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- Algorand Ecosystem and Shyft Network collaborated to Implement an identity layer for the users and DApps on the Algorand blockchain.
- Both will work together ahead both technically and ecologically to attain Institutional, Government, and also regulatory level use cases.
Chris Forrester, the CEO, and co-founder of Shyft Network, recently reported the Shyft network would merge its application cases, design, and smart contracts into Algorand. The two companies will combine and work together ahead both technically and ecologically to attain Institutional, Government, and also regulatory level use cases.
W. Sean Ford, the COO of Algorand also shard high expectations and thoughts for this cooperation, he shared an optimistic review stating that Algorand is very honoured to work with Shyft Network which the company aims to bring innovative solutions and responses for data integration, verification and trustworthiness to the Platform, the Algorand identity layer spectrum is said to improve all DApps on Platform.
This collaboration officially announced by Shyft in a medium post on 24 January 2020. This collaboration was mainly conducted to implement and provide an identity layer solution for the growing Ecosystem. Shyft Network is said to effectively implement online trust by putting up framework protocols with coded interaction rules for the digital ecosystem.
Algorand Ecosystem Identity Layer
With this joint operation, the Algorand’s next-gen decentralized DApps is said to achieve functional expansion and further empower its platform users. In practical working and applications, It has the required security and scalability advantages with the further upper hand that can provide authentic identity authentication and compliance covenanted for enterprise-level applications.
The upgraded Algorand 2.0 can issue standardized asset creation, atomic transmission, and smart contracts directly on Layer 1, considerably swelling the criteria of DApps and managing functions that can be generated on the platform.
Shyft Network ‘Byfrost’
Shyft Network is said to refine and improve the user experience of the platform. Using subjects and cross-chain applications in which the users on the platform will be able to integrate, see, and take command on all DApps and protocols related to their Algorand identity.
To gain this user experience, Algorand’s DApp developers will be required to conduct cross-protocol transactions and data transfers through Byfrost, the linked building of the Shyft Network, including identity oriented data transfers and via atomic switches Encrypted asset transfers.
From a global company perspective, banks and institutions based on side chains can also use the functions mentioned above to gain the necessary identity authentication need and requirements of enterprise-level institutions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
