On July 17, 2020, at 8:00 pm, SixDong Telegram Community held an AMA (Ask Me Anything) session for CyberVein Korean fans. The Head of Korea and Co-Founder, Grace Ding, proceeded by answering the questions related to the project, and also co-founder Jerry Ning, who is currently active in China, and Jack Ge, operations director. Let me introduce the hot AMA scene from now on!
Member Introduction
Grace Ding
Hello, I’m Grace, the CyberVein Co-Founder. I founded a company called CStarWorld with the interest of spreading Chinese culture to the world. I also had served as CSO at KStarLive, which has about 10 million subscribers, and was the Head of Yotta Chain Korea. And I joined the CyberVein team that provides big data solutions that aim to change the world.
Jerry Ning
Hi guys, this is Jerry, the co-founder of CyberVein. First thing’s first, my sincere gratitude to all CyberVein fans in today’s AMA session. I graduated from Oregon State University, luckily accomplished dual-bachelor’s degree in both Mathematical Economics along with Applied Math — Statistics. I attended University of California — Berkeley and majored in Data Science for one semester and decided to drop out to start my own business. That was the first time I stepped out of my comfort zone and set my foot in a completely new realm, which is blockchain. I started off in the blockchain industry by mining bitcoins. I witnessed bitcoin’s price skyrocket to $630 in May 2014, then collapse to $200 in March 2015. Afterwards I created my own decentralized Telegram programmer community deploying blockchain system mainly focusing on cyber security. In year 2016, I participated in co-launching Ethereum Homestead development stage and invested in Ethereum. Then in November of year 2017, I co-founded project CyberVein.
Jack Ge
Hello, my name is Jack, and I’m the managing director of CyberVein. Before I get into the topic of today, let me just introduce myself, we’ll start with some numbers. I am 25 years old, graduated from Imperial College London with a mechanical engineering degree in 2016. It has been 6 years since I first came in contact with blockchain, but only 3 years that I throw myself in the industry.
Many of you might think that mechanical engineering degree is a little farfetched from blockchain industry isn’t it? So, let me tell you my story. When I was in my final year in the university, I was working on an IoT project with a group of 7 people, which involves smart lighting system in. buildings. The project went really well and we were funded by several hardware accelerator in San Francisco. Everything went smoothly until the machine learning phase. In order for the system to be smart, we need data to train it, especially medically approved data. It is that point when we realized data was not only hard to come by, but very expensive. Some institutes quoted us for $3,000 annual subscription, or $1,000 for a data size of 5000 people. That’s when we realized the data market was extremely monopolized, tech giants are gathering user data from apps and electronic devices every second for free, and making billions from targeted advertisement, hence we decided to create CyberVein.
Questions and Answers for AMA Session
Q1. What is CyberVein?
Grace Ding
CyberVein is a project launched in 2017 by the Singapore CV Technology Foundation. Cybervein’s big data solution is based on its own developed PISR (private, interlink, secure, robust) distributed database, and provides enterprise-class customized “blockchain+big data” services.
In other words, think of it as a solution for management, storage, and profit of big data. The vision and goal of our project is to implement a true and reliable enterprise-level big data solution. We aim for a world where data can be truly valuable assets by pursuing blockchain applications that can create real utility value for the real world economy, and enabling more data to be used at a lower cost.
Q2. How does the platform work?
Grace Ding
We have four distinct products for data “management, storage, analysis, and revenue,” each offering “resolve data silos, ensure data security, create data value, and realize data revenue.”
This enables seamless connectivity between upstream and midstream data flows, enables cross-domain governance of upstream data, provides computing power and algorithm support, and abstracts data into service forms. It’s a truly blockchain-based enterprise-levl data platform that creates business value.
Key technologies are structured as follows:
(1) Protocol layer: High performance and reliable design (based on DAG storage chain + PISR distributed database + EVM virtual machine + interface service + management capabilities)
(2) Consensus Layer: Secure data and independent Network (Proof-of-Contribution + Proof of Possession of Data)
(3) Contract layer: Accurate execution and reliable algorithm (Solidity smart contract)
(4) Application Layer: Extensive Practicality (CyberVein’s federal learning)
Q3. What are the unique strengths of CyberVein?
