Shyft Network: Summer-Fall 2021 Recap
From open-sourcing our Veriscope travel rule solution to partnerships with industry players like Tether and Panther Protocol, our team has been busy building the future of trust and compliance in blockchain.
What a few months it’s been for Shyft Network! We want to extend a big thanks to our entire community and partners who’ve contributed to many of our recent partnerships, updates, and key announcements. We have many exciting things — from long-awaited partnerships to product upgrades, DAO, and community campaigns — that will wrap up the year and take us into the next chapter of our journey building trust and validation into blockchain data.
To mark the end of the quarter, we’re taking some time to recap what’s happened since the summer, plus a tease of what’s to come. Thanks for being here!
The Shyft Federation Deploys the Shyft Bridge — and Signed the Constitution!
The Shyft Node Federation, our collective of Shyft Network validator nodes, has been hard at work since its official deployment in July of 2021. In early September, we announced the Fed had officially deployed the Shyft Bridge, a secure and efficient cross-blockchain asset transfer mechanism. The collaboration between the Shyft Node Federation and Chainsafe offers users the ability to deploy the Shyft Bridge between the Shyft Network and Ethereum to support minimal cross-asset transmission and minimal cost cross-chain smart-contract operations. Read more about the Shyft Bridge.
Earlier in the month, the Shyft Node Federation, including CoinShares, Maven11, Fabric, ClicketyClack, Connect Capital, AD Node, Staking Team, Merkle Trading, BlockUnity, Paycase Financial, DeFi Technologies, Mempool Partners, Nodebased, NP IR, and others, publicly signed off on voting guidelines and node rights and responsibilities. This document included many of the ground rules that would enable improvement protocols and a framework for new nodes to enter the Network.
We’d like to again recognize and thank the entire Node Federation member network for their commitment to the highest level of trust in blockchain, our Network, and community.
Tether Is Testing and Integrating Veriscope — Now Open-Sourced and Free to Use!
On November 18, we shared the incredibly exciting news that leading stablecoin Tether (owned by Bitfinex) had begun testing and integrating Versicope. Tether’s integration kicks off the first stage in their trial of Veriscope, which will allow them to offer their customers a privacy-focused experience while also solving global compliance requirements for all participants across the ecosystem. Read more here.
Tether’s Veriscope testing follows our announcement (and FATF’s latest regulatory guidance) from earlier in November that Shyft Network has officially open-sourced the Versicope technology, making it free and simpler than ever for people to use. This update, which serves to democratize access to compliance technology for the entire blockchain community, came only two months after we shared the latest list of exchanges involved in the phased deployment of Veriscope on our Network. Participating exchanges included Binance, Tether, Deribit, Bitmex, and Huobi.
Shyft Network Partners with Panther Protocol to Advance Privacy Tech and Data Protection.
Our team has been busy planning and deploying partnerships with some of the top names across crypto and DeFi this quarter, including Panther Protocol, the end-to-end blockchain solution developing the privacy layer for Web3 and DeFi. In early November, Yahoo News got the scoop about our strategic partnership with the Panther team to accelerate the development of privacy-enhancing technologies, data protection tooling, and mission-critical data attestation services.
On the Shyft Network side, we’ll provide value to Panther Protocol through enterprise and government compliance and data attestation services, resulting from deploying Panther to Shyft Network’s Layer 1. This update is a direct solution for ensuring that institutional dark pools remain compliant while also private — a significant win for addressing issues of front-running and algorithm obfuscation amidst mass adoption in DeFi. Through this partnership and integrations, Shyft Network and Panther will continuously work together to advance privacy tech and collectively raise the bar on the state of data protection tools.
The Panther news followed August’s partnership announcement with Kylin Network, who we’re working alongside to deploy data oracles for complaint DeFi Infrastructure for Financial Institutions. Our Network’s opt-in compliance infrastructure, including whitelist addresses and Anti-Money-Laundering (AML) and GDPR compliant systems, will be further strengthened by Kylin Network’s data infrastructure and oracle systems.
Speaking of Compliant DeFi, we shared a deep-dive blog post on this subject in October, giving our followers a look into how we’re ensuring compliance without removing the “De” from DeFi.
Compliant DeFi, Tokenomics, & Solving the Internet’s Identity Problem
For those looking for more insight into our technology and our mission to build the most secure future for trust and identity in blockchain, be sure to check out our blog post on how we’re solving The Internet’s Identity Problem.
Following our long-awaited mainnet launch, we shared Part 3 in a series on The Shyft Network Token ($SHFT), including a complete overview of our token distribution and economics. From insight into inflation and DAO-related asserts to a full economics breakdown — read this blog post to get fully up to speed on our tokenomics.
As we move into the end of the year, Shyft Network looks forward to sharing news of a significant exchange announcing live testing of our Veriscope travel rule solution. Also, stay tuned for details on a major industry player joining our Node Federation to help push complaint DeFi products.
As crypto, DeFi, NFTs, and various digital assets experience increased growth, volatility, and regulation, there’s never been a more critical time to develop compliant solutions and build out robust communities that are engaged and aligned with our mission. Watch this space for more updates as we near the end of this monumental year.
— The Shyft Network Team
About Shyft Network
The Shyft Network aggregates and embeds trust into data stored on public and private ecosystems, allowing an opt-in compliance layer across all systems. The key pillar for Shyft is user consent, allowing users to track the usage of their data. Therefore, no one can use personal data without consent from the owner. Shyft Network allows and gives incentives to individuals and enterprises to work together to add context to data, unlocking the ability to build authentic digital reputation, identity, and credibility frameworks.