Shyft.network Trust is an essential component of connectivity in communication. As we’ve become more dependent on technology, we’ve also become more distrustful due to numerous breaches of trust in the form of cybersecurity failures and widespread theft.
Shyft.network is building a blockchain-based ecosystem that allows for the secure and private sharing of data for industries, governments and consumers.
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Shyft.network ecosystem helps to streamline and reduce the amount of individual records that need to be collected while allowing for data monetization and the secure transfer of verified, encrypted and attested data. They believe data verification shouldn’t come with the risk of data compromise and extreme costs.
The Shyft Network: Ecosystem
In this section, we’ll introduce some high level aspects of the Shyft Network and ecosystem before delving into the technical details. Owners of KYC/AML Data. They may or may not be regarded Trusted Entities. They provide their KYC/AML data to TrustedEntities in exchange for an attestation. Make use of app services.
Upon the launch of the Shyft Network, the Shyft team will initially focus on the creation and development of ecosystem standards, and branch out its offering from this base. With Trust Anchor and ecosystem partners, we will promote the development of open standards across a broad range of attested smart contract implementations. Similarly, Shyft will partner with as many relevant organizations as possible to advance the industry to a
point where costs are lowered for all participants.
The Shyft Blockchain
Pseudonymous blockchains, like Bitcoin and Ethereum, display a limited amount of information regarding the origin, amount, and destination of data. These solutions,
while practical for moving value outside the financial system, can be difficult to integrate with services that cannot bypass KYC/AML regulation (e.g. most, nearly all, traditional financial services institutions.) Generally, this is a non-starter for traditional financial service providers, and so this excludes both the institution and its customers.
Shyft Fuel: The Shyft Token
Use of the Shyft blockchain will require payment with the Shyft token, a “gas” equivalent created to cover the cost of transaction validation, storage of data, settlement, and
confirmation. The term “gas” comes from the Ethereum blockchain, where a single unit of computational execution in the Ethereum virtual machine language (“EVM”) corresponds to a specific amount of “gas” used. As the Shyft blockchain will initially be an open-source extension of the Ethereum platform, it follows the same mechanisms and uses the same form of payment for services on the Shyft blockchain and the Shyft Dapp platform.
In order to protect BU-Au tokens against theft (e.g. by hacking) and to ensure regulatory compliance, a registry of encrypted KYC information will be maintained as per Shyft Network operation. The smart contracts maintaining ownership records and assessing storage fees will include a function to revert ownership to the last owner in the KYC registry in order to prevent unauthorized transfers to anonymous addresses, as such transfers can be more easily prosecuted.
Joseph Weinberg Shyft Chairman
Bruce Silcoff Shyft International CEO
Juan Aja Aguinaco Shyft International COO
Suzanne Ennis Shyft International SVP, Global Partnerships
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