Welcome to the Shyft Network.
In this document we aim to illustrate how VASPs can leverage Shyft to satisfy the upcoming FATF Travel Rule regulations; i.e. the requirement to report known senders and beneficiaries of a crypto transaction between VASP platforms.
Here you will see the UI of our demo platform designed specifically to interface with some of the Smart Contract (SC) functions that have been deployed to the Shyft Network Blockchain. As a developer, we will present the specific function calls including the Blockchain transaction response for each action discussed below.
In the Appendix you can review the install requirements and download the Shyft VASP SDK. By installing the SDK you can execute the same functions while reading this document.
By the end of this document you will understand the process from start to finish on how your VASP platform can integrate Shyft and solve the FATF Travel Rule problem.
When you are ready to integrate Shyft, you will be provided access to the Shyft Testnet (TN). The TN will be set up with the necessary SCs deployed and configured for onboarding new VASP accounts. Shyft has developed dozens of SCs, but only a subset of those contracts will be discussed here.
As a VASP, there are four main functions to consider for integration.
- Creating a VASP account. At Shyft we call these accounts Trust Anchors (TAs).
- Creating Shyft accounts for users on your platform
- Setting Attestations for crypto wallet addresses
- Listening to network transactions
After all four of these functions are implemented, you will be able to monitor and record sender and beneficiary information related to crypto transactions that occur between your VASP and other VASPs on the Shyft Network.
Let’s start with creating your VASP Trust Anchor account.