Shyft Network Partners with Kylin Network to Deploy Data Oracles for Compliant DeFi Infrastructure
Shyft Network and Kylin Network take steps towards building compliant DeFi infrastructure for Financial Institutions.
Bridgetown, Barbados — We are delighted to announce our partnership with Kylin Network, the cross-chain data infrastructure powered by Polkadot, to collaborate and build cross-chain data infrastructure for Decentralized Finance (DeFi).
Shyft Network’s opt-in compliance infrastructure, such as whitelisted addresses and Anti-Money-Laundering (AML) and GDPR compliant systems, will be further strengthened by Kylin Network’s data infrastructure and oracle systems.
Kylin Network commits to provide required datasets to Shyft Network, allowing it to build a “compliant DeFi” framework, which would allow institutional funds and financial institutions from capital markets to deploy funds into the DeFi ecosystem in a secure and compliant manner.
Some key parameters of the partnership:
- Kylin Network will afford the opportunity to placehold a validator node for Shyft Network. The first validators are vetted by the Kylin Network such that the health of the network in the crucial early days of the ecosystem is robust. We expect heavy demand to be a validator node, and only select partners will be invited to take part.
- Kylin will also work with Shyft Network as a parachain to call each other’s functions via XCMP pallet-calling. XCMP pallet-calling is a revolutionary way to call the functions of another parachain or parathread on Polkadot. Kylin has innovated this feature and will work closely with Shyft Network to identify cool ways to implement it in synergy.
- With data feeding provided by Shyft Network, and then filtered through Kylin Network’s consensus and arbitration mechanisms, an augmented robustness of data accuracy and trustability becomes possible. Basically, we can add another layer of trust and validation to whatever data that Shyft Network provides.
- In turn, Shyft network will expose Kylin Network to its burgeoning community and innovations in the field of compliance-managed data solutions.
Dylan Dewdney, Chief Stratosphere Officer of Kylin Network said, “The coming renaissance in DeData-enabled Web 3 solutions will naturally include emergent data validation layers. Kylin Network and Shyft Network will work in concert and synergy to find ways to validate and render the many nascent use cases of validated web 3 data journeys into incentivized frameworks that undergird more accurate and trustworthy results”
Shyft Network recently announced the launch of its mainnet and, shortly thereafter, the coordinated deployment of Veriscope, the decentralized solution to the Financial Action Task Force’s Travel Rule. This signals the first steps in the development of a global, decentralized, and opt-in compliance infrastructure.
Juan Aja Aguinaco, Co-Founder of Shyft Network said “Shyft’s strength comes from its network of partners and participants; as a data validation layer, Shyft Network’s integration with Kylin Network helps build a stronger, more reliable and functional oracle infrastructure. By leveraging Kylin’s consensus and arbitration mechanisms, we get closer to reaching our goal to enable institutional funds from capital markets and financial institutions to participate in compliant DeFi and create a new era for crypto.”
About Kylin Network
Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network hopes to provide valid, reliable, secure, cost-effective, and easily coordinated data sources and data analytics.
Contact Kylin Network
Official website: https://kylin.network/
About Shyft Network
Shyft Network is a public protocol designed to aggregate and embed trust, validation, and discoverability into data stored on public and private ecosystems, and facilitate information transfer between permissioned and permissionless networks. By incentivizing individuals and enterprises to work together, Shyft Network allows for the layering of context on top of data, turning raw data into meaningful information.
Shyft Network aggregates trust and contextualizes data to build an authentic reputation, identity, and creditability framework for individuals and enterprises.
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