Shyft is building a blockchain-based ecosystem that allows for the secure and private sharing of data for industries, governments, and consumers. It is now building a commercial Travel Rule solution.its. Its centrally controlled blockchain grants decentralized identities for all parties, including VASPs and end-users. VASPS purchase SHFT tokens which allow them to create transactions on particular Travel Rule smart contracts on their proprietary blockchain.
This article covers factors to consider when choosing Shyft as a Travel Rule messaging protocol provider.
Veriscope is a smart contract-mediated, decentralized platform and API suite that combines a decentralized protocol with a global onboarding and governance system for global VASPs (Virtual Asset Service Providers). Veriscope packages the Shyft Network public blockchain protocol, together with a smart contract suite called Shyft Network Core and an API middleware. Veriscope leverages the Shyft Network to enable a global discovery layer critical to the counterparty identification process as set out in the FATF guidance.
Shyft is a closed network.
Shyft is a messaging protocol that seemingly plugs into the Veriscope end-to-end Travel Rule solution.
Integrating Shyft provokes significant changes to the front-end and the back-end.
Shyft's governance model is currently unknown, it could be a Proof of Authority blockchain. There is no mention of POWs or POS.
Shyft does not support communication with non-custodial wallets.
Shyft aims to be live by the end of 2021.
Shyft’s business model includes selling tokens for gas on their blockchain.
Our product team has begun evaluating the costs and benefits of adding support for Shyft. We have heard from some VASPs who have regarded it somewhat challenging to utilize. Another source of concern is that it is built on a proprietary blockchain with a single vendor and requires VASPs to manage its native cryptocurrency.
Closed network solution
Not live yet
Shyft protocol is not yet live; yet, significant testing has occurred.
Per Shyft’s documentation, VASPs must take four main steps to integrate:
After all four of these functions are implemented, VASPs will be able to monitor and record originator and beneficiary information related to crypto transactions that occur between counterparties on the Shyft Network.
Shyft Network is a public blockchain protocol designed to aggregate and embed trust and validation into data stored. Shyft is under semi-active development. Most development occurred in 2020 and has since stalled.
The Shyft protocol supports the following:
Visit Shyft’s Github page.
As a closed network solution, all changes will be decided by and implemented by Shyft.
GitHub | Shyft Network
Shyft | Shyft Network Whitepaper v. 4.1