Aswe head into the start of Q2 of 2022, it’s time to update the Shyft Network community on where we’ve been over the last three months — and where we’re going. From the long-awaited formation of the Shyft DAO to the mainnet launch of Veriscope, our FATF Travel Rule solution, there’s been a great deal of activity across our core products and community, with lots more on the horizon.
Read below for what’s happening (and coming up) across Veriscope, the Shyft DAO, Shyft Staking, a forthcoming Ambassador program and Shyft ID Manager Dashboard.
As global regulation grows and lawmakers tighten their grasp on crypto across jurisdictions, there’s never been a more crucial time for Shyft Network to exist. Below, you will learn more about what we’ve been building for the future of compliance, identity, and privacy across our different technologies and industry-ready solutions.
What: Veriscope officially launched on the Shyft Network mainnet, allowing the world’s leading cryptocurrency exchanges and liquidity providers to run billions of dollars worth of transactions in a way that is fully compliant with the FATF (Financial Action Task Force)’s Travel Rule and still protects their tens of millions of customers’ privacy.
The team has started deploying Veriscope smart contracts to mainnet so that our VASP partners can make public attestations on the Shyft Federated blockchain versus testing in isolation.
Read: Shyft Network Core Team Open Sources Veriscope, prepares to enable cross solution discovery to Make Travel Rule Compliance Open, Free, and Simpler than Ever
Partners’ transactions are fully on-chain, and their attestations have the option to be posted from the anniversary date of all crypto withdrawals from their platform to the present day. This solves what has become known as the “Sunrise Issue,” whereby regulated VASPs can experience roadblocks when requiring customer details from VASPs who operate in jurisdictions where the Travel Rule has yet to be implemented. Veriscope permits historic lookbacks on any transaction broadcasted to Veriscope.
VASPs can post information requests (aka attestations) whether their counterparty VASP is integrated or not into Veriscope, and VASPs can respond to information requests for transactions that occurred before they integrated with Veriscope. This unique approach to travel rule solves the Sunrise Issue by allowing for on-chain transaction broadcasts, which provide an open, permanent audit trail. Read more on why Veriscope is crypto’s most frictionless and secure Travel Rule solution here.
When: Expected Mid-April.
What: After an extensive planning period, the Shyft DAO was formally announced and an instantiation proposal was sent through the Shyft Forum to Snapshot (where all DAO voting will occur) for formal voting on February 23rd, of 2022. The Shyft DAO aims to facilitate perpetual advancement of the Shyft protocol, to enable institutional blockchain adoption in compliance with local and global regulation without sacrificing user data privacy or sovereignty.
Read: Introducing the Shyft Network DAO
The Shyft DAO will enable community governance over Shyft DAO assets by allowing community members to make proposals regarding the operation of the Shyft Network, as well as voting on proposals made by other community members, and participating in the deployment of various network economic systems such as the Shyft staking pool, AMM & Yield Wrap Rewards.
As you can read in the Shyft DAO Month One Recap blog, the first month of the DAO was primarily focused around the initial formation and the election of the seven key signers, including three from the Shyft Community, two from the Shyft Federation, and two from the Shyft Core team: BlockUnity and PayCase.
Future action and proposals regarding the Shyft DAO include the formation of the six DAO committees (Treasury & Economics, Operations, Governance & Oversight, Technology, Ecosystem, Business Development & Partnerships, and Marketing and Community) and proposals to deploy future initiatives like Shyft Staking and the forthcoming Shyft Ambassador program, which you can read more about below.
When: Ongoing. We expect proposals on Shyft Staking and the Ambassador program to go live on the forum in Q2 of 2022.
Keep up with all DAO-related updates on Discord, Medium, Twitter, and Telegram. All you need to join the DAO is to hold Shyft (SHFT). We’d love to have you!
What: Shyft Staking gives the Shyft DAO the ability to regulate different types of distribution capabilities of the SHFT token. This modular system allows the community to determine how to best regulate this system (and inflation) from a policy and economic perspective.
Staking will distribute inflation into three different categories: nodes, DAO, and Byfrost, a bridging technology and infrastructure that enables creation and routing of synthetic assets across multiple blockchains as well as on-chain asset custody and management
Read: Shyft Network initiates a phased mainnet rollout and announces Byfrost, its revolutionary bridging technology
When: A primary goal of deploying Shyft Staking is to secure the Byfrost Bridge infrastructure, which was first initiated in April of 2019. There is expected to be an upgrade to the Byfrost Bridge infrastructure that will be run by the DAO to secure the chain bridge through a proof-of-stake mechanism.
To make this possible, the Shyft Network DAO is expected to roll out Shyft Staking, which will commence following April 4th’s hard fork. This generalized staking infrastructure would then be deployed on top of the Shyft Network.
The long-term goal of the system is that the more stake that has been added, the more secure the system that it supports is.
What: The Shyft Dashboard is an attestation and consent manager that is expected to live on the Shyft Network website. The interface will gradually aggregate and organize your user data and asset ownership across multiple blockchains.
At launch, the Dashboard is expected to include a currency watch list and will integrate your NFT wallet (MetaMask-enabled) to allow you to track data pertaining to compliance, KYC, and AML. You would be able to view all the cryptocurrency tokens in your wallet, including price activity and other key data. Once Shyft Staking is fully deployed, you would have the ability to to stake SHFT through the dashboard.
When: Expected in Q2, 2022 (tentative), for the v1.0.
What: We are excited to share that the Shyft DAO will soon be launching an Ambassador Program. This program aims to further decentralize the protocol, involve the community, and delegate responsibilities to grow the Shyft ecosystem. The Ambassador roles and responsibilities will grow and evolve pending the needs of the Shyft DAO and the ambassador contributions. The first Ambassador track is for Community Leaders.
This Ambassador proposal will seek to gain consensus among the Shyft community around what a Shyft community leader should represent and how they will interact with the rest of the DAO. Additionally, the proposal seeks to identify and select candidates for the position.
Ambassadors will be elected for a predefined period of three months with the option to be reinstated pending performance and the community vote.
Stay tuned for a formal blog and community announcement regarding the launch of the Ambassador program, including key info on how to apply.
When: Expected in Q2, 2022.
Thanks for reading our Q1-Q2 roadmap! We are excited to continue sharing more news of future deployments and watching many of these critical projects unfold for the betterment of the global crypto industry. If you have any questions, don’t hesitate to reach out through any of our online channels.
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