What is Shyft Network (SHFT)?
The Shyft Network is a blockchain-based platform designed to enable crypto companies to comply with KYC/AML rules. It also offers user certification to ensure data safety. Besides, Shyft Network operates with low cost and high efficiency.
SHFT is the native token for Shyft Network. The token powers the ecosystem ensuring sustainability. You can view SHFT price performance on the above price chart.
Shyft Network combines the elements of both Ethereum and Bitcoin to develop an open-base platform that supports decentralized identity applications. The platform offers tools that make DeFi easy to deal with for regulars while maintaining the DeFi’s open nature.
Talking about things offered by Shyft Network, it uses Veriscope, a blockchain-based compliance framework and smart contract solution for virtual asset services providers (VASPs). As such, it complies with the Financial Action Task Force (FATF) Travel Rule. FATF is an intergovernmental organization created to fight money laundering and terrorism financing.
Another product is Shyft block explorer, which offers tools for launching block explorers. The tools eliminate a potential point of failure. The product also enables the viewing of individual transactions, which are part of internal transactions.
Besides, there is Shyft Safe, which is the network’s accounting software built on smart contracts for managing and protecting assets. The software ensures a secure asset is cross-validated. The procedure takes place across multiple blockchains, eliminating data invalidation issues.
The three key use cases of the Shyft network are:
- Facilitating compliance with FATF Travel Rule through Veriscope smart contracts.
- Helping DeFi and large liquidity providers with regulatory compatibility.
- Offering KYC process for government digital identity systems in areas such as healthcare, financial institutions, telecoms, and government agencies.
Use Cases of SHFT Tokens
SHFT coin follows the ERC-20 token standard. The following are the main use cases of the Shyft Network tokens:
- SHFT tokens are used as a payment method within the platform. This includes covering Shyft fees such as data verification, storage services, and smart contract fees, as well as making any other payments.
- SHFT tokens are used for identification and data transmission.
- Shyft tokens also act as governance tokens, giving holders the power to define the future of the Shyft Network.
If you plan to buy Shyft coins, keep in mind that the SHFT price could get quite volatile. Thus, ensure you do a good price analysis to avoid losing funds. Use the Shyft price chart above for doing that.
Who are the Founders of Shyft Network?
Shyft Network was founded in 2017 by Joseph Weinberg and Juan Aja Aguinaco. Other leading team members are Fredrico Nassire (CSO), Chris Forrester (CTO), and Kristofer Coward (Chief Scientist).
Tokenomics of SHFT
Shyft Network crypto assets have a maximum supply of 2,520,000,000. The fixed supply protects the Shyft price from falling due to inflation that could result from the excessive minting of coins.
Shyft Network token distribution is as follows:
- Ecosystem development – 23.81%
- Public distribution – 0.91%
- Economic metagame – 20%
- Advisors – 5.68%
- Technical Partnerships – 5.48%
- Purchasers – 26.26%
- Core team – 17.86%
