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Shyft Network is a blockchain-based platform dedicated to secure and compliant data sharing among individuals, businesses, and governments. Launched in 2017 in Barbados, Shyft Network aims to enhance trust and compliance within the web3 ecosystem by providing a decentralized framework for identity verification and data sharing. Its core mission is to embed trust across both public and private networks using a federated network of validators to ensure compliance with KYC and AML standards, while preserving privacy and security. Utilizing its native token, SHFT, the network supports secure transactions and DeFi services. With a focus on integrating mainstream financial markets with blockchain technology, Shyft Network is developing regulatory-compliant tools like Veriscope, aiding the adherence to FATF Travel Rule. The project, which has quickly expanded since its token release in 2021, has a total token supply of 2.52 billion, with over 2.23 billion in circulation, enabling active trading across multiple markets.
Shyft Network is a blockchain-based platform dedicated to secure and compliant data sharing among individuals, businesses, and governments. Launched in 2017 in Barbados, Shyft Network aims to enhance trust and compliance within the web3 ecosystem by providing a decentralized framework for identity verification and data sharing. Its core mission is to embed trust across both public and private networks using a federated network of validators to ensure compliance with KYC and AML standards, while preserving privacy and security. Utilizing its native token, SHFT, the network supports secure transactions and DeFi services. With a focus on integrating mainstream financial markets with blockchain technology, Shyft Network is developing regulatory-compliant tools like Veriscope, aiding the adherence to FATF Travel Rule. The project, which has quickly expanded since its token release in 2021, has a total token supply of 2.52 billion, with over 2.23 billion in circulation, enabling active trading across multiple markets.
Shyft Network is designed to facilitate secure sharing of attested and compliant data among entities like individuals, enterprises, and governments. It focuses on establishing trust and compliance in the web3 ecosystem through identity verification and data sharing, enhancing privacy, security, and regulatory compliance across various sectors such as finance and healthcare.
Shyft Network introduces a compliance layer to blockchains, enabling users to meet global regulatory standards, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, while maintaining privacy. It uses a federated network of validators for identity verification and data attestation, reducing reliance on centralized repositories and facilitating risk management.
In the decentralized finance (DeFi) space, Shyft Network allows for secure information exchange, value transfers, and regulatory assurance. By providing compliant tools, it helps traditional financial institutions enter the blockchain realm with reduced money laundering risks, potentially attracting significant capital and newcomers from mainstream markets.
Unlike many KYC tools, Shyft Network leverages blockchain technology to offer decentralized identity verification, reducing reliance on central data storage and enhancing privacy. It facilitates compliance with global standards through a network of trusted validators and partnerships with key entities, setting it apart as both a secure and compliant solution.
The SHFT token is integral to Shyft Network's operations, serving as a medium for network fees, governance, and validation participation. This token supports the decentralized aspect of the network, ensuring that users actively contribute to the network's security and compliance while engaging in governance decisions.
Common issues with Shyft Network might include navigating regulatory requirements or integrating existing systems. Users can resolve these by utilizing Shyft's comprehensive compliance tools and services like Veriscope, which are designed to simplify adherence to standards such as the FATF Travel Rule and facilitate seamless integration within existing infrastructures.
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