Shyft Network has revealed they are developing a Polkadot parachain which will be based on Parity Technologies platform. This is one of the ways that Shyft is banking on the creation of a global standard that will ensure compliance with the set crypto regulations. The new addition will further cement Polkadot’s initial focus on interoperability.
In a statement shared with CoinDesk, after deployment, the new Shyft chain will allow Polkadot clients to easily bridge identities from various networks as well as DApps developed on different platforms to the entire Polkadot parachain. The statement also clarified that Polkadot users will now have the capacity to access various interactions on different DApps developed in various ecosystems.
The statement explained that Shyft is determined to be an “Identity Layer for Parity’s permissionless blockchain network.” Every person will now be able to create their own parachain on Polkadot.
Joseph Weinberg, Shyft co-founder, explained that the company can be looked at in two ways; a virtual ID application platform like the one developed for Bermuda as well as architecture to enhance compliance among governments, blockchain companies as well as users.
Concerning the recent FATF global regulation popularly known as the Travel Rule, Weinberg stated:
“To the best of our ability, we want to be able to provide open tools and infrastructure so that companies or smart contracts or non-custodial wallets … are able to at least partially solve the problem.”
Weinberg explained that he played a vital role in creation of crypto governance regulations for various jurisdictions comprising Mauritius and Bermuda. Shyft is now adding these standards to each blockchain to make it easy to use.
Shyft has been contracted by many crypto and blockchain based firms to develop solutions to comply with the Travel Rule. World’s largest crypto exchange in terms of volume, Binance, recently partnered with Shyft to help in complying with the Travel Rule.
The Travel Rule guidance was introduced in 2019 and deals with the movement of crypto from one country to the other. Shyft has since added two ex-FATF executives to its team of advisors.