What is Shyft Network (SHFT) | What is Shyft Network token

What is the Shyft Network?

The Shyft Network is a blockchain-based solution for centralized and decentralized technologies, like decentralized finance (DeFi). It’s a technology layer that aggregates and embeds trust into data stored on private and public ecosystems.

It essentially creates a protected data transaction layer for industry and the public sector, bringing, among other things, digital identity into the 21st century.

What is Shyft?

In a hyper-networked world, effective online trust solutions can offer users and organizations sufficient protections while providing a framework in which all parties could be assured freedom from censorship, fraud, and unsanctioned use of shared data.

We believe that your information is only as secure as the weakest link in the chain of connected services and devices which handle it. That’s where Shyft Network comes in.

Shyft Network was designed as an interoperable standard for use cases that require multiparty trust and validation. We took a fundamentally different approach to data and identity thanks to its founders’ long history with Bitcoin, dating back to early 2010.

The Shyft Network enables identity verification, validation, and the sending of credentials and other data across multiple different blockchains and networks.

The true goal of identity entails not having to give entities your information to verify who you are every time you open a new account. The question we asked is, How do you derive digital identity? We baked identity into the network.

Shyft Network never keeps or touches any personal identifiable information on the blockchain.

We ensure that privacy of the data itself is only stored across the participants with whom you already work. Since no data sits on the network, we created an encrypted way of validating institutions to certify or validate on your behalf without violating your privacy.

Since Shyft manages identity information in a receipt-esque system, a digital receipt acts as proof that you have hitherto worked with another participant or entity on the network. Moreover, there’s a revocation process, where the protocol can invalidate a former receipt, depending on the compliance requirements, which differ across jurisdictions and situations.

With a focus on the requirements of the Financial Action Task Force (FATF), as well as the KYC compliance issues that the blockchain ecosystem faces today, we’ve set out to ensure identity information is secure so that exchanges can forward customer data without violating privacy.

Technologically speaking, the Shyft Network’s identity solution can be thought of as an OAuth2-type interface for Web 2.0 and 3.0 applications with 2FA applications. Users can negotiate the exchange of their information, giving them control over their data.

By enabling the secure and auditable messaging between users and trusted parties, the Shyft Network empowers these parties to onboard new users in accordance with global compliance. The trusted parties can then, assuming user consent, send proof of relevant information about users to other parties by request. User data can be protected by their personally identifiable data through an opt-in framework.

Our focus is on institutions and public networks. We work with everyone from banks, institutions, exchanges, regulatory bodies, as well as central banks and governments, bridging the crypto ecosystem to the traditional world.

Who Uses Shyft?

The Shyft Network is composed of certain types of participants: Trust Anchors, Data Owners, Data Consumers, and Shyft Ring Nodes.

Trust Anchors

Trust Anchors custody regulated data, which they receive from consenting Data Owners, and maintain, review, read, write, confirm, and validate it. This data forms the basis of a user’s digital identity. Trust Anchors are regulated entities, such as financial institutions, cryptocurrency exchanges, regulatory bodies, and social media networks, which can set their own rules and work with other actors in the Shyft Network ecosystem, while individuals enjoy data rights.

Data Consumers

Data Consumers are those third-party services that do not custody “hard data” and are not regarded as fully-trusted parties on the Shyft Network. Data Consumers will offer Data Owners pre-approved services that require attestations of trusted data. When they request information from the network, they pay a small fee to the Data Owners and Trust Anchors in exchange for the attested information.

Data Owners

Data Owners can be individuals or entities that sign up for a service at a Trust Anchor or Data Consumer. These individuals or entities have the authentication-based right to control, share, and revoke private data via their private keys. Only they have access to these private keys, and can grant access to their data via Shyft’s consent-based framework, whereby they are incentivized to share their data.

Data Owners receive offers from Data Consumers for pre-approved services that require proof of trusted data. Data Consumers pay a small fee to the Data Owners and Trust Anchors for valid information.

The Shyft Ring

The Shyft Ring is the public-facing blockchain-enabled software for global consensus. A fork of the Ethereum codebase, we’ve incorporated our own extensions. Shyft Ring participants validate the entire state of the network as local connection nodes for non-full-node users, and complete PoW hashes to propagate blocks and establish security. The validators are incentivized based on the workload distribution necessary for optimal efficiency of the Shyft Network.

