Shyft Network and DeFi Compliance
Shyft Network and DeFi Compliance
- On the 7th of July 2021, The Shyft Network launched its blockchain mainnet system. The innovative platform’s goal is to enable anti-money laundering (AML) compliance with partner companies.
- In short, the Shyft Network is an open base-layer platform utilizing different parts of both Bitcoin and Ethereum. The platform has several distinct advantages—without compromising the transparent appeal of DeFi—which make regulators more agreeable to decentralized finance (DeFi). Specifically, the platform enables compliant cryptocurrency transactions and tools, as well as housing decentralized identity applications.
- To add further to the Shyft Network’s recent success is the simultaneous launch of the new Shyft Federation. Uniquely, this comprises of large financial institutions through to core crypto development solutions—21 of them, to be precise. The clever idea behind the Federation is to enable and guarantee a decentralized architecture, via the Shyft Network, from day-one through utilizing nodes.
- Recently, we’ve seen the threat of regulation in the cryptocurrency industry become more and more apparent. The Shyft Project will help companies ensure full compliance with the FATF’s (Financial Action Task Force) legislation. However, it will seek to do so while retaining as much decentralization as possible—not dissimilar to existing blockchains—to retain users’ trust.
- As mentioned above, the sheer size of the Shyft Federation is worth considering: a gargantuan 21 private Tor (the onion router) Nodes. Each of these is managed by a different organization and company. Incredibly, there’s even a sovereign government onboard; albeit it is not apparent which country. The ultimate goal of having 21 Tor nodes is to replicate mining a blockchain.
- While we do not have an exhaustive list, some members of the Federation include Fabric Labs, BitFury, ChainSafe, and CoinShares.
The connection of DeFi and Compliance/Identity/KYC/FATF will be a huge use case for the next decade!
Shyft Network Mainnet announcement at 7th July 2021
- Lately, the Shyft Network announced their Mainnet launch with around 21 nodes securing the network. Find more details about the Shyft Mainnet launch here.
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Facts about the Shyft Network:
- The Shyft Network has the motto: Unlocking trust, identity, and creditability networks for humanity.
- 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. 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.
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- RISK DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article’s content solely reflects the opinion of the writer, who is not a financial advisor. Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.