The upgraded CVNT: the first currency of Web 3.0
On March 4, Conscious Value Network (hereinafter referred to as: CVNT) officially opened the Huobi mainnet mapping. According to the official announcement, CVNT will be exchanged according to “old currency: new currency = 200:1”. It is expected to reopen CVNT/BTC, CVNT/ETH trading at 11:00 (GMT 8) on March 9th.
Through this switch and upgrade, CVNT has completed the conversion from ERC 20 equity tokens to public chain native tokens, and has higher independence and autonomy. At the same time, through the concerted efforts of global technical personnel, CVNT has also made breakthrough progress on the landing of Web3.0, and completed the new upgrade of VRF consensus algorithm + DAO governance + decentralized storage + scenario application platform:
1. VRF+DAO. It is a real decentralized practice that breaks through the difficult problem of blockchain Web3.0 landing.
2. Decentralized storage. CVNT’s decentralized storage is superimposed on PoSt. In addition to supporting the traditional HTTP file transfer interface, it also supports the IPFS file transfer protocol. In the future, it will work with Filecoin to support a more decentralized IPFS.
3. Scenario application platform. It completes the BaaS developer platform and independently develops a decentralized video content distribution platform and player lifecloud based on the Renrenyun fast broadcast product. On this basis, a personal privacy data storage management system DID (application) that conforms to the first principle and meets the just needs of ordinary Internet users is derived.
The big waves are rushing into the sand, and the blockchain industry will coexist with opportunities and challenges in 2021. In the end, the entire market will return to the value-determining price rule. CVNT has set an example of timely change for many blockchain projects. We also look forward to CVNT’s advanced practice in multiple dimensions, which can bring more value to the landing of Web3.0.
1. “Token swap” upgrade, opening the way to pull the market
The long bear market in 2020 has brought a heavy impact on the currency circle. Except for a few top DeFi projects, many new potential projects have not even had time to make a reasonable response plan. Its encrypted digital assets were constrained by the market in the harsh market environment and forced to enter a “silent state” due to lack of liquidity, which resulting in the stagnation of the project. And the currency holders are also affected to varying degrees.
Judging from the reality of the encrypted financial market, it is more urgent to establish and improve capital replenishment mechanisms to increase capital strength. Therefore, we have reason to believe that seeking “capital increase” may be the optimal solution for the “rejuvenation” of current silent crypto assets. CVNT’s new economic model after the “token swap” upgrade this time introduces capital, absorbs multiple resources, and forms a more flexible mechanism. It will undoubtedly demonstrate the reactivation of many current “silent state” crypto assets and opens up more possibilities for crypto finance.
Judging from the information obtained so far, CVNT is the first project in the world to introduce the traditional financial “increasing capital and expanding shares” method for “coin swap” upgrade. Its brand-new economic model has laid a solid foundation for the evolution of CVNT to Web3.0, and has the following two breakthrough advantages:
Advantage 1: Capital strength and strong pull
Increasing capital can further enhance CVNT risk resistance, enhance its project credibility, and conducive to its expansion of the ecology, promotion of technological upgrades and application platform innovation, as well as the development of decentralized applications. For example, the subsequent launch of a series of products such as the decentralized video content distribution platform/player lifecloud and the DID privacy data confirmation management system are all making full use of capital to achieve the implementation of the project’s Web3.0 strategy.
You must know that compared to traditional financial capital supplement channels, encrypted assets are relatively simple, and capital increase is the most important capital supplement method. The advancement of blockchain projects, especially the advancement of infrastructure-level blockchain projects, need to match a certain capital scale. With the empowerment of the new economic model, CVNT is undoubtedly more advantageous in the process of ecological expansion this year.
It is worth mentioning that after the 200:1 “coin swap” upgrade, although user token holdings are diluted, with the new capital “entry”, there is still considerable pulling power. This not only guarantees the constant value of user assets, but also has a high probability of ushering in a wave of opportunistic increases.
