Elrond to integrate with Shyft Network, the data validation and discoverability public blockchain protocol
We are excited to announce our partnership with Shyft Network, a public blockchain protocol designed to aggregate and embed trust & validation into data stored on public & private ecosystems, as well as permissioned & permissionless networks. By allowing and incentivizing individuals and enterprises to work together to add context to data, Shyft Network unlocks the ability to build authentic digital reputation, identity, and credibility frameworks.
The collaboration will enable Elrond accounts & smart contracts to participate in a larger ecosystem that enables attestation, consent management, identity frameworks, and adding additional context to data originating from various public or private systems.
Shyft Network provides the first end-to-end decentralized solution to the FATF Travel Rule. Shyft Network’s open-source network solution enables counterparties to establish data-sharing rules and meet multi-jurisdictional requirements necessary to fulfill global compliance standards, including the FATF Travel Rule, all while adhering to GDPR and other data privacy guidelines.
“The new internet technology stack we are building will significantly increase value exchange efficiency at a global level, and will be usable in manners that are compliant with national & global regulations, to enable rapid widespread adoption. Our integration with the Shyft Network protocol opens up the Elrond ecosystem for integration in highly regulated environments and complex ecosystems spanning multiple public & private data silos.” said Beniamin Mincu, Elrond CEO
As an example, the evolving regulatory landscape requires both sender and recipient information to be validated in order for institutions such as crypto exchanges to remain compliant. This means a transfer of funds between Binance & Coinbase for example will soon have to be proven as being executed between compliant end-users.
The Shyft Network protocol will enable exchanges to prove that their users are validated, without revealing data or breaking confidentiality. The company has already been engaged by the top 10 crypto exchanges to implement an industry-wide solution for the Financial Action Task Force travel rule, applicable to Virtual Asset Service Providers.
“We’re excited to expand our protocol’s reach into Elrond’s Layer 1 protocol, which offers some innovative features like smart accounts and already has access to a major stable coin, which could further lead to interesting interoperability scenarios in DeFi & traditional financial services.” said Joseph Weinberg, Shyft Network Co-Founder
As part of the agreement, the Elrond protocol will be added to Shyft Network’s Byfrost bridging infrastructure, enabling interoperability with data originating from other blockchains such as Algorand & Polkadot. The FATF Travel Rule solution for VASPs that Shyft Network is currently developing will also be deployed on Elrond. Furthermore, Shyft Network’s identity, KYC & data sharing infrastructure will be cross-deployed on our blockchain, enabling applications built on Elrond to access European and global market infrastructure for enterprises, governments, dApps, and users.
About Elrond
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Shyft Network
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 Network allows for the layering of context on top of data, ultimately turning raw data into meaningful, discoverable 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 credibility frameworks.
To learn more, visit https://shyft.network
