CVN Blockchain
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CVN Blockchain

CWV2.0 has been officially released

How will CWV lead Blockchain 3.0?

The CWV2.0 conference was officially held on June 30th at 14:00. It was jointly organized by Cointegraph Chinese and Nova club. Wang Xiaobin, founder of CWV had an in-depth discussion with Ren Zheng, the founding partner of Nova Club consensus laboratory and Li Xiangmin, founder of chain capital about the technological developments and future prospects of CWV2.0.

The following article analyzes and studies CWV2.0 based on the on-site discussion and the CWV2.0 white paper.

Bitcoin has proved the use of blockchain technology to the world, known as blockchain 1.0. Ethereum has proved the use of Dapps(Decentralized applications) and was known as Blockchain 2.0. However, the current public blockchain infrastructure lacks in four major aspects: Commercialization, Scalability, Interactivity and sustainability. It shows us the loop in technology like the lack of tokens supported by fundamental values and lack of killer Dapps. The blockchain world has been waiting for a long period for the blockchain 3.0 ero that would provide killer applications and technology that has high demand, low threshold and high efficiency.

The development of CWV public blockchain began in 2017 and took 18 months for development. The main network was officially launched in the second half of 2018. The CWV public blockchain is now being upgraded to 2.0. The upgrade is expected to solve the four major problems stated above and will include upgrades to consensus and technology that will make it convenient, fast and more intelligent new generation public blockchain infrastructure, a general level distributed database(cloud storage) and blockchain operating system. It will also achieve the accounting level, intelligent contract level and unstructured organic combination of data storage and user interface in the blockchain 3.0.

The year 2020 has been a turning point for the blockchain industry. The industry has been stagnant and in a state of dilemma for a long time and we at CWV believe that opportunities always knock at the door during the crisis and have now completed the upgrade to 2.0 and believe to deeply implement the blockchain technology and applications that lead to the development of the industry. This would make blockchain technology more practical and help in applying all the aspects of industries combined with enterprises and turn the concept of blockchain 3.0 into reality.

The following is an explanation from the perspective of technological innovation, Ecology, Core Architecture, Team consultant etc..

1. Technological innovation

The Infrastructure of Blockchain 3.0 world is based on VRF consensus mainchain + POST spatiotemporal proof + double chain structure. Hence the ecology is safe and stable enough so that each node/user can equally enjoy its value. Its excellent high-speed network can smoothly run various applications of different magnitudes, and large-scale deployment of commercial grade Dapps.

The core technology of CWV 2.0 is VRF (verifiable random function) consensus algorithm, which is regarded as the positive solution to the “ternary paradox”, and the post space-time proof mechanism, and also the fusion of hierarchical consensus into the main chain. This highly improves the computing power of the mainchain. On the aspect of ensuring security, it reduces the hardware threshold of nodes, and makes the storage mining of CWV 2.0 mainchain possible.

a. VRF consensus algorithm

VRF stands for Verifiable Random Functions. It is a consensus algorithm widely used in projects such as Algorand, Dfinity and many other Blockchain 3.0 public chain projects. It is a low energy consumption and high efficiency random number algorithm combining the hash function and asymmetric encryption and can also provide asymmetric key verifiable mechanism.

Under the VRF consensus algorithm, both the sides of the communication can verify the integrity of the message and the source of the message without knowing the private key of the other party.

b. Proof of post space time

POST (proof of spacetime) spatiotemporal proof consensus mechanism, which is implemented by CWV 2.0 on VRF consensus mainchain is a consensus mechanism to measure and calculate the storage time and space of data stored in the network. It is an innovative computing power mechanism, which is essentially a kind of storage proof. It uses the data stored by users as the proof of computing power, which is used to prove the amount of data owned by a miner in a period of time, and then uses the amount of data as the proof of computing power. Users can verify the amount of data stored by miners in a certain period, and miners can obtain this data and reward based on it.

The storage power in POST is based on practical and useful storage services, which can solve the problems like consumption of high energy to obtain the computing power that the initial generation Blockchains were facing. It improves the operation efficiency of the system.

The difference between POST and POW is that the storage capacity of POST in CWV 2.0 is based on the real and useful storage services, which is different from the hash operation which consumes a lot of energy to obtain the computing power. Mining Based on POW consensus mechanism causes huge energy wastage and has no substantial value to the real economy.

