Shyft, the global decentralized network that enables organizations, institutions and individuals to prove and verify identity credentials, ownership rights, and credibility has unveiled the Byfrost release this week, the bridging technology at the heart of the Shyft Network (the “Network”).
Byfrost enables the creation and routing of synthetic assets across multiple blockchains as well as on-chain asset custody and management. Through its associated ERC-20 token BFST, the bridge will support the conversion and cross-chain transfers of native tokens like ETH, RSK and EOS and many more integrations to be announced after deployment.
Diego Gutierrez, CEO of Rootstock and Shyft advisor: “For many years I’ve been sharing the vision of how Bitcoin was the cornerstone of the Internet of Value, but in order to thrive, this new Internet needs upper-layer protocols that fulfill the core needs of the financial system of the future. By building an interoperable KYC between blockchains, Shyft is taking this vision one step further and facilitating key use cases like international trade and financial inclusion.”
Additionally, this release features a suite of linked smart contracts designed to enable secure and distributed KYC checks, data attestation modeling and frameworks as well as Shyft Network Trust Anchor code for multi-party data binding into the upcoming network.
Shyft Co-founder Joseph Weinberg: “This deployment represents years of careful consideration and development by teams around the world. The next phase of our ecosystem will be based on real-world applications and solutions to problems that are fundamental to both the traditional world and the new one being built in the blockchain space today. Interoperability, the establishment of regulation as a protocol, and better standards around how we ensure privacy while enabling transparency in situations that require explicit trust are the next set of base layer requirements that our ecosystem needs to continue to permeate into traditional environments and to enable mass adoption. These are the enablements that Shyft and Byfrost are bringing to all ecosystem and public and private networks infrastructures today.”
Following the public code launch of Byfrost, Shyft will initiate the staged rollout of their complete Network (“Mainnet”) in three development phases: from the current Private Testnet, to Public Alphanet, and then to Mainnet with new partnerships, and developer grants programs.
For more information on Shyft, the Network, and to get involved, visit www.shyft.network.
About Shyft Network Inc.
Shyft is the proof-of-sender protocol and credential verification network that enables organizations, institutions, and individuals to prove and verify identity credentials, ownership rights, and credibility between counterparties in real time and at scale. Shyft is committed to restoring trust in data by ensuring privacy and security, and its ecosystem consists of partnerships across public and private networks, sectors, and in a variety of industries. Find out more at www.shyft.network.