Why CWV Is an Unmissable Blockchain Project in 2020?
On 14 August 2020, Ministry of Commerce of China issued The Announcement of the Ministry of Commerce on Issuing the Overall Plan for Comprehensively Deepening the Pilot Program for the Innovation and Development of Service and Trade. It documented the qualified places in Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hongkong-Macao Greater Bay Area and the central-western areas as pilot areas where digital RMB can carry out.
There are 28 announced pilot provinces and districts: Beijing, Tianjin, Shanghai(21 city areas), Hainan, Dalian, Xiamen, Qingdao, Shenzhen, Shijiazhuang, Changchun, Ha’erbin, Nanjing, Hangzhou, Hefei, Jinan, Wuhan, Guangzhou, Chengdu, Guiyang, Kunming, Xian, Urumchi, Suzhou, Weihai, Weihai and Xiong’an District of Hebei, Gui’an New District, Xixian New District of Shanxi.
Four months ago, as a pilot area, Suzhou province paid part of salaries by digital currency to the employees having installed DC/EP, the wallet of China’s Central Bank Digital Currency.
In 1973, 239 banks from 15 countries found SWIFT, building a computer network system for the banks from different countries around the world.
Even the headquarter of SWIFT is in Brussels, the two essential central nodes of information exchanges are in Amsterdam, Netherlands and New York, the US.
In September 2018, the US government approved Gemini Dollar and Paxos Standard two stable currencies, by which, 1 token can exchange 1 dollar. Different with Bitcoin, stable currency is based on the traditional US dollar as its currency system. The issuance of this currency is held in the hands of the Federal Reserve.
In June 2019, the subsidiary Libra Network of Facebook united 26 global companies issued cryptocurrency white book. The first sentence in the white book is: the mission of Libra is to build a simple and boundaryless currency and a fundamental financial infrastructure. That is, Libra is up to build a boundaryless currency.
Let’s read a brief story to understand what Bitcoin is and how it works:
In a small island, people exchanged food through the shells as a medium and had a happy life at that time. However, 1000 later, a brutal man started to require people living in this island to use the leaves from his garden as the only exchange medium. People who tried to revolt was throwed into the sea. As so, people in the island was tamed and the leaves from the brutal man’s garden had been the only exchange. People had to use their goods to exchange the leaves, then use the leaves to exchange other goods.
Day after day, there were more and more leaves circulated among the people. However, the products that the leaves can buy were less and less. Except from the brutal man, most of the people had been becoming poor.
One day, a smart guy invented a new way of bookkeeping: First, you just need to submit your account to the ledger. Next, if 6 people at the island approved this account, the account system will admit the fairness of it. As all the trades are recorded in the ledger in numbers, a person who wants to purchase only need to cross the account and take away the products. The ledger is transparency that can be checked by everybody, unless 4 of 6 random people collude to cheat. In this way, the residents of the island didn’t need the leaves anymore.
Taking this story as a metaphor, the account is Bitcoin, and the leaf is the traditional legal currency. Even though many people think the leaf is born with authority while the account is virtual numbers, the account literally goes back to the essence of currency, judging from the development of entire human history.
No matter you agree or not, the birth of Bitcoin brought more possibilities to the currency system. From 2010, thousands of digital currencies came out, such as ETH, LTC, USDT, TRX, EOS.
Today, the new smart contract CWV2.0, the digital currency mainly based on storage, gets to see the light. CWV showcases a better digital asset form and a better blockchain solution in 2020.
The core technology of CWV2.0 mainchain, the ‘tripartite paradox’ VRF(verifiable random function consensus algorithm) and PoSt(spatiotemporal proof), fusing with double-stranded structure can substantially enhance the compute power of mainchain and decrease the hardware threshold of nodes. It allows CWV 2.0 become a digital action of storage mining that everyone can participate in.
By VRF and PoSt, CWV2.0 solved the puzzle of decentralized storage. The data integrity verification mechanism realizes the ledger consensus and storage proof consensus in layers, building a fast and stable blockchain bottom layer.
CWV2.0 sees the utility and developer-friendliness as the core. Through modular development and cloud platform tools, it facilitates enterprise developers focus on blockchain operations, saving the time on difficult coding problems. This design makes users without the knowledge of digital asset and digital currency feel that everybody can participate, everybody can achieve, and everybody has the opportunity to easily up-value own digital currency.
CWV2.0 is a blockchain infrastructure and ecosystem structure. If the positioning and functions can come true, it will be a promising investment target.
The ecosystem meant at here includes reliable infrastructure (e.g. performance, speed, security, compatibility), reasonable consensus, abundant applications, numerous users, and the smooth operation among them. If the CWV ecosystem is a city, the bottom mainchain of CWV2.0 is like the infrastructure of the city (e.g. water, electricity and road); the Dapp can be compared with the various constructions. What’s more, if the infrastructure is good enough, there will appear more and more constructions; if the city is managed orderly, many citizens naturally will move in. At end, a prosperous city ecosystem will be built.
From the perspective of investment, a bottom storage layer not only need to be investigated in its technology and property, but also need to be discerned the ability of building the prosperous ecosystem. And this is our long-term core value.
Currently, blockchain is exploring the traditional industry. With a background like this, it is critical for investors to choose correct wind and racing track. If a part of the investment in your portfolio is prepared for potential fields, decentralized storage is a noticeable and valuable one.