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Shyft Network

@shyftnetwork

Dec 2

1) Part 2(3)

Having understood the basics of Shyft Discover & Veriscope Share, it's time to understand how VASPs use them!

However, for today, we will only focus on Shyft Discover’s workflow. Let's go.

2) It all starts with a customer requesting to withdraw his funds from a VASP (read: crypto business). 👀

Before we move forward, let's understand a few terms:

The VASP that the customer withdraws funds from is called Originating VASP or oVASP.

3) And the VASP receiving the funds from the Originating VASP is called Beneficiary VASP or bVASP.

Now, when a customer requests to withdraw his funds from oVASP, the oVASP sends an attestation to the Shyft Network.

Read 11 tweets

Shyft Network

@shyftnetwork

Nov 30

1) Part 2/1

Having covered the basics of Shyft Veriscope last week, it's time to go up a notch and understand it in a bit more detail. 👀

However, we will keep it simple and cover various key segments of Shyft Veriscope over the next few days.

So, here we go.🚶‍♂️

2) Let's first refresh on what Shyft Veriscope is!

It is an end-to-end solution to comply with the #crypto Travel Rule. 💡

Shyft Veriscope comes with:

✅ RESTful APIs
✅ Webhooks

3) What are RESTful APIs? 🤔

Think of RESTful APIs as a mechanism that enables VASPs (read: #crypto businesses) to exchange data between them securely over the web.

And they grant an impressive deal of flexibility to VASPs.

Read 9 tweets

Shyft Network

@shyftnetwork

Nov 29

1) Nigeria 🇳🇬 seeks to draw a clear line between #cryptocurrencies & digital assets.

With this, it joins the likes of South Korea 🇰🇷, Hong Kong 🇭🇰, and Singapore 🇸🇬.

According to them:

Digital assets = stablecoins, #NFTs, and CBDCs
Cryptocurrencies = #Bitcoin, Ethereum, etc

2) This development comes from the head of the Nigerian Securities and Exchange Commission, Lamisil Yuguda.

The Nigerian SEC isn't really enthusiastic about the proliferation of #crypto assets within the country's borders.

3) And this reflects in its instructions to local banks not to provide services to companies engaged in crypto activities.

However, #crypto isn't banned in the country. ⚠️

Read 5 tweets

Shyft Network

@shyftnetwork

Nov 24

Continuing the Veriscope Twitter Series, it's time to learn the basics of Veriscope Share! 👀

As we highlighted in the previous Twitter 🧵, it's mandatory for VASPs (read: crypto businesses) to share user data along the #crypto transactions under the FATF Travel Rule.

2) User data = Sensitive data! 🚨

Yet, there's no globally-agreed framework that can securely process user data between VASPs.

Some Travel Rule Solutions can help VASPs with the sharing part!

But there's something you must know here.

3) Some #TravelRule Solutions process user data between VASPs through their internal servers.

Meaning VASPs' data passes through the Travel Rule Solution's servers before being sent to VASPs for Travel Rule compliance.

Read 7 tweets

Shyft Network

@shyftnetwork

Nov 22

1) After learning the basics of attribution (read: VASP discovery), it's time to know about Address Proofs.

It's a new feature that Shyft Veriscope has rolled out for VASPs (read: Crypto business). 🥁🥁

But first, let's recap why it is crucial to discover a VASP! 🔎

2) It's crucial to know why VASP discovery is important as it will enable us to understand why Address Proofs are required in the first place.

First, the user data that VASPs share with their counterparty for Travel Rule compliance is sensitive.

3) ❌ And if a counterparty VASP's identity isn't verified, the sensitive data may be sent to the wrong VASP.

This can result in devastating consequences.

Tap below to know about it in a bit more detail 👇

https://twitter.com/shyftnetwork/status/1592927351633240064?t=rrjDISAkZtcLpgNWArf8nw&s=19

Read 8 tweets

Shyft Network

@shyftnetwork

Nov 18

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)

Read 7 tweets

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