Thread by @shyftnetwork

1/ Part 3(1)

We've got a wonderful response to our previous Veriscope campaign, where we covered many facets of Shyft Veriscope.

Now, it's time to know how Shyft Veriscope solves the problems VASPs (read: crypto businesses) face during Travel Rule compliance💡

2/ As we discussed previously, there are two integral elements of Veriscope's Travel Rule compliance infrastructure: Shyft Discover & Veriscope Share.

But, for this week, we will focus on problems Shyft Discover solves and how it does it.

Let's go! 🚶‍♂️

3/ Shyft Discover solves two problems:

Know Your VASP ✔
Address Attribution ✔

Today, we will look into Know Your VASP 👀

Here's how it works:

First, VASPs register & create their profile on Shyft Network. ✅

4/ Next, VASPs add information about themselves to their Shyft Network profile.✅

It includes information like:

Wallet address ✔
Entity Name ✔
Entity Identifier ✔
Incorporation Date ✔
Registered Address ✔
Legally valid Jurisdiction ✔
Licensing number ✔

And many points.

5/ The information that VASPs added can then be verified & validated by other parties on the network. 🔎

The higher the number of attestations = The higher the trust! 🔺️

Basically, think of individual VASP profiles as searchable open, decentralized, public identities.

6/ Analogically speaking, Shyft Discover is much like a global address book of VASPs 📖

That's it for today.

Comment your questions below in case you have any. We will answer them asap. 👋

@threadreaderapp unroll #Veriscope #TravelRule