Shyft Network Price Chart Update [SHFT]

The SHFT price update as of now is $0.009051. In the previous 24 hours, its trading volume was $212,849, and its value has decreased by -7.46%. As of now, SHFT's live market cap is $504,147, and it is ranked as the #1378 on the Coincu. SHFT has a circulating supply of 322,982,495 and a maximum supply of 322,982,495.

Introducing Shyft Network: Blockchain-Based Protocol for Secure Messaging

The Shyft Network is a groundbreaking blockchain-based protocol designed to enable secure and verifiable messaging between individual users and trusted parties. By leveraging existing compliance frameworks, this network allows the transmission of attestation of user data to other parties upon request, with user consent.

With its opt-in framework, the Shyft Network aims to empower individual users to protect their personally identifiable data, facilitating new data markets. It achieves this through a modified version of the Ethereum Virtual Machine, optimizing the underlying source code for higher transaction volumes and lower fees.

Tackling Trust Issues in the DeFi Ecosystem

Shyft Network was created to address trust issues in the current DeFi ecosystem. Anonymity and unclear regulatory constraints have hindered the interaction between major liquidity providers and DeFi platforms, making it difficult to certify the source of funds and access larger capital. Additionally, regulators have struggled to implement appropriate policies due to a lack of understanding of DeFi.

Identity Verification and Trust Anchors

Shyft Network tackles these challenges by providing a platform for identity verification. It collects, stores, and shares user identification data on demand, acting as a bridge between users, DeFi platforms, and centralized organizations. By serving as a Trust Anchor, the network enables trustless transactions and validates personal data and transaction details on the blockchain, helping parties comply with regulatory requirements.

In addition, Shyft Network allows the creation of compliant assets and asset records. Only verified individuals and organizations can create DeFi assets and pools, reducing risk for other users by whitelisting verified participants and blacklisting malicious agents.

A New Credit Scoring Method and Operator Roles

As part of its development plan, Shyft Network aims to implement a blockchain-based credit scoring method that relies on user data stored on nodes. This approach will improve credit access and address over-collateralization issues, while also attracting legacy lenders to the decentralized ecosystem.

The operation of Shyft Network involves four key actors: Trust Anchors, Data Owners, Data Consumers, and Shyft Ring Nodes. Trust Anchors store and validate regulatory-managed data, forming the foundation of users' digital identities. Data Consumers are third-party services that require trusted data authentication and pay a fee for authorized information. Data Owners have control over their data and can grant access through consent-based mechanisms. Shyft Ring Nodes, powered by a public blockchain, validate the network's state and ensure its security.