AMA Recap: CVNT Mainnet Starts The Next Era
1. To begin with, we ask today’s guest to briefly introduce himself and the CVNT public chain, and the current stage of the project?
Hello, everyone, I am Neo Wang, the head of CVN Foundation. CVN Foundation is a public chain development team after 4 years. Those who know us probably know that we upgraded from CWV1.0 public chain and merged with the original CVNT of YYeTs, and then changed our full name to CVN conscious value network.
CVN (Conscious Value Network), as the underlying facility of the blockchain Web 3.0 world, completed the upgrade of consensus, governance and storage solution at the end of 2020, adopting the original VRF consensus master chain, overlaying PoSt consensus, and supporting both traditional HTTP interface and IPFS file transfer protocol.
Relying on an efficient, secure, low GAS fee, relatively more decentralized and more credible main chain, it can provide a stable mainnet, technical support and developer tools for DAPPs and more decentralized application developers on the ecological scene application platform. Thus, every user/developer can equally enjoy the value of the feed, and its excellent high-speed road network can also smoothly carry all kinds of rich functions (applications) running. This largely improves transmission quality and provide a complete PoST time-proven decentralized storage solution that enables large user volumes of high-frequency-used decentralized DAPPs, and enables real-time decentralized storage of any personal public and private data such as users’ assets, numbers, transaction hashes, etc. The end is to achieve a revolutionary disruption to Web 2.0.
After 4 years of hard work in development and operation, the public chain debate made us feel the strong short-term competitive pressure and development path problems. We clearly realized the difficulty of user migration and information data silo problems that may be faced by developing a public chain alone. So from 2020, we started to study the decentralization advantage of using VRF high-speed independent public chain, but at the same time, we could leverage the existing network ecology and trust of Ethernet. We adopted Rollup;s technical solution to build the CVN public chain into an off-chain network of the Ethernet layer2, so that the transactions within the layer2 network itself are more credible, and at the same time the transactions and data are synchronized to the Ethernet nodes to complete the verification of transaction data, so that everyone can have more trust in the transactions and assets.
CVN Conscious Value Network is a new paradigm of Web3.0, combining the independent high-speed decentralized network of VRF public chain and the security and trustworthiness of the public chain network under the Layer2 chain of Ethernet, while carrying a new positioning of decentralized storage + BaaS operating system + ecological scenario application platform; Ay the same time, the independent nodes of the Layer2 network are expanded to a maximum of 2100, maximizing degree of decentralized consensus and governance.
In response to the problem that the POC consensus-based Filecoin storage network can only carry inefficient transaction demands, the PoST time-proven decentralized storage solution overlaid on the high-speed Layer2 network with CVNT VRF consensus algorithm is more adaptable to the upcoming Web3.0 era’s demand scenario of decentralized storage for large user volume applications.
The CVNT mainnet has been developed and already launched HUOBI GLOBAL trading mainnet coins. Recently, we have just completed the upgrade of the economic model and will soon start the mainnet super node and verification node mining. Furthermore, we will soon start the process of CVNT storage space P disk mining.
2. What consensus mechanism is used in the CVNT public chain? What are the reasons for the choice of consensus mechanism?
Much of the focus of the public chain debate has centered on the consensus mechanism. Bitcoin’s proof-of-work mechanism achieves complete fairness, but at the great expense of efficiency. Other later consensus mechanisms have significantly improved efficiency while sacrificing fairness to varying degrees.
No matter which consensus mechanism we come up with separately, there are always reasons to challenge and question it. The choices each public chain makes now are all about reaching what they consider to be the ideal balance. Whoever can follow the course of development and get closer to this balance point will have a better chance of winning in this battle of the public chains.
Currently, CVNT adopts a truly decentralized and original consensus mechanism — VRF consensus main chain + DAO governance, scaling nodes to a maximum of 2100; overlaying PoSt consensus, supporting both traditional HTTP interface and IPFS file transfer protocol — -Layered to achieve ledger consensus and proof-of-storage consensus, building out a fast and stable blockchain underlay.
3. What are the advantages of the newly upgraded CVNT mainnet compared to other public chains in the industry today?
This is a very good question, our advantages are 6 points
1. VRF consensus algorithm + DAO governance + decentralized storage + scenario application platform.
We believe that an efficient public chain should be supported by a strong ecosystem and DAPP user base. Therefore, with a new positioning, CVN Conscious Value Network aims to solve the problems of low decentralization of existing blockchain Web3.0, weak decentralized storage cloud services, lack of landing scenarios, high development difficulty and over-reliance on fees.
The CVN Conscious Value Network provides account/authentication, storage clouds, asynchronous communication and program scheduling on tens of thousands of CPUs or clusters. The technology in its final form manifests itself as a general-purpose grade blockchain storage cloud + BaaS platform + DID upper application Dapp platform that can support millions of transactions per second, smoothly carrying all kinds of rich functions (applications) on the run, landing commercial grade decentralized applications at true scale while also supporting the migration of current connected projects and the digitization of traditional physical enterprise assets, including the integration of BaaS technologies needed to integrate into their own business, ultimately driving the revolutionary evolution of Blockchain Web 3.0.
