Thread by @shyftnetwork

1️⃣ Yesterday we looked at the address attribution challenge that #VASPs face while complying with the Travel Rule.

So today, we will look at its solution!💡

And which solution are we talking about? Well, of course, Shyft Discover 🔎

Let's see what it is all about! 👀

2️⃣ Shyft Discover enables a VASP to know who their counterparty VASP is! 🔎

But why is it so important? 🤔 Under the Travel Rule, #VASPs have to share user data along with the crypto transaction.

And it goes without saying user data is sensitive information.

3️⃣ So, if an originator VASP doesn't identify & verify the beneficiary VASP:

It may end up sharing critical information with a wrong VASP with dubious intentions. 🚨

And that will mean a data privacy breach. ⚠️

4️⃣ What should VASPs do? Well, all that VASPs need is Shyft Discover. 💡 

After all, it auto-detects 🔎 counterparty VASPs! 

And for auto-detecting the counterparty VASP, they only need a crypto wallet address.

Interesting! Right?

5️⃣ We will go over how VASPs can use Shyft Discover in tomorrow's thread!

Do you have any questions? Leave them in the comments below & we will make sure to answer them asap!

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