Key Network Features

The Shyft Block Explorer

Certain blockchain networks rely on a single block explorer. Ethereum, for instance, relies upon just EtherScan. Shyft, however, provides all nodes on the network with the tools to launch their own block explorers. This removes a potential point of failure. The Shyft Block Explorer offers a feature set previously unavailable to the ecosystem, like the option to view the individual transactions that make up “internal transactions,” which composes a critical part of the token economy.

Smart Contracts

Many key network functions have been regulated by a set of purpose-built smart contracts. Certain contracts facilitate KYC/AML checks, ensuring the needs of cross-jurisdictional regulators and required compliant entities.

Shyft Safe

The Shyft Safe is a smart contract powered bookkeeping software to manage and protect assets on the network so that users’ can self-custody the assets. A Safe asset is cross-attested into multiple blockchains, and addresses data invalidity and single-point-of-failure problems.

Interoperability

We built the Shyft Network with interoperability in mind, ensuring our protocol would work across the existing applications in the Ethereum environment and other networks. Therefore, we’d also be able to gain from a lot of the innovation happening.

For instance, certain blockchains might serve different business logics better than others. That’s why the Shyft Network must be compatible across blockchains. Shyft’s interoperability bridging layer works across other networks to leverage the advantages that these networks hold.

We create the layer that assigns and proves data. Collaborative interoperability is paramount to the Shyft Network vision so that projects can work across diverse ecosystems and ensure that they conform to certain requirements when necessary.

Here’s one example of what Shyft Network can do for the Oasis Network.

Shyft Network Use Case — Introducing Compliant DeFi

Our goal is to create the premiere, compliant and scalable DeFi ecosystem across centralized and decentralized markets.

Traditional financial institutions strictly adhere to Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating The Finance of Terrorism (CFT) guidelines. As permissionless, opt-in, trustless p2p networks without a central authority to enforce these requirements, blockchain-based networks often fail to do so.

The Current Problem

The current DeFi ecosystem is prone to trust issues since participants conduct activities anonymously, violating compliance requirements imposed on financial institutions.

Large Liquidity Providers are blocked from interacting with the DeFi space because of regulatory constraints and lack of clarity on existing and upcoming regulations which requires them to obtain information on the source and destination of funds.
Similarly, platforms within the DeFi space are blocked from accessing deeper capital markets because of the small opportunity space relative to the total potential addressable market assuming regulatory compatibility.
Regulators are forced to comprehend the space through the lens of (potentially obsolete/irrelevant) loosely-matching, past environments that regulations have applied to previously.

The Shyft Network solution for DeFi

**Identity Verification. **We provide an opt-in framework for gathering, storing, and sharing user identification data on a need-by basis. Our platform acts as a trust anchor and a bridge between users, DeFi platforms, and centralized organizations by providing the required data in a secure manner.
We can facilitate trustless transactions in a decentralized environment by helping the parties to comply with all the regulatory requirements imposed on centralized systems. The platform achieves this by acting as a Trust Anchor that validates the personal data and transaction details by publishing their proof on the blockchain.
**Creation of Compliant Assets and Asset Pools. **Only verified individuals and organizations will be able to create compliant DeFi assets and asset pools such as loans, liquidity pools, derivatives, governance tokens etc.
The Shyft Network can function as a validator for DeFi participants. Verified players will have their addresses whitelisted, enabling them to participate, create, and have access to compliant assets.
Malicious and suspicious actors will be blacklisted as a precaution to other users, which is aimed at minimizing risk.
Compliant Decentralized Credit Scoring. As part of its continuous development plan for 2021/2022, Shyft Network plans to deploy a blockchain-based credit scoring method that relies on users’ data stored on nodes rather than using their credit scores from the legacy financial system.

This framework will help generate better credit scores for an open and independent DeFi ecosystem. Our goal is to tackle the over-collateralization problem in DeFi, improve access to credit, and open the door for legacy lending institutions’ entry into the ecosystem.

The SHFT Token

SHFT fuels the Shyft Network; think of it as gas that powers the engine. SHFT is a means of payment, a mechanism for bonding value, and an instrument for governance value capture. SHFT, depending on the use case, can be utilized in a multitude of ways which includes a monetary instrument and value capture system, as well as an authorization system for long-term validation.

SHFT is a currency for identity and data transmission, as well as a governance mechanism for coordination across ecosystems that enables entity-to-entity governance, compliant asset creation, and a system for compliant defi and other applications. Enabling a new side of the existing ecosystem will drastically expand the size of market participants and increase the size of asset participation across all decentralized projects, protocols, and marketplaces.

