CWV Foundation Strategically Invested in YYeTs
CWV main chain has held an online press conference at 20:00 on October 18, 2020 to announce its strategic investment in YYeTs CVN. CWV Foundation and YYeTs will jointly create a RR dVod platform, which will adopt VRF verifiable random function +PoST space-time proof consensus + content storage sharing and protection protocol to realize the storage, sharing, publishing, playing and other functions of decentralized content. This platform may become the first large-scale decentralized video content cloud platform.
The following is the recap of this online press conference:
Zhao Jixing: Hello, everyone. I’m Zhao Jixing, founder and CEO of YYeTs CVN. I’m very happy to have you participate in today’s press conference.
As we all know, YYeTs CVN is the largest community of American, British, Japanese and Korean dramas in China, with a history of 16 years. The website has more than 20 million members, 2.65 million independent visitors per day, and 10 million daily views. The website ranks 101 in China and 727 in the world in terms of traffic. It has a high community consensus and active users, Users are extremely sticky and cohesive, so it is most appropriate for us to enter the blockchain.
In January 2019, we landed on the well-known exchange Huobi to open a new road for CVNT. In order to establish the economic model of application and simple implementation faster and better, we give priority to cutting into the market from the edge technology areas we are best at. During this period, CVNT has also been advancing along with the rising price. Domestic entities have also obtained nationwide CDN business license. At its peak, more than 300000 nodes are online every day. However, in the process of exploration, many problems of force majeure broke out, which made us tired of dealing with all kinds of problems, only focused on the starting point, but forgot the “original intention”.
Today, I am very honored to announce a big news to you: CWV Foundation’s strategic investment of 10 million US dollars in YYeTs CVN.
CVN will be committed to the deep cultivation of content public chain + distributed storage. Later, we will introduce a star application of “decentralized dVod”. Neo Wang, the manager of CWV foundation, will officially become the honorary chairman of YYeTs CVN foundation, responsible for the overall capital operation and brand promotion of CVN. I will continue to serve as the CEO, focusing on deeply cultivating products, which is bound to lead CVN to rebuild its glory.
Now, let’s welcome Mr. Neo Wang to introduce to you.
Neo Wang: Hello everyone, there are many old friends in the group, but there are also many new friends, so I would like to introduce myself briefly.
My name is Neo Wang. I have started my business for 17–8 years and have been active in the domestic Internet technology industry.I started to enter the blockchain industry in 2016, co founded Beijing Fanrong technology and served as CEO. In 2017, I launched the CWV public chain project and have been managing the CWV foundation. At the end of 2017, I founded the three o’clock blockchain community, which was really hot in China, with Laoyu sky.
Then, I’d like to introduce to you Fanrong technology and CWV foundation, as well as the communities and some ecological businesses of our foundation.
As the earliest team focusing on blockchain technology development and service in China, Fanrong technology is one of the first seven members of the trusted blockchain alliance of the Ministry of industry and information technology of the people’s Republic of China. It has long served four major banks and state-owned enterprises and institutions. It is the only technical service guidance unit noted in the white paper of evidence chain of the Supreme People’s Court of China. And it is also the blockchain technology provider of Softbank and Huawei strategic partner of ISV. The company has been focusing on blockchain technology R&D services, and has many patent technologies in the fields of alliance chain baas platform, blockchain smart contract and distributed storage. It is a company with sufficient development strength in the domestic blockchain industry.
Based on the technical strength of Fanrong technology, in the middle of 2017, we established the CWV foundation in Singapore and launched the CWV public chain project. At that time, we obtained investment from most well-known domestic institutions such as Creative Capital, LD Capital and FRM Group. In June, 2018, it launched Bibox, MXC, Biki and other well-known exchanges.
At the end of 2018, we launched our own CWV main network 1.0, which is Raft+DPoS consensus algorithm blockchain 3.0 public chain. CWV main network 1.0 adopts Java + Scala code language and 100% independent original development. It is the first public chain project in China to independently develop and implement the main network. Under the network environment with 51 super nodes all over the world, it has been running stably for nearly 2 years, with block height of more than 50 million + and TPS and CTPs of more than 60000 + after multi-party test.
At the end of 2018, the currency price of CWV also soared 50 times from the lowest point when the industry was in the worst bear market. The total market value of CWV was within the top 80 in the world. It was jokingly called the light of bear market in the industry at that time.
