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Shyft

What is Shyft Network?

The Shyft Network is a public protocol designed to validate identity and power compliance directly into blockchain data. By facilitating the transfer of verifiable data between centralized and decentralized ecosystems, Shyft Network delivers meaningful user information that institutions can utilize to secure cryptocurrency while maintaining privacy.

Compliant DeFi on Shyft Network

Large Liquidity Providers (LPs) often cannot interact with the DeFi space because of regulatory constraints and lack of clarity. Similarly, platforms within the DeFi space can't explore funding potentials due to small opportunity space relative to the total potential addressable market assuming regulatory compatibility.

Problem Statement

Traditional financial institutions strictly adhere to KYC, AML, and CFT guidelines. Blockchain-based institutions fail to do so since they are permissionless, opt-in, trustless P2P networks without a central authority to enforce these requirements.

Shyft Network Solution

Shyft Network will change that in the following ways:

  • Identity Verification
  • Creation of Compliant Assets
  • Credit Scoring

Shyft Network provides an opt-in framework for gathering, storing, and sharing user identification data on a need-by basis. Our platform acts as a trust anchor and a bridge between users, DeFi platforms, and centralized organizations by providing the required data in a secure manner.

Creation of compliant assets and asset pools: Only verified individuals and organizations will be able to create compliant DeFi assets and asset pools such as loans, liquidity pools, derivatives, governance tokens, etc.

The Shyft Network can function as a validator for DeFi participants. Verified players will have their addresses whitelisted, enabling them to participate, create, and have access to compliant assets. Malicious and suspicious actors will be blacklisted as a precaution to other users, which is aimed at minimizing risk.

Visit their official website to learn more:
https://www.shyft.network/
Accounting Features Supported for
Shyft
Unrealized G/L & Impairment Calculation
Soon
Reconciliation & Sanity Checks
Soon
DeFi Protocols
Soon
NFTs Valuation
Soon
Automated Rule Categorization
Soon
Integration to ERPs, QBO, Xero, Netsuite, etc.
Soon

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