Grace Ding
CyberVein jointly established “Zhejiang University-CyberVein R&D Center” in 2018 with Zhejiang University, one of the prestigious universities in China. Combining new blockchain needs with the characteristics and merits of existing data research, CyberVein and Zhejiang University are conducting scientific research on new generation of information technology, especially distributed machine learning.
There are three types of partners that cooperate with CyberVein
(1) Capital cooperation — HIMALAYA Capital, Ace Capital, Empower Capital, Australia CollinStar Capital, Block Capital.
(2) Market cooperation — Ant Node Alliance, Segmentfault, Lighter Blockchain.
(3) Technical cooperation — CyberMiles, Zhoukou Port District Government, Jiangsu NextStage, InVault, Shanghai Taishi Tax Refund, Zhixing LAB, BT-Bank, Henan Blockchain Technology Research Association, Dubai Government, SlowMist, Fan Li Hotel Group, Macau Yawen Insurance Banking , BiomX
Also won awards at various competitions and conferences.
• The 2nd Guangdong-Hong Kong-Macao Taiwan Blockchain Future Technology Summit — Received “China Best Project Innovation Award”
• World Blockchain Industry Summit — Received “Blockchain Annual Emerging Award”
• China Internet Conference — Received “China’s Blockchain Leading Enterprise”
• Chongqing Blockchain Conference — Awarded “China Excellent Blockchain Enterprise”
• The 4th China New Economic Model Innovation and Development Summit — Awarded “Top Ten Valued Blockchain Investments of China” — Awarded “Demonstrated Application of China Blockchain”
• The 1st China Blockchain Industry Economic Development Regular Conference — 1st prize in “2018 China Top 100 Blockchain Project List”
• Pinwise Hong Kong Summit — Winner of “Technological Innovation Enterprise Award”
Q4. What is the future plan?
Grace Ding
The future plan is largely about the completion of industrial solutions and data solutions.
The industrial solutions,
(1) Smart finance: risk management, financial loans, overseas payments, distribution finance
(2) Smart City: Fighting Poverty, Mobile Government Affairs, Smart Health Care, Smart Security
(3) IoT+AI: smart wearables, driverless cars, detection and analysis, traceability verification
The completion of a data solution consists of four independent and distinct functional characteristics, and each solution can also be connected for the entire data flow.
• Management — Distributed database in the form of a federated chain (data user convenience)
• Storage — DAG-based distributed storage (data storage protection)
• Analysis — Integrated computing power platform (enhances data modeling)
• Monetization — Encrypted data streaming platform (data production compensation)
You can also check the above on the official website.
Q5. What are the advantages of DAG?
Grace Ding
DAG (Directional Acyclic Graph) literally means there is a direction, but it does not cycle. To explain a little easier, in the traditional blockchain structure, transactions that occur during a specific time are put in one block, and when all transactions are verified, the block is a one-dimensional model that is connected to the chain. However, in the DAG network, nodes verify their transactions based on P2P. All nodes that wish to initiate a transaction must verify the transaction of the other two nodes, which creates a sequence of connected events (aka “direction graphs”).
Since blocks and mining are not required, transactions are verified ‘immediately’, and ‘block size debate’ is meaningless, and the risk of centralizing hash power also disappears. Most of all, unlike the existing blockchain, which scales down as the size increases, DAG has the advantage of speeding up exponentially and enhancing scalability.
Q6. What are the differences compared to existing DAG-based blockchain? and what is the PoC consensus algorithm optimized for DAG?
Grace Ding
The answer to this question seems to be a little longer.
The fact that blocks and mining are unnecessary means that the consensus work in DAG is different from the existing blockchain. In theory, the P2P transaction proof mechanism itself has built-in consensus and retention. However, most DAG-based blockchains use PoW to defend against many malicious attacks, which incurs artificial costs for transaction verification. It is to prevent them from attacking economically. However, PoW is an energy-consuming consensus algorithm, which makes the blockchain rather inefficient as an unnecessary device for DAG.
Accordingly, CyberVein solved the above problem by developing a new consensus algorithm optimized for DAG called Proof-of-Contribution. PoC measures the disk space donated by the node and provides corresponding rewards. Because disk space is a limited resource, like PoW, it forms a kind of barrier from economical and easy attack. And above all, just as PoW uses CPU/GPU as a resource, PoC uses disk space as a resource, but not like CPU/GPU, the disk space is useful in CyberVein networks.
