Shyft Network — Telegram AMA — March 23
On Tuesday, March 23, we had the pleasure to welcome to our Telegram chat:
We asked them questions about the development of the Shyft Network.
Some sentences have been slightly edited for readability but the meaning has been conserved.
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.
Shyft allows for layering of context on top of data, ultimately turning raw data into meaningful information. It unlocks the ability to build authentic digital reputation, identity, and creditability frameworks.
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 Shyft specific extensions.
$SHFT is a currency for identity, data transmission, and 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.
Q — Ayeley Commodore-Mensah from GAINS: Let’s start by hearing a bit about you. What did you do before crypto and did you have any other previous venture in crypto?
A — Bruce from Shyft Network: I am a Co-Founder of Shyft, Head of Enterprise and Global Services, and CEO of PerseID.
I am a serial entrepreneur with a 30+ year proven track record of success across more than 25 businesses. I have always been focused on incubating game-changing technology solutions that solve real-world problems. I am currently consumed by all disruptive blockchain solutions.
Before joining the management team at Shyft, I was a pioneer in the loyalty industry, managing some of the world’s most recognized reward programs with over 300 million customers from over 100 countries. Loyalty programs involve alternative currencies and are all about big data. As such we were doing innovative things like digital wallets and predictive modelling long before ApplePay and AI were made popular.
I was first attracted to Shyft as a seed investor because I recognized the potential behind the pioneering vision to use blockchain technology as a more efficient and secure KYC/AML solution. As I learned more about blockchain and its transformative power, I knew that the world was headed for a paradigm SHYFT and I wanted to be at the leading edge of this next industrial revolution…so I joined the company full time.
I bring value to the company by leveraging my experience, thought leadership, strategic guidance, and an expansive network for collaborative partnership opportunities.
As for other crypto interests, I sit on multiple strategic advisory boards, invest in startups, attend industry events and read a lot about what’s going on.
About Shyft Network
Q — Ayeley Commodore-Mensah from GAINS: What is Shyft Network about in a few simple sentences
A — Bruce from Shyft Network: Shyft is a blockchain-based protocol that enables the secure and auditable sending of data between individual users and trusted parties. Shyft leverages the participation of these parties and their ability to onboard users in accordance with existing compliance while adding the ability to broadcast attestations of relevant data to other parties by request, and the presence of user consent/permission
This functionality is intended to facilitate entirely new data marketplaces that empower individual users through an opt-in consent framework that protects their personally identifiable data.
Shyft is built on an amended version of the Ethereum Virtual Machine, optimizing some of its underlying opcodes in order to facilitate a higher transaction threshold and lower transaction fees.
Q — Ayeley Commodore-Mensah from GAINS: For how long have you been working on the project? And how many people are on the team?
A — Bruce from Shyft Network: We have been working on this project for almost 4 years now….8 days a week! The fabled story of the rabbit and the hare. We took our time, focused on doing things properly by building the foundation for a viable long-term business and being able to reach the finish line.
Q — Telegram user Moonlight©: How does Shyft Network build FATF-Compliant Identity Layer for Polkadot?
A — Bruce from Shyft Network: This product/solution is called Veriscope and enables exchanges to easily become compliant from a regulatory perspective.
Q — Telegram user The Curious 👀: I’m a bit curious, in a criminal or police scenario that I have unfortunately been involved in (just a guess 😇) Do law enforcement or security entities, such as the FBI, have the power to demand my real personal data from you? How do you guys act in these scenarios?
A — Bruce from Shyft Network: Currently, compliance “terms of engagement” vary by jurisdiction. Regulating bodies like FATF or groups like the OECD help draft shared compliance frameworks but there is not yet global standardization.
Q — Twitter user @Mira9659: If you aim to make it easy for organizations to interact with their users in the context of private data, How is Shyft different from Google ads for example? How much control and autonomy do users have over their data?
A — Bruce from Shyft Network: Our solution incorporates a consent/permission layer providing users/owners of personal data be in full control of their data
Q — Twitter user @KevinSalom1: I was very interested in what you have called Relational Merit Score. Can you explain to us what variables this score depends on? How can a user increase his reputation, for which decisions are this data taken into account?
A — Bruce from Shyft Network: This is a very good question but one that I feel would be best answered by reading our white paper. To put it simply, like with any reputation, good behaviors are recognized and rewarded.
Q — Telegram user Super-Girl Says: From a practical point of view if you guys manage to associate for example with the wallet I use, what things would change with my data? I would have to verify myself with you and authorize you to provide my data to you, would that be the case, can you explain this, please?
A — Bruce from Shyft Network: First, you would gain full control over your data. Second, credential and all data validation would be done via consensus thereby reducing the opportunity for fraud. You would be able to walk into a bank and open up a new account by providing attested required info asap. You could also travel easier by having your vaccination records and/PCR negative test results shared with border services agents… just to name a few.
Q — Telegram user Amina Peter: What solution or development can Shyft network provide to businesses, institutional and financial sectors of the economy like banks, governments, etc.?
And how are you aiming to partner with those sectors for a win-win for all parties?