2. Decentralized storage cloud
CVN’s decentralized cloud prioritizes the sovereignty of the individual for the benefit of the people, rather than the world’s wealthy elite and rent-seekers. Anyone can mine their own storage space and rent it out. CVN’s decentralized cloud can be thought of as Amazon Web Services or Google Cloud, decentralized data/storage services capable of supporting enterprise and complex DAPPs, but it is not a company that controls the flow of data, rather anyone can participate in the process. This is exactly the inevitable evolution of Web 3.0 delivery of web services.
Blockchain technology should, in general, be seen as a distributed database system. This means that a large part of the world’s data could potentially be stored in such a system, just like traditional relational databases and the recently emerging cloud databases.
The CVN Conscious Value Network explores this aspect of blockchain technology, proving that blockchain has the potential to be a very competitive option for a decentralized storage cloud (distributed database) in the future.
The CVN Conscious Value Network Decentralized Storage Cloud is an infrastructure for commercial-grade blockchain, with a perfect response to application scenarios such as high concurrency, relational, key-value pairs, large capacity, efficient indexing, and data security. With this object-oriented level blockchain database feature, it can support more complex blockchain applications, such as finance, games, social, deposition and other application scenarios with high requirements for storage cloud (database).
In order to support the faster arrival of the blockchain Web 3.0 era advocated by CVN Conscious Value Network, CVN Conscious Value Network is conceived from the bottom with ease of use and developer-friendliness as the core idea, allowing enterprise developers to focus on blockchain operation business through modular development functions and cloud platform tools, instead of delving into the difficult issues of coding.
The newly upgraded CVN Conscious Value Network’s next generation of smart contracts, featuring the following advantages:
- Contract engine optimization to support new versions of Solidity contracts.
- Support for the implementation of CRC20, CRC721 contract applications on the mainnet.
- Support for new versions such as require.
- Support for CRC721 structure optimization to support large-scale applications at the billion level.
- Better utilize the main chain and layer 2 network to provide a basic smart contract platform for other upper layer applications.
5. Decentralized finance
The financial infrastructure that the financial giants have built over time features their high entry barrier. Financial giants use traditional financial facilities to manage the way users save and invest and use this to charge users high transaction fees. As digital asset trading becomes increasingly popular, the financial industry in the traditional world is born to mirror and grow rapidly in the blockchain world, and there is an increasingly urgent need for a stable, efficient and trusted decentralized financial project.
As a public chain under the blockchain Web 3.0 Ethereum chain, we believe that the most prioritized landing and expansion scenario for CVN Conscious Value Network should be the financial sector with high requirements. This includes but is not limited to:
- Solving the problem of cross-border payments, which can be done with the public chain’s native token CVNT or on-chain tokens, like Bitcoin.
- Issuing digitized stablecoins, which would make transfers and transactions in legal digital currencies faster and smoother.
- Defi and its derivatives applications.
- Enabling comprehensive liquidity management services for users globally, including spot trading, contract trading, data analysis, cryptocurrency financing, crypto asset management, etc.
- Facilitating Primebrokers in the cryptocurrency market, more specifically, MarketMaker in the traditional financial industry to build efficient distributed applications.
6. CVN Storage Mining
One of the major features of the upgraded CVN Conscious Value Network is decentralized storage, which turns cloud storage into a marketplace for arithmetic power, or storage mining.
This marketplace runs blockchain tokens called CVNT, where
- Users/customers pay tokens for data storage and retrieval
- Storage miners earn tokens by providing storage space
- Retrieval miners earn tokens for providing data services
- Verification miners earn tokens for bookkeeping
As Bitcoin, CVN miners mine blocks competitively for huge rewards. But CVN’s mining efficiency is proportional to storage activity, which provides a useful service directly to customers, unlike Bitcoin’s mining which is solely for the purpose of maintaining consensus on its own blockchain network.
3. What technical insights can CVNT share with us about Layer 2 network design as a representative solution for the Ether layer2 scaling track?
Layer2 is a set of solutions specifically designed to scale applications by processing transactions outside of Layer1 on the main Ethernet network. When the network is busy, the speed of transactions on the network suffers, resulting in a poor user experience for many Dapps, and the rising price of Gas makes Ether very expensive for its users, e.g., a single on-chain transaction can cost tens of dollars, or even hundreds of dollars for complex operations such as invoking smart contracts. In contrast, Ethernet Layer2 runs on top of Ethernet Layer1. Operating on Layer2 frees up Layer1 and strips transactions from the main chain. Since transactions are processed off-chain on Layer2, it increases transaction speed, speeds up confirmation times and reduces gas.
CVN acts as an off-chain public chain for layer2, placing both computation and data storage on the home chain as a layer 2 network and synchronizing transaction settlements to the main Ethernet network, creating a symbiotic relationship.
4. “Mining” has always been one of the most sought-after topics in the industry. CVNT mainnet mining is coming soon, can you introduce the basic mining mechanism of CVNT here?