The difference between POST and POS is that the POS achieves a consensus by mining the age of coins, which is improved by CWV 2.0. Its superimposed post consensus takes the proportion of effective storage in the whole network as the basis for obtaining the right block, while the mortgaged token is only to avoid the bad work of storing and has little damage to the liquidity of the token.

c. Hierarchical consensus

CWV 2.0 main chain adopts hierarchical consensus working mechanism. Based on the content and priority of data blocks generated, the miners working mode is selected. VRF consensus ensures the transaction efficiency and the POST consensus provides time-space proof for the deposit of certificates. This mode can not only ensure the transaction efficiency of the main chain, but also be compatible with the traditional consensus algorithm to ensure the security and decentralization of the data and transactions in the mainchain.

Through hierarchical consensus technology, the TPS of CWV 2.0 main chain can reach 50000 per second and 100000 theoretical peaks under single chain and single partition. It not only has sufficient storage capacity to realize private data storage, but also highly improves the storage space, the reading efficiency, and the security of personal data on the chain. This provides a technical framework for the decentralized ecology based on storage and mining of CWV 2.0.

2. Technology Ecology:

CWV 2.0 storage Ecology is through decentralized storage. It uses the original user system and the incentive mechanism of storage mining, we can create a decentralized storage ecology with a team as the unit and build a Blockchain ecosystem that can provide decentralized cloud storage services for enterprises, projects, and individuals. This can highly reduce the cost of cloud storage services and enhances the idle storage space in the hands of users to achieve the full utilization of user resources, enabling the Internet industry with technology and bringing additional income for users by mining.

CWV 2.0 storage ecology adopts Blockchain 3.0 technology. It takes CWV2.0 main chain as the core and is composed of all nodes. It changes the status quo of Internet storage that cloud services need centralized servers. In the cloud 2.0, the cost of its main chain can be different from that of the traditional cloud server. Users can also purchase cloud servers directly through the cloud to become the ecological node of CWV 2.0 and can enjoy a secure and more secret data storage services brought by decentralized storage, and can also use their own storage space to mine and obtain corresponding benefits.

3. Core architecture

In terms of technical architecture, CWV2.0 adopts four-layer architecture which consists of basic technology layer, consensus layer, protocol layer and application layer.

Aiming at the potential performance bottleneck of large-scale decentralized application, the transformation threshold of Blockchain + Internet enterprises / economic entities and the possible distributed database problems of decentralized cloud storage, CWV2.0 has taken required solutions to target these issues.

As shown in the below figure, from the perspective of architecture design CWV2.0 has great potential to become a super low-level public chain that can support many commercial applications.

CWV2.0 has achieved a breakthrough in TPS through consensus and technology upgrading. The basic technology layer and consensus layer have all elements and good scalability. The protocol layer can promote the rapid development of application ecology, which is conducive to the rapid formation of Blockchain application infrastructure and the continuous expansion of user groups. The application layer actively promotes the feasibility of enterprise level solutions, which is conducive to promote and maintain the publics rapid start and sustainable development of chain ecology.

4. Founding team and consultants

A great underlying system needs a professional team. CWV2.0 core technology team has developed a centralized large-scale system of 10 million TPS. This kind of rich development can ensure the success of CWV2.0.

Neo Wang

CWV founder, a well-known serial entrepreneur, senior investor, founder, and CEO of inwatch. Neo reached strategic cooperation with Qualcomm in early 2016 to become the first domestic manufacturer to embrace the new intelligent wearable platform of Qualcomm. Neo was also an early investor of BICC and a partner of M Blockchain group, the underlying technology service of Blockchain. His investment or participation in Blockchain related projects has won him many professional awards at home and abroad and has become Huawei’s Blockchain technology supplier.

Ryan

CWV co-founder, early participant in Blockchain industry. Ryan has rich experience in cryptocurrency investment and is a well-known investor in the Blockchain industry. He is also a famous Australian Capital founder, founder of bitcoin development foundation, member of Asian DACA Blockchain Association and a member of bitcoin Roundtable forum in China. As a decentralized believer, Ryan is committed to promoting the transformation of Blockchain technology and cryptocurrency in various fields.

Overview:

To sum up, CWV has made significant technological advances and innovations in the underlying, ecological applications, core architecture and other aspects of the blockchain. CWV is Led by an experienced and professional team. It has upgraded and mapped the new CWV2.0 main network.

Since the establishment of CWV in 2017, the project team has shown to the CWV users its sincerity, determination and will towards development of the project. It also shows CWV’s mature technology and application.

Team has also proved to the world by building CWV into China’s first public chain. CWV2.0 will be able to support tens of thousands of commercial level distributed applications (Dapps) running on its platform. The advantages of VRF consensus superposition post consensus mechanism and the storage mining dividend under the fast-slow dual chain structure will also be verified. The era of CWV leading the full implementation of Blockchain 3.0 technology is coming soon.

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