Shyft Network

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Discover Shyft Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Shyft Network?

Shyft Network (SHFT) is a public blockchain protocol designed to aggregate, verify, and validate data across various ecosystems and networks. It aims to foster trust in data by creating a secure platform for KYC/AML identification and user certification, reducing storage costs, and enhancing efficiency. The protocol focuses on building digital structures of reputation, identity, and creditworthiness by adding context to data, ensuring user privacy and security through consent frameworks and proactive security features.

How is Shyft Network used?

Shyft Network (SHFT) 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. It facilitates bridging across siloed datasets, allowing for layering of context on top of data, ultimately turning raw data into meaningful information. This protocol is particularly useful for regulatory compliance in Decentralized Finance (DeFi), helping centralized and decentralized organizations to enter the blockchain space in a compliant manner.

Key Features and Use Cases
  1. Trust and Validation: Shyft Network embeds trust and validation into data, making it secure and reliable for institutions to utilize in securing cryptocurrency transactions.

  2. Regulatory Compliance: The protocol develops tools that bridge the gap for centralized and decentralized organizations to enter DeFi in a compliant manner, reducing risk and exposure to money laundering. This enables mainstream financial institutions to venture into DeFi and participate in a compliant manner.

  3. Identity Solutions: Shyft Network provides identity solutions that help centralized and decentralized applications become compliant with existing regulations. This includes partnering with virtual asset service providers (VASPs) to comply with the FATF Travel Rule.

  1. Proactive Security: Shyft's security features are designed to detect and deter threats before the network is ever compromised through the bridge watcher system. This ensures that data is secured and networked exactly as intended.

  2. User Consent and Control: Shyft operates on a strict opt-in user consent framework, offering granular, accessible control over what data is shared, with whom, and for what purpose. The owner of the data always has visibility and control.

Practical Applications
  • Decentralized Finance (DeFi): Shyft Network aids mainstream financial institutions in entering DeFi in a compliant manner, reducing risk and exposure to money laundering.

  • Identity Verification: The protocol's identity solutions help centralized and decentralized applications comply with regulations, ensuring secure and trusted data exchange.

  • Travel Rule Compliance: Shyft's Veriscope provides a holistic, global view of VASPs and their real-time compliance status, enhancing Travel Rule compliance reachability and facilitating end-to-end compliance.

Overall, Shyft Network (SHFT) is used to ensure trust, security, and regulatory compliance in various applications, particularly in DeFi and identity verification.

How do I store Shyft Network?

To store Shyft Network (SHFT) tokens, you have two primary options:

Storing on an Exchange

You can store your SHFT tokens on a centralized exchange (CEX). This method provides convenient access to various investment products and features, such as spot and futures trading, staking, lending, and more. The exchange will securely hold your funds, eliminating the need to manage and secure your private keys. However, it is crucial to choose an exchange with strict security measures to ensure the safety of your assets.

Storing in Non-Custodial Wallets

For enhanced security and control, you can store your SHFT tokens in a non-custodial or self-custodial wallet. This option grants you complete control over your private keys. You can use various types of wallets, including hardware wallets, Web3 wallets, or paper wallets. Keep in mind that this method may be less convenient if you plan to trade your SHFT frequently or use them for staking, lending, or yield farming. It is essential to store your private keys securely to avoid losing access to your tokens.

How to buy Shyft Network?

To buy Shyft Network (SHFT) tokens, follow these steps:

Step 1: Choose an Exchange

Select a reliable and trustworthy cryptocurrency exchange that supports Shyft Network (SHFT) purchases. Popular exchanges include Coinbase, Binance, Latoken, Gate.io, and MEXC. Compare exchanges to find the one that best suits your needs, considering factors such as ease of use, fee structure, and supported payment methods.

Step 2: Create an Account

Create an account on the chosen exchange by providing necessary information, including your email address and a secure password. Complete any identity verification steps and enable two-factor authentication for added security.

Step 3: Add a Payment Method

Add a payment method to your exchange account. Common options include credit/debit cards, bank deposits, and peer-to-peer trading. Follow the exchange's instructions to set up your preferred payment method.

