Welcome to the Shyft Veriscope docs site

Shyft Veriscope is a decentralized, enterprise-grade solution for Virtual Asset Service Providers (VASPs) to meet the FATF’s Travel Rule requirements for Virtual Assets (VAs).

Shyft Veriscope is comprised two components: Shyft Discover and Veriscope Share

  1. Shyft Discover solves for “who provably owns a destination wallet address?” (i.e. address attribution as well as Know Your VASP)

  2. Veriscope Share solves for “how to securely transfer user data between VASPs” before a transaction takes place on-chan

General transaction flow

  1. Originating VASPs (oVASPs) post attestations to the Shyft Network. Each attestation is a representation of a customer withdrawal request.

  2. VASPs on the network listen to attestations and initiate a peer-to-peer response/dialogue with the oVASP when they find one that’s to a destination address that they own/control. This can include a proof-of-address-control so that the oVASP is in no doubt that the bVASP is the controller of the destination address. This is important as it prevents user data from being sent to the wrong VASP.

  3. From that point, there is a back and forth exchange of data between the VASPs via a secure https channel between VASPs. At a high-level, the data that’s transferred includes:

    • Signature data

    • Encrypted IVMS

    • Address proofs

    • Accept/reject messages (after all name/wallet screening has been done)

At that point, the oVASP can then make a decision whether to broadcast the transaction on-chain.

KEY TAKEAWAYS

  1. Address attribution is done at an entity level

  2. No requirement for end-users to select who the bVASP is

  3. Address proofs prevent data from being sent to incorrect counterparties

  4. No intermediary storage or servers are involved. VASPs host the entire solution.

  5. All information and accept/reject messages are shared before a transaction takes place on-chain

How can VASPs get onboard?

To become travel rule compliant and start using Shyft Veriscope, VASPs must implement a solution that enables the following:

  1. Post attestations[1] and determine who controls a hosted wallet address (address attribution)

  2. Listen to attestations on wallet addresses under control

  3. Respond to attestations via a secure peer-to-peer data transfer channel and:

    1. Attach a Proof of Address Control (PoAC) proof

    2. Share encrypted KYC/IVMS data

    3. Accept/Reject transactions

Please refer to our Checklists for additional information on what’s required.

How much does it cost?

As with all blockchains, there is a cost to post data on-chain. Shyft Network is no-different and there is a gas cost to post data on-chain. Data posted on-chain includes a) VASP profile information and b) attestations.

Besides transaction fees, there is no ongoing cost to use Shyft Veriscope. Veriscope Share - our solution for sharing data between VASPs - is free to use.

Thus, the total cost of running a travel rule solution on Shyft Veriscope is ~ number of transactions times cost per transaction. Check our mainnet block explorer for a current indication of on-chain transaction costs.

1. An attestation is a representation of a withdraw/transfer request to a destination wallet address