Thread by @shyftnetwork

1/ Part 3(2)

This week, we already covered #Shyft Discover's Know Your VASP capability. 

And today, we will look into how Shyft Discover solves the address attribution problem. 👀

2/ If you have been with us since day 1 of the Veriscope campaign, you will know we looked into the basics of address attribution in the early days of the campaign. 

If not, visit our previous 🧵 on address attribution below👇

https://twitter.com/shyftnetwork/status/1592616375113195522?t=_AP5fax_BbroIh6BqVOurw&s=19

3/ Address attribution basically means accurately verifying the beneficiary VASP’s wallet address 🔎

Why is it important❓👇🏼

It enables VASPs (read = #crypto businesses) to verify whether the counterparty VASP is indeed the correct party or not.

4/ And in the process, it ensures that critical #data is only being exchanged with the correct party 🚨

Not only Originator #VASPs, but their counterparty VASPs (the beneficiaries), too, benefit from the address attribution capabilities of Shyft Discover💡

5/ Address attribution enables beneficiary VASPs to prove they actually control the respective wallet address. 

The question is, how does Shyft solve the address attribution problem? 🤔

The answer 👉🏼 Through an attestation mechanism & external blockchain analytics integration.

6/ Now, let’s look at the workflow of Shyft Discover! 👀

The Shyft Discover workflow consists of 4 steps 🪜

7/ Here are they:

#1 Post an attestation 📢
#2 Other VASPs will listen to the attestation 👂
#3 Those VASPs that believe that the wallet address belongs to them will send Proof of Address 🧾
#4 The originator VASP will scrutinize the proof and respond accordingly 📨

8/ If it is hosted or if there is no definite result, the Originator VASP will post an attestation to the Shyft Network.

Think of Shyft Network’s role here as a public bulletin board 📋

And in case you are wondering what attestations are, tap below 👇

https://twitter.com/shyftnetwork/status/1593651955506757638?s=20&t=UW-Z0IYrYs3tSef0jXh-Mg

9/ After the attestations have been posted, other Shyft #Veriscope users on the network can claim ownership over the wallet address.

And to do so, they will share address proofs with the Originator VASPs 🧾

Visit here to know about address proofs 👇

https://twitter.com/shyftnetwork/status/1594873575336710144?t=ViM5mFj94RH4s7xFVmKKSg&s=19

10/ With this, both VASPs now have a secure #P2P channel for communication between them 🪢

That's it for today. Comment below with your questions, if any. We will answer them asap.

@threadreaderapp unroll #Veriscope #TravelRule