One of the major features of the upgraded CVN is decentralized storage, which turns cloud storage into a marketplace for computing power, or storage mining.
This marketplace runs on a blockchain called CVNT. Where: users/customers pay tokens for data storage and retrieval.
Storage miners earn tokens by providing storage space.
Retrieval miners earn tokens for providing data services.
Verification miners earn tokens for bookkeeping
Like Bitcoin, CVN miners mine blocks competitively for huge rewards, but CVN’s mining efficiency is proportional to storage activity, which provides a useful service directly to customers, unlike Bitcoin’s mining which is solely for the purpose of maintaining consensus on the blockchain. There are three forms and roles of mining in CVNT.
1) VRF Super Node Lossless Pledge Mining
VRF Super Nodes are mainly responsible for the bookkeeping of the CVNT network. They need to rent a certain threshold of server equipment according to the system requirements and pledge USDT for mining (each super node needs to pledge 150,000 USDT). The total number of super nodes has been determined to be 201 and 21 have already been launched, with additional nodes to be added at a later date depending on the application status. Users can enjoy the benefits of super node mining once the system is deployed after completing the equipment lease and pledge: the initial daily output will be 12,000 coins, and the daily output will increase simultaneously according to the number of super nodes. The daily output will increase by 12,000 pieces for each additional 21 nodes in a gradient of 21 nodes.
Tips: When the number of super nodes increases to 105, the daily output will not be increased when it reaches the maximum of 60,000 pieces, and the same applies to the reduction of output. Super nodes can apply for withdrawal and retrieve the pledged principal after six months of effectiveness.
2）Ethernet Layer2 verifier node mining
The verifier node contains two roles: verifier + reporter; the role is randomly assigned and is mainly responsible for synchronizing transactions to the Ethernet network. It is required to rent a certain threshold of server equipment and pledge CVNT for mining according to the system requirements (each verifier node needs to pledge 10,000 CVNT). Users can enjoy the benefits of verifier mining after completing the equipment rental and pledging when the system deployment is completed: the initial daily output is 0.6 million coins, and the daily output will increase simultaneously according to the number of verifier nodes. The daily output will increase by 0.6 million coins for each additional 105 nodes in a gradient.
Tips: When the number of validator nodes increases to 1050, the daily output will not be increased when it reaches the maximum of 60,000 pieces, and the same applies to the reduction in output. After six months of validation, you can apply for withdrawal and retrieve the pledge, and you will no longer have any income within the 7-day release period, and the pledged CVNT will be returned in full.
3）PoSt Time Proof Storage Space Mining
Users need to provide storage space to the system with storage devices and pledge it to obtain storage arithmetic power for mining. The process includes purchasing the hardware device for packaging (this part can be entrusted to a third party), deploying the device and pledging Tokens (1TB of storage space requires 100 Tokens to be pledged). Once the user has completed the hardware package, deployed the equipment and pledged the Tokens, the system can be deployed to start storage mining: the initial output is 84,000 pieces per day, with a 25% reduction in output every six months.
Tips: If the storage mining device is offline for more than 72 hours, the pledged tokens will be temporarily locked and returned after expiry minus 30% of the tokens. The sector is valid for 360 days. If you choose to release it midway, 30% of the pledged Token will be deducted. If you choose to release at expiry, all pledged Tokens will be returned.
5. One of the biggest advantages of “mining coins” is the relatively fair issuance mechanism, with the majority of tokens being allocated through arithmetic contributions. What is CVNT’s token allocation model?
A: CVNT has a total issuance of 200 million tokens, of which 195 million are currently locked, with a market circulation of 5 million.
In terms of token allocation: 25% (0.5 billion) for super node mining; 25% (0.5 billion) for verifier node mining; 35% (0.7 billion) for storage mining; 15% (0.3 billion) reserved by the foundation to support community ecological construction, including but not limited to crypto properties, games, NFT, etc., CVN mining pool options, and CVN3.0 upgraded token mapping.
6. One last question, what else does the CVNT team have planned for the second half of 2021? What is the vision for CVNT going forward?
In the second half of the year, we will kick off our storage mining and our app ecosystem, and we welcome more developers to join us and help us complete a better ecosystem.
Initially, the Internet needed pioneers and businesses to develop the tools to make the Internet an accessible infrastructure for people, and those pioneers were duly rewarded. As long as the existing design of the internet continues to be centralized, users will continue to give data, time and money to the big tech companies in exchange for the promise of free access to convenient products. But in the coming web 3.0 era, all of us users will own the results of our labor and the privatization of our personal behavioral data. This will completely disrupt existing centralized applications and the era of web 3.0 slowly taking shape.
As we approach a world that is increasingly controlled by technology, it is important that we redesign the system and adapt the incentives to benefit the masses. The shift from existing web 2.0 to blockchain web 3.0 is a long-term process that will fundamentally change the way we interact with the internet. The decisions and work done by CVNT today will add up and influence subsequent generations. Just like the financial revolution led by DeFi, the revolution brought about by Blockchain Web 3.0 is inevitable.