The Shyft Federation deploys the Shyft Bridge
The Shyft Bridge is a secure and efficient cross-blockchain asset transfer mechanism
Bridgetown, Barbados — The Shyft Node Federation, the collective of Shyft Network validator nodes, in collaboration with Chainsafe, is excited to announce the deployment of the Shyft Network Bridge on the Shyft Mainnet, a critical piece of interoperative technology that will enable cross-chain asset transfers in a safe and secure manner.
Over the past few months, the Shyft Network has reached several important milestones, including the release of the SHFT token on Ethereum, the SHFT token upgrade and the deployment of the Shyft Federation and the launch of the Shyft Network on July 7th, 2021. The collaboration between the Shyft Node Federation and Chainsafe is yet another notable achievement for our community, as we can now offer users the ability to deploy the Shyft Bridge between the Shyft Network and Ethereum to support minimal cross asset transmission and minimal cost cross-chain smart-contract operations.
The Shyft Bridge uses ChainBridge, a chain agnostic technology that will eventually be extended to any blockchain network. Today, the Bridge unlocks the ability to transfer ERC assets from the Ethereum blockchain to the Shyft Network by leveraging a relayer to run software that monitors the Ethereum network and signs transactions to execute the transfer of data between blockchains.
The Shyft Bridge will enable holders of SHFT and any ERC token to safely and efficiently transfer their assets onto the Shyft Network mainnet and use the tokens as gas in the Shyft Ecosystem, and products being developed by the Shyft Core team, the Federation and our partners, like a token staking mechanism and a DAO for community development. As the technical ecosystem around the Shyft Network continues to grow, developers will be able to use the Shyft Bridge to bring SHFT and other crypto assets on Ethereum into new DeFi products and tools built on the Shyft Network.
The Node Federation is composed of 21 nodes working under a Proof-of-Authority mechanism modelled after Blockstream’s Strong Federation. The role of the Federation is to ensure the security, stability and advancement of the Shyft Network’s blockchain. For more information on strong federations, be sure to read Blockstream’s paper on Strong Federations.
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