Shyft’s 2022: Our Year of Growth

Another year is coming to its end, and what a year it has been — one like no other in the over-decade-long history of cryptocurrencies. As hard as it is to say, this time is actually different. Not only did it test our resilience, focus, and determination, but it also rewarded us for all our perseverance.

Despite the ups & downs and almost back-to-back hacks, rug pulls, collapses, crashes, etc., crypto enthusiasts and supporters remained steadfast in their belief that digital assets will continue to change the world for good. We continue to move forward through the calamities, the coldest of all winters, and do whatever it takes to see our mission of global adoption complete.

Amid all the challenges the crypto industry has been facing in 2022, Shyft Network continued driving discussions with governments, regulators, and key stakeholders to strengthen the future of the entire crypto ecosystem and ensure that regulation of the space does not obliterate the ethos that drove us to innovate in the blockchain industry.

The immense failures resulting from over-leveraged counterparties have led to the reality of accelerated pressure. Being in a position to guide policy and regulation, the most critical job for us is to ensure that failures are defined independently at all costs and regulations — stipulated adequately.

There is a great risk and an opportunity in front of us, while the timeline has drastically accelerated. We will do whatever it takes to ensure our mission is accomplished as we continue to ensure that open, decentralized, and censorship-resistant protocols can continue to build a better future, even when regulations are required.

Now, let’s look at what we achieved in 2022 in a bit more detail.

Strategic Partnerships

We inked many partnerships in 2022 and onboarded many Virtual Asset Service Providers (VASPs) on Veriscope, which includes DLA Piper, Cointelegraph, etc. Veriscope also went live on the Mainnet this year, endorsed by Binance, Bitfinex, Tether, Huobi, Moonpay, Deribit, Gate.io, and more.

A String of Critical Developments

Keeping in mind the Shyft community and our end users, we undertook many critical changes this year. The most significant development of the year was the launch of Shyft DAO, which was formed after the Shyft Community voted in favor of it.

We also rolled out many new features in line with the demand from VASPs, which include Address Proofs, IVMS Validator, Veriscope State Machine, and more.

Growing Shyft Family

Increasing the scope of Shyft Network operation demanded changes and expansion in the team. We surrounded ourselves with top professionals — Malcolm Wright (Head of Strategy), Irena Mihova (Chief Marketing Officer), Nilang Vyas (Head of Technology), and Bryan Bishop (Core Development Team).

The Community: Campaigns & Growth

In the midst of all developments, we kept growing and educating our community; we launched a series of initiatives where education was combined with a dose of fun. We celebrated the Lunar New Year together, learned for almost two months about everything Veriscope, and recently hosted Shyft Special Competition for Creatives & Shyft Network’s Holiday Raffle.

One of the most impactful series we launched this year was Veriscope Regulatory Recap, which today has become one of the most insightful weekly newsletters in the crypto regulations space. Some of our best blog posts this year included:

• Shyft Veriscope: The Critical Infrastructure underpinning FATF Travel Rule

• OECD Releases a Tax Reporting Framework for Crypto Derivatives, Stablecoins, and NFTs

• SEC Head Honcho Gary Gensler Double Downs on Demand for Strong Crypto Regulations and Investor Protection

• Why IMF Calls for Regulating Crypto?

• Shyft Network Partners With Cointelegraph to Throw Light on Growing Institutional Demand for Cryptocurrencies

Looking Forward to 2023

Entering 2023, the crypto industry is likely to experience further regulatory headwinds, but in the end, we will come out more robust than ever.

Happy Holidays and New Year! May we travel beyond the horizon!

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Shyft Network powers trust on the blockchain and economies of trust. It is a public protocol designed to drive data discoverability and compliance into blockchain while preserving privacy and sovereignty. SHFT is its native token and fuel of the network.

Shyft Network facilitates the transfer of verifiable data between centralized and decentralized ecosystems. It sets the highest crypto compliance standard and provides the only frictionless Crypto Travel Rule compliance solution on the blockchain while ensuring user data is protected.