1) Continuing from where we left off yesterday, we were to look into how Shyft Discover solves the VASP discovery, AKA address attribution issue.
But before we do that, there's something we must first understand: "Attestations"
It is a key functionality of Shyft Network. 💡
2) So today, we will cover attestations, but only the basics, leaving meaty details for later.
What VASP stands for, though?
VASP = Virtual Asset Service Provider, which basically means a crypto-related business.
Let's begin now! Shall we?
3) Attestations enable VASPs to share user data along with transactions while keeping user data confidential.
And it does so by encrypting user data.
(Note: Under the FATF Travel Rule, it is mandatory for VASPs to share user data along with crypto transactions)
4) Interestingly, only those permitted by the crypto business itself can access the user data. 🔐
And there is a clear benefit of this!
After all, it makes it very difficult for malicious actors (ex: #hackers) to obtain user data. ❌
A pretty solid functionality! Right?
5) And speaking of Travel Rule, how can we miss this week's biggest news?
Industry representatives have proposed to use a decentralized VASP discovery mechanism for Travel Rule compliance in the V20 event. 🎉🎊
That’s a huge win for the industry!
That's it for today!
Keep an eye on our Twitter feed. We will explain how attestations work in the coming days.
Do you have any questions? Leave them in the comments below & we will make sure to answer them asap!
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