Jesse Liu, secretary of global strategy at CyberVein Foundation, said that CyberVein’s Data Analytics and Valuation Engine, or DAVE, plays an important role in shaping smart cities at Cointelegraph China’s Hub event on Nov. 19

According to Liu, smart cities are hypercomplex data-producing systems that rely on constant interconnectivity and data exchange. CyberVein’s proprietary technology is a big-data solution based on a private, interconnected, secure and robust distributed database.  

The company is focused on the enterprise-level “blockchain plus big data” customized services. The company anticipates that more traditional services will become digital and plug into the overall mesh of a smart city’s interconnectivity. Shopping, logistics and delivery services are becoming more user-centric and, in turn, more digital, based on an individual’s behavioral data. 

CyberVein’s DAVE focuses on providing value to its members: data-intensive companies. Liu revealed that the DAVE Alliance offers three core solutions: 

  1. Data storage, or a computing power marketplace, where users can purchase resources, using CyberVein’s CVT tokens.
  2. A data derivatives pool where users can purchase derivatives of data extraction and big-data concepts.
  3. A decentralized token exchange where users can swap member companies’ tokens directly with each other.

In the early stage, the DAVE Alliance will invite five central administrators and three founding governors. The five central managers must be from the four major technical fields of storage, database, computing power and algorithms, and they must be the leaders in their respective fields, who can provide technical iteration support or supply and demand of data. 

The three founding governors are responsible for the foundation management director, the alliance ecological development director, and the alliance technology operation director, respectively.

Presently, the first members are still being screened, such as Waves, Celo, Tron, Ontology, IoTeX, Movieblock, etc. 

CyberVein is building a lightning-fast PISR database and a Directed Acyclic Graph storage chain, which further increases data throughput per second. The company uses the DAG 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.

DAVE’s objective is to continuously provide value to member companies and individuals who are eager to combine their resources in a bid to monetize their data. At its core, DAVE propagates data ownership and security. This initiative is in line with CyberVein’s vision to solve three major problems in the big data space: information siloing, data ownership and security, and data monetization.

According to Liu, The People’s Government of the Hainan Province has awarded CyberVein the technology lead for the Wenchang Smart City Project. CyberVein’s proprietary big data technology will be used as the core platform, ready to be integrated with other partners’ applications.

The typical applications of CyberVein include medical, financial and intelligent products 

Liu said CyberVein has always believed that the healthcare field will be the second-largest application scenario of blockchain technology after finance. 

CyberVein has taken the lead in completing the technology landing in the medical field. The DAG storage chain, PISR database and federal learning developed by CyberVein have made breakthroughs in smart medical ecology, smart diagnosis and treatment apps, as well as the implementation of several application cases.

The company has completed the research and development of an online medical assistant app with the network security research and development center of Zhejiang University. The CyberVein blockchain database provided services — registration, inquiry, filing and prescription drugs for patients — realized the sharing of medical records among hospitals in the ecosystem, and improved the medical experience. 

AIA Group, as one of CyberVein’s early members of the DAVE Alliance, obtained a large number of compliance and legal data sources by joining the alliance. In terms of smart product cases, Jinshan Cloud and CyberVein have reached a strategic cooperation. 

Cybervein has connected its DAG storage chain, PISR database and federal learning technology into Xiaomi’s AI and IoT platform, supporting app access, control, smart applications and new retail channels of its online store, Mijia. 

CyberVein was founded by the Singapore CV Technology Foundation in 2017. CyberVein’s vision for the future of DAVE can be an open-source DAVE to be utilized to build smart cities around the globe. 

CyberVein aims to tap into various fields, such as future smart cities, digital government, urban decision-making and governance, future community, vertical application and other fields to set up a new model of smart cities domestically and abroad.