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Shyft Network (SHFT) is the 1729th largest cryptocurrency in the world by market cap, valued at $853,786. The current price of Shyft Network is $0.00769, which is -2.658% lower than yesterday. Prices have ranged between $0.00846958 and $0.00800909 over the past 24 hours. All prices are listed in US dollars and accurate as of March 25, 2023 08:03 UTC.
The Shyft Network is an open-source decentralized blockchain protocol that was developed for the validation of identity-based and blockchain-based data. Developed as a multi-layered layer-1 blockchain, the Shyft Network implements patented security features to offer individuals and businesses the opportunity to store digital identities, complete AML and KYC compliance, and maintain the correct regulation.
According to the project’s website, the Shyft Network aims to maintain security, centralisation, and privacy at the user level. One of the protocol’s key products is called Veriscope, otherwise known as a Verified Shyft Compliant Optimized Participant Exchange. The product helps individuals and businesses abide by the Financial Action Task Force (FATF) Travel Rule, which was issued to and enforced by traditional financial institutions. The FATF Travel Rule states that identity information between exchanges needs to be sent alongside cryptocurrency transfers to ensure all transactions are AML and KYC compliant. By using Veriscope - a discovery and coordination layer - exchanges are able to find out all of the necessary information required by regulators.
SHFT is the native cryptocurrency of the Shyft Network. The token is primarily used as the fuel to power the Shift Network ecosystem and can be used to pay for a variety of different services. The token is required for all data identity and data transmissions and also allows all token holders to vote on the future development of the network.
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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