Shyft Network is a revolutionary public blockchain protocol that facilitates the seamless sharing of data across various data ecosystems. What sets Shyft apart is its unique approach – it does not engage in transactions or hold custody of data. Instead, it allows data contributors to share encrypted proofs of externally-stored data with any participant on the network.
Since its launch in 2017, Shyft has made significant strides in establishing itself in the market. Coinfomania had the privilege of speaking with Shyft’s CTO, Chris Forrester, who shed light on the distinctive features that differentiate Shyft from other initiatives in the market, as well as some exciting projects the network is currently undertaking.
Forrester emphasized that Shyft’s core product is identity, which has diverse applications beyond the crypto space. Unlike other initiatives, Shyft’s focus is on ensuring that asset transfers within the crypto industry occur between identified parties. Forrester explained, “Our primary difference is that we concentrate on specific use cases that require identity, particularly asset transfers within the cryptocurrency world, where regulations are increasingly prevalent.”
When discussing the challenges Shyft faces in achieving its goals, Forrester stressed that the protocol is not solely targeting the crypto industry. She stated, “We are not just appealing to the current industry; we aim to represent the crypto industry to a diverse group of experts.” Shyft faces the challenge of networking with the right individuals, addressing logistical concerns, and ensuring that its products are aligned with the interests of both the crypto and non-crypto communities.
Forrester expressed great enthusiasm regarding Shyft’s partnerships with major players in the crypto space, such as Binance and Polkadot. She commended these companies for their exceptional infrastructure, which allows them to execute projects flawlessly. She also highlighted the value of being incorporated into their procedures and having access to the right connections.
In terms of Bitcoin, Forrester revealed her admiration for the cryptocurrency. She cited two compelling aspects that made her a Bitcoin convert. Firstly, she was captivated by the story of Satoshi Nakamoto, the mastermind behind Bitcoin, who sought to revolutionize the traditional financial system. Secondly, as a technical engineer herself, Forrester was intrigued by the innovative design of Bitcoin, which combined unique concepts seamlessly. She described Bitcoin as an “unstoppable force” and an “incredibly useful idea” that has captured the world’s attention since its inception.
Shyft recently launched a groundbreaking project called Veriscope. Forrester explained that Veriscope allows one exchange to securely communicate with another exchange and transfer client information while ensuring the authenticity of both parties. This project addresses the needs of large data providers by incorporating advanced encryption and cryptographic techniques to ensure compliance, compatibility, and accessibility for virtual asset service providers.
Looking ahead, Forrester revealed that Shyft Network is venturing into the DeFi space. Shyft will be partnering with top names in DeFi to facilitate the entry of large institutional investors who face challenges participating in DeFi projects. While specific partners were not disclosed, Forrester mentioned that Shyft will collaborate with prominent automated market makers and leading compliance-led lending and borrowing platforms in the DeFi industry.
In conclusion, Shyft Network is making significant strides in the blockchain and crypto space with its innovative approach to data sharing and identity. With its unique features and exciting projects on the horizon, Shyft is poised to make a lasting impact on the industry.