Step 4: Buy SHFT

In the Buy & Sell section, click Buy and select Shyft Network (SHFT) as the cryptocurrency you want to purchase. Choose your desired payment method and complete the transaction.

Step 5: Transfer to Wallet (Optional)

Once you've purchased SHFT, you can either hold it in your exchange account or transfer it to a personal cryptocurrency wallet for additional security and passive revenue opportunities.

Alternative: Buy via Crypto Wallet

Alternatively, you can buy SHFT directly through a crypto wallet that supports Shyft Network. Download the wallet app, create a new wallet address, and purchase SHFT using a supported payment method. If the wallet doesn't support direct fiat-to-SHFT purchases, you can first buy a popular cryptocurrency like USDT and then exchange it for SHFT.

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History of Shyft Network

Shyft Network (SHFT) is a public blockchain protocol designed to aggregate, verify, and validate data across various ecosystems. Founded in 2017, the project aims to bridge siloed datasets and turn raw data into meaningful information, thereby instilling trust and creating reliable transactions for both the industry and the public sector.

The network's core features include robust security measures to detect and deter threats, strict user consent frameworks for privacy, and incentivized data exchange rails to facilitate secure data sharing. Shyft's vision is to create a trusted platform for KYC/AML identification and user certification, reducing storage costs and increasing efficiency.

In terms of funding, Shyft Network has raised a total of $15 million in various investment rounds. Key investors include GSR Ventures, CoinFund, BlockTower Capital, FJ Labs, and Blumberg Capital. The project has received significant backing from prominent venture capital firms and blockchain organizations.

Shyft Network's market capitalization currently stands at around $17.13 million, with a circulating supply of 2.18 billion SHFT tokens. The token's price has experienced fluctuations, reflecting the dynamic nature of the cryptocurrency market.

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How Shyft Network works

Shyft Network is a public blockchain protocol designed to aggregate, verify, and validate data stored in various ecosystems, including private and public networks. The platform aims to turn raw data into meaningful information by bridging siloed datasets, thereby instilling trust in the data and ensuring reliable transactions for both the industry and the public sector.

Security Features

Shyft Network incorporates patented security features that can identify malicious intent almost instantly. When an attack is detected, the system redirects the culprits into a paradox trap, making the data more secure as the attack intensifies. Additionally, the blockchain-based network secures data consolidation through redistribution, ensuring that data is stored and networked as intended.

Travel Rule Compliance

Shyft Network's Veriscope is a blockchain-based compliance framework and smart contract solution designed to help virtual asset service providers (VASPs) comply with the Financial Action Task Force (FATF) Travel Rule. This framework provides a holistic view of VASPs and their real-time compliance status, enhancing Travel Rule compliance reachability and facilitating seamless identification and verification of counterparties.

Tokenomics

The native token, SHFT, fuels the Shyft protocol and serves multiple purposes. It acts as a means of payment, a mechanism for linking value, and a tool for capturing value. The token is essential for the functioning of the platform and is used to incentivize participants to contribute to the network.

Governance and Community

Shyft Network is built as a community-driven platform, with a focus on creating a global attestation and governance platform. The project aims to bring together a community of passionate individuals to build a trusted and secure environment for data exchange and verification.

Compliance and Integration

Shyft Network's goal is to bridge the gap between centralized and decentralized organizations, making it easier for mainstream financial institutions to enter the blockchain world in a compliant manner. This could potentially attract large capital inflows and millions of users from mainstream markets into the crypto space.

Overall, Shyft Network is designed to provide a secure, trusted, and compliant platform for data exchange and verification, with a focus on bridging the gap between traditional finance and decentralized finance.

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Shyft Network's strengths

The token Shyft Network (SHFT) has several strengths that contribute to its potential value and adoption:

  1. Data Aggregation and Verification: Shyft Network is designed to aggregate, verify, and validate data across various ecosystems and networks, transforming raw data into meaningful information. This capability fosters trust in data and creates a reliable level of transactions for industries and the public sector.

  2. KYC/AML Compliance: Shyft Network focuses on building a secure platform for Know-Your-Customer (KYC) and Anti-Money Laundering (AML) identification and user certification, ensuring the safety of data and reducing storage costs. This compliance feature is particularly important for mainstream financial institutions entering the decentralized finance (DeFi) space.

  3. Regulatory Compliance Tools: Shyft Network provides regulatory-compliant tools for DeFi, bridging the gap between centralized and decentralized organizations. This compliance enables mainstream financial institutions to participate in DeFi in a compliant manner, potentially attracting large capital inflows and millions of users from mainstream markets into crypto.

  1. Veriscope: Shyft’s blockchain-based compliance framework, Veriscope, is a smart contract solution for virtual asset service providers (VASPs) to comply with the Financial Action Task Force (FATF) Travel Rule. This solution helps exchanges and other VASPs meet anti-money laundering regulations.

  2. Token Distribution and Governance: The SHFT token supply is divided into allocations for various activities, including Next-Gen DeFi projects, purchasers, and a Token Reserve. Token holders can participate in governance through voting on Shyft DAO proposals, ensuring a transparent and automated distribution process.

  3. Technical Analysis Indicators: Shyft Network’s price movements can be analyzed using technical indicators such as the Relative Strength Index (RSI), moving averages, and volume. These indicators help traders predict future price directions and make informed investment decisions.

These strengths position Shyft Network as a comprehensive solution for data management, compliance, and DeFi integration, making it an attractive investment opportunity for those interested in the cryptocurrency market.

Shyft Network's risks

Shyft Network (SHFT) faces several financial risks, primarily related to its compliance-focused approach in the decentralized finance (DeFi) space. Key risks include:

  1. Regulatory Uncertainty: Shyft's success relies on its ability to navigate and comply with evolving regulatory requirements. Changes in regulations or unclear guidelines can impact the network's operations and adoption.

  2. Scalability Issues: As the network grows, it may encounter scalability problems, which could hinder its ability to handle increased transactions and user activity.

  3. Competition from Other Compliance Solutions: The DeFi space is rapidly evolving, and other projects may develop similar compliance solutions, potentially competing with Shyft for market share.

  1. Adoption by Mainstream Financial Institutions: Shyft's goal of bridging the gap between DeFi and traditional finance relies on the adoption of its solutions by mainstream financial institutions. If these institutions are slow to adopt or resistant to change, Shyft's growth may be hindered.

  2. Smart Contract Errors and User Errors: Shyft's DeFi applications are still vulnerable to smart contract errors and user errors, which can lead to financial losses and undermine trust in the network.

  3. Market Volatility: The DeFi space is known for its market volatility, which can impact the value of SHFT tokens and the overall stability of the network.

  1. Over-Collateralization and Credit Scoring: Shyft's plans to deploy a blockchain-based credit scoring method may not be effective in addressing the over-collateralization problem in DeFi, potentially limiting its impact.

  2. Dependence on Partnerships: Shyft's success relies on partnerships with governments and financial institutions. If these partnerships fail to materialize or are not successful, the network's growth may be limited.

These financial risks highlight the challenges Shyft Network faces in its mission to create a compliant and scalable DeFi ecosystem.

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Did Shyft Network raise funds?

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Shyft Network’s team

  • Joseph Weinberg: Co-founder of Shyft Network, involved in operations and development of the project.
  • Juan Aja Aguinaco: Co-founder of Shyft Network, involved in operations and development of the project.
  • Bruce Silcoff: Co-founder of Shyft Network, involved in operations and development of the project.
  • Malcolm Wright: Head of Strategy, joined the Shyft Network Core team from BitMEX.
  • Chris Forrester: Co-founder of Shyft Network, involved in the initial development of the project.
  • Kris Coward: Co-founder of Shyft Network, involved in the initial development of the project.
  • Haobo Zhao: Advisor to Shyft Network, providing strategic guidance.
  • Oliver Gale: Advisor to Shyft Network, providing strategic guidance.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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