DeFi Technologies completes its implementation of Shyft Network Node

The Shyft Federation – a private, semi-permissioned blockchain designed to embed trust, validation, and discoverability into public and private ecosystems – has announced the launch of the Shyft Network compliance protocol. As a part of the launch, through DeFi Technologies' Governance product, DeFi Technologies will be a validator on the network.

The Shyft Network protocol is an intraoperative solution that enables identity verification, validation, and the sending of credentials and other data across multiple different blockchains and networks. The protocol was designed to help virtual asset service providers (VASPs), brokers, and financial institutions achieve full compliance with the Travel Rule, which was standardised globally by the Financial Action Task Force in 2019, and ease friction in the deployment of technical compliance solutions for virtual assets.

The Shyft Federation will consist of 21 nodes. These nodes were chosen based on technical proficiency, physical installation of dedicated hardware on multiple Internet Service Provider (ISP) connections, with a dedicated battery back-up, security, and jurisdictional decentralisation.