A — Bruce from Shyft Network: Solving real-world problems for traditional business has been one of our areas of focus. KYC/AML compliance in banking has been a tremendous burden from both a time and money perspective. There is also the risk of centralized data storage attacks. The Shyft solution will solve that along with many other real-world problems that voter authentication, credentials validation, product supply chain management, health care record sharing, IDs for those that don’t currently have, banking for the unbanked, etc…
Q — Telegram user Ariana: Shyft Network is in partnership with 3 governmental bodies to build a user-facing interface for the complete KYC process with legacy institutions, which are these institutions? What countries are allowed and what are your plans to make this project a global one?
A — Bruce from Shyft Network: We are building a DiD (digital identity framework) that enables interoperable, cross-border exchange of permissioned data. Stage one involves domestic usage, with stage two global.
Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?
A — Bruce from Shyft Network: Use of the Shyft blockchain will require payment with the Shyft token, a “gas” equivalent created to cover the cost of transaction verification, storage of data, settlement, and confirmation.
Q — Ayeley Commodore-Mensah from GAINS: How does Shyft compare with other blockchains, for example, Ethereum. We know the fees are a huge problem on Ethereum, but aside from the reduced fees with Shyft, what else would motivate people to move from already existing ones to Shyft
A — Bruce from Shyft Network: I am not the CTO so won’t go too deep into technical details. That being said, The Shyft Network is a combination of centralized data attestation and an expansive network of validation nodes that connect to the outside world (the Shyft Ring). The Shyft blockchain features a smart contract compatible architecture running simultaneously on the network’s bridging technology (Byfrost) and the Shyft Ring. The Shyft Ring functions exactly like the Etherium network, barring a few modifications (improvements) for ease of compliance and Byfrost connectivity. The Shyft Ring also contains a broadcast component that strongly resembles the web API of a block explorer. Every node that receives a transaction passes it to Byfrost and the peers it selects. Uptime is gauged via randomized polling (once per block) of address data. Each node in the ring will act as a validator.
Q — Ayeley Commodore-Mensah from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Bruce from Shyft Network: Yes. We managed to raise funds because our story is so good and we have amazing credibility thanks to the thought leaders who staked their reputations by attaching their names to this project
The funds were spent on taking a whitepaper vision and bringing it to reality with our highly anticipated mainnet launch scheduled for tomorrow
Right now, we are sufficiently capitalized. Should the need ever arise for more funding down the road, we will certainly look at all options.
Q — Ayeley Commodore-Mensah from GAINS: What should we look forward to in the coming months?
A — Bruce from Shyft Network: We are very excited about the future and what’s to come in the world of Shyft. Over the next few months, we plan on launching two core and highly anticipated products:
The two products being:
- Veriscope: This is the exchange-based VASP tooling that allows exchanges to securely and safely establish cutting edge communication & verification channels for securely sending critical info back and forth between parties — will be used to facilitate compliance with FATF’s Travel Rule.
2. Perseid: This is our government digital ID framework solution.
Q — Telegram user Priyanshu Sharma: The roadmap tells us what you have planned until 2021, with this being crypto that’s a very short roadmap! What are the plans for the future, and do you hope to do
A — Bruce from Shyft Network: Love this question. As a businessman who has been in business for over 30 years, I believe in having a long-term vision focused on the continuous incubation of highly demanded products and solutions with the aim of driving revenues and ensuring financial viability. You also need a team that is capable of taking a vision and making it a reality. To do so, you have to surround yourself with like-minded and capable people. I am extremely proud of the incredible team I work with and am really excited about the future. I first put my own money in as a seed investor and then joined the company full time… all because I loved what I saw and believe in the people.
There are a number of questions I still have not answered but unfortunately am running out of time. That being said, I want to close by saying that not only are we building, and capable of building solutions to solve real-world problems for businesses, exchanges, governments, etc… It’s doing good by the people at the end of the day that makes me feel the best. In crypto with a conscience manner, we can and will help to remedy societal issues like the unacceptable problem of over 1 billion people not having a legal ID, over 3 billion people unbanked, a world plagued by a viral epidemic, lost freedoms due to protective borders, etc… At Shyft, we hope to help make this world a better place! Thank you all for your time today and interest in Shyft!
Q — Telegram user VisiV: In terms of increasing the number of users, what strategies must Shyft Network adopt to make Shyft Network more valuable? What applications does Shyft Network integrate to expand your ecosystem?
A — Joseph from Shyft Network: We built Shyft off of the model that regulation would force user adoption of critical system infrastructure like Shyft.
More than regulations force behavioral change, the more Shyft becomes critical to sustainability.
A — Bruce from Shyft Network: Scaling the network with billions/trillions of data points is fundamental to any data network/exchange success. We have built the data superhighway and are scaling it through strategic partnerships.
Governments, global companies, networks, exchanges, etc…
Q — Telegram user Nguyeuh Chriit: The main targets of project development are investors, users and have a place in the market, what strategies does Shyft Network use to be able to compete with follow-up projects, and how do you attract investors, users and gain a place in the market?
A — Bruce from Shyft Network: Our focus is on building a viable business based on leading-edge products and solutions. Necessity is the mother of invention and we are incubating solutions for real-world problems. If you build it they will come.
It was a pleasure having you in our group today, and taking the time to answer all our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS