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About Shyft Network
- Shyft Network is a public blockchain protocol for aggregating, verifying, and validating data.
- It bridges siloed datasets, instills trust in data, and creates a reliable level of transactions.
Founders and Team
- Founded in 2017 in Bridgetown Barbados by a group of experienced founders.
- Core team consists of 5 people: Joseph Weinberg, Juan Aja Aguinaco, Chris Forrester, Kristofer Coward, and Fredrico Nassire.
What Makes Shyft Network Unique?
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About Shyft Network
Introducing Shyft Network, a decentralized, blockchain-agnostic, and open-source ecosystem designed to revolutionize the way we interact with identity, data, and compliance.
Introducing Shyft Network (SHFT): A Revolutionary Blockchain Ecosystem
Shyft Network is a decentralized, public blockchain protocol designed to aggregate, verify, and validate data residing in diverse ecosystems, including private and public networks, as well as permissioned and permissionless environments. By bridging disparate datasets, Shyft transforms raw data into actionable insights, thereby fostering trust in the data and facilitating reliable transactions for both industrial and public sector applications.
The project developers envision a seamless and secure platform for KYC/AML identification and user certification, ensuring the integrity of sensitive data while leveraging blockchain technology to minimize storage costs and boost efficiency. By incentivizing clients to enrich data with context, Shyft fosters the creation of authentic digital frameworks for reputation, identity, and creditworthiness.
The Shyft Network pioneers regulatory-compliant solutions for decentralized finance (DeFi), effectively bridging the divide between centralized and decentralized entities, thereby facilitating their seamless transition into the blockchain ecosystem. By doing so, their ultimate objective is to empower mainstream financial institutions to confidently enter the DeFi realm, adhering to stringent compliance standards. This strategic move could potentially unlock massive capital inflows and attract millions of users from traditional markets into the cryptocurrency sphere.
Veriscope is Shyft’s pioneering blockchain-based compliance framework and smart contract solution, specifically designed for virtual asset services providers (VASPs), encompassing crypto exchanges, non-custodial wallets, and brokerage firms. This innovative solution is tailored to ensure compliance with the Financial Action Task Force (FATF) Travel Rule, a crucial regulation established by FATF, an intergovernmental organization dedicated to combating money laundering and terrorism financing.
The Visionaries Behind Shyft Network: Meet the Founders
In 2017, our company was founded in Bridgetown, Barbados, by a visionary group of entrepreneurs who have collectively spearheaded the launch of multiple successful ventures within the ecosystem since 2012.
The core team behind Shyft Network comprises five visionaries, each responsible for driving technical innovation, implementing architectural designs, and charting the network’s development trajectory. This esteemed group includes co-founders Joseph Weinberg and Juan Aja Aguinaco, as well as Chris Forrester (Chief Technology Officer), Kristofer Coward (Chief Scientist), and Fredrico Nassire (Chief Security Officer).
The Shyft team envisions a future where personal data is liberated from restrictive boundaries, harnessing the power of blockchain technology. In collaboration with industry leaders, Shyft Network operates and evolves, bolstered by technical and ecosystem consultants. Beyond its core team, Shyft has secured the expertise of global consultants, including Bruce Silcoff and Suzanne Ennis, who comprise the Shyft Enterprise Executive Team. In this capacity, they spearhead strategic partnerships, forging long-term alliances and securing lucrative, multi-year agreements.
Unveiling the Unparalleled Attributes of Shyft Network (SHFT)
At the outset, the Shyft Network is poised to tackle three pivotal use cases: firstly, ensuring seamless compliance with the FATF Travel Rule via the innovative Veriscope smart-contract platform; secondly, bridging the gap between DeFi and large liquidity providers by fostering regulatory harmony; and thirdly, streamlining the KYC process for government digital identity systems in partnership with esteemed institutions, including financial entities, healthcare providers, telecoms, and government agencies.
