, as it is based on Ethereum, and already has its own level 2 blockchain called Shibarium.
The new blockchain will be a third-level blockchain built right on Shibarium.
The idea is to create a high-level privacy layer-3.
The new blockchain will use a fully homomorphic encryption technology, developed by the specialized company Zama. It is worth noting that Zama recently raised funding of a whopping 73 million dollars, much more than what was raised by Shiba Inu.
Their technology, FHE, is considered by some the Holy Grail of cryptography, because it allows end-to-end data encryption even during processing.
The goal of Shiba Inu is to use the new privacy-based layer-3 to onboard another billion people onto crypto markets.
Interestingly, they would also like to maintain the compliance of this blockchain with international law, and this may not be very simple.
The hypothesis is that the testnet of the new blockchain will be released in the third quarter of this year.