In addition to this, most of the existing DAG technologies were not distributed in a true sense, and to reduce the possibility of various attack vectors, a privileged “witness node” was set up to create a “official” order of transactions. These nodes are designated by the network developer or elected by users, which represent a serious design flaw in the distributed system as a single point of control or failure. CyberVein solved the above problem through the PoC consensus algorithm. Instead of specifying a witness node, we maintain a full node network that volunteers to store all the ledgers, and anyone can join the full node network, but to participate, we need to provide a scarce resource called disk space. This means that the attacking node must compete with the storage capacity of the entire CyberVein network for a single double pay attack, which is virtually impossible, and this is an improved DAG design.
Q7. Is it really a secure platform for big data leaks?
Grace Ding
CyberVein’s big data solution platform includes the entire process of data value chain; data sources, data processing, data analysis, and data application. However, all of these processes can be kept in the local area without uploading data to the central server or directly exchanging data with the other party. Because it is possible to model data based on encrypted parameters, it can be said to be very good in preventing big data leakage. In addition, the federated learning allows data owners to define the right to distribute, share, and transfer data in detail.
Q8. Why do we need to use CyberVein? Can you tell me how safe it is to store my files or data on the CyberVein and why it is important for us to store it on the CyberVein platform?
Grace Ding
As mentioned, there are growing concerns over data privacy, security and monetization globally, CyberVein provides three layers of safety in corporate big-data ecosystems:
1: PISR distributed database ensures all states and actions are recorded on CyberVein blockchain, and creates redundancy within the consortium.
2: DAG network provides an extra backup.
3: Federated learning provides a private and distributed environment for machine learning.
It is important to clarify what is stored where:
Data: is stored in database, nothing is changed here.
Database records: are stored on CyberVein blockchain, but nodes can only visit their own consortium’s database.
Data backup: is stored on DAG storage chain, sharded and encrypted. Everyone can see but only nodes with private key can access.
Of course, nobody has to use CyberVein, regular databases and backups work, as we’re just simply taking a small step towards a safer, more connected and complete big-data environment. I see GDPR as a governance failure, as it doesn’t reconcile the conflicting interest between data craving business and privacy concerning individuals. But what we provide here is a better glue between them, where businesses could work on better big-data applications compliantly, as the Data stays local, and individuals could feel safer and happier to see their contributions be rewarded, with our PoC consensus. 21st century is a digital book, it would be a shame to see us dwell in a wasteful society.
Q9. The Internet of Things and Smart City are mentioned as potential markets for CyberVein. Do you currently have a remarkable partnership with the project?
Grace Ding
Currently, there are several applications:
- Shanghai Taishi Overseas business VAT claim tax refund services, where we utilized PISR database.
- Zhoukou City Government Agricultural analysis, utilizing Federated learning.
- Ningbo Haishangxian Seafood supply chain finance, with PISR database.
- and the Dubai 2020 expo ticketing system, again, will be utilizing PISR database.
But the most notable one would be the complete big-data platform testing with several hospitals at Zhejiang University, as we co-established a lab there. It’s the only application that’s incorporating all three components of our solution, PISR database, DAG storage chain and federated learning.
CyberVein Federated Learning Platform ensures that the data does not leave the local server, maintains the privacy of doctor-patient data, and promotes the overall local medical and health resources, disease prevention and control, maternal and child health systems, health checkups and health supervision system conditions. It’s the Interconnection of hospital electronic medical record information.
Medical institutions integrate patient visit record through federated learning platform and build an integrated electronic medical record centered on patients, so that medical staff can easily access patient visit information. Research, processing and analysis capabilities are provided by CyberVein distributed database to analyze and monitor the overall operation of medical institutions. Federated learning also combines clinical decision support systems to integrate multiple dimensions of clinical data to provide doctors and patients with refined and personalized treatment guidance. For medical institutions, the value of big data provided by Federated Learning lies in the ability to improve the management level, service efficiency and the clinical diagnosis and treatment of medical institutions.
Q10. Do you have any plans to be listed on the Korean exchanges?
Grace Ding
We do have a listing plan, but it is currently not available, so it is difficult to give details. However, if you keep watching with interest, we will try to open the listing as soon as possible.
Q11. What is CyberVein’s plan for the second half of 2020?
Grace Ding
We have concluded engineering our blockchain based distributed database, which provides following services:
- A blockchain acts as a time machine that stores database states and actions.
