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Shyft Network
Shyft Network
Telegram
16 Jun 2023, 00:07
๐๐š๐ซ๐ญ-๐Ÿ: ๐“๐ซ๐š๐ฏ๐ž๐ฅ ๐‘๐ฎ๐ฅ๐ž ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐œ๐ž ๐‚๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ ๐Ÿ๐Ÿ” Continuing #DiscoverShyft from where we left off, now let's explore the obstacles VASPs encounter while complying with the #TravelRule. Ready? Letโ€™s go! Shyft Discover ๐Ÿ•ต๏ธโ€โ™‚๏ธ๐Ÿ” The most significant challenge is identifying counterparty VASPs and verifying their details. To combat this, Shyft Discover, the first half of Shyft Veriscope, enables VASPs to auto-detect counterparts using crypto wallet addresses. ๐‚๐จ๐ฎ๐ง๐ญ๐ž๐ซ๐ฉ๐š๐ซ๐ญ๐ฒ ๐•๐€๐’๐๐ฌ ๐Ÿ”„๐Ÿ’ก In the context of the Travel Rule, a counterparty VASP refers to the recipient entity in a transaction. For instance, when crypto is sent from Exchange A (originator VASP) to Exchange B, Exchange B is the counterparty VASP. ๐Œ๐ฎ๐ฅ๐ญ๐ข-๐ฎ๐ญ๐ข๐ฅ๐ข๐ญ๐ฒ ๐Ÿงฐ๐Ÿ”„ Shyft Discover even verifies that VASPs control the wallet addresses they claim to. Interesting, isn't it? Well, Shyft Discover's utility doesn't stop there. From Identification to Decision-Making ๐Ÿ“š๐ŸŽฏ Shyft Discover allows #VASPs to identify counterparties at a legal entity/jurisdiction level and decide which parties they're willing to share data with. Consider it a #decentralized, verified directory for VASPs. Whatโ€™s Next? ๐Ÿ“ˆ๐Ÿ”œ After successfully completing #VASP discovery and verification with Shyft Discover, the next step is to securely share user data to comply with the #TravelRule. This is where Veriscope Share, the other half of Shyft Veriscope, comes into the picture.