Shyft Network is a data attestation layer.

The Shyft Ecosystem

Shyft Network participants are core to the growth of our decentralized data network, provided real value through the utilization and growth of the network, and rewarded for their contributions. Shyft’s identity solution is most similarly described as an OAuth2-type interface for Web 2.0 and 3.0 applications with 2FA applications. It is enhanced by:

  • Combining consent channels giving users control over data
  • Incentivized data exchange rails enabling counterparties to negotiate exchange of information.

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01. Trust Anchors

Trust Anchors are first-party services and data custodians. They are regarded as trusted entities, and hold data that is highly regulated i.e. "hard" data. Trust Anchors receive data from Data Owners, and maintain, review, read, write, confirm, and attest to this data’s validity and existence on behalf of Data Owners, with the consent of Data Owners, formulating the basis for digital identity. Trust Anchors are usually regulated entities, and are held responsible for their attestations, formulating the basis for cumulative credibility and reputations. Each Trust Anchor sets their own rules and is fully interoperable with other actors in the Shyft ecosystem.

By abstracting the roles of "hard" data holders, Shyft is assisting in creating the next generation of economic and systemic stability for data rights, centered on the individuals themselves.

Examples: Financial institutions, cryptocurrency exchanges, regulatory bodies, social media networks.

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02. Data Owners

Data Owners are individuals or entities that sign up for a service with a Trust Anchor or Data Consumer. These parties have the authentication-based right to control, share, and revoke private data. They maintain control of their data via private keys, to which only they have access, and have the ability to grant access to their data via Shyft’s consent-based framework. Data Owners are incentivized via the network for the sharing of their data. By expanding users’ rights over their data, Shyft aims to enable the next generation of quality data markets, in a secure trusted manner, exposing only those attributes on public blockchains that the users directly consent to - no private data is held on the public blockchains, only references to where their data resides.

Examples: Enterprise clients of financial institutions, and individual customers of financial institutions

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03. Data Consumers

Data Consumers are third-party services that do not custody “hard data” and are not regarded as fully-trusted parties. These parties custody and commit “soft” data to the network, providing context to “hard” user data and network activity. Data Consumers will offer Data Owners pre-approved services that require attestations of trusted data. When they request information from the network, they pay a small fee to the Data Owners and Trust Anchors in exchange for the attested information. By expanding the data marketplace in this way, Shyft enables new consumer and business opportunities across the entirety of the identity ecosystem.

Examples: APIs and applications

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04. Shyft Ring Nodes

The Shyft Ring is the public-facing blockchain-enabled software for global consensus, the base of which functions exactly like the Ethereum network, using a fork of the codebase with Shyft specific extensions. The Shyft Ring participants are nodes running on code based on trusted open-source, battle-hardened code, and Shyft enables extensions to benefit the whole blockchain and cryptocurrency ecosystem. Shyft Ring participants are necessarily validators for the entire state of the network, acting as local connection nodes for non-full-node users, and completing PoW hashes to propagate blocks and establish security. These validators are incentivized according to the workload distribution necessary for optimal efficiency of the Shyft Network.

Shyft Network Infrastructure

Phase 1 Network Features

Shyft Bridge: Byfrost

Byfrost is Shyft Network’s bridging technology, and operates as an internal network of servers, acting as an attestation engine to ensure data availability and synchronization. Byfrost enables interoperable, cross-chain asset transfer and management. Zero-knowledge proofs are utilized to enable secure transfers with minimal friction.

The Shyft Block Explorer

Some blockchain networks, such as Ethereum, are hampered by the reliance on a single block explorer (such as EtherScan, in the case of Ethereum). Shyft can provide all nodes with the tools required to launch their own block explorers, thus removing a key point of failure. Additionally, the Shyft Block Explorer offers a feature set previously unavailable to the ecosystem, such as the ability to view the individual transactions that make up “internal transactions”, a critical part of the token economy.

Smart Contracts

Many key network functions are regulated by a set of purpose-built Smart Contracts. For example, certain contracts facilitate KYC/AML checks, satisfying the needs of cross-jurisdictional regulators and required compliant entities.

Shyft Safe

The Shyft Safe is a smart contract powered bookkeeping software that manages and protects certain assets on the network, enabling users’ self-custody of these assets. A Safe asset is cross-attested into multiple blockchains, addressing data invalidity and single-point-of-failure problems.

Shyft Ring

The Shyft Ring is the public-facing blockchain-enabled software for global consensus, the base of which functions exactly like the Ethereum network, using a fork of the codebase with Shyft specific extensions. Ring participants are nodes running on trusted, open-source, battle-hardened code, and Shyft enables extensions to benefit the whole blockchain ecosystem. Ring participants are necessarily validators for the state of the network, acting as local connection nodes for non-full-node users, and completing PoW hashes to propagate blocks and establish security. These validators are incentivized according to the workload distribution necessary for optimal efficiency of the Shyft Network.

Relational Merit Scoring (RMS/RMT)

Based on the same algorithm that powers Google’s PageRank search system, RMS adds a powerful layer of functionality to the network by assigning reputational metrics to all user types, based on a set of carefully constructed set of standards that ensure fair, transparent, decentralized, and tamper-proof computation of reputation scores. The associated Relational Merit Token (RMT) cannot be purchased, as it’s awarded according to the frequency and reliability with which users perform valuable tasks for the Network. Think of it as a decentralized credit score. Phase 2 of RMS’s release cycle includes the ability for end-users to transfer RMT gained in the Shyft ecosystem to build out a truly public, sybil-resistant trust flow network (aka, “a Google search for trust”). Phase 3 will be the fully-privacy-preserving implementation that will maintain the same flexibility and sybil-resistance even behind highly confidential algorithmic encryption.

The SHFT Token

SHFT is the fuel of the Shyft Network and the primary means with which attestations and other network tasks are incentivized. SHFT will serve a set of purposes at launch that will expand as network use cases evolve, ensuring that the token is always core to network activities. Some examples of how SHFT will be used in phase 1 include:
  • Core network partners, such as Trust Anchors and government partners, will buy and stake SHFT to secure their role in the network
  • Data Owners will be rewarded in SHFT for the sharing of their data attestations and data with Data Consumers

Phase 2 Network Features

Enhanced privacy, Shyft Coalition guidelines, Protocol partners, and interconnectivity architecture.

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Dive deeper into Shyft specs.

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