Advantage 2: Value capture and decentralization
Through this switch and upgrade, CVNT has completed the conversion from ERC 20 equity tokens to public chain native tokens. It represents the occupation of the global storage state space and creates an economic model with value capture function. The upgraded CVNT has higher independence and autonomy, and can cooperate with the DAO mechanism to truly achieve decentralization.
At present, most encryption economic models design the underlying blockchain as a decentralized transaction processing system. In this case, the design of cryptoeconomics often focuses on providing incentives and penalties in the consensus process to ensure that participating nodes can verify transactions and reach consensus.
However, in addition to the need to solve the decentralized and efficient public chain foundation, the development of Web3.0 lacks a very important link, that is the development of decentralized storage. Just like the basic computers and mobile phones that gave birth to the development of the Internet era, it not only requires chip speed and high efficiency, but also needs to solve the storage space problem of hard disk memory.So CVNT superimposes the decentralized storage of PoSt space-time proof on the consensus algorithm of VRF+DAO.
Therefore, the CVNT underlying public chain is also a distributed storage platform, and based on this, an economic model based on state storage has been formed:
On the one hand, as a leading smart contract platform, BaaS developer tool and application platform, CVNT has sustainable token premium capabilities through better interoperability, two-tier cross-chain, self-sustained decentralized applications and other programs.
On the other hand, CVNT native tokens are designed to represent the rights and interests that occupy the storage space of the state for a duration. Its practicality is mainly similar to that of land as a storage platform, and it also has functions of currency (transfer value) and fuel (payment calculation).
It can be seen that in the entire network, CVNT tokens are a kind of resource representing storage space. Due to the fixed amount of supply, CVNT tokens are a limited resource with a certain degree of scarcity. You can think of the CVNT network as a piece of land. We own the CVNT token, which means we have the right to use and ownership of this decentralized storage space. We can use it to store data, build applications, or use it for leasing to enrich the larger CVNT ecosystem, or only use it to ensure liquidity which is very similar to the concept of land. The ecological prosperity of a piece of land will affect the value of the land itself, and it will also be the same for the CVNT token system. This will be the latest way to achieve value capture in the blockchain Web3.0 era.
In the entire process of value capture, CVNT governs all matters of the community through DAO contracts, which is the “outward” governance part of DAO mentioned below. This includes formulating a monetary policy to limit the growth of state storage and adjusting the strategy of charging storage state users to balance the benefits of the project’s decentralized storage cloud and user usage costs. At the same time, it can control inflation and deflation to maintain a steady rise in currency prices.
2. VRF+DAO, blockchain Web3.0 officially landed
As long as the centralization problem is not solved, the dream of Web 3.0 will not come true.
Most public chains currently on the market use POS and its derivative consensus algorithm DPOS, etc. They have a common difficulty that needs to be overcome — — a high degree of centralization, such as EOS, TRON, etc., 21 super nodes make it easy to doubt that the cost of doing evil is low and the “big family” controls the disk.
Economists use the Gini index to measure the wealth distribution of a country. From 0 to 100, the larger the number, the more unfair the distribution of wealth. The number obtained by applying this theory to EOS is 97. Even though the cryptocurrency community and the country are two different concepts, the fact that the Gini index exceeds 60 is very problematic.
The EOS Gini index of 97 points broke the record.
Web 3.0 requires a brand new paradigm to overturn the current high degree of centralization of public chains and protect the interests of every user in the encrypted world. And CVNT’s VRF+DAO may be the correct solution to the implementation of blockchain Web3.0.
The VRF consensus algorithm originally developed by CVNT extends the maximum number of nodes to 2100, and the Gini index is one percent of EOS, which greatly reduces the possibility of small-scale evil. The technical advantages of its VRF consensus main chain in terms of decentralization and security also include:
1) Based on the above thousands of verifiable nodes and tens of thousands of candidate verification nodes, the random function based on VRF makes the list of the next block producer unpredictable, so it will increase the complexity of the system when encountering malicious attacks on the network.
