Share this page!

Shyft Network Profile picture
Twitter logo
Dec 23 • 7 tweets • 3 min read
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. ✅
4/ There are also some minimum hardware requirements that VASPs must meet to download the Veriscope.

Ubuntu 20.04 ✅
8+ GiB of RAM ✅
2x CPU Cores ✅
32 GB ✅
5/ And once VASPs have downloaded Veriscope, they can validate whether their ports meet the required standards through a piece of code mentioned in the Veriscope documentation.

Tap 👇

docs.veriscope.network/docs/3.0.0/ind…
6/ Some crucial information will also be generated during the process that VASPs must store.

That’s it. You have successfully downloaded Shyft Veriscope 🙌🏼

Comment below with your questions, if any, and we will answer them asap!
@threadreaderapp unroll #Veriscope #TravelRule

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Shyft Network

Shyft Network Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @shyftnetwork

Shyft Network Profile picture
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
Shyft Network Profile picture
Dec 23
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. ⚖️
Read 10 tweets
Shyft Network Profile picture
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
Shyft Network Profile picture
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
Shyft Network Profile picture
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
Shyft Network Profile picture
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

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Send Email!

:(