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Cointelegraph Blockchain Week Interview: How CWV2. 0 Response to The Next Generation of Public Blockchain

CWV founder, Neo Wang had a share about “Could CWV2.0 Be The Answer to The Next Generation Mainchain” at Great Bay Area Blockchain Week on 6th Aug, many industry celebrities like Binance founder, Ethereum co-founder, etc, attended together. The following is the specific content of this interview.

1. As we know, data is becoming one of our most valuable assets. Cloud storage seems to be the future. Although, the current storage mechanism still has a lot of problems. Can you explain a bit about the current industry and the pain point?

Neo: Cloud computing was the promise of the future. It was our call to get rid of hard drives. We didn’t need to worry about how much data we were storing or worry about ever losing it. That promise turned out to be false.

It turns out the cloud was actually just marketing talk from these big companies.

One of the leaders in the cloud is, of course, Amazon. What you have to know is Amazon didn’t set out to change mankind with cloud computing; they simply wanted to make use of their extra servers by renting out their infrastructure.

Fortunately for them, the marketing was just too good, and everyone believed the hype and turned to the cloud which was actually just the extra space they didn’t need for themselves.

Unfortunately for us, our data is simply not safe when it’s controlled by centralized companies. We can see the problems already: Data leakage, service limitations, technical errors, or if they go out of business.

Due to Amazon’s mismanagement of our data, several incidents occurred last year that caused service interruptions and missing data to clients. It turned out that these were due to really simple errors such as optical cable damage, power failures, or device malfunctions.

It may seem trivial, but these were catastrophic events for the data owners. This is why centralized data storage — the fake clouds — don’t work. This is why we need a true decentralized cloud.

2. I heard that CWV 2.0 could be a solution to the system after its upgrade. Can you tell us more about the solution?

Neo: By now hopefully the public knows the benefits of blockchain: transparency and security. Governments and banks are now turning to blockchain to power their transactions. Transparency and security are obviously a big benefit for anyone who has a lot of data to process and store. So it really isn’t a debate to move from a centralized cloud to a decentralized cloud. Everyone will agree this is the future.

But, the current standards in blockchain such as ERC-20 are simply not efficient enough. The more popular blockchain gets, the more the current blockchains will get stressed and overloaded.

Let me give you a simple example:

Imagine that you are on a one lane highway. Your data is the car. The more data you have, the more cars you have. The more cars you have, the slower your data will move eventually. All the major blockchains are overloaded. What the current public blockchains are trying to do to solve this problem is to make the cars go faster artificially. The problem is, the speed of the car isn’t unlimited. It’s not a matter of if there will problems, it’s a matter of when the problem will occur. The car will eventually crash when it surpasses a certain speed. That’s where CWV 2.0 comes in. We see the problem clearly and we have the solution. We have been working on the expertise for several years now to actually add lanes to the highway.

We have a collective web vision to make blockchain safer and more efficient. Technically speaking, CWV 2.0 has achieved instant block generation with the stack height at about 50 million blocks, TPS/CTPS higher than 50 thousand. It can also support supernodes at the amount of over 100.

The new 2.0 main net of CWV has adopted a VRF, PoSt and a multi-layer consensus structure with transaction block confirmations of less than 1 second to create an underlying storage framework with high scalability, performance, and stability shared by users that will be the world’s best.

3. How would CWV 2.0 realize its value as infrastructure?

Neo: We’re now at a tipping point. Blockchain is ready for mass adoption. But we need less ICOs and easier to use, real tools for the general public.

We talked about making data storage more secure and convenient. With CWV 2.0 as your infrastructure, you don’t need to worry about data loss due to wars, natural disasters, human error, human attacks, or localized technical failures. CWV will help you store your valuable data permanently.

For those in the blockchain industry, we want to empower you to use our main chain to build your dApps. We will provide you the support to forget the technical limitations of current distributed storage. You will be able to re-imagine the way data is stored on the blockchain with CWV.

Not only that, we will bring down storage and bandwidth costs. Traditional centralized storage relies on a massive IDC engine room which makes storage and bandwidth unnecessarily expensive. CWV 2.0 distributed storage will be much cheaper by increasing resource utilization from the public.

4. Now, everyone in the industry is talking about infrastructure. CWV 2.0 also aims to be the infrastructure of new public chain. How do you plan for that to happen?

Neo: Certainly we have competitors. And certainly we’ve borrowed some good ideas from others. The difference as a newcomer, as a new chain, is we’re able to see the world with a different perspective. We’re not limited by existing technical weaknesses. We’re able to take the best of the best technologies and leave the bad parts behind.

For example, to build a storage main chain, IPFS and FileCoin both adopted the PoST storage capacity consensus algorithm. But, their adoption makes it almost impossible to realize the ideal integration in smart contracts and virtual machines. We were able to learn from their limitations and skip past their difficulties.

First, CWV 2.0 can/might be the infrastructure to all the blockchain projects.

Let’s take Ehterium as an example. It’s a distributed smart contract platform. Issuing tokens is one of its most important function.

