CyberVein — Telegram QUIZ & AMA — September 16
On Wednesday, September 16, we had the pleasure to welcome to our Telegram chat:
Christian Nunez, Business Development Manager.
We asked them questions about the development of CyberVein.
Some sentences have been slightly edited for readability but the meaning has been conserved.
CyberVein has created a unique solution to distribute, manage, and monetize big data, essentially creating a big data exchange marketplace on the blockchain.
CyberVein runs on the DAG storage chain which creates safer data storage, better efficiency, and low transaction fees.
CyberVein’s platform allows handling private data in a safe and transparent manner, making it impossible to be hacked.
CyberVein’s token, CVT, is used as a transaction fee and network contribution consensus reward in major applications on the chain.
By partnering with Xiaomi, CyberVein is building a test network from the beginning of IoT data collection, through the PISR database and decentralized network.
Q — Alex Raffin from GAINS: What did you do before crypto, how did you get into crypto, and did you have any other venture in crypto previous to being involved with CyberVein?
A — Christian Nunez from CyberVein: Before crypto, I was doing work at a VC in San Diego, California. We specialized in artificial intelligence-based projects. Some of the projects we worked on were: Kubernetes as a service. We offered services to create private cloud-like processing environments with unused capacity from your IoT devices, AIaaS (Artificial Intelligence as a Service), and we also participated in US government contract work for US agencies. I first got into crypto at the very end of the hype in 2018. Unfortunately, I wasn’t one of the lucky ones. I continued working in the space and eventually, I was working alongside Chief Futurists and Senior Vice President of Scenario Planning, Peter Schwartz at Salesforce.com. Part of my work was to analyze the future of supply chains and mobility in the next 5–10 years. Before joining CyberVein, I was a Global Solutions Provider for VeChain, helping expand the ecosystem and tech, into the Americas.
Q — Alex Raffin from GAINS: What’s your role at CyberVein and what is the project about in a few simple sentences?
A — Christian Nunez from CyberVein: I am the business developer manager at CyberVein. CyberVein has created a unique solution to share, distribute, manage, and monetize big data, essentially creating a big data exchange marketplace on the blockchain. We have four core products. The four core products of data management, storage, analytics, and monetization. We focus on three major problems in this information age: information silo, data security, and data monetization. It perfectly links upstream and midstream of data-flow, aggregates and enables cross-domain governance of upstream data, and encapsulates data abstraction into services, providing business value to applications, thereby creating an enterprise-level data flow platform based on blockchain.
Q — Alex Raffin from GAINS: How do you compare with Ocean Protocol for example?
A — Christian Nunez from CyberVein: We welcome competition and believe competition will only create better and more equipped entities to provide true value. Ocean Protocol is definitely a direct competitor of ours. However, they allow developers to build their own marketplace. At CyberVein, we are building this marketplace and due to our nature of aggregating data, we will be able to provide the valuation of data. Furthermore, the space is still in its infancy and I am sure different protocols will spur out, having a different approach to secure a share of the market.
Q — Alex Raffin from GAINS: What stage is the project/product at?
A — Christian Nunez from CyberVein: We are getting ready to launch our mainnet in Q1 of 2021.
We are currently working on building our partnerships for our platform. Like all marketplaces, you come across the chicken and the egg problem. So we’re strategically working on building out the marketplace. Find out more here.
We’re excited as well! We have one of the best communities supporting us and we’re blessed to be in the position we are in right now.
Q — Alex Raffin from GAINS: What is the token use case? How did you make sure it captures the value of the ecosystem you’re building?
A — Christian Nunez from CyberVein: CyberVein’s token, CVT, is used as a transaction fee and network contribution consensus reward in major applications on the chain.
Q — Alex Raffin from GAINS: Since there’s no mainnet, is it “only” fueled by speculation?
A — Christian Nunez from CyberVein: Our mainnet is ready, it just hasn’t launched and we have performed a few case studies with academia and the medical sector, which is listed on our website.
Also, our wallet and federated learning protocol are ready and our PISR is in its beta stage.
Q — Twitter user @JPS73028701: Why does the Medical Industry require data on the Blockchain. Isn’t it similar to data on centralized data servers? How does it improve the accuracy of doctor diagnosis?
A — Christian Nunez from CyberVein: Currently, the medical industry has always privatized our medical records and makes it extremely difficult to change providers, without having to go through tests, over and over, and in essence “duplicating” your data. Our Federated Learning Platform, enables data to be monetized. It is a distributed machine learning workflow. The datasets are first trained locally, and the data of all parties are kept locally, without revealing privacy or violating regulations. Individual terminals return trained models to the server to create a shared model. Effectively protect data privacy and security, solve the problem of information silo, and thus realize the value of data. The platform will also provide algorithms to support data modeling operations by enterprises and individuals.
