Shyft Network

Shyft Network

SHFT
$0.007876097%0.97

Key Metrics

Price$0.007876097
Real Volume (24H)$122,797.5
Marketcap$17,208,120.32
Fully Diluted Valuation$16,749,642
ATH$6.34
ATH Date3/28/2021, 1:56:14 PM
ATL$0.00506995
ATL Date11/10/2022, 2:59:33 AM
Circulating Supply568M
Total Supply2.5B
WebsiteN/A
WhitepaperN/A
Popularity Rank1039
Chart
What is Shyft Network?

Shyft Network (SHFT) is a public blockchain protocol that enables the aggregation, verification, and validation of data stored in private and public ecosystems, as well as permissioned and permissionless networks. Launched in 2017 by a team of experienced founders, the network instills trust in data by bridging siloed datasets, creating reliable transactions for the industry and public sector of the economy.

The primary objective of the Shyft Network is to establish an easy-to-use and secure platform for KYC/AML identification and user certification, which guarantees data safety and reduces storage costs via blockchain technology. Shyft incentivizes clients to add context to data, creating authentic digital structures of reputation, identity, and creditworthiness.

Shyft Network bridges the gap between centralized and decentralized organizations by creating regulatory-compliant tools for decentralized finance (DeFi), making it easier for mainstream financial institutions to enter the blockchain world in a compliant manner. This has the potential to attract large capital inflows and millions of users from mainstream markets into crypto.

Veriscope, Shyft's blockchain-based compliance framework and smart contract solution, is designed to help virtual asset service providers (VASPs) comply with the Financial Action Task Force (FATF) Travel Rule, an intergovernmental organization focused on countering money laundering and terrorism financing.

Shyft Network's core team consists of five people who are responsible for technical elaboration, architecture implementation, and network development vector. Joseph Weinberg and Juan Aja Aguinaco are co-founders of the network, while Chris Forrester serves as CTO, Kristofer Coward as Chief Scientist, and Fredrico Nassire as CSO. In addition to the core team, Shyft has enlisted the support of global consultants Bruce Silcoff and Suzanne Ennis, who are part of the Shyft Enterprise Executive Team, to set a course for long-term partnerships and lucrative multi-year contracts.

The Shyft Network offers three initial use cases: compliance with the FATF Travel Rule, bridging DeFi and large liquidity providers by regulatory compatibility, and KYC processes for government digital identity systems in partners such as financial institutions, healthcare providers, telecoms, and government agencies.

Key features of the Shyft Network include the Shyft block explorer, which offers a set of tools to launch block explorers and the ability to view individual transactions that are part of internal transactions. Specially designed smart contracts regulate several key platform functions and facilitate KYC/AML verification. Shyft Safe, an accounting software built on smart contracts, manages and protects assets, ensuring secure assets are cross-validated across multiple blockchains and eliminating data invalidation issues.

In conclusion, Shyft Network is a revolutionary blockchain protocol that aims to solve data silos, trust issues, and compliance problems across multiple ecosystems. With its talented team and unique features, Shyft is well-positioned to become a major player in the blockchain industry.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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