The only regret is that it has not been able to online Huobi and Binance and other first-line exchange. However, the community construction of CWV can be regarded as one of the strongest projects in China. I believe that many friends who know CWV will not have any opinions about this self-evaluation.
The CWV foundation also hatched the BICC exchange in 2019. So far, the registered users of BICC have exceeded more than 600000 and the number of daily living users has exceeded more than 30000 . At present, BICC has more than 5000 global community partners, each of which has a community more than 500 people.
In addition, Defiking, a decentralized financial intelligent contract container platform, which is incubated by CWV foundation in DeFi direction. The contract platform currency DFK has a maximum increase of 459 times after landing in uniswap in the previous DeFi crowd. DFK is also the first batch of officially announced online projects of wave field Justswap platform.
Recently, the CWV foundation officially launched the main network 2.0, the world’s first formal main network based on VRF verifiable random function consensus algorithm, and launched the PoST space time proof decentralized storage contract, and officially renamed the Conscious Value Network (CVN) , the main network token named as CVNT.
With the new positioning of new generation public chain infrastructure + general level decentralized storage cloud + data content copyright protection and sharing contract platform, it aims to provide high-speed, safe and easy-to-use one-stop decentralized solution for all users.
In today’s press conference, in addition to the new products to be released later, I would like to introduce to you why the name of our main network should be changed to: Conscious Value Network（CVN), not only because we have strategically invested in YYeTs CVN, but also because we are going to take this name originally. It happens that YYeTs, our ecological development partner, is also called CVN. It’s really a coincidence!!!
Why is the name changed to Conscious Value Network? When we used to call CWV, we considered to create a new cryptoworld value. In fact, the concept is not particularly clear, but now it is completely different.
The main network we are doing now is a consensus algorithm based on the VRF verifiable random function based on POS. The most important word is random. The random function ensures the security and fairness of the network. It will not be attacked because the accounting node is predicted. Because it is completely random, it will not be manipulated arbitrarily. Therefore, VRF consensus algorithm is considered as the optimal solution of blockchain 3.0 Program.
Of course, VRF is still based on POS, and randomness is adopted in core business such as node bookkeeping and blocking. How can we make the whole system, the whole network, and the whole community develop in a benign place when they encounter problems in the process of random disorder. At this time, we need the basis of POS mechanism to gather the personal consciousness of all rights and interests holders, most of which are held by token. Only when people reach a consensus can we determine the development trend of things.
Therefore, everyone’s consciousness is very important. Every token is very valuable. Every vote of everyone is precious. Therefore, we call our network as the network of consciousness value. This network of consciousness value is very similar to the operation rules of the whole universe. Our whole universe is also random and disordered in the process of operation. Things are likely to develop in both good and bad directions at random, and the direction of development is determined by the consciousness of creatures in the universe. Just like Darwin’s theory of evolution, organisms evolve with the change of living environment, and the environment changes due to the conscious behavior of organisms.
And the whole world has been developing in a good direction, and the core rule is: “what kind of future world will you leave for your descendants?” this is the power of consciousness converging into consensus, which can control the development direction of things. Conscious Value Network is a technological network. Everything may develop in two directions randomly, but it is ultimately decided by everyone through voting. This is the magic place of VRF + POS consensus mechanism.
Our main network 2.0 Conscious Value Network, adopted the consensus algorithm of VRF verifiable random function, get the TPS / CTPs more than 50000, supported 100 super nodes, replaced the data layer optimization by levelDB to be more stable, started data compression to reduce node space, used automatic snapshot function to reduce memory usage, made the statetrie tree to be upgraded to 64 tree, provided faster parallel transaction, optimized numerical storage and query complexity, improved the performance of transaction execution, added new fragment instructions. The main chain provides partitioned internal transaction execution, and improves the efficiency of single chip execution and cross slice execution.
World famous projects such as dfinity and algorand claim to adopt VRF consensus algorithm, but they are still in the stage of testing network.
As we all know, the concept of the U.S. team has always been very advanced, but the project execution ability is not as good as that of our Chinese team. Therefore, our CVN main network will take the lead in landing. Next, we will hire the third testing teams around the world to conduct a comprehensive test on the VRF main network. The network token CVNT will also launch on to the major mainstream exchanges as soon as possible.
