Welcome to the November 2019 Shyft Network Newsletter.
Shyft Network is a public blockchain protocol designed to aggregate and embed trust and validation into data stored on public/private ecosystems, and permissioned/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.
We’ve had an incredible few months at Shyft Network leading up to our mainnet launch.
Over the past 6 months, the regulatory environment around the digital asset space has led to massive acceleration in our two initial network use cases: a digital asset custodian coordination solution (which we’ll be referring to as our FATF Travel Rule solution, explained below), and a government digital identity system.
Regulatory Tailwinds and Initial Use Cases
At mainnet launch, we’ll be deploying two use cases on top of the Shyft Network infrastructure.
FATF Travel Rule use case
This summer, the FATF issued a guidance requiring 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 VASPs, blockchain analytics firms, and identity verification and onboarding providers to launch a compliance solution for the FATF Travel Rule. Shyft infrastructure does not hold or facilitate send/receive of any private or regulated data; instead, it acts as a coordination layer.
Government Digital Identity use case
For a decade, jurisdictions have been looking for secure and efficient software for managing and sharing citizen data within a consent-based framework.
Last week, the FATF issued discussion points around digital identity for comment and feedback. At a high level, this issuance calls for a combining of the VASP Travel Rule requirements with formal standards for development of global digital identity systems for enterprises and institutions, effectively encouraging the use of standardized digital identity systems. The guidance itself will be finalized next year.
Shyft Network has partnered with multiple governmental bodies to build a user-facing interface on top of Shyft Network in order to enable citizens, governments, and private industries to share identity and trusted data across existing and new systems. This infrastructure will allow the digitization of government services and systems, creation of publicly shared frameworks around identity and data protection, development of a true test bed of digital ecosystems, and establishment of legislation for data privacy.
The Bermudian government recently announced that their e-ID solution, PerseID, will be built atop Shyft Network, in partnership with Trunomi and BurstIQ. Bermuda is the first of several official partnerships with governmental bodies working to offer secure identity solutions on Shyft Network, which will be one of the very first live permissionless network-based national identity systems in the world.
We’re working hard to build a framework composed of technology and legislation that can act as a model for future societies.
Shyft Network’s engineering team, led by Chris Forrester, has been heads down for the past several months focused on completing Shyft Network’s backend infrastructure, which is now ready for mainnet launch.
We’re currently focused on building the front-end tooling required for our first two use cases to launch smoothly on the network.
FATF Travel Rule use case: Shyft Network will be unveiling an early demonstration system for our VASP partners, which will include a fully-developed, API-integrable suite with early partners’ integrations and located at id.shyft.network. This demo will be followed by the release of the Shyft Network API suite.
Bermuda PerseID: We’re progressing on system architecture, following inclusive standards for external partner integrations. As a government-lead initiative, our solution will be touching a multitude of interaction points in citizen’s lives. From banking and telecommunications to government services to educational initiatives and accreditations, what we call the “Bermuda Stack” will be a global example of how to accomplish national identity and associated use-cases with the least friction and the most benefits in the day-to-day lives of citizens.
Shyft Network Co-Founder Joseph Weinberg announced as member of IIROC’s Crypto-Asset Working Group
The Investment Industry Regulatory Organization of Canada (IIROC) announced Joseph Weinberg as a member of its new Crypto-Asset Working Group last week. The group will work on regulatory requirements in Canada pertaining to digital assets.
Former FATF Members Join Shyft Network Board of Advisors
We welcomed Rick McDonell and Josee Nadeau, former executives at the FATF, to our Board of Advisors. We’ve worked with Rick and Josee for the past year advising governments about digital asset regulations, and are excited to 10x our engagement with them as official advisors. They’ll be mainly focused on supporting our VASP partners in compliance, and onboarding further digital identity contracts.
Bermuda Premier David Burt On Stablecoins, Crypto, Blockchain ID, Libra, Big Tech, And Privacy
Forbes contributor John Koetsier hosted a fireside chat with Premier David Burt and discussed the island’s push for more competitive and technologically advanced policies. Burt has been an incredible force for technological innovation on the island, and an advocate for Shyft Network’s digital identity stack.
Bermuda Starts Development of a Blockchain-Based National ID System
Bermuda is the first of several official partnerships with governmental bodies working to offer secure identity solutions on Shyft Network, which will be one of the very first live permissionless network-based national identity systems in the world. We’re working hard to build a framework of technology and legislation that can act as a model for future societies.
We recently released a blog post detailing updates to the Shyft Network roadmap.
▇ OTHER UPDATES AND EVENTS
Digital identity: We’ve traveled to the Philippines, Nigeria, Bermuda, Mauritius, Malta, and France to work on Shyft’s digital identity solution with local regulatory bodies.
Speaking engagements: We’ve spoken about Shyft Network at Bermuda Tech Week, CipherTrace TRISA Conference, Nigeria Fintech Week, ACAMS Berlin, and Futurist Canada.
We’ve updated our website.
We’re really excited about the next few months. And we appreciate your support as early network friends and contributors.
This piece was written by Shyft Network Co-Founder, Joseph Weinberg.
Shyft Network aggregates trust and contextualizes data to build an authentic reputation, identity, and creditability framework for individuals and enterprises.
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