02 Sep 202012:08
Shyft Network AMA Recap
Cryptodiffer TeamHello, everyone!😁
We are glad to meet here:
Bruce Silcoff, Co-Founder at Shyft Network, CEO of PerseiD
Bruce Silcoffgreat to be here - thx for having me
Cryptodiffer TeamWelcome Bruce, thank you for taking your time today!
Our team has prepared 3 questions for you to start with!
Let`s start with the introduction !
Q1: Can you introduce yourself to our community?
Bruce SilcoffMy name is Bruce Silcoff and I am a Co-Founder of Shyft, Head of Enterprise and Global Services, and CEO of PerseID.
I am a serial entrepreneur with a 30+ year proven track record of success across more than 25 businesses. I have always been focused on incubating game-changing technology solutions that solve real world problems. I am currently consumed by all disruptive blockchain solutions.
Before joining the management team at Shyft, I was a pioneer in the loyalty industry, managing some of the world’s most recognized reward programs with over 300 million customers from over 100 countries. Loyalty programs involve alternative currencies and are all about big data. As such we were doing innovative things like digital wallets and predictive modelling long before ApplePay and AI were made popular.
I was first attracted to Shyft as a seed investor because I recognized the potential behind the pioneering vision to use blockchain technology as a more efficient and secure KYC/AML solution. As I learned more about blockchain and its transformative power, I knew that the world was headed for a paradigm SHYFT and I wanted to be at the leading edge of this next industrial revolution…so I joined the company full time and am now a proud member of Team Shyft!
I bring value to the company by leveraging my experience, thought leadership, strategic guidance and an expansive network for collaborative partnership opportunities.
Please note that I am not the CTO, so to set the table, answers to technical questions will be top line and more from a business perspective.
Cryptodiffer Teamgreat answer! Thank you for prompt reply
Let's now speak about Shyft Network!
Q2: Can you introduce Shyft Network to us?
Bruce SilcoffThere is evidence abound that demonstrates the many flaws inherent in centralized solutions when it comes to data management (i.e. Facebook 557 million data records compromised) – As such, the time is now for a paradigm Shyft!
Shyft is disrupting the broken way our world thinks about and manages digital identity and related data. Shyft is a modern, secure permission based Blockchain ecosystem solution that enables attested data transfers between those who own the data and those who use it while building credible reputations within a more trusted and efficient framework.
Shyft holds the potential to streamline and simplify data collection, reduce cost and minimize the risks inherent in traditional compliance systems while making the global economy accessible for all.
Shyft’s functionality is intended to facilitate entirely new data marketplaces that empower individual users through an opt-in consent framework that protects their personally identifiable data.
Cryptodiffer TeamThank you for answer!
now, time to move to the last question from our team before we open the chat for community questions
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Bruce SilcoffAfter 4 years of hard work, I am excited to announce that we have gone from whitepaper vision to solution reality having recently begun the launch process on March 26th. Up until that point, our focus had been on establishing a proper launch procedure with community interactions.
Moving forward our tech stack on the smart contract level will allow us to establish a never before seen level of optionality in compliance and general transaction routing capabilities on chain.
Our first two products slated for launch in 2021are:
1. Veriscope: This is the exchange based VASP tooling that allows exchanges to securely and safely establish cutting edge communication & verification channels for securely sending critical info back and forth between parties – will be used to facilitate compliance with FATF’s Travel Rule
2. Perseid: This is our government digital ID framework solution.
After that…there are unlimited possibilities!
Cryptodiffer TeamVery solid! Thank you for an answer!
It is time to move to the community questions part.
Cryptodiffer CommunityHow to keep the motivation for holding $SHFT tokens long term? How is $SHFT token used?
Bruce SilcoffSHFT is a currency for identity and data transmission, as well as a governance mechanism for coordination across ecosystems that enables entity-to-entity governance, compliant asset creation, and a system for compliant defi and other applications. Enabling a new side of the existing ecosystem can expand the size of market participants and increase the size of asset participation across all decentralized projects, protocols, and marketplaces.
