CVNT public chain: Web 3.0 + Decentralized Storage + Rich Application Scenarios
Where there are needs, there are markets and capital.
In physics, singularity refers to a point of both existence and nonexistence, where space and time have infinite curvature and end. Classical general relativity theory predicts that singularity is definitive but as theories are not applicable anymore at that point, it cannot be described what exactly will happen.
The singularity theory was proposed by the American futurist Raymond Kurzweil in his book, The Singularity Is Near. Before we dive into this singularity theory, we have to understand AI.
The industry classifies AI into three types according to its level of sophistication: weak AI, strong AI, and super AI. AlphaGo Zero is a weak AI. Although it is very powerful in the eyes of the public, it can show its intelligence only in limited areas and with certain established rules. If you ask him to draw or write articles, then you will find it is nothing more than a piece of junk.
In the Singularity book, Raymond Kurzweil records and traces the trajectory of human history, arguing that the progress of technology and the evolution of civilization show the a similar pattern as exponential laws.
In the last 1 million or even billion years ago, nothing happened. But for the past 250,000 years, many epoch-making events have occurred, such as the birth of man 100,000 years ago. In terms of technology, if you look back at human’s history, nothing happened in the first 1,000 or even 50,000 years. This forms a contrast to the development of the Internet, which started from non-existence to its present popularity in only 10 years.
Therefore, Kurzweil predicts in his book that pure human civilization will end in 2045.
By then, strong AI will eventually appear and have the intelligence level of a toddler. Then, one hour after reaching this node, the AI can immediately work out Einstein’s theory of relativity and other theories that are the basis of human cognition; in one and a half hours after that, the strong AI becomes a super AI, with an intelligence that is 170,000 times that of ordinary humans.
This is the “singularity” that will change the human race — the moment when computer intelligence becomes compatible with human intelligence.
In the year of 2020, Conscious Value Network (CVNT) embodies a new meaning — the block height was nearly 50 million, the number of supported super nodes reached 100, and the TPS/CTPS exceeded 50,000. Besides, the concurrent processing speed of the main chain was fast and the fee was low, and it can support tens of thousands of commercial-grade distributed applications at the same time, carrying the historical mission of ushering in the “value era”.
CVNT has made a breakthrough via using Web3.0. By now, it has completed a new upgrade that integrates VRF consensus algorithm + DAO governance + decentralized storage + rich scenario application.
1、VRF+DAO: a real decentralization practice that successfully enables the application of blockchain Web3.0.
2. Decentralized storage, plus the superimposition of PoSt not only supports the traditional HTTP interface, but also allows IPFS file transfer protocol, which will work with Filecoin to support a more decentralized IPFS.
3. A platform with scenario applications: CVNT has improved the BaaS developer platform, and independently developed a decentralized video content distribution platform and player based on Renren Cloud and the basic lifecloud. It has also developed a personal privacy data storage management system DID (application) that abides by the First Principles and meets the immediate needs of ordinary Internet users.
The ups and downs of blockchain in 2021 have brought us both bulls and bears, opportunities and challenges. Eventually the whole market will return to the rational state in which value determines price. CVNT has set an example of timely change for many blockchain projects. We also look forward to CVNT’s over-the-top practice in multiple ways and bringing more value to the implementation of Web3.0.
1. CVNT awakes with capital influx
In 2021, CVNT adopts a new tokenomics, to attract more capital and resources and to form a more flexible mechanism. The new tokenomics has undoubtedly opened up more possibilities for crypto finance and demonstrated for many crypto projects that are currently “silent”.
From the information we have obtained so far, CVNT is the first project in the world that utilizes the traditional financial “capital increase” method to upgrade “token swap”. The new tokenomics lays a solid foundation for CVNT to evolve in a better direction. It has the following two distinctive advantages.
1) Capital strength and strong growth
The increase of capital can further enhance CVNT’s risk resistance and credibility of the project, which is conducive to its ecological expansion, technology upgrade and innovation of application platform, as well as development of decentralized applications. For example, the subsequent launch of other products such as lifecloud decentralized video content distribution platform/player, DID privacy data validation management system, etc., make full use of capital to implement CVNT’s Web 3.0 strategy.
It is important to know that crypto assets have a relatively limited capital replenishment channel compared to traditional finance where capital increase is the main capital replenishment method. Blockchain projects, especially those of infrastructure levels, require a certain scale of capital for expansion. With the empowerment of the new tokenomics, CVNT undoubtedly boasts more advantages in the process of ecological expansion this year.
