Shyft Network is a public blockchain protocol designed to aggregate and embed trust and validation into data stored on public and private ecosystems, and permissioned and permissionless networks. By facilitating bridging across siloed datasets, Shyft allows for layering of context on top of data, ultimately turning raw data into meaningful information. By allowing and incentivizing individuals and enterprises to work together to add context to data, Shyft Network unlocks the ability to build authentic digital reputation, identity, and creditability frameworks.
Why We Created Shyft Network
Shyft Network was born to solve some of the biggest threats to the digital asset ecosystem, but also, capture some of the largest opportunities for the world. The founders and team at Shyft have been involved in the cryptocurrency ecosystem since its inception and recognized early on that if we didn’t look towards solving problems with data integrity, personal identity, regulation, and policy, then the benefits and strengths of decentralized networks and cryptographic systems would never reach the critical mass and global adoption they are designed and destined for.
As regulatory requirements began to bare down on the crypto ecosystem, the team recognized that a decentralized version of SWIFT (the messaging network used to route identity information across the financial system) would be needed to interoperate across all permissioned and permissionless networks, blockchain-based and otherwise. A paradigm “Shyft” is required in order to keep public blockchain networks open and available to people everywhere, especially where they begin to integrate with traditional financial systems. We are only as strong as the strength of our networks’ communication and the ability through the use of them to verify that communication is credible.
We set out to build and design a foundational infrastructure layer that unlocks entirely new trust-based economies. Shyft is designed to empower and bind trust between people, institutions, and sovereign nations, ultimately changing the way data is shared and secured. With the absence of regulation during the first few years of digital assets and the presence of subsequent misinformed regulation, our resolve and the philosophy behind our protocol design has only strengthened. We provide a trusted data layer between the physical and digital worlds. Additionally, we have designed a structure that supports and facilitates the opportunity for the 1.7 billion people with no formal identification to finally participate in the global economic system. Shyft Network activates global digital citizenship and puts control back into the hands of people.
When building a new paradigm and “Shyft”ing infrastructure, we look to integrate simple solutions that solve many problems simultaneously. The Internet directly solved how we transfer data across intermediaries, and thinking bigger, the Internet also enabled an entirely new world to emerge as an overlay to our physical world, continuing to expose new use cases still beyond our comprehension today.
Shyft Network’s core infrastructure layer in many ways resembles the foundational solution of the Internet in that it solves trusted data transfer across intermediaries. It also goes one step further by adding a consent framework to that trusted data transfer, empowering the data owners in addition to the data custodians. At the largest scale, Shyft Network enables use cases that span every industry and public sector activity that uses data, has a requirement to validate data, or that requires trust, participation, and contextual aggregation in order to better existing data-based use cases they currently support. The goal of Shyft Network is to cross enable new systems founded on trusted data protocols to interact and bind into traditional data systems.