What is Shift (SHIFT)?
Future of SHIFT Cryptocurrency and know how to buy SHIFT

#1 – What is Shift?

In today’s digital world, there exist elements that threaten the freedom of information that the internet strives to provide. Internet operators in the form of server hosts, governments, and ISPs control the users’ access to the web space. Shift intends to bring an end to this centralized control.

Shift – The Basics

  1. Shift is an open-source blockchain platform that strives to harness the complete freedom to access the internet through its decentralized network. Its primary purpose is to build decentralized applications (dApps).
  2. The company has branded this project as the “first next-gen blockchain” with a superior technology than that of the already existing Bitcoin and Ethereum.

Shift Development

Shift came into the market in August 2015. It became the first ever Ethereum-based alternative cryptocurrency. Ralf S. is the project’s lead developer and the president. The project was created as a response to the challenges of the centralized internet.

 

#2 – What are the benefits of Shift?

Shift Technology

Shift’s technological infrastructure is multi-faceted and unique in its arrangement. It is composed of 5 main elements, as discussed below.

  1. Shift works with the InterPlanetary File System (IPFS) protocol, a peer-to-peer hypermedia distribution mechanism. This is a hash-based file storage protocol functioning on a globally shared network, instead of the HTTP. It stores the developers’ application files through a concept called pinning. Pinning creates an IPFS cluster of Shift peers and stores the files in clusters like these.
  2. Another important segment of Shift’s technology is its Delegated Proof-of-Stake (dPOS) consensus algorithm. It constitutes masternodes and delegate nodes. The latter has the authority to make changes in the blockchain network. The delegates are chosen to be “block producers” through the community’s votes.
  3. Shift uses Hydra as a Content Management System (CMS) alongside the IPFS storage system. Hydra enables the platform to host a variety of content on its decentralized web network. This feature has earned Shift the credit of being the first ever platform offering hypermedia distribution and database solutions.
  4. Jenga is Shift’s Domain Name System (DNS) monitor. It is responsible for examining all the storage nodes that make up the Shift cluster. Furthermore, it removes the nodes that have unhealthy DNS records and regularly updates the storage. It not only creates a dynamic web addressing system but also aids in traffic scaling.
  5. The platform employs double layers to provide Cluster Security for its storage system. The first layer is the blockchain that authenticates the user’s identity and verifies the transaction. The second layer is made of the private keys for registration on the platform and access to the storage cluster. The application finds the cluster associated with the two keys and allows access to the user.

Features

  1. Phantom: This is Shift’s first official and flagship dApp. It has a user interface for file management in the IPFS storage cluster. It allows data pinning and permanent storage. The app also features a wizard for the purpose of web hosting and domain management on a decentralized system.
  2. Sidechain: Phantom currently functions with its pre-beta version sidechain. Its full version will have its autonomous rules and types of transactions. This way, it will offer endless options for storage and transaction. It will be connected to Shift’s mainchain.
  3. Complimentary File Transfers: Shift allows users to send files to all the peers, even if they are not a part of the cluster. This feature is available without any charge.

Transactional Process

Shift’s first application Phantom works as a sidechain attached to the Shift mainchain. The sidechain provides different types of transactions for storage.

  1. Type 10 – Storage Request: The user has to submit a request to store content in a storage cluster. The application allocates a storage space on receiving the receipt in the sidechain and blockchain verification.
  2. Type 11 – Return Storage: If the user has no more use of storage space, he/she can submit a request to unlock their tokens and get the amount refunded to their wallets.
  3. Type 12 – Provide Storage: The user can provide his/her extra storage to the network through a request stating the amount of storage and a Proof-of-Stake backing the request.
  4. Type 13 – Withdraw Storage: This is the same as type 11 in the case of a business offering storage. The company has to follow the same steps to unlock their tokens and return the storage space.

 

#3 – How to buy and store SHIFT?

Shift’s cryptocurrency SHIFT is available for purchase on exchanges like Bittrex, LiveCoin, UpBit, and iDax.

  1. CoinSwitch, as the largest cryptocurrency conversion platform, offers you to exchange your cryptos for SHIFT. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your Shift cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

You can store your SHIFT coins using Shift’s Nano Wallet. It is available for download on its official website. The coins can also be stored in brain wallets.

 

#4 – What is the future of Shift?

  1. At the beginning of 2018, Shift presented its roadmap for the future. The team has achieved a number of objectives in the first two quarters. Some of its finished objectives include:
    1. - Storage Cluster Optimization
    2. - Pre-release of Hydra
    3. - Multiple upgrades in Shift Core from v6.7.1t to v6.8.2
    4. - Decentralized Blockchain Explorer
    5. - Fully stable Phantom sidechain.
  2. The team is currently working on the following priority tasks:
    1. - Phantom API: The development of Phantom API software will enable companies and developers to store as well as interact with the content that they store on Shift IPFS.
    2. - Cross-Chain Automation: Also known as Atomic Swaps, Shift desires to offer the cross-chain transactions in order to create a healthy ecosystem for its users.
    3. - Shift IPFS Cluster Pin Manager: The team is working on creating a replacement for the native tool. The custom Shift IPFS cluster tool will be faster and easier to work with.
    4. - Blockchain Integration with IPFS Cluster: This integration will enable owner verification along with a token count to give access to the storage space. It will also provide a decentralized system of governance.
  3. In addition to these priority tasks, the team is simultaneously working on other developments like:
    1. - Hydra’s Alpha release
    2. - Nano Wallet Update v2.0.0
    3. - Real Time Cluster Communication
    4. - Decentralized Cluster Consensus
    5. - New Consensus Algorithm
    6. - Phantom dApp UI 2.0
    7. - Sidechain Explorer

Also Read: Complete Analysis of Shift | Live Shift (SHIFT) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

1.06

1.16

1.05

1.09

41,109

12,978,500

June 01, 2018

1.94

1.95

1.66

1.83

82,089

23,448,000

May 01, 2018

2.97

3.24

2.82

3.18

633,053

35,595,900

Mar 01, 2018

3.19

3.61

3.10

3.54

1,134,100

37,590,800

Jan 01, 2017

10.33

10.33

8.80

9.33

2,550,540

119,487,000

Dec 01, 2017

2.20

2.33

2.01

2.23

405,212

25,191,100

 

#5 – How is Shift different from other cryptos?

There are a few platforms that offer services similar to Shift’s. Maidsafe and Lisk are some of the major competitors for Shift today. The features that distinguish it from its competitors are as follows:

  1. Shift has developed a custom DNS system in its attempt to merge the old internet with the new decentralized web. This is a feature unique to the platform and gives it an edge over the others.
  2. The use of IPFS storage is also distinctive to Shift’s storage system. It is the first-ever platform to provide a promising hypermedia distribution protocol.
  3. What makes another point of difference is that Shift offers decentralized web hosting, decentralized storage, and decentralized communication, everything at a single destination.
  4. By creating a sidechain for Phantom, Shift is developing a double potential blockchain network. It will then become one of the very few platforms to do so.

 

#6 – Should you invest in Shift?

  1. Shift entered the market in 2016. Its white paper was released after a span of almost 2 years with all the technical details regarding the project. The platform’s usability is reflected in the wide range of features that it offers through its methodical technological setup.
  2. It has been created to target dApp developers and companies. Therefore, an investment in Shift requires a knowledge about JavaScript and dApps.
  3. The team comprises a diversity of blockchain engineers and developers. Shift’s price graph saw a major price boost at the beginning of 2018. It has been sloping downwards ever since. An investment in this cryptocurrency calls for a complete risk assessment.
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