The paper describes a novel Directed Acyclic Graph (DAG) ledger design, optimized to store and process vast amounts of data. According to CyberVein, its DAG network will be able to “record multiple datastreams in structured, highly complex databases which can be processed, queried, and manipulated in real-time by several parties in a trust-less global network.”
“Maintaining databases with qualities that we normally attribute to blockchains – meaning immutability, security, and transparency – makes enormous sense in a variety of industry, research, and governance use cases. However, blockchains as we know them today simply aren’t fit for this task. This is the problem CyberVein attempts to solve” (Arthur Yu, CyberVein Founder and Project Lead.)
To render DAG technology applicable for the task of carrying heavy-duty distributed databases, CyberVein introduces a storage-centered consensus algorithm (PoC) and a contracting language optimized for data management.
“Our Proof-of-Contribution (PoC) consensus algorithm incentivises nodes to donate storage capabilities to the network. Since disk-space is a scarce resource, just like CPU\GPU processing power, PoC is able to secure our network in the same way Proof-of-work secures traditional blockchains. However, while PoW wastes CPU resources, our algorithm makes good use of the storage provided. As a bonus, PoC is also much harder to centralize. We’re positive that PoC is the most efficient and fairest consensus algorithm for DAGs to date.” (Arthur Yu, CyberVein Founder and Project Lead.)
On top of database-specific functions, CyberVein’s contracting language also provides means to directly monetize data.
“We want to incentivise data-collecting entities to share and interlink their datasets. Therefore our modified Solidity version includes functions that allow data owners to directly define the value of their sets. This essentially results in a cryptographic paywall, however the data behind this paywal is guaranteed to be immutable, time-stamped, and back-traceable, which increases its overall value” (Jerry Ning, CyberVein Founder)
CyberVein compares its network to an “Internet of Data”, stating that “Just as the Internet is a public network of networks, CyberVein is a public network of immutable databases, on which information can easily be traded, interconnected, and transformed into knowledge.”
“Players in the global market often need to share information and rely on data they pool together. Supply chain management is one obvious scenario, but there are many more. This can be very problematic if these players have good reasons not to trust each other. Immutable, decentralized databases solve this gracefully. Nonetheless, our vision is far bigger than that. We seek to interconnect the data that runs the world and serve as a link between research, smart-administration, and industry” (Ansel Ko, CyberVein Founder)
Beside industry use-cases, CyberVein is especially interested in creating decentralized data-management solutions for Smart Cities, collaborative research, and data in the public domain.
“The amount of data Smart Cities and Smart Governments are projected to collect is enormous. Allowing this data to be locked up undisclosed is very dangerous. We want to make sure that no one can temper with this vast pool of information, manipulate it, or use it against the public. CyberVein’s decentralized databases would make this essentially impossible.” (Arthur Yu, CyberVein Founder and Project Lead.)
CyberVein develops decentralized database solution on top of DAG distributed ledger technology.
Read more about how CyberVein improves DAG legers – //www.cybervein.org/post/explaining-cyberveins-technological-innovation
Read more about how and why CyberVein puts entire databases on the blockchain –
Official website: www.cybervein.org