Jan 22, 2020
By: Shyft Network
Bridgetown, Barbados, January 21, 2019 - Shyft Network, a blockchain-based data aggregation and identity network, announced a partnership with Algorand, a recently launched high performance blockchain platform designed to enable real-world applications, to act as the identity layer for the growing Algorand ecosystem. Shyft Network enables online trust by applying consent frameworks and codified rules of engagement to digital ecosystems, Algorand users will benefit from expanded functionality of the next generation of decentralized applications (DApps).
The Algorand blockchain offers dependable privacy and scalability, making it useful for enterprise systems for identity and compliance. Algorand recently announced Algorand 2.0, a major layer-1 protocol upgrade that significantly expands the range of Dapps and processes that can be built on the Algorand platform.
“Shyft Network will be bridging our use cases and smart contracts to Algorand to act as the identity layer for the Algorand ecosystem. Together, Shyft Network and Algorand will work on institutional, governmental, and regulatory use cases, including Shyft Network’s FATF Travel Rule compliance framework, leveraging the technology and teams behind our networks,” said Chris Forrester, Shyft Network Co-Founder and CTO.
Shyft Network as an identity layer for the Algorand ecosystem will improve user experience both within use cases built on Algorand, and for cross-chain applications, as users will be able to consolidate, view, and manage engagement across all DApps and protocols that touch their Algorand identity. To enable this experience, Algorand DApp developers will be able to use Shyft Network’s bridging infrastructure, Byfrost, for cross-protocol transactions and data transmission, including passporting of identity-related data (consent/availability of offchain source data, etc.) and tokenized asset transfers via atomic swap mechanisms. From the enterprise perspective, banks and institutions using Algorand’s side-chains can use these features to meet enterprise-grade institutional identity requirements.
“We are honored that Shyft Network has selected Algorand as the next platform on which to bring their innovative solutions that aggregate and embed trust and validation into data. I applaud Shyft Network for their accomplishments to date in providing a needed solution in the blockchain space with an identity layer that can be leveraged for any DApp on Algorand," said W. Sean Ford, COO of Algorand.
About Algorand Inc.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
For more information, visit https://www.algorand.com/
About Shyft Network
The Shyft Network founders have been involved in the cryptocurrency ecosystem since its inception as technologists, government advisors, entrepreneurs, and investors. They recognized early on that without solving problems pertaining to data integrity, personal identity, regulation, and policy, decentralized networks would never reach the critical mass and global adoption. Shyft Network is a public blockchain protocol designed to aggregate and embed trust and validation into data stored on public and private ecosystems, and permissioned and permissionless networks. By facilitating bridging across siloed datasets, Shyft allows for layering of context on top of data, ultimately turning raw data into meaningful information. By allowing and incentivizing individuals and enterprises to work together to add context to data, Shyft unlocks the ability to build authentic digital reputation, identity, and creditability frameworks.
To learn more, visit https://www.shyft.network.com/
Original release can be viewed here.