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Shyft Network Announces Partnership With PARSIQ

Shyft Network Announces Partnership With PARSIQ
  • Shyft Network and PARSIQ announce their partnership.
  • PARSIQ is the first to introduce smart triggers to the crypto world.
  • Shyft further announced it would become an ‘identity layer’ for DOT’s network.

Shyft Network, a public blockchain aiming to bring ownership of data back to the people, announces its partnership with PARSIQ. Of note, PARSIQ is a company connecting on-chain and off-chain systems via smart trigger. The latter aims to provide a key piece of tech in offering real-time notifications on transactional data processed on-chain.

To explain further, smart trigger is a set of commands in the database that prompts notification when certain changes happen to data. With the whole world starting to adopt blockchain, both Shyft and PARSIQ are excited about their technical integrations.

Tom Matta, PARSIQ Head of Business Development commented,

Digital identity authentication and verification is core infrastructure for the future of multichain DeFi, and PARSIQ is excited to create smart triggers to protect users and platforms.

Moreover, Matta explains PARSIQ’s position as a push-based data system is very valuable for protecting digital identities. Also, this trigger can be structured as alarms. Hence, if a user identity is compromised, PARSIQ monitors strange activity and provides real-time updates to users.

It should be noted, BinanceX invested in PARSIQ in 2020 and it recently announced a Layer1 integration with the Polkadot Relay Chain. It is the first to introduce smart triggers in crypto world, creating endless ways to interact with real world applications.

Meanwhile, Binance chose Shyft to help address the FATF ‘Travel Rule’. Apart from this, Shyft Network recently announced that it would become an ‘identity layer’ for Polkadot’s permissionless blockchain network.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.