2) Value Capture and Decentralization
When designing its brand new tokenomics, CVNT relies on the global storage of state space to ensure the value capture function. In doing this, it has more independence and autonomy, which, together with the DAO mechanism, can truly realize decentralization.
Most tokenomics designs in the market regards the underlying blockchain as a decentralized transaction processing system. The developers tend to focus on providing incentives and penalties in the consensus process to ensure that the participating nodes can verify transactions and reach consensus.
However, apart from enhancing the efficiency of underlying decentralized public chains, Web3.0 development also needs to address a very important mission: the development of decentralized storage. Just like the basic computers and cell phones that gave birth to the development of the Internet network era, they not only had to have good chip speeds, but also needed to solve the storage space problem of hard disk memory. From this perspective, CVNT superimposed the consensus algorithm of VRF+DAO on the PoSt spatio-temporal proof of decentralized storage.
In the same vein, CVNT’s underlying public chain is also a distributed storage platform and accordingly contributes to a state-storage-based tokenomics.
On the one hand, as a leading smart contract platform and the BaaS developer tool and application platform, CVNT has sustainable premium capability of its tokens through better interoperability, layer 2 cross-chain, and supporting decentralized applications, etc.
On the other hand, the CVNT native token is intended to represent an interest in occupying that state’s storage space for a sustained period of time. Its utility is similar to that of land as a storage platform, but also has the functions of currencies (transfer value) and gas (payment calculation).
It is thus clear that CVNT tokens are a resource in the entire blockchain field, and represent storage space. Due to the established total supply, CVNT tokens are a limited resource with scarcity. You can think of the CVNT network as a piece of land. When you own CVNT tokens, you have the right to use and own this decentralized storage space to store data and build applications, or to lease to enrich the CVNT ecology. Or you can simply use it to ensure liquidity, which is very similar to the concept of land.
The prosperity of the ecology on a piece of land will act on the value of the land itself. This logic is the same for the CVNT token system and represents the latest way to achieve value capture in the blockchain Web 3.0 era.
Throughout the process of value capture, CVNT governs the community through DAO contracts. The “outward” part of DAO governance, as we will see below, includes setting a monetary policy to limit the growth of state storage and adjusting the strategy of charging fees from users of storage state. These strategies are to balance the decentralization of the project storage cloud and user costs, while regulating inflation and deflation to maintain a stable increase in token prices.
2. VRF+DAO enables the implementation of Web 3.0
As long as the centralization problem persists, the dream of Web3.0 would not come true.
Most of the public chains in the market use POS and its derivative consensus algorithms such as DPOS. They share a common issue that needs to be addressed — the high degree of centralization, such as EOS, TRON, etc. 21 super nodes are easy to make people consider the low cost of vicious practice and manipulations from big whales.
Economists use the Gini index to measure the distribution of wealth in a country. From 0 to 100, the larger the number the more unfair the distribution of wealth. Applying this theory to EOS yields a number of 97. Even though cryptocurrency communities and countries are two different concepts, the fact remains that a Gini index above 60 means something is very wrong.
EOS’s Gini score of 97 is a record breaker.
Web 3.0 needs a new paradigm to subvert the high degree of centralization featured the public chains and protect the interests of every crypto participant. And CVNT’s VRF+DAO may be the right solution for implementing blockchain Web3.0.
100% natively developed by CVNT, the VRF consensus algorithm can enlarge the nodes to a maximum of 2100, making the Gini index 1%. This greatly reduces the possibility of low-cost mischief. In terms of decentralization and security, the technical advantages of its VRF consensus mainnet also include:
1) Based on thousands of verifiable nodes and tens of thousands candidate verifiable nodes, the VRF-based random function makes the list of next block producers unpredictable, thus increasing the system complexity to encounter malicious attacks in the network.
2) It improves the decentralization of the project, so that the general public can truly participate in the co-construction of the system. During the operation process, the fairness of the block-generation nodes is ensured by random functions and decentralized control, so that the consensus of interests can be accomplished.
3) It provides users with strong and verifiable assurance that their privacy and data are under their control, i.e., the information they receive and provide, and their payment information flows in a trusted network.
4) The fault tolerance capability realized by PBFT enables fast bookkeeping and block generation at the ledger level, making the mainnet of CVNT more efficient, stable and reliable.
CVNT is committed to be the most decentralized, secure and the largest network. Although the nodes can be scaled up to thousands through the VRF consensus mainnet, it is still not sufficiently decentralized, which is the main weakness that people criticize Web 3.0 for. Thus, the governance of the public chain is of particular importance.
