CyberVein, the first distributed ledger system allowing for the decentralized management of complex datasets on the blockchain itself, without requiring centralized storage providers, though has been around only for a short period of time, has seen significant growth in the past year.
AMBCrypto got in touch with Jack Ge, the Managing Director at CyberVein, and discussed the journey of CyberVein, the benefits of using the platform, and also the upcoming plans.
There are several distributed ledger system in the current technological space. What makes CyberVein different from the rest of the competition?
Jack Ge: We are not exactly a public chain project. We’re rather a big data solution that’s based on blockchain technology. The first generation blockchain technology focused on how to make transactions trustworthy and the second generation like Ethereum focused on how to make codes and applications trustworthy. Projects after Ethereum are mostly focusing on performance improvements via security, scalability, and decentralization. But we at CyberVein broke free from all that.
Blockchain is not a complete solution but rather a change in workflow. So advancements in blockchain technology do not lie in itself, but it’s in the real world applications and finding the balance between decentralization and finally implementing it in the real-world application. So, we delved into this idea of big data solutions and databases on the blockchain because that’s the source of where information and data came from. By making databases immutable we will ultimately eliminate the human factor in this equation and that’s what makes us different.
What are the main advantages of CyberVein’s DAG integration with POC? How does proof of contribution help its functionality?
The proof of contribution itself is not so different from proof of storage. So we’re taking into account how many contributors in our networks are providing their storage for the network; it’s not that different. And, in terms of the DAG integration, everybody in the space would be familiar with problems with DAG and how they performed on IOTA because of serious security issues. Instead of doing transactions and being a main chain, we use the DAG network for data backup. So it’s basically like an extra layer of safety.
Companies using our databases and our blockchain don’t necessarily have to use the DAG, they can just use their regular day to day backup storage. The reason why our DAG network is different from the rest of the world is that instead of transactions we have data stored and copies of databases stored in ones and zeros; this eliminates the incentives of the hacks. You can still hack us, but you will get just a bunch of senseless ones and zeros and it will be really expensive too.
So what you’re saying is with DAG, CyberVein is aiming to collect, store, analyze a massive amount of information efficiently when compared to others. Is that right?
Well, that’s the original idea that we had back in 2018 but we drifted lightly from that. The goal is still the same, to aim to collect and analyze massive amounts of information in the future, but it’s not just with DAG. Basically, CyberVein consists of three different products, aiming at three different problems. Our distributed database aims for data management – although not so different from your day to day databases, it is distributed and it works well in a distributed environment and that’s aiming for data management. Next, we have a DAG network, that’s aiming for an extra layer of security. And then we have the federated learning platform – that’s aiming for data monetization.
Federated learning is not that different from machine learning itself. It’s rather a change of workflow. So rather than having data collected and on a central server for artificial intelligence training, we have the training process on terminals, like your laptop or your phones themselves doing the training. The data never leave the local terminal which preserves the privacy issue that we are so focusing on nowadays.
What’s the next 5-year plan for CyberVein and what are steps taken being taken to accomplish those objectives?
So far we have finished the blockchain and the distributed database development, but the DAG storage chain is still under testing. We can’t just come up with the POC consensus on the DAG without a lot of testing; you have to be fair in terms of rewards and the maintenance of the DAG chain. So, that will be done in 2020.
In terms of the next five years, there are quite a lot of exciting things planned. We will have the Dubai Expo 2020, which is postponed to 2021; we have a collaboration with Dubai Expo for their ticketing system and we will be implementing our distributed database. It is a good showcase and it’s only through these applications and trial and error that we can improve our technology and actually show the world how blockchain will be implemented and performed in the real world.
Cyber Vein’s native token is currently ranked 130th on CoinMarketCap with a market capitalization of roughly $22.6 million. What steps will be taken by CyberVein to improve its current position in the future?
Frankly, we were ranked a lot higher back in 2017, but the current petition doesn’t actually worry us because 2020 has actually been a really great for us because, in terms of marketing-wise, the token rose up from 300 ish to the current position. That’s a big jump for us. And the step forward will be finding the intricate balance between technology and marketing.
The technology is pretty sound right now and the development is going very well. We already have the mainnet ready, although we haven’t launched it, it’s ready to go. And we have the browser, the blockchain browser, and also we have already tested with two different companies. Everything’s in place with respect to development. There are quite a lot of developments going on in terms of marketing as well. We have many global business collaborations, and we also have organized the million-dollar hackathon globally. This will boost our credibility and get more people to actually hear from us.
When we talk about crypto space, inadequate knowledge about the technologies involved is a major roadblock. Considering someone who is new to the space, how user-friendly is CyberVein?
CyberVein targets two kinds of people – Businesses and Individuals. For businesses, it’s really friendly. So our distributed database workflow, despite being decentralized, the experience itself doesn’t really change the workflow of businesses themselves. They use our database like every other databases. But, despite being actually safer and more compliant because the data never leaves your server, for businesses, everything will be the same, although for individuals it will be slightly different.
In conclusion, CyberVein has had an exciting 2019 and is all geared up with interesting upgrades planned for 2020. From using the most advanced technology to making the interface as user-friendly as possible, CyberVein is proving its potential even in these uncertain times.
CyberVein can be reached here:
Disclaimer: This a paid post, and should not be treated as news/advice.