Hi guys my friend researched a project called $Shyft network.
The project derives its because of the shyft we are seeing within the blockchain space and how crypto is going mainstream, with this coming significant regulations.
Shyft developed in from 2017 has only launched in the current year 2021. A project under development for 4 years and has 1 product out which is being used and integrated.
This product is veriscope.
Then problem we are facing is the fact that aml/kyc procedures are becoming forced upon the digital asset space. As a result digital IDs are necessary to get into a polkastarter Sale, paid sale or even duckstarter sale. To use exchanges we all need to perform kyc. This is what Shyfts first product entails. It is adopted by the likes of binance, tether, bitfinex and other crypto exchanges.
Simply put, if you signed up at binance and kycd and they are in the shyft network. Your data, only by your consent can be leveraged to another exchange should you register , so instead of kucoin verifying your kyc, they leverage the shyft network to obtain your identity data, which complies to the fatf travel regulations which is being phased in, a review on compliance will be done in June 2021. So instead of binance and kucoin having to consistently spend resources kyc the same person twice, it’s leveraged, as the network grows this will create massive savings. This is very much detailed in the article I have written which is also detailed in the whitepaper of shyft.
If this isn’t big enough, the catalyst for the price is the mainnet, shyft will move onto their mainnet soon, which is a fork of ethereum with slight extensions to ensure TX fees are low, whilst maintaining security and ensuring the blockchain is fast.
In addition the team has partnership with the government of Bermuda, this entails digital identification with potentially expanding this framework to offer financial services to individuals within Bermuda, essentially banking the unbanked or underbanked individuals.
Lastly the team is public: Advisors include: Rick McDonnell and Josee Nadeau both individuals previously worked at fatf, which is imposing regulations, in addition to joining binance legal advisory team.
Peter Warrack: part of legal advisory for bitfinex
Anthony di Lorio: Co founder of ethereum.
This only has a market cap of sub 20 million and I advise everyone to do their own research.