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Algorand Partners with Shyft Network to Further the Evolution of Online Trust Applications

Bridgetown, Barbados, January 21, 2019 - Shyft Network, a blockchain-based data aggregation and identity network, announced a partnership with Algorand, a recently launched high performance blockchain platform designed to enable real-world applications, to act as the identity layer for the growing Algorand ecosystem. Shyft Network enables online trust by applying consent frameworks and codified rules of engagement to digital ecosystems, Algorand users will benefit from expanded functionality of the next generation of decentralized applications (DApps).

The Algorand blockchain offers dependable privacy and scalability, making it useful for enterprise systems for identity and compliance. Algorand recently announced Algorand 2.0, a major layer-1 protocol upgrade that significantly expands the range of Dapps and processes that can be built on the Algorand platform.

“Shyft Network will be bridging our use cases and smart contracts to Algorand to act as the identity layer for the Algorand ecosystem. Together, Shyft Network and Algorand will work on institutional, governmental, and regulatory use cases, including Shyft Network’s FATF Travel Rule compliance framework, leveraging the technology and teams behind our networks,” - Chris Forrester, Shyft Network Co-Founder and CTO

Shyft Network as an identity layer for the Algorand ecosystem will improve user experience both within use cases built on Algorand, and for cross-chain applications, as users will be able to consolidate, view, and manage engagement across all DApps and protocols that touch their Algorand identity. To enable this experience, Algorand DApp developers will be able to use Shyft Network’s bridging infrastructure, Byfrost, for cross-protocol transactions and data transmission, including passporting of identity-related data (consent/availability of offchain source data, etc.) and token...