The Shyft Network Roadmap
After a massively successful IDO on Polkastarter, the roadmap is laid out and the team is ready and excited to work towards it.
We started Shyft Network with the view that one day our ecosystem would require critical infrastructure to ensure its stability. Now, more than three years later, that day has come; as international regulatory guidance begins to take shape, we begin to introduce infrastructure that aims to solve global challenges faced by ecosystem participants.
The Shyft Network roadmap spans multiple years, but is not limited to our roadmap alone; rather, the future development of Shyft will also be dependent on where our industry goes, and the challenges that present themselves across institutional adoption and regulatory guidance.
The goal of introducing Shyft Network into the space is to provide a response framework that we, as an ecosystem, can build on and use to provide more options and create new systems that help us better comply with evolving regulations.
Shyft Network is meant to act as a layer 1 federated side chain, a smart contract tooling infrastructure, and a general purpose protocol that provides adaptability and optionality into systems.
Shyft Network also has general-purpose use cases that were built alongside its architecture in order to provide solutions to global problems. These use cases define the intent of why we built the Shyft Network. Although these are mission driven use cases, they do not limit the extent to which this infrastructure can be used to build other systems, and as we now deliver this infrastructure to the global ecosystem, we hope to work alongside the community as we all carry it forward into the future.
We’ve had so much interest from third-party developers, protocols, companies, enterprises, governments and more looking to implement Shyft Network and its aggregation infrastructure. Once the Node Federation takes control of the network, the network company, Shyft Network Inc., will help to provide resources and support to aid new parties entering the project.
Stage 1 — Launch
The initial deployment of Shyft Network smart-contracts on Ethereum is where this project begins to enter the open world and goes into the hands of users; with it, we initialize our core KYC contracts, and enable proof-of-concept of our flagship use cases. Shortly after, the node federation takes over and Shyft Network’s mainnet is deployed. Stage 1 is the culmination of more than three years of development, planning and execution. We survived crypto-winter and proved to our supporters and community that our project is stronger than ever.
What can the Shyft Network community expect?
- The SHFT Token ready for use on digital identity, verification and KYC concepts.
- VASPs who we partnered with enter a second round and are now integrating into Veriscope, the global exchange and institution-governed solution to the FATF Travel Rule.
- The deployment of community incentivization structures, i.e., yield wrapping, liquidity bootstrapping and DAO enablement.
- The creation of the Node Federation as an essential component of Shyft Network’s push towards decentralization
March 24th, 2021: Ethereum <> Shyft Network version 1.0 launch
- The deployment of the first of the Shyft Network Core KYC contracts; this enables trust anchoring, compliant liquidity pool development, coalition and identity creation, and cross chain bridged asset and identity routing architecture to be possible.
- This deployment will focus infrastructure towards the integration of decentralized exchanges, liquidity pools, and existing Ethereum dapps for compliant, opt-in primitives.
- The importance of this infrastructure is that it creates a fundamental development apparatus and initial base structure so that the Defi ecosystem can begin to build FATF compliant endpoints into existing ecosystem utilities and platforms.
June 2021 — Shyft Network launches the Federated Mainnet (Layer 1 consensus nodes will now carry the protocol forward)
- The Shyft Network mainnet is live and the Node Federation takes over the protocol and carries it forward. This is a major milestone in the decentralization of the Shyft Network.
- Once the Node Federation takes over the protocol, the Shyft Network team becomes another member of the community, and will work with partners and new applications to aid in providing developer tools and resources to new entrants. It will also launch educational marketing campaigns to increase awareness of the network and its capabilities.
- VASPS that have been leading governance on Shyft Network through Veriscope, as well as national identity systems and other institutional use cases, will be able to use the attestation infrastructure on the Shyft Network Virtual Machine (SVM). The globally distributed federation will now be active, and support for Travel Rule complying entities globally will now be live for utilization and deployment. Identity use cases and entity to entity data sharing requirements will initially take place on the Shyft Network Layer 1 until data portability and synthetic asset transmission into corresponding Shyft Network contracts on other chains is complete.
- ChainBridge technology, developed in collaboration with Chainsafe, will be deployed between the Shyft Network and Ethereum to support cross asset transmission and minimal cross-smart-contracts operations. This will not link coalitions or data use cases, attestations will not be routable at this stage, only asset transmission.
Stage 2 — Expansion
Additional use cases, e.g., our PerseID Government ID project, will be deployed. The Shyft Network team will also start a community and industry wide education and promotion campaign to bring in new partnerships and developers into the ecosystem.
What can the Shyft Network community expect?
- Staking on the Shyft Network goes live.
- More incentives in the form of community DAOs and grants.
- Technological improvements on the Shyft Network protocol.
- Ecosystem expansion: external use cases and third-party developer use cases begin to deploy and scale the network.
Disclaimer: The plans, dates and other statements contained in this roadmap are an estimation only, are subject to change based on various factors and circumstances, and there are no assurances that they can be fulfilled
- Staking on Shyft Network goes live. Additional community token-based metagames & AMM incentivization is released. The goal is to improve token distribution and prepare the network for scalability and resilience. As an enhancement of Veriscope, the federation initiates discussions and prototypes of opt-in compliance products designed for decentralized finance; compliant DeFi will begin to take shape and aim to enter a new era of mass adoption and user empowerment.
- LP Reward Program is released on Ethereum, allowing a whitelisted subset of participants to get SHFT token rewards for applying their liquidity to specific SHFT:asset pairs on Ethereum’s AMMs. We will be expanding this program and notifying the community on the construction of additional purely-compliant LP pools.
- Another major milestone for Shyft Network is the launch of “Perseid” Government ID Project; the PerseID team has been working with the Government of Bermuda for years and are very proud to deliver technology that aims at improving the life of their citizens. Once launched, the PerseID and Shyft Network teams will look to deploy public grassroots & government-wide marketing campaigns aimed at expanding this particular use case.
- Federation improvements & Shyft Runtime Inflation DAO’s: One of Shyft Network’s core pillars is effective decentralization, and will further promote federation-wide technology improvements to integrate with Shyft Community DAOs. Runtime inflation DAO’s are aimed at creating a solid developer base and the incentive structures that will help it flourish.
- First Alpha iteration on the Shyft Byfrost bridging technology, allowing further economic & reputational finality across blockchains.
- Iterations on the “Compliant DEFI” project, integrations on VASP-scale to allow “passporting” of identities onto the blockchain DEFI applications.
Stage 3 — Continuity
- Further iterations, LP stability, composability standards implemented & used across multiple platforms simultaneously.
- Shyft Node Federation integrates Proof-of-Work checkpointing.
- Further instantiation of “Veriscope”, “Perseid”, “Compliant DEFI” products & cross-product integration, oracle support, management of full cross-chain opt-in identity transactions & composability support.
- Node Federation transitions to ToR-only communication.
The team is ready to push forward and achieve this milestones; this is what we’ve been working towards and are very excited to share it with our community as we enter a new era of decentralization for the project. Join us as we unlock trust, identity, and creditability networks for humanity.
About Shyft Network
Shyft Network is a public protocol designed to aggregate and embed trust, validation and discoverability into data stored on public and private ecosystems, and facilitate information transfer between permissioned and permissionless networks. By incentivizing individuals and enterprises to work together, Shyft Network allows for the layering of context on top of data, turning raw data into meaningful information.
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