Based on this, CVNT innovatively created the VRF+DAO consensus algorithm, which merges the community governance of DAO and the consensus of chain-forming mechanism, truly realizing a decentralized governance to run the whole project.
To be more specific, CVNT adopts DAO contract to govern the entire ecological development in two aspects: using DAO contract to govern all matters of the community, and to control all work processes of the core development team, such as code management, etc.
First of all, community governance.
The DAO core governance team will vote to set up incentives and penalties and further to formulate strategies for community development.
In other words, CVNT DAO is a decentralized consensus “organization” led by outstanding community leaders and quality nodes. It can identify the decisions and directions that are truly beneficial to the development of the project. By voting, community members make joint decisions without subject to the influence of any centralized institutions/individuals. Neither do they need trust endorsement from them.
For investors, adopting DAO contracts means the whole community governance is based on smart contracts, which is transparent and traceable, avoiding private fraud on the project side and greatly reducing investment risks.
At the same time, CVNT also focuses on the value expansion of the project and the building of the community. For example, under the DAO contract, the issuance of CVNT tokens will be delegated to the community, and the community consensus will decide the issuance price and volume of CVNT tokens. A fair, transparent and participatory issuance environment will certainly encourage more community and investor participation.
Secondly, the public chain process.
All the code development and management of CVNT core team, including new modifications and upload updates, will be supervised by the DAO community core management team.
What’s more innovative is that CVNT has designed a mechanism of two private key in halves. One is hidden private key and the other is non-hidden private key; each member of the community core management team only owns the latter.
Among them, the hidden private key is generated by DAO contract and strictly supervised to ensure that the core code is not copied and that any hidden operation is prohibited; the non-hidden private key is stored in the first decentralized storage space and belongs to DAO organization management.
In other words, all changes related to the project process, including but not limited to technical upgrades, application platform updates, application development, etc., will be known to all DAO community core management team members and are immune to individual controls.
3. CVNT general-level decentralized database and cloud distribution platform
CVNT Storage Cloud is essentially Ali Cloud or Amazon Cloud of the distributed storage. It supports decentralized data/storage services for enterprises and complex DAPPs.
Bitcoin is designed as a virtual currency. What is stored in the Bitcoin blockchain is its ledger, the bookkeeping needed to determine ownership of Bitcoin. Later, to adapt to a variety of different applications, many people tried to use the Bitcoin blockchain to store data. However, Bitcoin largely discourages this practice, and its own design makes such applications very difficult and expensive.
Blockchain technology should generally be thought of as a distributed database system. This means that a large portion of the world’s data could potentially be stored in such a system, much like traditional relational databases and the more recent rise of cloud databases.
The CVNT has explored the storage potential of blockchain technology and proved that it could be a very competitive option for a decentralized storage cloud (distributed database) in the future.
There are a lot of problems to be solved in decentralized storage projects. While striving to overcome these problems, it is very important to avoid long project cycles and setting too large goals. Therefore, CVNT uses a fast and slow dual-chain parallel mechanism and superimpose on VRF consensus mainnet to give full play to all the advantages of PoST.
(1) The stored power of PoSt in CVNT is based on real and useful storage services, which is different from hash calculation that is energy consuming but lacks practical uses. Mining based on PoW consensus mechanism causes huge energy waste and produces no actual value to the real economy.
(2) PoS reaches consensus through coin age. CVNT improves this model by superimposing PoST consensus, which uses the percentage of effective storage in the network as the basis for claiming block generation rights. The tokens staked are only to avoid the mischieving storage by miners, and is of little damage to the liquidity.
While securing the advantages of PoST, CVNT decentralized storage cloud will become a powerful commercial-grade blockchain infrastructure with rich application scenarios such as high concurrency, relational, key-value pairs, large capacity, efficient indexing, data security, etc. It can support more complex blockchain applications, such as financial, gaming, social communication, depositing, etc. that have high requirements for storage cloud (database).
4. CVNT’s Journey
So far, there have been distinct themes running through various blockchain stories for each year.
The story in 2009 was Bitcoin and in 2015 it was ethereum; 2017 witnessed the world’s first ICO; 2020 saw the explosion of decentralized finance around DEX; the trend in 2021 is obvious: the blockchain Web 3.0 movement has been by far the most influential value trend with the most sustainability.
The massive decentralized storage cloud market space, coupled with its diverse scenario applications, creates favorable conditions for CVNT to take off.
Where there is a need, there is a demand, where there is a market, where there is capital.
The trends create heroes, and the market makes star projects.
While securing both the trends and market demands, the value point from which CVNT will explode depends on the size of the demand and the technology fit. This value node is probably the password towards wealth in 2021.
