We all need sources of information we can trust. That's why we've built the Shyft Network with safeguards designed to ensure that trusted data can be shared securely across borders and jurisdictions while protecting user privacy. Shyft uses strict consent-first methodologies to ensure that users know exactly what they’re sharing with whom and what can be done with that data.
Shyft doesn't store user's personal data on the blockchain. Instead, our network relies on Trust Anchors: trusted third-party institutions and governments that use traditional processes to validate users and their data.
On the Shyft blockchain, upon user consent, Trust Anchors confirm that the required data has been submitted by a user and attest to the validity of that data, rather than broadcasting the particulars of the data itself. We work with a variety of Trust Anchors to satisfy existing security frameworks while keeping the risks presented by centralization of data at an absolute minimum.
Privacy and security is at the core of everything we do.
Individuals, or data owners, maintain control over their data via private keys, to which only they have access, and can grant permission to access certain data at will. All actions regarding the transfer and approval of data transfer is done with the informed owner's consent.
Clients that don't want to collect and store trusted data can simply ping a Trust Anchor. Assuming owner consent, the Trust Anchor will send an attestation of the required data to the client, thus greatly reducing time and costs associated with screening and verification processes.
Shyft Network Blockchain:
The blockchain technology at the heart of our protocol is a distributed ledger made possible by an advanced form of cryptography, which makes it prohibitively difficult and costly for malicious parties to corrupt the network.
While our blockchain has been developed using the Ethereum codebase, we've enhanced its capabilities when it comes to interoperability and scalability. Shyft has been designed with ecosystem developers in mind.
Cryptography and Smart Contracts:
Boasting the robust security of the Bitcoin blockchain, Ethereum also adds a programming layer that enables smart contracts for more sophisticated operations that go beyond simple transactions.
This more sophisticated blockchain enables us to add layers of functionality that correspond powerfully to real-world use cases, such as the ability to build in cross-jurisdictional KYC/AML checks while maintaining cross-compatibility with the most widely used smart contract-enabled blockchains. These checks are mandatory to maintain the proper regulatory relationships between users and real-world businesses of any scale.
The Shyft Ring is a special collection of nodes running the Shyft blockchain. These nodes provide a strong baseline of stability, security and functionality, ensuring that Shyft doesn't have to rely on the potentially risky and sluggish services the Ethereum ecosystem currently relies upon.
These nodes provide the network with incentivised anti-censorship, as well as a powerful, distributed block explorer solution.
The Shyft Bridge enables secure data exchange and communication between existing blockchains and the Shyft blockchain.
This is made possible through a sophisticated expansion of the basic Ethereum message validating functions, forging interoperability standards across the ecosystem.
Creds are the Shyft equivalent of Ethereum's "gas". Creds are used by Shyft participants to cover the cost of operations within the network, such as when one Trust Anchor verifies data stored by another Trust Anchor.