Exclusive Interview with Shyft Network’s CTO, Chris Forrester, on Solving the Identity Issue in the Blockchain Industry
Shyft Network, a public blockchain protocol, is revolutionizing data sharing across various ecosystems. It distinguishes itself by not engaging in transactions or data custody but instead allowing contributors to share encrypted proofs with network participants of their choosing.
Since its launch in 2017, Shyft has made remarkable strides in carving a unique position in the market. Coinfomania recently interviewed Chris Forrester, Shyft’s CTO, who shed light on the distinctive features that set Shyft apart from similar initiatives and the exciting projects the network is currently undertaking.
Forrester highlighted that Shyft’s core product is identity, which extends beyond the crypto space. Unlike other initiatives, Shyft focuses on ensuring that asset transfers between different parts of the crypto industry involve identified parties. This emphasis is crucial given the increasing regulatory environment.
When discussing the challenges Shyft faces, Forrester emphasized that the network doesn’t solely target the crypto industry. It aims to represent the crypto industry to a diverse group of experts, necessitating collaboration with the right people and aligning products with the interests of both crypto and non-crypto individuals.
Forrester expressed enthusiasm for the partnerships with industry giants like Binance and Polkadot. She praised their robust infrastructure, enabling seamless project execution. Working with such companies provides Shyft with valuable insights and connections.
Regarding Bitcoin, Forrester became a convert due to its captivating backstory and technical design. She commended Satoshi Nakamoto for combining novel concepts into a single, functional platform. For Forrester, Bitcoin is an unstoppable force and an incredibly useful idea that has captured the world’s attention since its inception.
Shyft recently introduced Veriscope, a product that facilitates secure exchange communication and client data transfer between different exchanges. Veriscope ensures that both parties are known before any information is shared, employing encryption and cryptographic techniques to ensure compliance and accessibility for virtual asset service providers.
Looking ahead, Shyft Network is venturing into the DeFi space. Forrester revealed that Shyft will partner with prominent names in DeFi to make it easier for large institutional investors to participate in DeFi projects. While specific partners were not disclosed, Forrester mentioned collaboration with leading automated market makers and compliance-led lending and borrowing platforms in the DeFi industry.
In summary, Shyft Network is revolutionizing data sharing, emphasizing identity, and collaborating with industry leaders to drive innovation in the crypto and DeFi spaces.