- Also supports business to create their own side chain and token on CyberVein to development their database consortium, and realize their business objectives.
- Account management that allows parties in a database consortium to grant or deny entries.
- SDK, API and solidity smart contract for application development.
- PoC consensus.
- Distributed data management environment for federated learning.
- Customizable blockchian browser for further business development.
Also Coming in late 2020, the DAG storage chain. Having established several applications in medical research, supply chain finance, and ticketing, we are looking for more businesses to join in our ecosystem to benefit themselves with a big data solution that is safer and more compliant, and also benefit ourselves with the expanding DAG storage chain network.
Q12. As China is leading the way in blockchain development, how are blockchain companies in China responding to Corona Virus?
Grace Ding
As we all know, because of the Corona Virus, the world has been facing a serious shortage of most medical supplies, including test swabs, protective masks, surgical gowns, and hand sanitizers, many of which are produced in China. According to trade data, China, where exports declined due to the corona crisis that began in February, began to restart recently as the situation calmed down, and demand around the world continues to surge. However, one of the main bottlenecks that occurred here was the lack of trust between supply and demand and funding mechanisms.
Governments and health systems around the world, for example, have different standards for medical devices, and most providers want prepaid cash payments for reliable transactions. Actual fraudulent production and remediation claims have been widely reported, and in some cases, incorrect products may not be delivered.
In other words, the authenticity and integrity of distribution network data is an important situation. CyberVein’s PISR decentralized database is designed to build new trust relationships for sharing and deliver a single version of value. Therefore, using the CyberVein network, it can provide functions from medical product certification to distribution and warranty certification, easily integrate various medical standards, and record value-added activities to maintain complete transparency. In this way, blockchain companies in China are trying to counter the Corona Virus situation by making use of their project strengths, and in fact, the Chinese government is actively encouraging them.
Q13. What are the benefits and changes of combining blockchain technology possessed by CyberVein with other technologies such as the Internet of Things, big data, and AI?
Grace Ding
CyberVein is not a blockchain project, but a project that stands for blockchain-based big data solutions. Blockchain itself cannot be a solution and focusing only on blockchain technology is like trying to solve a linear equation with only one given variable. Therefore, the blockchain can develop by grafting with technologies such as the Internet of Things, artificial intelligence, and 5G, and furthermore, it can create real economic value. Therefore, from the time of designing the project, CyberVein focused on how to improve the completeness of the solution from various angles rather than focusing on how to solve the limitations of the blockchain, and as a result, designing a distributed ledger based on a database And AI-based joint learning platforms. This is similar to that no one had ever thought of assembling the two, a wheel and a suitcase, for a long time until the wheeled suitcase carried by a man named Bernard D Sadow in 1970. Blockchain is one of many tools that we can utilize, and we believe that blockchain will be able to demonstrate its true value when combined with other tools.
Q14. Why should I buy CVT tokens? Is there any advantage to holding the token?
Grace Ding
There’re several applications of the CVT Token:
(1) Consensus reward: In CyberVein’s Proof of contribution (PoC) consensus, data is distributedly stored in the contributors’ storage space. The data exchange/storage efficiency is based on the bandwidth of contributors. Contributors will receive their contribution rewards pro rata with the sufficient data storage and bandwidth that partook in a data exchange/storage, from the data owner and data acquirer’s payment in storage and exchange respectively.
(2) Storage payment: The data owner pays the corresponding storage fee based on the file size and the bandwidth consumed in storage process.
(3) Data exchange: On CyberVein’s federated learning platform, the data acquirer trades the data at a price contracted between the two parties for distributed modeling applications.
(4) Service payments: Dapp businesses are obligated to pay for Storage and Data Exchange in light of the network resources occupied, and may set up CyberVein token as a mean of payment to conduct business in accordance to their desired business model.
The purple line shows necessary transactions using CVT in the network. Commissions taken through these transactions will be burnt, while revenues from annual subscriptions from database usage will be used to repurchase CVT tokens from Cryptocurrency exchanges to support value.
After finishing Korea’s first AMA
Grace Ding
It hasn’t been long since CyberVein entered Korean market, but I think the future is more important. Various events such as airdrops are underway in the CyberVein’s official kakao chat group community. We look forward to interest from Korean fans.
Jerry Ning
Thanks to everyone who participated. It was an honor to be here.
Jack Ge
Stay tuned to CVT. It will be the best token in 2020.
