The team behind the dog-themed meme coin, Shiba Inu, is set to acquire a new ".shib" domain name to operate on the Internet's Domain Name System (DNS). On December 19, internet domain name company D3 (formerly known as Twitter) announced their collaboration with Shiba Inu's team to apply for the .shib top-level domain (TLD). D3 specializes in next-generation domains that facilitate interoperability between traditional internet infrastructure (Web2) and the emerging Web3 technologies.
D3's initiative aims to bridge the gap between current Web3 domain names, like ".crypto" and ".eth," and more established Web2 domains such as ".com" and ".net." Presently, Web3 names are not compatible with common Internet tools like web browsers and email systems since they don't operate on the DNS. Conversely, Web2 domains, while fully integrated with the DNS, don't natively support Web3 applications, including digital wallets and identity solutions.
The acquisition of the .shib domain would enable Shiba Inu coin holders to create unique email addresses ending with a “.shib” suffix. D3 plans to ensure these addresses are compatible with standard email applications. To proceed, D3 must submit an application to the Internet Corporation for Assigned Names and Numbers (ICANN), a U.S.-based nonprofit organization that oversees the development and implementation of Internet identifier policies.
Additionally, D3 is exploring the launch of "name tokens" for SHIB users. These tokens would allow the transfer of digital assets across various blockchains without the need for the typically long and complex alphanumeric wallet addresses, simplifying transactions for users.
Despite this development, SHIB's market price showed minimal reaction, dipping less than 1% since the announcement, as per CoinGecko data. Meanwhile, in related news, Shibarium, Shiba Inu's new layer 2 blockchain network, recently achieved a milestone of 1 million users in September. Currently in private mode, the Shiba Inu team is planning to make the Shibarium Network publicly accessible in the forthcoming months.