In addition, Conscious Value Network(CVN) will optimize and iterate on the basis of the original VRF verifiable random function algorithm, so we prefer to call our consensus algorithm IVRF(Infinite Random Function of infinite VRF verifiable code).
Recently, decentralized storage is booming. As the most basic infrastructure in the blockchain industry, decentralized storage is also considered to be the most noteworthy infrastructure. Conscious Value Network (CVN) also launched a decentralized storage contract solution based on the PoST algorithm based on VRF consensus.
Theoretically, from the point of view of the general theory of relativity and quantum mechanics, this is completely a concept of creating the universe, because every space-time stores every world, as long as the time space is large enough and the stored content data particles are small enough.
Then, the blockchain of VRF consensus algorithm links these worlds in each space-time together, which is the universe of multidimensional world. We use PoST to store the data content of each person’s every minute in each world, and then look at each space-time in this PoST from the high-dimensional world. It is just like the multidimensional world creatures looking at the three-dimensional world, just like the four-dimensional space lens in the movie “Star Trek”.
The POC based Filecoin network also uses the PoST algorithm to realize the main storage chain. However, for nodes, the POC capacity proof algorithm based on Zero-knowledge proof results in excessive dependence on the computing performance of the server CPU or even GPU of the node, resulting in extremely low block efficiency and waste of computing data. Second, in terms of smart contracts and virtual machines, it is almost impossible to achieve good integration.
Moreover, the TPS estimate is between 300–500, which is totally unreasonable to meet the large storage read and data transaction requirements of the future blockchain 3.0 era. It is just like a two-dimensional world technology solution to solve the user needs of the three-dimensional world.
Their original thinking logic was to create an incentive payment token for the IPFS protocol. When IPFS is really useful, the payment process can be completed with bitcoin. The world no longer needs another bitcoin. Therefore, the best solution to decentralized storage of blockchain in the future is to carry the PoST on the high-performance main chain based on VRF.
In addition to introducing our main network 2.0 Conscious Value Network (CVN) and the decentralized storage protocol of PoST,
today, we also officially announced the CWV Foundation’s strategic investment in YYeTs CVN, and will launch applications based on CVN’s main network, which is also the most important landing application scenario of blockchain decentralized storage in the future. The core product of our strategic cooperation with YYeTs CVN is “RR dVod”.
Completely decentralized blockchain technology builds the underlying infrastructure of the world, namely, organizational structure, trust foundation, economic model, and operating machine. Decentralized storage is responsible for keeping all of your data. As long as the storage space is safe and large enough, and the data granularity of users is small enough, the life of all users can be recorded and saved.
We can safely build everyone’s digital life on the blockchain. With AI and 5G technology, we can theoretically achieve “eternal consciousness” for all people. These data contents are finally stored in the private decentralized space through the block chain private key encryption, which can only be opened through our decentralized “RR dVod”. Therefore, RR dVod may be your future “personal life player”.
The above is what I want to introduce to you today. It is also why CWV foundation wants to invest in YYeTs CVN. With the new generation of public chain infrastructure + general level decentralized storage cloud + data content copyright protection and sharing contract platform as a new positioning,
It can be said that this pioneering work of CWV foundation will once again change the blockchain industry and video content industry, providing a very forward-looking direction for the implementation of blockchain technology and the development of video content industry.
Based on the high-quality content of YYeTs, the CWV foundation strategically invests in YYeTs CVN and will fully use the main network of Conscious Value Network to create “RR dVod” products.
On the one hand, as the infrastructure of blockchain 3.0 world, CVN relies on VRF consensus main chain+ PoST proves that it can provide stable main network, technical support and node services for RR dVod, so that each node / user can enjoy the gift of value equally. Its excellent high-speed network can smoothly carry the running of various rich functions or applications of RR dVod, improve the transmission quality and significantly reduce the bandwidth cost of content transmission network. On the other hand, YYeTs potential energy accumulated over the past 16 years, as well as the overwhelming advantages of community sustainable strength, will make RR dVod a powerful application built on the CVN .
Next, let the boss of YYeTs to introduce the future development direction of RR dVod.
What kind of subversive product is RR dVod? What changes will it bring to the industry?
I will introduce it to you from the following aspects.
