Thread by @shyftnetwork

1/ Part 2(4)

After learning about Shyft Discover, it's time to explore Veriscope Share! 👀

Because ⚠️ Veriscope Share is the second integral part of Shyft Veriscope's Travel Rule infrastructure. So, let's begin!

2/ In this 🧵, we will understand the Veriscope Share in detail. 

If you've missed our 🧵 on the basics of Veriscope Share, check it here👇

https://twitter.com/shyftnetwork/status/1595598374643941376?s=20&t=PH37DL2WlMa0pVn_hCtAoA

It will help you understand how Veriscope Share works more easily.

3/ Veriscope Shares come into the picture after an Originator VASP (oVASP) where the transaction starts 📤 posts attestation on the Shyft Network, and a relevant counterparty VASP proves they own the wallet address where the transaction is heading to 📥

4/ VASPs = crypto service providers!

Originator VASP (oVASP) = The crypto business whose customer has requested a withdrawal.

And the attestations contain user data that had been encrypted through a public key. 🔑

5/ Think of attestation as a secret vault that consists of critical data that can only be unlocked by the oVASPs’ key 🔐

Check below if you are wondering what Attestations are👇

https://twitter.com/shyftnetwork/status/1593651955506757638?t=XIsjuHd74Bpti8lJvKCb0Q&s=19

6/ Once oVASP posts attestation on Shyft Network, relevant beneficiary VASP (bVASP) can share Address Proofs to prove they own the crypto wallet address.

bVASP = The crypto business where the customer is sending funds from oVASP.

7/ Now, the oVASP will first encrypt their user data through their public key 🔑 

And then, they will share the KYC template, signature data, and encrypted user KYC data with bVASP.

Signature data = key that counterparty VASP can use to encrypt their user data 🔑

8/ Now, it's bVASP's turn to encrypt its user data with a public key.

After doing that, bVASP shares the encrypted user data & KYC template with the oVASP.

9/ oVASP now scans the information the bVASP has sent and conducts relevant checks like name screening 🔍

After that, they can either accept the bVASP's request ✅ or reject it ❌

If they reject the request, the process will end then & there.

10/ If oVASP accepts it, they will now have to send the relevant information along with the KYC template to bVASP.

So now, the ball is in the bVASP's court 🏀

11/ bVASP now begins decoding the encrypted user data & conducts relevant checks like name screening. 

If they find everything alright, they can accept oVASP's request ✅ 

If not, they can reject it. ❌

12/ If the bVASP rejects it, there will be no further steps & the process will end there.

But if the bVASP accepts oVASP's KYC template, they will have to send their user's KYC to the oVASP.

13/ Seeing that, the oVASP will process the withdrawal 👀 

And with this, the oVASP to bVASP transaction will be recorded on-chain.

14/ That’s it for today, we will be back with another Veriscope campaign Twitter thread soon. 

In the meantime, leave your comments below, in case if you have any & we will respond to them asap! 👋

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