Shyft Network is a cryptocurrency-based company founded by Chris Forrester, Joseph Weinberg, and Kris Coward in 2017. It developed a public blockchain protocol designed to aggregate and validate data stored on public and private ecosystems. It was founded by Joseph Weinberg and Kris Coward. The company was established in 2017 in Bridgetown, Barbados.
Shyft Network is a public blockchain protocol for aggregating, verifying and validating data that is stored in private and public ecosystems, as well as permissioned and permissionless networks.
The stated goal of the project developers is to create an easy-to-use and secure platform for KYC/AML identification and user certification and via blockchain, reduce storage costs and increase efficiency.
Veriscope is Shyft’s blockchain-based compliance framework and smart contract solution for virtual asset services providers (VASPs), such as crypto exchanges, non-custodial wallets and brokerage firms. This is to comply with the Financial Action Task Force (FATF) Travel Rule. FATF is an intergovernmental organization focused on countering money laundering and terrorism financing.
There are three initial use cases for the Shyft Network: compliance with the FATF Travel Rule using Veriscope smart-contract platform; bridging DeFi and large liquidity providers by regulatory compatibility; KYC process for government digital identity systems in partners like financial institutions, healthcare providers, telecoms and government agencies.
Shyft Safe is an accounting software built on smart contracts that manages and protects assets. It works by ensuring a secure asset is cross-validated.
Joseph Weinberg, Co-Founder of Shyft Network | Blockchain Interviews
December 23, 2021