Sirlibz
Covalent has announced that it is partnering with Shyft Network, an open source blockchain protocol that allows encrypted, attested and secure data transfers while allowing people to develop applications and infrastructure for global citizenship, trusted data and regulatory-compliant privacy.
Shyft network allows data exchange or transfers from the owners of data (Data owners), those who hold data (data consumers). Through this partnership with Covalent, it will leverage the additional data source that will validate the actions of wallets to ensure they are not used for illegal purposes such as money laundering or any other activities pertaining to fraud. Shyft hopes to leverage Covalents ability to provide granular, it will also boast the reliability of Shyft Network and compliment the institutional Defi offering that Shyft is approaching the market with.
Shyft Network is filling an important gap in DeFi in that users need secure data transfers. Through Covalent’s ability to provide full historical context of blockchain data at a granular level, along with Shyft Network’s infrastructure, this partnership represents a step toward validated and trusted data for both users and projects. Covalents CEO,Ganesh noted.
Shaft network provides solutions that are thought of as web 2.0 and 3.0 0 -Auth2-type interface with 2FA applications, the network aims at minimizing entities that have in their possession detail or data of individuals Via the provision of an attestation framework that enables data validation and presents optionality around data availability and sharing.
We have spent the past three years building a protocol that would allow users to embed trust and validation into data. By partnering and integrating with Covalent, we can offer users a reliable way to increase data integrity and usability. We strongly believe that current decentralized finance offerings are falling short of the quality and reliability that users should get; with strong, data-backed identities, users and projects can better manage counterparty risk. Ultimately, we envision a DeFi realm that can fully compete with centralized and traditional finance products, and offer better solutions to society. Juan Aja Aguinaco, Co-Founder of Shyft Network said.
About Shyft Network
Shyft Network is a public protocol designed to aggregate and embed trust and validation 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. To learn more, visit www.shyft.network.
About Covalent
Covalent provides a unified API to bring full transparency and visibility to assets across all blockchain networks. Covalent’s proprietary technology enables a “no-code” solution that solves a vast array of use-cases for wallets, exchanges, custodians and taxation amongst others. The API allows easy access to data that is normalized, unified and granular.