Shyft Network was designed as an interoperable standard for use cases that require multiparty trust and validation. In order to enable more use cases across public and permissioned protocols, standards are required to extend the tools and options available for new user groups, institutional use cases, and traditional systems.

The use cases Shyft Network focuses on are ones where you don’t necessarily have 3rd party obligations or require counterparties to create trust across each other in order to be successful. Traditionally, solutions to this are done through legally binding agreements or established regulatory and legal requirements. In the context of decentralized systems, adding in legal processes and cross entity rules are both challenging and in many cases destructive to the openness of the system itself.

The role of Shyft Network’s infrastructure is to maintain openness and decentralization across any protocol, while enabling standard processes that allow for counterparty rule creation and consent to be combined in order to solve trust and counterparty obligation issues that are required in the real world.

To put it simply, the transactions and interactions we engage in every day are largely based on trust and associations or validation of information and assets by other parties. The role of Shyft Network is to act as this trust layer, to bridge the gap between the traditional world and decentralized, in order to unify these ecosystems and further enable mass adoption and real-world interoperability.

The following explainer is meant to describe the use of SHFT, the native currency of the Shyft Network, and to outline only some of the major use cases of the currency and protocol standard.

Shyft Network Blockchain

In order to pay for services across intermediaries, DApps and participants, SHFT is used to both pay for the cost of security and operations, as well as a payment mechanism for the transmission of data and assets. This is similar to how existing blockchains function as Layer 1’s.

Shyft Network Smart Contract suite

The goal in Shyft Network’s design is to act as a multi-layer protocol depending on the needs and requirements of its users. Rather than competing with other layer 1’s like Bitcoin, Ethereum, Polkadot, Algorand, and more, Shyft Network was designed primarily as a very large smart contract infrastructure set. By taking this approach, the protocol can focus on cross-chain use cases and ways of unifying layer 1’s in order to build out a cross-protocol trust and compliant data layer.

Shyft Network runs three different core infrastructure stacks:

**A federated layer 1 **(The blockchain): A public system for use cases that have a particular set of needs and requirements. This is primarily for enterprises and institutions (ie. Governments) who would rather focus on data origination and require a different trust model at the base protocol level.
**Shyft Network Smart contract suite: **The primary standards logic to enable all use cases, intermediary interactions, and tools for developers to build applications against Shyft Network.
**Byfrost Bridge: **An asset-staked bridging infrastructure for cross-protocol data and asset transmission. Byfrost was designed with the smart contract suite. The goal of Byfrost is to bridge the Shyft network smart contract suites together across protocols. Through this process, all of the history, use cases, and users that sit on Shyft Network can be utilized across other protocols, thereby unifying everything into a cross-chain data and asset availability layer.

The rest of this post will focus on the use cases of Shyft Network and the SHFT currency within them rather than a technical deep dive into the primary infrastructures.

SHFT is a means of payment, a mechanism for bonding value, and an instrument for governance value capture. SHFT, depending on the use case, can be utilized in a multitude of ways which includes a monetary instrument and value capture system, as well as an authorization system for long-term validation.

Identity, Counterparty Discovery & User coordination

We believe that the next phase of progress for decentralized systems is in the creation of identity, reputation, and enhanced methods of entity creation and coordination. Users, entities (Dapps, Defi, institutions, enterprises, etc.), assets and data are primary interactions in everyday life. Shyft Network enables complex creation of these verticals to build a base standard for cooperation and transaction coordination.

Identity is very broad and extends to nearly every facet of life, which means defining initial use cases must be derived from critical issues and problems that we face and feel everyday. In creating Shyft Network, the contributing early participants and teams brought in problems and pains they had felt from the early days of the crypto ecosystem and worked towards solving them.

Identity

The SHFT token is used to pay for security and operations on the Shyft Network, as well as to enable data market payments across intermediaries involved in identity systems. The simplest example of this is the current project being developed on Shyft Network in collaboration with the Government of Bermuda. The Perseid project is the first national identity project aimed at leveraging a public blockchain protocol to create a national data market place and identity ecosystem. SHFT is the currency used to enable identities across the country, and pay for data services across institutions engaging in user-consent based identity.

