In a sea full of blockchain projects centered on data, CyberVein must be doing something right for its token (CVT) to be attracting so much attention. Precisely, it’s been one of the fastest-growing coins in 2020, often gaining value while similar tokens are plummeting.
In this review, however, we won’t just focus on the CyberVein Token. Instead, we are taking an in-depth look at the entire CyberVein project to find out what it’s about. More importantly, explore the features and services, making it stand out from dozens of similar projects.
CyberVein: An Overview
CyberVein started as a project by a Singapore-based non-profit foundation called CV Technology Foundation back in 2017. Then Zhejiang University from China got interested and funded the project to help create a data management solution in 2018. The university established a research center in conjunction with CyberVein called Zhejiang University-CyberVein R&D Center. That said, CyberVein is a blockchain project focused on decentralizing data storage for both public and private enterprises. It’s providing a platform where information can be purchased or shared freely fast and safely.
CyberVein is on a mission to make data credible in the same way Bitcoin made transactions credible or how Ethereum made codes credible.
Unlimited Use Cases
A platform allowing users to share data privately isn’t something new in the blockchain world. However, CyberVein has some pretty interesting use cases that could change how the world interacts with data:
- Immutable Databases
Thanks to the blockchain, people can now share information in a way that can’t be changed. CyberVein emphasizes the level of transparency in its system by noting that not even the company’s team can alter the information.
With immutability in mind, the network stands out as one of the best places for enterprises to trade data transparently. Precisely, a company can buy or sell products knowing that there’s no chance of being tampered with.
- Inter-Connected Databases
The databases on CyberVein are built independently, yet they are easy to connect from one entity to the other. That way, they are easy to reference, monetize, and authenticate at any specific time.
Inter-connectivity is a crucial aspect of database systems. But most businesses have few ways to share their databases safely, at least not until CyberVein came along with a solution.
- Timeproof Records
Data shared through CyberVein doesn’t have an expiry date. That means companies can also use the platform to access previous states of their data when they need it. Fortunately, it’s also built in such a way that accessing data is quick and easy.
- Preventing Data Explosion
According to experts, most companies today have so much data that they can’t cope with it. Worse, they keep recording more information each day and this is projected to continue happening indefinitely.
CyberVein, by virtue of supporting infinite scalability, can solve the problem of data explosion for analytical firms and enterprises. And because it offers airtight security and quick access, these companies never have to worry about data storage anymore.
To be precise, CyberVein helps prevent data explosion by utilizing idle data storage spaces. The disk space, of course, come from independent contributors who can also share part of their bandwidth and GPU.
- Incentivizing Information
CyberVein has an exclusive feature that lets users and institutions share data for CVT tokens. Data contributors get paid for their disk space while enterprises and researchers get enormous volumes of needed information.
The Technology Powering CyberVein
CyberVein taps on three technologies to provide the solution regarding the storage, management and monetization of data: DAG, blockchain and Artificial Intelligence
DAG is short for Directed Acyclic Graphs. It is used to structure data in a topological form but without the limitations of Bitcoin or the scalability problems of Ethereum. It chronologically stores data, hence why it’s becoming popular in industries that collect, analyze, and store enormous volumes of information.
The CyberVein Ledger
CyberVein applies blockchain to enforce immutability, and to strengthen the security of its system. It offers interconnected smart contracts and trust-free transactions.
Similar to all fully decentralized blockchains, CyberVein uses a full node network to keep its platform running. Where users need to change rows or create necessary columns, their actions are mediated by the blockchain.
People and businesses are more aware of their rights to data privacy now than ever before. Governments have also been stepping in to ensure companies are held accountable whenever they collect people’s information.
To ensure the data is used compliantly, CyberVein uses AI, specifically federated learning, to:
- Allow local training of data models, where results of each participant’s data model training are combined, achieve a better result for every participant;
- Allow participants to gain accessibility to other data sets and improve modelling results;
- Allow the network to use the relevant data without compromising data privacy and security issues;
Conventionally, companies combine their databases to form one big database, then they can use the data to train AI models.
The process is strenuous, time consuming and legally challenging. With CyberVein’s federal learning, data companies don’t need to reveal their precious databases. Instead, they can use a labeled matrix system to train models effectively.
Industries that Can Profit from CyberVein
Of course, CyberVein’s use cases apply to a multitude of enterprises and institutions.
- Supply Chain management
By Using CyberVein’s solution, the participants in the supply chain can have credits spread over them, where the core company or banks can help financing the suppliers. By decentralizing the process, they not only save time for all parties but also improve efficiencies.
For many hospitals, their data is often not shared with anyone, which hinders the process of achieving better diagnosis or treatment plans. Obtaining data and the process of structuring data is costly and time consuming. To solve this problem, CyberVein proposes the use of its federal learning technology to put the data from different hospitals to good use without compromising data privacy issues.
Again, research institutions require large amount of data for their researches. These data are often inaccessible or expensive to obtain, which limited the speed of the research processes. CyberVein’s solution allows research institutions to be able to tap into more data sources and data sets, and improves the process of research by using the models results from federated learning. This will greatly help developments such as medical drug development or disease research and other kinds of researches.
CyberVein: CVT Token
CyberVein isn’t just focused on solving data storage needs. It’s also designed to help contributors monetize their information through the CVT token. CyberVein uses smart contracts to facilitate transactions. As a result, contributors don’t have to worry about not getting paid. On the other end, buyers can rest assured they will receive the information they need in the appropriate amounts.
Besides trading, CVT is also the currency used for all other transactions on the CyberVein network. For example, research firms that want to tap on the GPU disk space provided by contributors will have to pay for it using CVT. In turn, the providers get paid based on how much disk space they offer.
Proof of Contribution (POC)
CyberVein uses the Proof of Contribution consensus mechanism to incentivize the participants. POC is a more energy friendly, faster alternative to the Proof of Work (POW) consensus that some blockchain projects use. With POC, nodes verify transactions, and contributor will receive CVT token depending on the resources they contributed:
- Data uploaders uploads information but pays a fee based on the storage space used, the fee goes to the contributors of the storage space.
- Data acquirer can exchange the data that he needs by gaining permission from the data owner and also pays a fee using CVT tokens.
- Other resources such as bandwidth and GPU can also be used, the fee depends on how much resources are used, and the fee will go to the contributors of the resources
CyberVein is a decentralized platform designed to unify the storage, management and monetization of data through the blockchain, DAG and AI technologies, which solves the issues with scalability, speed and privacy issues.
With the help of smart contracts and its CVT tokens, CyberVein hopes its system can provide a one-stop-shop solution for all issues related to data. Let’s make data credible!
CVT is currently listed on Bittrex Global, OKEx, HitBTC, ZG-Top and BitZ.