Shyft Network Profile picture
Dec 23 10 tweets 3 min read
1/ Part-6 (1)

Today, we will discuss the transaction workflow consideration from a VASP's viewpoint.

Let's start. Shall we? 👀

So, here we go:
2/ Both Originator VASPs & Beneficiary VASPs have to do the following throughout the transaction workflow for Travel Rule compliance. 

Name Screening 🔍
Wallet Screening 🔍
Know Your VASP 🔍
Transaction threshold 🔍
3/ Now, let's look at three unique situations that Originator VASPs find themselves in a while complying with the Travel Rule.

We will see these situations one by one and get to know what options do VASPs have.

You be the judge and decide which of the options is better. ⚖️
4/ Situation-1: How to check if the respective wallet address is hosted or unhosted❓

Here, VASPs can either ask an originator or find it out through blockchain analytics solutions.
5/ Situation-2: How to determine which VASPs own the hosted wallet address❓

VASPs can determine it by asking the originator. This is a cumbersome and faulty process. 

After all, the originator may even submit incomplete information or falsify it outright.
6/ Another option is to use a discovery solution like Shyft Discover.

It fully automates the process and removes all the inefficiencies from it.
7/ Situation-3: How to obtain beneficiary information❓

There are two options here:

oVASP may either ask for the beneficial information directly from the bVASP. 

Or, they can ask it from the bVASP and verify it by asking the originator.
8/ So, what do we learn here? 

Obtaining user transaction data manually for Travel Rule compliance is a big no. 

Instead, VASPs should opt for a Travel Rule Solution here. 💡
9/ And what can be a better option than Shyft Veriscope - the only frictionless Travel Rule Solution from a user perspective?

Tap below for more details 👇
shyft.network/newsroom/shyft…

Well, that’s it for today! Comment below with your questions, and we will answer them asap. 👋

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More from @shyftnetwork

Dec 24
1/ We have reached the 7th part of the Veriscope campaign. This is also the last of the campaign. 

And today, we will give you an end-to-end walkthrough on how VASPs can install, test, and get onboarded onto Veriscope. 👀
2/ But for now, we will only look into the installation part. Let’s start.

We must visit the Veriscope Github repo to begin the Veriscope installation process 👇

docs.veriscope.network/docs/3.0.0/ins…

The repo consists of a complete installer with components to download Veriscope.
3/ The first thing VASPs (read: crypto businesses) need now is access to a server. 

However, the server must:

Be connected to specific internet ports. ✅

Have a domain name system (DNS) pointed towards it to translate the domain name into a machine-readable format. ✅
Read 7 tweets
Dec 23
1/ We have reached the 7th part of the Veriscope campaign. This is also the last of the campaign. 

And today, we will give you an end-to-end walkthrough on how VASPs can install, test, and get onboarded onto Veriscope. 👀
2/ But for now, we will only look into the installation part. Let’s start.

We must visit the Veriscope Github repo to begin the Veriscope installation process 👇

docs.veriscope.network/docs/3.0.0/ins…

The repo consists of a complete installer with components to download Veriscope.
3/ The first thing VASPs (read: crypto businesses) need now is access to a server. 

However, the server must:

Be connected to specific internet ports. ✅

Have a domain name system (DNS) pointed towards it to translate the domain name into a machine-readable format. ✅
Read 7 tweets
Dec 22
1/ Part-5 (2)

Starting from where we left off - Veriscope User Data Exchange.

Case-3: oVASP shares both originator & beneficiary data with the bVASP

🚨 In this case, the same issues that we saw in case -2 yesterday may crop up here as well. 

Check 👇
2/ 🚨 Resultantly, bVASP will reject the #crypto transaction due to an information mismatch. 

Once the transaction is rejected, oVASP will inform the originator 📩

And then, quite naturally, the originator will take this up with the beneficiary.
3/ ⚠️ This will cause friction between the originator & beneficiary!

Frustrated by the failed transaction, the originator may then escalate the matter to oVASP’s customer support 📞💥

This puts a strain on oVASP customer support capacity.
Read 7 tweets
Dec 21
1/ Part-5(1)

Previously we discussed how Shyft Veriscope enables VASPs (read: #crypto businesses) to share user data securely.

Today, we will talk about how and why, outside Shyft Veriscope, the approach of facilitating user data between VASPs isn’t up to mark.
2/ However, we will discuss it in two parts.

Where do we start?

Straight from the fact that the current state of Travel Rule compliance is sub-optimal at best.

Why?

❌ Wrongful interpretation of FATF recommendations
3/ This leads to:

❌ Significant data privacy & security risks
❌ Higher chance of fraud
❌ Decreased operational efficiency

Now, let’s look at the issues one-by-one! 👀
Read 8 tweets
Dec 20
Part-4(1)

1/ After Address Proofs does its job, which is enabling VASPs (read: crypto businesses) to determine who controls the wallet address, it's time for user data exchange.

Tap below if you missed our 🧵 On Address Proofs👇

2/ Facilitating user data exchange between VASPs - this is exactly what Shyft Veriscope is meant to do 🪢

It is, after all, Shyft's Travel Rule data-sharing product! 💡
3/ And the beauty of Shyft Veriscope is that it:

✅ Easily fits into the existing workflow of VASPs.
✅ Allows VASPs to share user data under IVMS format.
✅ Makes accepting/rejecting counterparty VASP messages possible.
Read 7 tweets
Dec 16
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👇

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.
Read 11 tweets

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