Compliant DeFi & Global Regulations: A global opt-in compliance and trust Layer

In order to ensure that the ecosystem continues to grow in cooperation with new regulations, we need systems that can bridge the gap and enable opt-in infrastructure to allow for regulated intermediaries and rules to be built across permissionless networks. This does not mean forcing people into compliant systems, but rather providing more options to allow for new user groups to be able to participate in the ecosystem. The future of institutional adoption requires compliance requirements and primitives to be a part of market infrastructure in order to actually utilize these systems.

This not only protects the ecosystems growth but allows us to tailor to the liquidity that exists outside of the ecosystem today. Compliant participants and liquidity in the traditional financial system is many orders of magnitude larger than the crypto economy, and being able to provide open infrastructure to these parties enables onboarding and regulatory clarity. Shyft Network was designed to enable these use cases, creating a cross-protocol environment for compliant liquidity, identity passporting and data transmission.

The FATF travel rule was the first global regulatory requirement placed on the ecosystem in June of 2019. Some of the largest crypto platforms, DeFi projects, and stablecoins including Binance, Bitfinex, Huobi, Aave, Tether, joined together to create Veriscope atop of the Shyft Network. These exchanges today are utilizing Veriscope to ensure user consent, data security, exchange to exchange verification and counterparty discovery. Regulations are inherently designed to centralize functions of systems, but through the design of our system, Shyft Network is the only solution that globally allows Bitcoin and other crypto ecosystems to maintain openness and decentralization while allowing users to comply with cross-jurisdictional requirements like the travel rule.

The SHFT currency is used to ensure spam prevention, prevent data attacks against exchanges and global users of the system, create payment and bonded asset channels for untrusted counterparties (a form of data market transaction) and over the long term helps maintain the governance system currently being directed and developed by the global coalition of digital asset companies.

The SHFT token is used to pay for the security of validation for crypto transactions that occur across participants in Veriscope. When a digital asset is withdrawn and sent from one platform to another, SHFT is used to request information from other platforms and to complete data transactions. With this, Shyft Network through Veriscope becomes a data side chain to public networks, currencies and tokens globally, and acts to ensure security and privacy are maintained across our open ecosystem.

Shyft Network Announces Launch Date of Polkastarter IDO

Shyft Network is excited to announce its Initial DEX Offering (IDO) on Polkastarter, which will take place on March 24th, 2021.

Shyft Network, the blockchain-based identity verification platform that enables compliant DeFi for institutions, has completed its latest sale round with major industry participants including Spartan Group, Coinfund and GSR.

Highlights

Shyft Network recently announced the completion of its strategic token sale.
Star studded list of industry backers, include Spartan Group, Bitfury, Blockchange, Morningstar Ventures, CoinFund, BlockTower, Maven 11, Connect Capital, GSR, Bering Waters, LD Capital, Ybb.io, CoinIX, TRG Capital, and Digital Finance Group.
Shyft Network’s Travel Rule solution, Veriscope, formalized its onboarding model with a task force composed of key industry leaders and liquidity providers, which include Binance, Bitfinex, Huobi, Tether, Unocoin, among others.

With the successful conclusion of the strategic sale, Shyft Network is diving into the next phase of the community distribution round. It’s time to provide the community with a fair opportunity to be a part of the Shyft Network journey by participating in our public distribution sale on the permissionless auction platform, Polkastarter.

The Polkastarter IDO will take place on March 24th, 2021 We will soon be releasing details on the whitelisting process, the number of whitelisted addresses, maximum allocation, and minimum allocation which will be communicated through our social media platforms. Make sure to follow all our social channels to stay ahead of the latest updates and developments.

All proceeds from the SHFT Polkastarter sale will be directed into DAOs and used to provide grants to the Shyft Network community of developers and users, based on decentralized consensus. These proceeds will not be available for use by Shyft Network Inc.

source : https://www.youtube.com/watch?v=OtBgcIOp7eQ

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How and Where to Buy Shyft Network (SHFT) ?

SHFT has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy SHFT

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step - Transfer your cryptos to an Altcoin Exchange

Since SHFT is an altcoin we need to transfer our coins to an exchange that SHFT can be traded. Below is a list of exchanges that offers to trade SHFT in various market pairs, head to their websites and register for an account.

Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase SHFT from the exchange.

Exchange: Polkastarter

There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SHFT gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
☞ https://www.mxc.ai
☞ https://www.probit.com
☞ https://www.gate.io
☞ https://www.coinbase.com

Find more information SHFT

☞ Website ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board

🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds

Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner

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What is Shyft Network (SHFT) | What is Shyft Network token | What is SHFT token