By 2025, our digital universe is expected to generate 463 exabytes of data every day. And that is equivalent to 212,765,957 DVD storage per day. However, most of this data is lying in silos and no one can derive any value out of it. CyberVein strongly believes that data can render value only when it’s connected and collided. This is what the CyberVein network is trying to achieve.
CyberVein intends to interconnect data all across the globe. For this, its distributed ledger system utilizes blockchain, DAG (Directed Acyclic Graph) and federal learning.
Four core competencies of CyberVein
- Direct Acyclic Graph (DAG)- Improves transaction throughput and brings in the efficiency of massive data processing
- Proof of Contribution (PoC)- This consensus form makes it fully decentralized
- Data Protection – Has developed programming language Vein and a virtual machine
- Efficient data interaction – Smart contracts that ensure the data interaction is secure and only a parameter exchange occurs
- Blockchain platform – Ethereum
- Hardware wallet – Yes
- Native token – Non-mineable CyberVein token (CVT)
- Exchange listing- OKEx, Bittrex, Bit-Z, HitBTC
- Crime monitoring and solving Police Force System in the city of Suzhou
- Sea-food tracking and validation in major Chinese ports
- Dubai Expo 2020 information exchange system for all participants
Public network of immutable databases
The CyberVein network promises to allow decentralized management of complex databases that exist on the blockchain rather than any centralized storage providers. The team has improved the DAG ledger design so that the data stored in the blockchain can be traded, connected and transformed to derive knowledge out of it.
What is a decentralized database and why do we need one?
Currently, the blockchain is used to protect and maintain the authenticity of the data stored on it. But CyberVein is trying to create a decentralized database ecosystem where new data can be inserted and existing data can be updated or deleted with admission control.
This could have been achieved solely with blockchain technology. However, its limitations are yet to support the development and operation of highly scalable applications on top of it. To state a few challenges, open-source blockchains are still suffering from longer transaction times, limited transaction speeds, limited block capacities and, limited data storage capacities.
Thus CyberVein is integrating its decentralized database ecosystem with artificial intelligence, 5G, Internet of Things (IoT) and Big Data to define the value that data carries.
What pain points does CyberVein intend to address?
Currently, the data-dependent industries like Big Data start-up companies lack a data support network. Additionally, obtaining data in a legally compliant matter is a high-cost affair. Thus they need a low-cost decentralized construction where throughput is not a challenge.
The medical research companies or institutions produce a humongous amount of data. But this highly private and sensitive data faces the “data island” problem. Due to this, the data is not being shared across departments, companies or institutions.
CyberVein intends to build an incentivized model for both the players so that they can make the best use of accumulated data.
CyberVein design principles
For becoming a fully decentralized data hub, CyberVein had to emphasize on multiple aspects to come up with a sound design principle. That’s because the platform had to facilitate easily accessible operations over data, and that too under the cognizance of centralized authorities.
Personal data rights
CyberVein understands that the platform will be able to onboard data suppliers only when it promises complete personal data rights. And it has been able to inject that into the core with the logic of decentralization. And that’s where blockchain fits in.
With an admission control system using smart contracts, only the federated learning’s operating environment and open-source framework will have the right to define the data access rights.
Public data security
CyberVein promises user privacy protection and data security. As the data is kept local, it is accessible only through the parameters exchange method that is defined in the smart contract. While these parameters are encrypted at processing time, even the user cannot be reversely analyzed. This ensures the information is exchanged only when fairly exchanged.
While it utilizes DAG’s asynchronous advantage to get rid of scalability limitation, it puts smart contracts and its native CyberVein Token (CVT) on the blockchain. This ensures the transactions are secure and promises effectiveness of the smart contract processing. The databases can only be accessed using smart contract functions for which the user has to pay CVT fees and network transaction processing fees. And that is one of the places where CVT finds its utilization.
Read out the “What is CVT?” later in this blog to know more about the token utilization.
Data quality is crucial
Effective quality of data interaction is critical for a decentralized database system. And CyberVein ensures that there is no negative migration and the model is lossless. For this, it is using DAG technology, so that the data throughput of the system supports tens of millions of users.
Cybervein is a decentralized federated learning operating environment that exists as an open-source framework. This allows anyone an opportunity to build a database, smart contract and, DApp to allow users easy access into the database. The platform users are free to create rules around data ownership, create data transaction formats, and build data value conversion capabilities.
All in all, it is a project that focuses on the data economy. And by picking the right technologies, it can span across the different sectors of the economy. As a data conduction model, it renders the data-dependent economy participants an opportunity to easily access the massive pool of datasets from all across the globe.
What is CVT? What renders value to it?
Here is what the CyberVein ecosystem looks like. And the CyberVein network incentivizes its ecosystem players with its native token, CVT.
Storage space contribution reward
On the CyberVein platform, the data is stored in a distributed manner. The designated storage space contributors work under the Proof of Contribution (PoC) consensus mechanism.
The data exchange efficiency is based on the bandwidth of the contributors. When the users pay the fees for storing data, the contributors in the network receive awards (denominated in CVT). The reward percentage is defined by their contribution ratio.
The data owner or holder is required to pay fees for utilizing the space. The fee is paid in CVT and is defined by the size of file stores.
Data modeling applications
In the federal learning platform, the data acquirer trades data with the data owner. The price is pre-agreed and paid in CVT.
Network usage fees
Both the contributors and users make use of GPU power. Thus they are required to pay fees in CVT.
The CyberVein network is a public network of databases that is immutable and does not require any centralized storage providers. This promises to provide a platform where data can be traded to derive real value out of it.
Wherever a vast amount of data is generated or processed, CyberVein finds its place. Whether it’s competitive corporates, government bodies, smart cities, research, and universities, CyberVein promises to offer them a global decentralized data interconnection.
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