Amid the current bearish sentiment around the cryptocurrency market, the popular Ethereum-based meme coin Shiba Inu has taken a positive step by partnering with internet domain company D3 Global.
Significance Of Shiba Inu’s Partnership With D3 Global
The team revealed its partnership with the internet domain name company in its latest version of the SHIB magazine. The latest magazine is now the seventh version that has been released since it was introduced.
D3 Global is a domain company that focuses on bridging the gaps between the web2 and web3 ecosystem which is overseen by Fred Hsu and Shayan Rostam.
Rostam asserted that partnering with Shiba Inu will allow the introduction of unique, memorable, and affordable domain names to users. Additionally, it will make use of Web3 utility on the internet’s base layer to streamline their digital identities.
The latest partnership is a part of Shiba Inu’s broader endeavor toward a decentralized identification project. Shiba Inu is seeking to establish a decentralized internet top-level domain (TLD) name for its users.
The collaboration aims to safeguard the “.shib” TLD name. A TLD is the last element of a web address that appears after the dot such as “.com,” “.org,” or “.net.”
The TLD will enable SHIB users to register their .shib names which may be resolved through the global Domain Name System (DNS). It will also allow its users to have a digital identity compatible with Web2 and Web3 applications.
The “.shib” domain seeks to offer seamless compatibility with both the traditional Web3 technologies and the modern internet’s Domain Name System (DNS). This is unlike the current web3 names which are incompatible natively with essential internet technologies like email and web browsers.
With this initiative, SHIB users may have more functionality and be able to utilize their domain with regular web browsers. Additionally, it could also improve their blockchain transactions and digital identity.
Process Of Acquiring A New TLD
Being a major player in the internet domain industry, D3 is an expert in the administration and use of top-level domains. Their specialty is maneuvering through the difficult procedure of obtaining and configuring new TLDs.
The procedure of getting a TLD is not that simple or quick. It needs to be approved by ICANN, which is the result of a difficult and extensive application procedure.
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In addition, the community must be involved and supportive of the initiative. This is because ICANN takes the public interest and possible effects of a new TLD into account.
Despite the notable partnership, the SHIB token is still down by over 2% in the past 24 hours, trading at $0.000010. Its market capitalization is down by over 2%, while its trading volume is down by over 30%, according to CoinMarketCap.
So far, the lead developer of Shiba Inu, Shytoshi Kusama has expressed the team’s pleasure in the collaboration. “We are extremely proud to once again trailblaze decentralization in world history,” Kusama stated.
Featured image from iStock, chart from Tradingview.com
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