InterValue — World’s first practical blockchain 4.0 project
By Future Blockchain
The birth of the first P2P digital currency Bitcoin marked the beginning of a new era in technology…or at least that was the idea. Blockchain — the revolutionary technology behind the most popular cryptocurrency offered decentralization, transparency and security through its distributed ledger and promised fast adoption and improvements in all aspects of life.
Ten years later blockchain has evolved, but it is still far from being officially recognized as a technological breakthrough mainly due to the lack of effective applications.
There are numerous problems to be solved such as low applicability, transaction congestion, high commissions, long confirmation latency, weak resistance to quantum attacks, poor anonymity in communication and transaction, incapability in crossing and merging chains, large space for storage and etc.
The project I’m about to review is called InterValue and it aims to optimize the blockchain infrastructure and make it better by bringing it to the next level –Blockchain 4.0. InterValue will also provide a platform for creating various distributed Apps and a solution to construct a global value-internet.
The first three blockchain generations gave us the distributed ledger, the smart contracts, dApps and virtual machines and even more efficient and applicable technology.
The next step is a blockchain-based industry ecosystem. An infrastructure that will support building industry chains and InterValue have all the tools to achieve that.
InterValue focuses on core technology of Blockchain infrastructure and platform and is currently developing the following features:
· Underlying P2P network — a novel anonymous P2P overlay network, including anonymous access method and encrypted communication protocol.
· Data structure — reduced storage space required by nodes thanks to the new data structure HashNet derived from DAG.
· Consensus — high transaction concurrency, fast confirmation and building eco-systems for different application scenarios through the double-layer consensus mechanism of HashNet and BA-VRF consensuses.
· Anti-quantum attack — reduce the threat coming from development of quantum computing by introducing Keccak-512 hash algorithm and integer lattice-based NTRUsign signature algorithm.
· Transaction anonymity — zero-knowledge proof and ring signature are applied to transaction anonymity and privacy protection
· Smart contracts — Moses virtual machine (MVM) that is able to access of-Blockchain data conveniently and securely, and supports issuance of third-party assets, which can be integrated into applications in terms of public, permissioned (private) or consortium (hybrid) Blockchain.
· Crossing and merging chains — chain-relaying technology to solve the problems in crossing chains transaction and transparent operations among multiple chains.
· Ecological motivation — token allocation methods to support double-layer mining for incentives.
· Industrial application — industrial common interfaces in form of JSON-RPC, satisfying different scenarios such as circulation payment, data transmission, data search and contract invocation.
I won’t go into details here, but I strongly recommend you read the whitepaper. It is extremely detailed and explanatory and will help you understand all the innovations this project offers.
The InterValue infrastructure offers multiple applications including anonymous communications and sharing resources like storage, bandwidth, power and also reputation. It can also be used as a platform for third-party DApp development.
Use cases are divided in three main categories:
- Third party asset issuance
Extensive financial application
- Financial services — payments, financial transactions and trading, credits and more
- Medical Health — Digital cases, privacy protection and health management
- IP copyright — Patents, copyrights and trademarks, software and asset protection
- Education — file and education certificates management, student credit
- IoT — Traceability of goods, anti-counterfeiting, network security and reliability
- Sharing — Car rental, renting, knowledge and skills
- Communication — Social and messaging systems
- Social Administration — Proxy voting, identity authentication, file management
- Charity and Public welfare — Social public welfare
- Entertainment — Video and music copyright, anti-counterfeiting
Additionally, the team will be working on the cross-chain technology development with the main goal to interconnect the different blockchains and allow them to interact and exchange assets and value.
All of these potential applications will be facilitated by the high transaction and confirmation speed in the Hashnet consensus mechanism — more than 100 000 TPS, way more than what Ethereum, IOTA or EOS are offering.
InterValue blockchain has a total supply of 10 billion INVE tokens. 60% of them will be distributed as a mining reward for DAG mining. 9% of the tokens will be sold during private sale with lock-up time of 18 months. 20% of the tokens will be released every quarter.
The rest will kept by the foundation (26%) or used for project development, promotion and team building.
It is expected for the token to be listed on an exchange before August 31, 2018.
The transactions for advanced smart contract and smart contract based cross-chain transactions will be paid using atoms– a sub-INVE unit (INVE=1⁰¹⁸Atoms).
The project is being developed by the InterValue Foundation, described as a non-profit organization with 6 departments.
CEO is Barton Chao, expert in P2P, cryptography, network security and blockchain, with some serious background in blockchain research and development across universities in China and experience in applying this technology in actual application scene since 2009.
All of the core team members are knowledgeable in blockchain, big data or cloud services, most of them with Ph.D.
What surprises me is the fact that all of the consultants for this project are coming from China — no foreigners or big names recruited to promote InterValue internationally, which is a good sign and means they are not just looking to hype the coin.
InterValue foundation will be working to enhance anonymous privacy protection and quantum-attack resistance on their blockchain as per the roadmap.
They recently applied for three new blockchain patents and a number of computer software copyrights
v Consensus mechanism and working methods for an efficient blockchain with two-layer sharding.
v Cross-chain trading system and methods based on the HashNet consensus mechanism.
v Multi-purpose blockchain smart contract system based on Moses virtual machine.
InterValue already have a big following on all social media platforms. Developers are active on Github and ICO benchmarks are all giving high scores to the project and team. I really like the innovations and the cutting-edge technology they are bringing to the blockchain ecosystem. Blockhain 4.0 is really all about interconnectivity and real-world application and if things go smoothly for InterValue they will be the leaders in this new era.
Disclaimer: Part of the Article group
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