Dec. 23, 2020 — CyberVein, a next-generation big data and analytics company, announced a major technological breakthrough: the proof-of-contribution consensus mechanism at the Global Blockchain Tech-innovation Summit, which was hosted by Cointelegraph China.
The event gathered the most prominent blockchain industry experts and investors who are passionate and interested in exploring new growth opportunities. Jack Ge, CyberVein’s global ambassador, discussed the 2021 investment trends alongside Paul Veradittakit, partner at Pantera Capital, and Ryan Kim, partner and co-founder at Hashed. The panel was moderated by Vadim Krekotin, CEO of Cointelegraph China. The panelists agreed that investors are eager to find new projects akin to Polkadot. A lot of investors’ money is flowing to decentralized finance and nonfungible token projects. The timing couldn’t be better for CyberVein announcing its technological breakthrough: the proof-of-contribution consensus mechanism, which will be used for recording data in CyberVein’s PISR database. In turn, the PISR database is the core technology for CyberVein’s other products and services, such as Data Analytics and Valuation Exchange, or DAVE, and CROSS.
“This is a major breakthrough for CyberVein,” stated Ge. He continued: “The main use case for the PoC consensus is within the PISR database, where every data processing action is recorded as a data contribution. There is huge potential for training artificial intelligence models and process large data sets more efficiently while obtaining rewards for your actions.”
Within the DAVE ecosystem, the PoC consensus mechanism will allow participants to achieve data credibility. The data is transformed into knowledge, while models and results can be shared, without infringing intellectual property rights. This development will provide more effective decision making for the benefit of many industries.
This announcement comes on the heels of the recent news that CyberVein’s CROSS, the NFT issuance and auction platform, will be moving to Huobi’s ECO Chain. Data processed by CyberVein will be traded in two forms. Traditional data transactions can be done directly on DAVE. Should users desire to further convert their data into NFT-type financial assets, they can use NFT issuance and the auction platform CROSS.
CyberVein’s proprietary technology is based on the private, interlink, secure and robust distributed database. The company is focusing on the enterprise-level “blockchain and big data” customized services. CyberVein uses a directed acyclic graph storage chain to create safer data storage and increase efficiency. With DAG, there is no need for block confirmation. Users benefit from low transaction fees since mining is not required. The system supports asynchronous verification and parallel processing of each node. The more nodes, the faster the speed, the stronger the scalability. Recently, the company launched two initiatives: the Data Analytics and Valuation Exchange, or DAVE, a technological alliance that enables data-driven and technology companies to utilize their resources more efficiently, and CROSS, a first-of-a-kind decentralized nonfungible token issuance platform. CyberVein’s CV Technology Foundation was founded in Singapore in 2017.
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