Analytics

January 9

Tokenbox ICO Project Analysis: Shyft Network

January 9

Tokenbox analysts reviewed another ICO project, this time from sunny Barbados. Will the Shyft Network platform find real financial applications?

Shyft Network (Barbados)

Shyft Network is a secure platform for KYC / AML identification and user certification. It can be directly implemented in financial and other spheres. The Shyft Network ecosystem is based on blockchain and positions itself as the new digital authentication standard. At the same time, the task is also to reduce the cost of storage through use of the blockchain technology.

The aim of the project is also the wide-scale introduction of blockchain through the application of the product in financial, accounting and other areas, the creation of a standard in the field of digital identification KYC / AML, as well as the resolution of many issues regarding regulators who do not tolerate anonymity.

The technological side of the Shyft Network project consists of 3 parts:

  1. Data issuers. They provide their personal data. Having signed and sent it to the Certifiers, they undergo KYC / AML checks and receive certification from the service. Regular users can log in to third-party applications/services/ structures using the Shyft Network.
  2. Data Certifiers. They recheck and sign the data submitted to them. They convert it for later storage place it in a separate register and then issue a confirmation, which is certification, to issuers. All information is stored off-chain on secure servers, and on request, the data is sent in transactions similar to the exchange of tokens, in encrypted form.
  3. Consumers of data. Validated services and applications who use the provided KYC / AML data for their needs to ensure exact identification, for example, financial institutions that require proof of customer reputation and a basis for credibility in lending or provision of any other financial services.

The mechanism of the Shyft ecosystem assumes a joint operation of a centralized certificate-issuing center (Shyft Bridge) and a decentralized network of data verification nodes (Shyft Ring is similar to Ethereum but with the addition of KYC connectivity and connection with Shyft Bridge).

Initially, this mechanism will work on smart contracts on top of its own blockchain (P2P, POW, ERC20) “on the Ethereum codebase”, presumably with the subsequent integration of the sidechain platforms Rootstock and Liquid. Also, a program for developers of smart contracts will be announced on behalf of authorized users, called Shyft Wings.

At the moment, there is a test network launched by the project called the Shyft Network plus a number of MVPs and established major partnerships. In the demo version, the team offers Google, GitHub, LDAP authentication. The LDAP server is a hierarchical database. It can store any data. For the security of such a server is responsible. Active cooperation with the ACL, synchronization with Microsoft Active Directory, authentication/authorization based on SSL certificates ensure the security of such a server.

Tokenometrics:

HardCap - $ 85 million. According to preliminary data, private-sale has already been completed, but the figure is unknown. Official announcements of crowd sales are expected. The SHF token is used as a payment for using the platform. The token will also pay for verification and data storage services and smart contracts. Reputational token RMT (Reputational Merit Token) is designed to store reputation and incentives.

Key members of the Shyft Network team:

Joseph Weinberg is chairman of Shyft. Since 2014,  he has been the co-founder and CEO of Paycase Financia. He is a Special Adviser (OECD) of the Organization for Economic Cooperation and Development Mission. He was also the Coinsetter Director before it was acquired by Kraken FX in 2016.

Bruce Silcoff is the CEO of Shyft Network International Inc. Vast experience in fintech, from the beginning of the 90s in marketing, finance, and business, was the co-owner of a number of Canadian technology companies. An investor in Paycase, Joseph Weinberg. Chairman of the Fairlane Group.

The project advisors include representatives of government departments of Bermuda, Australia, and the UK, Lords (Lord Anthony St John, Lord Desai).

The stellar composition of advisors deals with government departments, large companies and access to huge human resources for the implementation of the Shyft Network, excellent partnerships and a very popular idea with a well thought-out implementation mechanism significantly increase the final assessment of the project.

About tokenometrics: information is expected to be updated. Jurisdiction of the project is cause for alarm.

The final score from Tokenbox analysts is 6.5 / 10.

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