At the forefront of innovation, the Shyft Network boasts a range of cutting-edge features, including:
The Shyft block explorer provides a comprehensive suite of tools, enabling the launch of block explorers while mitigating a potential single point of failure. Additionally, it offers the capability to scrutinize individual transactions that comprise internal transactions.
Custom-built smart contracts orchestrate a range of pivotal platform functions, while also streamlining KYC/AML verification processes.
Shyft Safe is a cutting-edge accounting software powered by smart contracts, designed to safeguard and manage assets with unwavering precision. By leveraging a robust cross-validation process that spans multiple blockchains, it ensures the integrity of assets, effectively mitigating data invalidation issues.
What Is the Circulating Supply of Shyft Network (SHFT) Coins?
The SHFT token, an ERC-20 standard currency, is a pivotal component of the Shyft protocol, designed to facilitate seamless identification and data transmission. As a governance mechanism, SHFT fosters synergy and coordination between disparate ecosystems.
SHFT is the native cryptocurrency that powers the Shyft protocol, serving as a multifaceted token that facilitates payment, value transfer, and value capture. Issued for identification and data transmission purposes, SHFT also functions as a governance mechanism, enabling seamless coordination between disparate ecosystems. Furthermore, SHFT is utilized to settle payments for data verification, storage services, and the execution of smart contracts.
The maximum supply of SHFT tokens is capped at 2,520,000,000, with a strategic distribution plan in place: 23.81% allocated towards ecosystem development; 0.91% reserved for public distribution; 20% dedicated to the economic metagame; 5.68% assigned to advisors; 5.48% committed to ongoing technical partnerships; 26.26% reserved for purchasers; and 17.86% allocated to the core team.
A pioneering Initial DEX Offering (IDO) was successfully conducted on March 26, 2021, on the esteemed Polkastarter platform. The proceeds generated from the sale of SHFT were allocated to the DAO, which in turn provided grants to the vibrant community of developers and users of Shyft Network, all based on decentralized consensus.
Ensuring the Integrity of Shyft Network: A Robust Security Framework
The Shyft system affords platform users a robust KYC verification process, thereby conferring a secure status to their personal data. This effectively mitigates the risk of hacking, ensuring that users can have absolute confidence in the confidentiality of their identity.
Shyft Network dispenses with the need for centralized storage of KYC data, instead providing decentralized virtual profiles that safeguard users from potential hacking threats. By unifying the KYC process, the network ensures a high level of personal data protection while offering assistance to those seeking verification and protection, thereby preserving the integrity of provided KYC credentials.
Shyft Network seamlessly integrates with existing applications within the Ethereum environment and beyond, fostering interoperability with diverse blockchains. By leveraging these networks, the platform unlocks unprecedented flexibility, enabling projects to thrive across disparate ecosystems.
Where to Acquire Shyft Network (SHFT) Tokens
As of August 2021, the premier cryptocurrency exchanges where you can purchase, sell, and trade Shyft Network tokens include:
The esteemed list of exchanges that support (SHFT) includes KuCoin, Gate.io, Uniswap (V2), 1inch Exchange, Bilaxy, and Jubi.
The SHFT token, built upon the Ethereum network, is seamlessly compatible with any ETH-compatible wallet, including Trust Wallet and MetaMask. For newcomers, we have crafted a simplified guide to facilitate the purchase of cryptocurrencies such as BTC, ETH, and SHFT.
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Associated Resources:
Discover Polkastarter (POLS), a pioneering public protocol designed to facilitate seamless cross-chain token pools and auctions.
Delve into the world of Polkadot (DOT) and Polygon (MATIC), two innovative blockchain projects revolutionizing the decentralized landscape.
Discover the essence of Anti-Money Laundering (AML):
Learn more
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Delve into the intricacies of the Know Your Customer (KYC) process and discover its significance
here
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Delving into the realm of cryptocurrency, a pressing question arises: what constitutes privacy coins, and do they operate within the bounds of the law? For an in-depth exploration of this topic, visit our educational hub, Alexandria.