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.
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 CasesTrust and Validation: Shyft Network embeds trust and validation into data, making it secure and reliable for institutions to utilize in securing cryptocurrency transactions.
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.
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.
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.
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.
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.
To store Shyft Network (SHFT) tokens, you have two primary options:
Storing on an ExchangeYou 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 WalletsFor 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.
To buy Shyft Network (SHFT) tokens, follow these steps:
Step 1: Choose an ExchangeSelect 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 AccountCreate 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 MethodAdd 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 SHFTIn 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 WalletAlternatively, 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.