In a groundbreaking development, the developers behind the popular Shiba Inu (SHIB) meme token have unveiled plans to acquire a top-level domain (TLD) for their community.
The announcement in the latest Shib magazine on Tuesday revealed a strategic partnership with D3 Global, a prominent domain company, aimed at making Shiba Inu the pioneer Web3 protocol with its own TLD.
A TLD represents the last domain name segment, such as .com or .org, and plays a crucial role in categorizing and identifying websites within the global domain name system managed by the Internet Corporation for Assigned Names and Numbers (ICANN). Shiba Inu’s vision is to establish a decentralized TLD, allowing users to register unique “.shib” names seamlessly integrating into both Web2 and Web3 applications, providing a distinctive digital identity.
Notably, while other Web3 protocols have created domain names like “.eth”, none have obtained TLD status due to the intricate process involved. Acquiring a TLD necessitates approval from ICANN, which can be painstakingly hard and take months or years. Nevertheless, Shiba Inu is already allowing users to sign up for early access to the upcoming service, allowing them to secure their SHIB names in advance. Interestingly, Shiba Inu aims to become the first Web3 project to navigate this complex process and plans to submit its application in the upcoming window.
It is important to note that if approved by ICANN, SHIB holders will gain the ability to create email addresses ending in “.shib,” compatible with regular email applications. The initiative also introduces “named tokens,” allowing users to replace traditional letter wallet addresses with selected nicknames, akin to the Ethereum Name Service.
Fred Hsu, CEO of D3 Global, expressed enthusiasm about the partnership, stating, “This digital identity unlocks a world of possibilities, ensuring that users can maximize the potential of their names.”
Shytoshi Kusama, lead developer at Shiba Inu, emphasized the historic nature of the initiative, noting, “We are extremely proud to once again trailblaze decentralization in world history.” Kusama highlighted that this collaboration represents the first instance of a Web3 project venturing to secure a stake in the internet.
“With this incredible, simple, new, yet Web2 innovation, we can ensure that Shib achieves perpetual decentralization in a way no other project has, bar none,” Kusama added.
Amid this announcement, SHIB trades with suppressed volatility. At press time, the second largest meme coin by market capitalization was exchanging hands at $0.00001016, reflecting a 1.36% surge over the past 24 hours.