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

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

What Is Shyft?

Shyft Network is a public blockchain protocol for aggregating, verifying and validating data that is stored in private and public ecosystems, as well as permissioned and permissionless networks. The turns raw data into meaningful information by bridging siloed datasets. Thus, the Network instills trust in this data, plus creates a reliable level of transactions for the industry and the public sector of the economy. The idea of ​​the project developers is to create an easy-to-use and secure platform for KYC/AML identification and user certification (which can guarantee the safety of data) and via blockchain, reduce storage costs and increase efficiency.

Shyft Coin encourages clients to work on adding context to data, thereby creating authentic digital structures of reputation, identity and creditworthiness. The Shyft Network creates regulatory-compliant tools for decentralized finance (DeFi), bridging the gap between centralized and decentralized organizations and making it easier for them to enter the blockchain world. Their goal is to aid mainstream financial institutions into DeFi and participate in a compliant manner. This could potentially attract large capital inflows and millions of users from mainstream markets into crypto.

Veriscope is Shyft blockchain-based compliance framework and smart contract solution for virtual asset services providers (VASPs), such as crypto exchanges, non-custodial wallets and brokerage firms. This is to comply with the Financial Action Task Force (FATF) Travel Rule. FATF is an intergovernmental organization focused on countering money laundering and terrorism financing.

Shyft Storage Key Points

Coin BasicInformation
Coin NameShyft
Short NameSHFT
Circulating Supply104,989,841.00 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
Official Project WebsiteClick Here To Visit Project Website

Network Features

Shyft Bridge: Byfrost

Byfrost is Shyft Network’s bridging technology, and operates as an internal network of servers, acting as an attestation engine to ensure data availability and synchronization. Byfrost enables interoperable, cross-chain asset transfer and management. Zero-knowledge proofs are utilized to enable secure transfers with minimal friction.

The Shyft Block Explorer

Some blockchain networks, such as Ethereum, are hampered by the reliance on a single block explorer (such as EtherScan, in the case of Ethereum). Shyft can provide all nodes with the tools required to launch their own block explorers, thus removing a key point of failure. Additionally, the Shyft Block Explorer offers a feature set previously unavailable to the ecosystem, such as the ability to view the individual transactions that make up “internal transactions”, a critical part of the token economy.

Smart Contracts

Shyft Coin 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.

Shyft Safe

The Shyft Safe is a smart contract powered bookkeeping software that manages and protects certain assets on the network, enabling users’ self-custody of these assets. A Safe asset is cross-attested into multiple blockchains, addressing data invalidity and single-point-of-failure problems.

Shyft Ring

The Shyft Ring is the public-facing blockchain-enabled software for global consensus, the base of which functions exactly like the Ethereum network, using a fork of the codebase with specific extensions. Ring participants are nodes running on trusted, open-source, battle-hardened code, and enables extensions to benefit the whole blockchain ecosystem. Ring participants are necessarily validators for the state of the network, acting as local connection nodes for non-full-node users, and completing PoW hashes to propagate blocks and establish security.

Relational Merit Scoring (RMS/RMT)

Based on the same algorithm that powers Google’s PageRank search system, RMS adds a powerful layer of functionality to the network by assigning reputational metrics to all user types, based on a set of carefully constructed set of standards that ensure fair, transparent, decentralized, and tamper-proof computation of reputation scores. The associated Relational Merit Token (RMT) cannot be purchased, as it’s awarded according to the frequency and reliability with which users perform valuable tasks for the Network.

Unlocking trust, identity, and creditability networks for humanity.

Shyft Coin Network is a public blockchain protocol designed to aggregate and embed trust and validation into data stored on public and private ecosystems, and permissioned and permissionless networks. By facilitating bridging across siloed datasets, allows for layering of context on top of data, ultimately turning raw data into meaningful information. By allowing and incentivizing individuals and enterprises to work together to add context to data, unlocks the ability to build authentic digital reputation, identity, and creditability frameworks.

Network Principles

1. Public networks should not be designed to store sensitive data on-chain.

Network is a public network that facilitates bridging of data across existing data ecosystems. The network does not engage in the transaction or custody of data itself, instead allowing data contributors to share encrypted attestations against externally-stored data to network participants of their choice.

2. Data has value and individuals deserve to be compensated for sharing it.

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.

3. Nothing should happen without consent.

Shyft 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.

4. Security isn’t just about good defense and damage control.

Data leaks and hacks are now an almost daily occurrence.The proactive security features are designed to detect and deter threats before the network is ever compromised through the bridge watcher system.

The Story of Trust Online

Online communication and commerce has evolved dramatically since the dawn of the web, but no one has solved the fundamental lack of verifiable trust online at scale — until today.

01. The Beginning

In the early days of the internet, the ability to verify credentials wasn’t possible; if you claimed you were someone online, nobody could truly prove otherwise.

2. Light Verification

Shyft Coin users started to come online at an exponential rate, the username/password system was devised to secure email and other online services. Login pairs could not be ported across ecosystems, and were stored on private (sometimes encrypted) databases. This centralized approach enabled trivial attack vectors, resulting in many compromised accounts. Without a consolidated identity, users are forced to consent to data sharing agreements.

3. The Rise of ID Managers

Major companies like Google and Facebook began offering one-click authentication via universal login APIs. This approach reduced on-boarding friction and improved user experience, however it did not meaningfully reduce attack vectors or put any visibility or control of digital identities or agreements in the hands of users.

4. Bitcoin Blockchain

Shyft Satoshi Nakamoto launched the Bitcoin network as a scalable, secure, and decentralized protocol enabling financial transfers between parties. Bitcoin’s protocol catalyzed the rise of sovereignty-focused decentralized systems, including Shyft.

5. Shyft Technology

The Network enables the next step in the evolution of online trust by applying consent frameworks and codified rules of engagement to digital ecosystems.

FATF Travel Rule Compliance Solution

The recent Financial Action Task Force guidance requires sharing of sender and receiver data by transacting Virtual Asset Service Providers (VASPs), such as cryptocurrency exchanges. There is no platform today that enables VASPs to comply with this guidance. Shyft Network has partnered with several of the top 10 cryptocurrency exchanges to implement an industry-wide solution using Shyft’s database bridging and data attestation infrastructure.

The SHFT Token

Shyft Coin is the fuel of the Shyft Network and the primary means with which attestations and other network tasks are incentivized. They will serve a set of purposes at launch that will expand as network use cases evolve, ensuring that the token is always core to network activities. Some examples of how will be used in phase 1 include:

  • Core network partners, such as Trust Anchors and government partners, will buy and stake SHFT to secure their role in the network
  • Data Owners will be rewarded in SHFT for the sharing of their data attestations and data with Data Consumers

The Shyft Ecosystem

Network participants are core to the growth of the decentralized data network, provided real value through the utilization and growth of the network, and rewarded for their contributions. The 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 by:

  • Combining consent channels giving users control over data
  • Incentivized data exchange rails enabling counterparties to negotiate exchange of information.