The two organizations will work together to strengthen user identity on the Shyft Network, which aims to return data rights to users. In recent times, both businesses have seen strong growth in their respective sectors.
In an age where identity fraud has become a real problem, Shyft Network has started to develop technologies that aim to secure user identity. Its credentials validation program allows senders to verify their identities and opens up new trustworthy economies.
Shyft has drawn a number of significant investors and clients from around the globe. Binance, the world’s leading cryptocurrency exchange, has become one of them.
The Shyft Network was chosen by the Changpeng Zhao-led enterprise to assist with the FATF Travel Rule, which allows financial companies to exchange user information while managing digital asset dealings. It officially stated that it would eventually become an identification layer for the renowned Polkadot blockchain network.
Via its Smart Triggers technologies, PARSIQ, on the contrary, has managed to succeed in linking on-chain and off-chain networks. As a result, blockchain developers will build endless potential in real-world implementations for a reasonable price.
The duo is a perfect fit because they are both working to determine the course of decentralized finance. PARSIQ’s Smart Triggers enable DeFi systems to automatically adjust for off-chain triggers, while Shyft’s identity system helps users to validate themselves and secure their identification in a streamlined methodology.
Tom Matta, PARSIQ’s chief of business growth, said “Digital identity authentication and validation is central technology for the future of multichain DeFi, and PARSIQ is interested in building smart triggers to secure users and platforms.”
He further stated:
“PARSIQ’s position as a push-based data system is very valuable for protecting digital identities because our triggers can be structured as alarms. If a user identity is compromised or under attack, PARSIQ can monitor for strange activity and provide real-time updates to users and platform compliance teams.”
Juan Aja, co-founder of Shyft Network, is equally positive about the relationship. “We are a decentralized network, and we are always on the lookout for innovative and effective resources that will allow our development team to do much on the Shyft Network,” he said. Our identification and compliance-related alliances are a perfect match for PARSIQ’s technology.”