First of all, RR dVod is a pure, efficient and autonomous content community.
With the decentralized solution of CVN, RR dVod will establish a set of trustworthy point-to-point value dissemination network, optimize the traditional content distribution, transmission, filtering and evaluation, so that high-quality content can be shared more widely and quickly, while suppressing the spread of junk content.
Second, we will establish RR dVod ecology.
Conscious Value Network provides an open platform, forms a complete ecosystem with multi industry partners, and constructs application scenarios of various digital resources such as video, software, music, pictures, games, etc. Build a film and drama content exchange agency with higher content quality, economic value and community activity around CVNT. Give full play to theConscious Value Network and the collaborative effect of RR dVod to establish RR dVod ecology.
Third, everyone should realize “video freedom”.
After the CWV Foundation’s strategic investment in YYeTs, it will create a decentralized broadcasting platform, easily gather global film and drama content, and truly realize “video freedom” — everyone can participate in content creation.
Users and foundations should be the providers of film and drama resources together; content creators, consumers and publishers should be encouraged to participate in it; users’ personal idle storage and bandwidth can also contribute.
All content providers can price their uploaded video content, and get revenue by paying users to watch.
Users can get 80% of the revenue and 20% of the management fee will be charged by the platform.
Users registered through the user sharing page can get 20% of the income for the invitees, 60% for the content providers, and 20% for the management fees of the platform, so as to achieve real free creation, free consumption and free market.
Fourth, RR dVod uses digital currency to build a new payment system.
CVNT (formerly CWV 2.0) will become the main currency of the platform, which will be used for payment, reward, income and all links.
CVNT is the main network token of Conscious Value Network. Through CVNT, RR dVod can better collect bandwidth and storage resources, intelligently schedule and serve all enterprise users in demand in the optimal form, and make use of the advantages of token economy in transparency, trustworthiness and incentive to quickly achieve scale economic benefits. RR dVod will bring CVNT a circulation scenario beyond the current mainstream public chain, provide real value support for landing profit-making business, make it competitive in liquidity and deflation effect, become the demand of tens of millions, even hundreds of millions of video users, and become one of the leading digital currencies in the world.
So far, the product is still in the preparation. We expect that in two months, we will officially launch RR dVod version 1.0, which will give priority to content payment, sharing reward, encrypted playback and other functions.
Now give the time to Mr. Neo Wang.
Hello, I’m Neo Wang.
I’m going to give you some good news.
First of all, we will switch the CVNT on Huobi to the main network of Conscious Value Network in the future. It is estimated that in two months’ time, the CVNT (ERC20) on Huobi and other exchanges will be exchanged with CVNT of Conscious Value Network according to real-time and reasonable price mapping.
Second, CVNT (ERC20) is about to start the decentralized storage and mining of CVN main network.
One of the major functions of CVN after upgrading is the decentralized storage network, which turns cloud storage into a computing power market, or mining market.
Like bitcoin, CVN miners compete to dig blocks for huge rewards. However, the mining efficiency of cvnt is proportional to storage activity, which directly provides useful services for customers.
Three factors are considered to build an incentive model: first, CVNT mining revenue mainly comes from storage revenue; second, CVN network adopts fast slow dual chain parallel working mechanism, which selects miners’ working mode according to the content and priority of generated data block; third, CVN consensus and low energy consumption after technology upgrading, and high availability of data and nodes.
In addition to the incentive model, CVN Conscious Value Network cloud storage ecology also attracts users to participate in the construction of decentralized storage network through multiple reward mechanisms, including: option award, performance award, Community Award, elite node, ecological seed, etc., and promotes social activity to ensure the health and efficiency of the ecosystem.
Finally, let’s look forward to the bright future of RR dVod.
It can be said that based on the high-frequency rigid demand of users for content, RR dVod will quickly possess many high-quality digital asset users. In the process of rapidly promoting CVN awareness value network coverage, RR dVod will become the highest quality user flow pool in the blockchain market.
RR dVod is committed to building a multi-dimensional, multilingual, cross-border, highly free and highly pure high-quality digital content sharing network for 4 billion internet users worldwide through resource integration and technology supply.
Jobs said that to live is to change the world. If we don’t change the world, who else?
We are honored to witness with you the arrival of the great moment that RR dVod changes the world.