There are smart contracts for about 177086 tokens on Etherium in which 80% are using ERC 20, the protocol of Etherium mainchain, as their underlying structure. In another word, ERC 20 is the king of the Dapps on Etherium.

Now, CWV 2.0 can provide a better solution at the enterprise level. By introducing multi-language smart contract virtual machine, CWV 2.0 realized a function similar to bridging which enables CWV 2.0 to run smart contract of other blockchain projects. It also allows the smart contract of CWV 2.0 to run on other blockchains.

ERC 20 is one of the projects which CWV 2.0 compatible. We implant an EVM, Etherium Virtual Machine, in CWV 2.0 system to make it able to support the Etherium contracts. It means all the Dapps on Etherium can also run on CWV 2.0 in the future with some simple settings.

Furthermore, in order to maintain the compatibility to most of the contracts, CWV 2.0 adopted Solidity contract regulation, built an execution stack interpretation engine based on Java, and abstracted the concept of executor from the underlying layer. Users can script Jar via SDK to generate efficient executive code and solidify the instructions into the main chain

Second, the multi-layer ecosystem design enables the coexistence of different govern strategy and brings high scalability to the system.

The multi-layer blockchain ecosystem is one of the most important technical upgrades of CWV 2.0. It divides the system into the settlement layer and the computation layer to handle the tasks related to token or smart contract separately.

The mechanism in CWV 2.0 that the settlement layer and the computation layer run respectively allows us to arrange or upgrade different layer specifically.

We can upgrade the settlement layer via a soft fork accordingly to the problems that emerge during the crypto transaction. As to the computation layer, we can improve it based on the requirement of the operation of Dapps. The multi-layer structure enables us to build a clear operation order defines the boundary within an ecosystem as well as to maintain its scalability and interactivity.

We can compare it to the concept of regional autonomy. Cryptocurrency and Dapps can adopt different governance strategy according to their operation features respectively.

The third, provide fundamental smart contract platform to other upper applications

As a decentralized operating system, to reach a consensus when the dispute appears is quite crucial. So how to keep iterating on the premise of avoiding hard fork is an unneglectable question.

Fork problem has appeared in both BTC and ETH as well. There are several fork coins on BTC because the community are not able to come to a consensus on speed expansion and network congestion.

ETH has forked into 2 chains, ETH and ETC, due to the intensive argument in the community caused by the DAO hacker attack.

The random algorithm CWV 2.0 VRF consensus mainchain adopted has a low requirement on computing and nearly no delay. When it comes to scalability, the algorithm has a big breakthrough ensuring only the block has the highest priority can be verified at a time, means the chain will barely have forks. Because of this feature, new technology can be easily added to CWV 2.0 system. It’s conducive to the upgrade and iteration of the whole system.

CWV has a distinguished advantage for its stability and scalability against other underlying public chain systems.

Under current development environment, developers need to write tons of basic modules to develop a Dapp based on other public chains. To realize the vision of becoming the underlying operating system of the blockchain industry, CWV 2.0 was designed to be able to provide developers with different kinds of presetted development modules.

It means CWV 2.0 has finished the development of all the basic functional modules. The only thing you need to know to accomplish building your own Dapp is how to use those basic tools. This design greatly reduced the threshold of being a developer. Together with the fast concurrent processing speed and low fees, CWV 2.0 will be more attractive to individual developers. It can help CWV 2.0 spawning a large number of projects on the platform to build the CWV 2.0 ecosystem in a short time.

While making the best use the advantage of PoST, CWV 2.0 also uses a local running low power consuming raffle mechanism base on VRF to make sure different ministry nodes don’t have to communicate with each other so that the nodes can run relatively fast. Even a normal laptop can be used as a node in this mechanism.

Also, the working mechanism of CWV 2.0 mainchain consists of multiple consensus algorithms. The mainchain will adopt different mining mode base on the content and priority of each block. VRF consensus is used to make sure the transaction efficiency when PoSt stands for the prove of spacetime.

This mechanism gives CWV 2.0 compatibility with traditional consensus algorithms to guarantee the security and decentralization of the data and transactions as well as enables the mainchain to have a high transaction speed.

According to the statistical data provided by CWV lab, normal home broadband is already able to meet the bandwidth requirement of a node in CWV 2.0 system. It makes the premise for VRF system’s popularization which can bring the decentralization of the system to the next level.

Briefly speaking, CWV 2.0 offers a low-threshold random mining mechanism which allows users to use a phone, a laptop or even a pad to participate in mining as a node.

At last, I want to emphasise CWV 2.0 is not the ultimate version of CWV. There will be the third, fourth and more versions of CWV as the technology develops. The CWV ecosystem will become more interesting and diverse with the constant emergence of new Dapps. There is big potential in CWV, technically and financially. I believe CWV is worth your attention.

5. Anything else you want to share with our audience at the end of our interview?

Neo: Thank you all for having me here. Thank you for your time to listen to me.

I’d like to end my speech sharing one sentence encouraged me along my journey pursuing future.

No matter how difficult the road ahead seems to be. Dreams can only come true when you dare to dream.

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