Introduction

There is a new buzzword in the tech industry with which investors have developed an affection towards. Web3 is the next evolution of the internet, built on top of blockchain technology. It allows for decentralized, peer-to-peer transactions and data storage, giving individuals more control over their data and transactions. This is made possible through the use of smart contracts, which are self-executing contracts with the terms of the agreement directly written into lines of code. 

Blockchains have executed more than 100B transactions, generating tons of data. Each blockchain has its own way of storing, creating and reading that data. It is almost impossible for a developer to understand the nitty gritty of each one separately. Shyft aims to provide a standard way of interacting with multiple blockchains . thus assisting the developers in  saving development costs and time.

Shyft is a web3 development platform enabling developers to build on multiple blockchains through a single unified API. They provide a standard way of accessing data from  multiple blockchains, so developers don’t have to go and understand each ecosystem’s protocols and nuances separately, they just have to understand Shyft. This significantly reduces their development cost and time. When developers want to ship faster, they use Shyft.

The co-founders, Vishesh Gupta, Girish Nayak and Ishkaran Singh, are a unique blend of technical skills and experience that they cumulatively bring to the table. Vishesh Gupta, M.Tech in Computer Science from Jaypee Institute of Information Technology, prior to starting this company worked as a software engineer at Ubisoft, Amazon and Playment. Girish Nayak holds an M. Tech in Electrical Engineering from IIT Bombay and before joining this company he has worked as an engineer at IBM and co-founded Rhyme Technology. The third co-founder, Ishkaran Singh, B.Tech in Computer Science and Engineering from RBIEBT, previously worked with Ubisoft, did research at IITB, founded Psycho store, an online D2C apparel brand and worked as a founding engineer at a motion tech startup.

The founders are building a global product here. While the other countries are embracing Web3 technology, the market for this is gonna get bigger over the coming years.

Market Opportunity

The market for Web3 technology in India is currently in its early stages of development. However, there is a growing interest in the potential of decentralized applications and blockchain technology among Indian businesses and investors. The Indian government has also expressed support for the development of the Web3 ecosystem in the country, with initiatives such as the establishment of a blockchain district in the city of Hyderabad. Additionally, the number of blockchain development start-ups and projects in India has been increasing in recent years. Overall, while the market for Web3 technology in India is still relatively small, there is potential for significant growth in the future as the technology becomes more widely adopted.

100X Thesis

Shyft founders are building a frictionless API platform for NFT integration which has a scalable model and the founders have a clear roadmap and execution strategy. The opportunity within the Web3 space is growing steady with fewer offerings in the market. SHYFT founders have an advantage by moving in first with execution while there are a few other players attempting to build the same. 100X is confident in the ability to build a network effect with the founder’s ability to build a seamless platform.

Conclusion:

The Shyft team comes with a unique blend of experience and technical expertise to make Shyft a platform that becomes the AWS for Web3 technology and enables businesses to develop on multiple blockchain through a single unified API. One API to rule them all.