Unlocking trust, identity, and creditability networks for humanity.
Shyft 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, Shyft 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, Shyft unlocks the ability to build authentic digital reputation, identity, and creditability frameworks.
01. Public networks should not be designed to store sensitive data on-chain.
02. Data has value and individuals deserve to be compensated for sharing it.
03. Nothing should happen without consent.
04. Security isn’t just about good defense and damage control.
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.
02. Light Verification
As 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 every time they perform actions such as visiting a new website, making an online purchase, etc., yet have no interface through which to manage these agreements.
03. 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.
04. Bitcoin Blockchain
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.
05. Shyft Technology
Shyft Network enables the next step in the evolution of online trust by applying consent frameworks and codified rules of engagement to digital ecosystems.
Shyft Initial Use Cases
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.
Compliant Decentralized Finance
Large Liquidity Providers [ "LP"s ] are blocked from interacting with the Defi space because of regulatory constraints and lack of clarity. Similarly, platforms within the Defi space are blocked from funding potentials because of the small opportunity space relative to the total potential addressable market assuming regulatory compatibility. Regulators, having seen no directionality from the Defi ecosystem, are forced to comprehend the space with the lense of (potentially obsolete/irrelevant) loosely-matching, past environments that regulations were applied to.
Government Digital Identity Systems
For a decade, jurisdictions have been looking for secure and efficient software for managing and sharing citizen data within a consent-based framework. Shyft Network has partnered with 3 governmental bodies to build a user-facing interface through which citizens can complete KYC process with legacy institutions, track custody as their data moves between these institutions, and consent to borderless data-sharing with new custodians, bringing transparency, security, interoperability and efficiencies to highly-regulated, legacy services. Participating institutions added to the network by these government partners include:
- Financial institutions
- Healthcare providers
- Government service providers.
This solution will be fully transparent and auditable by regulators (subject to relevant privacy laws).
News & Articles
Shyft Network to Build FATF-Compliant Identity Layer for Polkadot - CoinDesk
Binance Joins Blockchain Network for Cross-Industry KYC Data Sharing
FATF Joins BIS in Calling Stablecoins ‘Global Risk,’ Citing Money Laundering Concerns
Bermuda Premier David Burt On Stablecoins, Crypto, Blockchain ID, Libra, Big Tech, And Privacy
Bermuda Starts Development of a Blockchain-Based National ID System
Shyft Network: The Next 12 Months
CipherTrace and Shyft Partner to Address the New FATF Virtual Currency Travel Rule
CipherTrace, Shyft Unveil ID Protecting Solution to FATF Crypto Guidance
Partnership series: Harmony X Shyft Network
G20 Gives Official Support to FATF Crypto-Regulation Guidelines