DeFi Technologies (NEO: DEFI) (GR: RMJR) (OTC: RDNAF) has completed its implementation of the Shyft Network Node and has become one of the main validators of the Shift Network.
The Shyft Federation – the 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, transformative 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 standardized globally by the Financial Action Task Force in 2019, and ease friction in the deployment of technical compliance solutions for virtual assets.
By becoming a validator on the network, the DeFi Technologies will join the Shyft Network Federation.
The Shyft Federation will consist of 21 nodes. These nodes were chosen based on technical proficiency, physical installation of dedicated hardware on multiple ISP connections, with a dedicated battery back-up, security, and jurisdictional decentralization.
Furthermore, the Shyft Federation selected nodes in a globally distributed manner, so as to bolster the geographic resilience of the Shyft Network across borders and to mitigate the risk of network outages. As a collective, Shyft Federation members work to promote the common interests and efforts of the Shyft Network.
DeFi Technologies will generate revenue on every transaction it validates in the network. It will receive that revenue in the form of Shyft tokens which can be held or sold in the market.
“We are excited for the launch of the Shyft network and look forward to partaking in the governance protocol,” DeFi Technologies CEO Wouter Witvoet said. “As crypto further integrates into every jurisdiction in the world it will be important that there is a trusted network which helps companies be compliant with their operations and look forward to implementing Shyft into DeFi centric applications.”
To track the performance of DeFi Technologies Shyft Network validator, interested parties can use this link: https://fedstats.shyft.network/. They can search for validator node “DeFi Technologies”.
