What Is Shyft Network (SHFT)? Complete Guide Review About Shyft Network.

What Is Shyft Network (SHFT)?

What Is Shyft Network (SHFT)?

The Shyft Network is a public protocol designed to validate identity and power compliance directly into blockchain data. By facilitating the transfer of verifiable data between centralized and decentralized ecosystems, Network delivers meaningful user information that institutions can utilize to secure cryptocurrency while maintaining privacy. Network is made up small, senior teams of developers and visionaries. The best digital solutions are built by hands-on, multidisciplinary teams of experts with experience crafting products and deploying at scale.

Shyft Network Storage Key Points

Coin BasicInformation
Coin NameShyft Network
Short NameSHFT
Circulating Supply209,141,178.74 SHFT
Total Supply2,520,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Trust

Shyft Network enables the next step in the evolution of online trust by applying consent frameworks and codified rules of engagement to digital ecosystems. Many key network functions are regulated by a set of purpose-built Smart Contracts. For example, certain contracts facilitate KYC/AML checks, satisfying the needs of cross-jurisdictional regulators and required compliant entities.

They successfully launched Network Main net in July 2021. Today, with over 40 exchanges and VASPs in various stages of integration, they represent over 50% of global volume, surpassing 2.5M daily transactions.

Security

Data leaks and hacks are now an almost daily occurrence. Shyft’s proactive security features are designed to detect and deter threats before the network is ever compromised through the bridge watcher system. Your strong partnerships and relationships across the world are what make Shyft the global force for blockchain compliance it is today. To operate a Service Node, an operator time-locks a significant amount of Loki and provides a minimum level of bandwidth and storage to the network. In return for their services, Loki Service Node operators receive a portion of the block reward from each block.

Privacy

Shyft Network operates on a strict opt-in user consent framework, offering granular, accessible control over what is shared, with whom, and for what purpose. The owner of the data always has visibility and is always in control. For the Loki ecosystem to maintain privacy, it is important to not only provide a medium of exchange that underpins the internal economy but to also minimise the risk of temporal analysis when interactions occur across Loki’s independent layers. For example, when engaging in layer-one transactional services, users should never lose the privacy guarantees they receive from the second-layer and vice versa.

Developers

Shyft Network team is comprised of global industry leaders. The Network core team is responsible for technical development of the network architecture, establishment of use cases for the network and for the SHFT token, and guiding the vision for network growth and development. Ring signatures work by constructing a ring of possible signers to a transaction where only one of the signers is the actual sender. Loki makes use of ring signatures to obfuscate the true history of transaction outputs.

Reliability

Shyft’s identity solution is most similarly described as an OAuth2-type interface for Web 2.0 and 3.0 applications with 2FA applications. It is enhanced in two specific methods; combining consent channels giving users control over data; and incentivized data exchange rails enabling counter-parties to negotiate exchange of information.

Recently a number of cryptocurrencies have proposed implementing bulletproofs as a replacement to traditional range proofs in RingCT because of the significant reduction in transaction size [10]. Loki will utilise bulletproofs, reducing the information that nodes are required to store and relay, thereby improving scalability.

Consent

Every day, individuals are exploited for their digital data. Shyft Network will allow companies to request consent from their users before sharing personal data, in compliance with privacy standards such as GDPR, and submit incentivized requests for data to current and potential users. Loki makes use of stealth addresses to ensure that the true public key of the receiver is never linked to their transaction.

Every time a Loki transaction is sent, a one-time stealth address is created and the funds are sent to this address. Using a Diffie-Hellman key exchange, the receiver of the transaction is able to calculate a private spend key for this stealth address, thereby taking ownership of the funds without having to reveal their true public address