July 21, 2024
Shiba Inu's Next Move: Applying for ".shib" Domain Approval
Altcoins News

Shiba Inu’s Next Move: Applying for “.shib” Domain Approval

The team behind the dog-themed memecoin Shiba Inu has taken a significant step toward enhancing its online presence by applying for a “.shib” domain on the internet’s domain name system (DNS). This move, revealed by internet domain firm D3 in a December 19 announcement on X (formerly Twitter), aims to create interoperability between Web2 and Web3.

D3, known for its focus on next-generation domains, highlighted the limitations of current Web3 domains such as “.crypto” and “.eth,” which do not work seamlessly with widely-used internet tools like web browsers and email due to their non-operation on the DNS. Conversely, popular Web2 domains like “.com” and “.net” function on the DNS but lack native compatibility with Web3 tools such as wallets and digital identity solutions.

In the event of approval, holders of the Shiba Inu memecoin would gain the ability to create email addresses with the “.shib” suffix. These addresses would be compatible with conventional email applications, as per D3’s statement.

To proceed with this initiative, D3 is required to apply to the Internet Corporation for Assigned Names and Numbers (ICANN), a United States-based nonprofit organization responsible for creating and enforcing policy on the Internet’s identifiers.

In addition to pursuing the “.shib” domain, D3 also plans to introduce “name tokens” for SHIB users. These tokens aim to simplify the process of sending digital assets to various blockchains without the need for lengthy alphanumeric wallet addresses.

Despite this noteworthy development, SHIB’s price demonstrated minimal response to the news, falling less than 1% since D3 shared the announcement, according to CoinGecko data.

In a separate update, Shiba Inu’s new layer-2 blockchain, the Shibarium network, achieved a milestone in September by reaching 1 million users. Although still in private mode, the Shiba Inu team has expressed its intention to make the Shibarium network public in the coming months, further contributing to the memecoin’s evolving ecosystem.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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