The purpose of SHFT is to fuel smart contract automation designed to enable holders of SHFT to interact with and exchange information with application providers and trust anchors within a number of industries, including financial services, and improve compliance procedures for applications and trust anchors by involving them to attest to the identity and potentially the risk profile of network participants.
Cryptodiffer CommunityDoes the price of the token matter to you from an operational perspective, If your token price is $1 or $100?
Bruce SilcoffWe are not focused on the price of the token but rather building a revenue generating and long term viable and profitable business the continuously incubates new solutions and applications for our customers
Cryptodiffer CommunitySurely you have already explained the operation and utility of Veriscope several times on the Shyft Network, but could you really detail the importance of Veriscope for both Shyft and DeFi and all its utilities?
Bruce SilcoffVeriscope will provide a much needed compliance solution for FATFs recently introduced Travel Rule.
Cryptodiffer CommunityDoing AMA have proven to be the best means to attract investors What's other marketing strategy are in place to get this project known?
Bruce SilcoffWe are building communities by spreading the gospel on the various benefits and use cases for Shyft and rely on community ambassadors to help spread the word virally
We are not focused on educating about crypto per se rather we are putting our energies behind educating governments, business, regulators and people like you and me on the merits of blockchain and how it can solve a lot of today's inherent problems in the way we manage our most precious and valuable commodity...data
Cryptodiffer CommunityIs it difficult to use SHYFT NETWORK in an existing infrastructure, do you have to follow certain rules to be able to use it?
Bruce SilcoffShyft was built to be network agnostic and is open source to facilitate usage
Cryptodiffer Community📢Q.Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?
Bruce Silcoffwe will continue to be at the forefront of innovation thanks also to an incredibly talented visionary leadership team and strategic support from an industry best team of advisors. you can find profiles and a listing of advisors on our website under the heading team: www.shyft.network. Also when guys like me with 30+ years of business leadership, or a co-founder of Etherium, members of British parliament, former FATF members, senior VP at Mastercard are staking their reputations on a project...that should give you a lot of confidence
Cryptodiffer CommunityShyft Network is partnering with government agencies to build user-facing interfaces to complete KYC processes with various agencies ,? Which countries are allowed and what are your plans to make this project global??
Bruce SilcoffOur first digital identity framework from Perseid is a collaboration with the progressive thinking Government of Bermuda. We are very proud of this relationship and appreciative of the forward thinking government that has enabled Shyft to demonstrate our leading edge solution.
Cryptodiffer CommunityIn order to develop your innovative project, in which countries do you expect to implement your points of sale? what requirements must the merchant have to opt for one? and what kind of commissions will these points of sale charge?
Bruce SilcoffFor a data exchange protocol to be effective, in must be global in nature by enabling the more efficient and secure interoperable exchange of data across both institutional and geographic boundaries. That is exactly what Shyft does...better than anybody else!!!
Cryptodiffer CommunityDo you have support from the government or Start-Up in your country? What is the regulation on governing the Blockchain?
Bruce SilcoffWe are always at the table with governments, regulators and industry leaders to ensure that our solutions are compliant and accepted on all levels. without which, mass adoption would be impossible.
Cryptodiffer CommunityWhat plans do you have to integrate with dVPN companies to enlarge privacy to protrect identities?
Bruce SilcoffWe do offer a permission or consent layer within our digital identity framework giving added security and control to the individuals who are the true owners of their data. We also work on a jurisdiction level to ensure local regulatory compliance.
Shyft Network is an open blockchain, just as transparent as Ethereum or Bitcoin. It's code is, for the most part, open source and has been audited by two of the most reputable firms in the space.
Cryptodiffer CommunityWhat’s your vision ultimately? What is project trying to achieve in the longer term and how do you plan to get there? How will your ultimate vision and mission make a difference in the world?
Bruce SilcoffIf we picture our protocol as a more secure and efficient, blockchain-based data superhighway, then our long term goal is to make it the standard for data exchange by scaling the network with billions, if not trillions of data points with users from all aspects of life. We can liken our desire to be the main protocol for data exchange similar to what Amazon did for ecommerce
Cryptodiffer CommunityCan you give us an overview of Shyft Network token economics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?