2) The degree of decentralization of the project is improved, so that the general public can truly participate in the co-construction of the system. In the process of operation, a random function is used to ensure the fairness of the nodes of block generation and the consensus of rights and interests is completed through decentralized control.
3) Provide users with a strong and verifiable guarantee that their privacy and data are under their control. That is, the information they receive, the information they provide, and the content related to payment are circulated in a trusted network.
4) That the fault tolerance achieved through PBFT realizes fast accounting and block generation at the ledger level making the main chain of the CVNT consciousness value network more efficient, stable and reliable.
CVNT is committed to being the most distributed, safest and largest-scale network. Although the node can be expanded to thousands of orders through the VRF consensus main chain, it still makes people feel that it is not decentralized enough. This is also the main problem currently criticized by Web3.0, so the governance of the public chain is particularly important.
Based on this, CVNT pioneered the VRF+DAO consensus algorithm, which merges the consensus of DAO’s community governance and chaining mechanism into the consensus, and truly realizes the operation of the entire project in a decentralized manner.
To further explain, CVNT uses DAO contracts to govern the development of the entire public chain ecosystem, externally using DAO contracts to govern all matters in the community, and internally, DAO contracts will control all the work processes and code management of the “core team” development team.
First, community governance.
The DAO core governance team generates incentives and punishment rules through voting to formulate strategies for community development.
In other words, CVNT DAO is a decentralized consensus “organization” led by more community leaders and high-quality nodes, which can truly identify the decisions and directions that are conducive to project development. The organization can make joint decisions, be responsible for ordinary investors, and is not affected by any decentralized institutions/individuals, and does not require any centralized institutions/individuals to endorse the trust of the project.
For investors, the adoption of DAO contracts makes the entire community governance process completely based on smart contracts. The realization of the complete transparency and traceability of the entire process effectively avoids the private fraud of the project party and greatly reduces the investment risk.
At the same time, CVNT can also focus on the value expansion of the project and the construction of the community. Since CVNT delegates the real decision-making power to community autonomy, it can be assisted by the community. For example, under the DAO contract issuance mechanism, the issuance rights of CVNT tokens are delegated to the community and the issuance price and issuance volume of CVNT tokens are determined by the consensus of the community. A fair and transparent issuance environment allowing everyone to participate will inevitably inspire more communities and investors’ enthusiasm for participation.
Second, the public chain process.
The code development and management of all CVNT core teams, including new modifications, uploads and updates, will be supervised by the DAO community core management team.
What is more innovative is that CVNT has designed a two-half private key mechanism, one half is a hidden private key and the other half is a non-hidden private key. Each member of the community core management team only owns the latter.
Among them, the hidden private key is generated by the DAO contract and strictly supervised to ensure that the core code is not copied and the black box operation is eliminated. The non-hidden private key is stored in the first decentralized storage space. And the private key belongs to the DAO organization.
This means that all changes related to the project process including but not limited to technology upgrades, application platform updates, application development or other changes will be known to all members of the core management team of the DAO community and will not be controlled by individuals.
3. The journey of the first currency of Web3.0.
The “mainnet mapping” upgrade to create a new economic model. VRF+DAO landed on the blockchain Web3.0.
CVNT’s exploration and advancement make it have unlimited imagination in the near future.
All projects that have the potential to illuminate the future of the industry will lead the market and will also be an important investment target for professional investors. CVNT is undoubtedly of great potential.
Through the perfect interpretation of DAO, CVNT realizes on-chain management and autonomy, and strives to enable every community user to participate in financial projects on an equal footing. Promote the prosperity of the ecology by stimulating the endogenous power of the community, so that the blockchain can truly benefit the people.
At this point, a truly decentralized, true prototype of the Web 3.0 paradigm public chain has surfaced. The journey of CVNT as the first currency of Web3.0 has just begun.