SHIFTCoin Synopsis (January 7th, 2018):
*If you like this review, follow the official Telegram chat at t.me/CoinEducation*
So, a lot of people have been asking me about $SHIFT. I’ve seen it shilled by all of the big ‘influencers’ to no end, so I felt this was a good coin to look through.
The first thing that I did was Google ‘shift coin’
I immediately noticed a website called — www.shiftnrg.org
Okay, it’s a .org — nonprofit? Still doing research here.
On the website it has the following phrases:
“IPFS storage layer”
“delegated Proof-of-Stake consensus”
“IPFS content management”
“no single point of failure”
“build Web 3.0”
These terms are rather vague, so I went to do some more digging.
I scrolled a little lower and found this on the site:
Sounds very legitimate and useful, but in my opinion the biggest challenge I can already see is this coin attempting to differentiate itself from Ethereum, LISK and QTUM, which are both based on the same premise of having a structured blockchain that allows individuals to build apps on the chain itself.
Here’s more from their website:
For those that are unfamiliar with the term ‘IPFS’, it stands for “Interplanetary File System”. Here’s the definition below (from Wikipedia — I know, but they’re actually pretty reliable these days)
Okay, that’s settled.
Let’s move on here:
This is where I see the idea of $SHIFT actually shining a lot. Sidechains are something that is technically possible on the Ethereum blockchain, but not scalable in my opinion until they’re able to finally implement their Plasma update. However, this does not mean that there is no competition. Once again, as mentioned earlier, LISK has successfully integrated this feature into their blockchain (see below)
So, this means that LISK is going to be a strong competitor.
$QTUM also is LOADED with potential and is looking to crash into this same sphere, making them another huge competitor. Check out the picture below:
Thus far, the biggest issue I see for $SHIFT to hit regular adoption would be to find a place to exist among its competition. This is far from impossible. The market may also evolve into a situation in the future where $SHIFT doesn’t need to necessarily ‘beat’ the other coins. There may be enough market share available for ETH, QTUM, LISK, and any other similar coin to exist and have their own niche of customers. So, please do not take this as me saying that $SHIFT is doomed. They aren’t, by any means.
— –WHITEPAPER — —
I tried to look for their whitepaper to find more information, but I couldn’t find anything.
This is what I found:
So, the whitepaper isn’t released yet at the time of me writing this, as you can clearly tell from the picture above. I can never be bullish on anything without a whitepaper out of principle. That reveals all of the gritty details down to the minutiae that we can really dissect in order to figure out the truth about a particular coin.
I looked up more information about the coin and here’s what I found on a subreddit, so take it for what it’s worth:
“Some random quotes from devs and community members I’ve collected are below. They aren’t nec my own opinions, but they provide a rough understanding of what SHIFT’s up to I think.
— Phantom is the flagship “product” (I guess you could call it a dApp) but I don’t believe the primary purpose is to act as an SDK. The primary purpose is to act as the gateway to the Shift network. Shift’s focus is decentralized hosting and Lisk’s focus is dapps and sidechains, although since they’re based on the same codebase, in theory they could each do both. … the teams have different focuses and different goals. Shift and Lisk have contributed to each other to make the codebase the better in the past, it’s not really a competition. … Shift is focused on decentralized hosting and is not a direct competitor with Eth. Also a big differentiation is the use of IPFS, which I don’t think has been done before in crypto.
— Decentralized Web (like maidsafe), + decentralized storage (like siacoin), + decentralized smarts contracts (like ethereum and lisk), all in one, but the first to implement IPFS in a really successful way, there are many other features
— If we don’t encounter too big bumps in the road, we will release a first version of Phantom at the end of Q2 on testnet!!
— Hosting websites at servers, p2p connected
— Shift is kind of like maid, only without encryption and tor, but it will be available under normal DNS, so shift will be better for adoption. The other ‘competitors’ ignore the fact that over half the webs traffic is mobile also. Shifts scalablity is huge using lisk codebase, nothing else could really be more perfect for a decentralized internet solution in my opinion.
— Decentralized hosting solution in parallel of a decentralized application platform. With IPFS, you can pin content that you want to see hosted forever … the blooming of Web 3.0 with an ecosystem built in from the get go, which SHIFT is the spearhead of. No single point of failure, freedom of creation, built-in payment system.
— An easy way to describe it is that we are trying to build a parallel Internet for decentralized content distribution.”
This is a very brief overview, but I just wanted to distribute (no pun intended) any and all knowledge that I have.