Bruce SilcoffShyft Network is a decentralized project that has baked into its distribution several community incentives. More than 20% of the total token supply is allocated to the exploration and creation of new use cases and integrations. Shyft is as good as its network of VASPs and users, so we are heavily planning on building incentive structures for developers and new solutions.
We're taking a look at the current DAO technology offerings from our partners in the ecosystem, as one of the aspects of the Shyft Network's ecosystem and user interaction economy is the Shyft Community DAO - this is funded from the network inflation to establish a permanent source of capability for the Shyft community.
We will be using co-branded interfaces and/or forks of their codebases if it's relevant, and basically following in the footsteps of giants in the space (Aragon, Metis, etc.) to allow our community to interact with these levels.
We'll also be producing excellent user interfaces for users to be able to manage & keep track of various SHFT rewards & incentivized platform behaviours.
One of our key areas of focus post launch is to build a rich network of service providers and partners that bring more users to the network and offer more and better products and services.
Cryptodiffer Communityplease explain briefly, How does #ShyftNetwork build a FATF Compliant Identity Layer for Polkadot?
Bruce SilcoffWe didn't specifically build a solution for Polkadot but rather all VASPs needing such a Travel Rule solution. To do so, we sat at the table with FATF and VASPs to better understand what was needed from a compliance stand point while at the same time building an understanding of what was doable from a VASP perspective. This collaborative dialogue is how you build acceptance for your solution(s) and ensure success.
Cryptodiffer Communitycan you guarantee profits for new investors like us?
Bruce SilcoffAny seasoned CEO would never guarantee profits or return for investors. A good CEO will build viable companies that incubate market leading, highly demanded products and solutions that generate bottom line profits. As CEO, we focus on surrounding ourselves with the best people to help achieve success. Steve Jobs always said... surround yourself with better people. I am confident in our vision, team and our ability to continuously incubate market leading products and solutions. That is my focus!
Cryptodiffer CommunityIn terms of increasing the number of users, what strategies must Shyft Network adopt to make Shyft Network more valuable? What applications does Shyft Network integrate to expand your ecosystem?
Bruce SilcoffWe are scaling our network as quickly as possible by collaborating with those that have large customer bases (ie users) and offer scale. For example, governments with populations, businesses like a Mastercard or Visa with 25,000 banks in their network, etc...
Cryptodiffer CommunityHow can I join to shift community?
What can I do for progress of shift network
Bruce SilcoffPlease get involved and become a Shyft ambassador and help us spread the gospel.
Telegram Group: https://t.me/shyftnetwork
Telegram ANN: https://t.me/ShyftAnnouncements
To know us....is to love us :)
Cryptodiffer CommunityThey recently got their partnership with the largest exchange in the world, Binance, in order to implement FATF and thus further protect users' KYC data, but can it really only be used in the Exchage? Or will it also provide benefits to the BSC chain?
Bruce SilcoffOur solution has applicability across many industries and use cases. In fact, the possibilites for Shyft are unlimited. We just have toi be very careful, remain focused, and not try and "boil the ocean" by taking on too much too quickly.
Cryptodiffer CommunityWhat solution or development can Shyft network provide to businesses, institutional and financial sectors of the economy like banks, governments etc.?
And how are you aiming to partner with those sectors for a win-win of all parties ?
Bruce SilcoffGreat question and one of the key reasons why I got involved. In addition me lending my experience to help manage a company of this size, I also bring with a large network of institutional contacts across many industry sectors. The ability to pick up a phone and reach decision makers is a huge benefit for us and will enable us to scale faster and be trusted by business leaders to collaborate with us
I'm sorry that time is not allowing me to get to more questions or talk with each one of you. I want to end off by thanking you all for your interest in Shyft, for sharing your thoughts today and for believing in this paradigm Shyft that we are pioneering. Stay tuned for many more exciting announcements and future accomplishments. Buckle up and enjoy this awesome ride!!!