December 29, 2023

2023 in Review: Shyft's Pivotal Steps Toward Trust on the Blockchain

2023 in Review: Shyft's Pivotal Steps Toward Trust on the Blockchain

As 2023 draws to a close, we stand at a pivotal moment in our journey. This year has been extraordinary, not just in the challenges it presented but in the remarkable resilience and innovation it has sparked across the crypto world. 

At Shyft Network, this year has been about building, changing, and expanding.  Our commitment to shaping a robust, fair, and forward-looking blockchain landscape has never been stronger.

Our dedication to maintaining an open, decentralized, and resilient ecosystem continues to guide us in times of a newly emerging regulatory climate. 

In this challenging year for the industry, we had our victories and our lessons, and the sum of them all made us stronger. 

Tech Development

Throughout 2023, Veriscope's suite of technical enhancements and upgrades saw a seamless integration of various upgrades and enhancements, all aimed at bolstering efficiency, user experience, and compliance adherence. 

From the integration of User Signing to the enhancement of Node Synchronization and the Veriscope Relay Node featuring Nethermind v1.15.0 for faster blockchain data synchronization, each update, including the improved user interface with streamlined navigation and settings management, was meticulously designed. 

The User Signing feature, in particular, was one of the most significant enhancements in Veriscope's capabilities in 2023, as it allows VASPs to validate transactions from non-custodial wallets securely and efficiently, ensuring compliance with the FATF Travel Rule. By allowing for cryptographic proof directly from users' wallets, it significantly enhances the security of transactions and brings a new level of trust and transparency to the ecosystem.

The incorporation of additional IVMS fields, in line with the IVMS specification, further strengthened our commitment to give the best experience possible for VASPs during regulatory compliance. Additionally, the Veriscope infrastructure, now leveraging AWS, Terraform, and Ansible, marked a significant step in simplifying the setup and maintenance for VASPs. 

These collective enhancements, along with the implementation of features like the Bloom Filter for deposit addresses and the Support for Multiple Trust Anchors (MTAs), have been instrumental in advancing Veriscope’s capabilities.

Strategic Partnerships

In 2023, we have formed significant partnerships that have further solidified our commitment to providing innovative and compliant solutions in the blockchain space. 

We teamed up with Sygna, a leader in crypto compliance solutions, to bring a seamless user experience to Sygna's users. This collaboration is propelling the crypto industry towards full interoperability and offers a solution to a big roadblock towards Travel Rule compliance: the "Sunrise Issue." By combining our strengths, Shyft Network and Sygna are setting a new standard in crypto AML compliance, ensuring a more secure and efficient ecosystem for all.

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We also forged a partnership with Unocoin, a leading cryptocurrency exchange in India. This partnership helped mark a significant step towards establishing a more secure and compliant environment within the crypto space, enhancing safety and regulatory adherence for both entities and their users. 


As of December 28th, 2023, the purchasers hold 40% of SHFT tokens (431M vested to purchasers of the 1.06B circulating). The Economic Metagame and Core Team are allocated 20.0% and 17.9%, respectively.

The Shyft Treasury holds a strategic reserve of 6.6%, earmarked for long-term network health and growth, whereas 44.173% of SHFT tokens are vested. Specific to the Treasury, 17.009% of tokens are vested, with 10.558% in the Token Reserve and 9.394% for Strategic Purchasers, mapping out a controlled release that supports steady growth and market absorption. These figures are stated as fractions of the total vested to date.

The total allocation of SHFT tokens is 2.52 billion, of which 977 million SHFT tokens are vested to date. The Block Rewards stand at 279 million, alongside 841 million tokens unlocked, contributing to a circulating supply that now totals 1.06 billion. 


Following our strategy to build, engage and educate our various audiences, we kept a close eye on the major crypto regulatory developments and dissected their potential implications on the industry’s future. In line with this focus, we have launched three editorial series this year: The Shyft Perspectives, The Dev Deep Dive, and long-format analytical blogs.

Our analysis focused on the lead developments and intricacies of the crypto regulations in various territories. We've examined diverse approaches from North America to Australia as governments and regulatory bodies grapple with the challenges and opportunities presented by the burgeoning crypto industry. 

The goal behind our editorials remains clear: to build a stronger trust in blockchain economies, a commitment we consistently highlight to our community and the broader industry. 

Concluding Thoughts

As we reflect on the milestones and growth of Shyft Network in 2023, we look forward with optimism to the opportunities that lie ahead. This year has been a testament to our resilience, marked by key partnerships and technological advancements that have strengthened our foundation and expanded our reach within the crypto ecosystem.

Looking to the future, we are excited to continue this journey, committed to innovation and excellence. And as the new year approaches, we are ready to embrace the possibilities it brings, driving forward the mission of global adoption and contributing to a more connected and compliant world of digital assets.


Shyft Network powers trust on the blockchain and economies of trust. It is a public protocol designed to drive data discoverability and compliance into blockchain while preserving privacy and sovereignty. SHFT is its native token and fuel of the network.

Shyft Network facilitates the transfer of verifiable data between centralized and decentralized ecosystems. It sets the highest crypto compliance standard and provides the only frictionless Crypto Travel Rule compliance solution while ensuring user data is protected.

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