Q — Twitter user @alej_pacedo: We are currently experiencing Covid-19. How could CyberVein, being a platform that provides valuable data (including health), help to contribute to solving this?
A — Christian Nunez from CyberVein: Some great examples of how CyberVein can be at the forefront of assisting with the implications brought by Covid-19, is the development of vaccines worldwide. We currently have hundreds of biotechnology and pharmaceutical companies around the globe, racing to come up with a Covid-19 vaccine. Let’s say, some of these companies agree to exchange their findings and collaborate using our platform. Not only will they be compensated by one another for sharing this data, but it will increase productivity and innovation. We believe that the future of innovation is collaborative and where parties alike contribute to one another’s success to create a path forward. We have created a win-win scenario with our decentralized exchange platform. A vast amount of data can be trained through federated learning without compromising data privacy. Another example is our experiment at Sir Run Run Shaw hospital in China, where we have improved the diagnosis rate of different types of keratitis, with an accuracy of 85% compared to the 96% of the doctors that participated. We can use a similar model with COVID-19 diagnosis and other kinds of data training and modeling, to help solve many medical and non-medical scenarios.
Q — Telegram user Cyckorry: How does CyberVein stay in the top 100 cryptocurrencies for so long?
A — Christian Nunez from CyberVein: Through our community engagement, the efficacy of our project, and we definitely could have not reached this milestone without our talented team! Top 100 isn’t our goal! Our goal is to be in the top 50 soon!
Q — Telegram user Goldilock: How will your partnership with Kingsoft Cloud help you to solve the major problems involved in Big data like data silos?
A — Christian Nunez from CyberVein: We offer GPU Cloud as a product, which allows GPU to be shared. Nodes can contribute part of their GPU to the network, in return for compensation through the Proof of Contribution mechanism. The contributed GPU can aid enterprises or individuals in data modeling with federated learning.
Q — Telegram user Safu Tools: How does CyberVein use cross-chain technology? What advantages does CyberVein have over Cosmos, Oracle, or Polkadot?
A — Christian Nunez from CyberVein: D.A.V.E stands for Data Analytics & Valuation Engine. It is a decentralized exchange (DEX) that allows data assetization and standardization of data assets. Anyone can issue tokens based on their data assets, and the tokens will be listed on the exchange to trade. It is the first DEX to allow such trading. It is a way to show how valuable a data asset is, and such data assets can also be traded between parties within the CyberVein ecosystem through CyberVein technologies.
Q — Telegram user Crypto Star: As far as I remember CyberVein is a very old cryptocurrency. What can the rest of us take from CyberVein to overcome the problem of scaling and the threat of centralization?
A — Christian Nunez from CyberVein: Besides how we store and manage our data. Our Federated Learning Platform enables data to be monetized. Federated Learning is a distributed machine learning workflow. The datasets are first trained locally, and the data of all parties are kept locally as well, without revealing privacy or violating regulations. Individual terminals return trained models to the server to create a shared model. Effectively protecting data privacy and security, solving the problem of information silo, and thus realizing the value of data. The platform will also provide algorithms to support data modeling operations by enterprises and individuals.
Q — Telegram user Gotsuka: What new innovation is CyberVein offering? Which enterprise solution are you bringing through your platform?
A — Christian Nunez from CyberVein: Our PISR Consortium database, creates better data management: through safe and reliable virtual machine operation and maintain effective of user data, data is efficiently aggregated for upstream data, and data traceability and tracking are realized to ensure the reliability of data sources and output and achieve cross-level, cross-departmental data sharing to improve the timeliness, diversity, stock and density of data to realize the commercial value of data, and truly solve the problems in the data flow.
Q — Telegram user Alejandro Urich: What makes CyberVein’s blockchain different?
What modifications does CyberVein carry out in the nodes to increase the effectiveness of the information exchange on the blockchain?
A — Christian Nunez from CyberVein: CyberVein runs on the DAG storage chain, which creates safer data storage, better efficiency, no block confirmation, low transaction fees, and also eliminates miners, supports asynchronous verification and parallel processing of each node, the more nodes, the faster the speed, the stronger the scalability, which leads to better scalability. The database backup on DAG storage chain provides an extra layer of security for businesses.
Q — Telegram user JC: How does CVT benefit from CyberVein’s partnership with Kingsoft Cloud?
A — Christian Nunez from CyberVein: Through our partnership together with Xiaomi, we are building a test network from the beginning of IoT data collection, through our PISR database and decentralized network. We provide a data-privacy compliant data mining solution for Kingsoft cloud via federated learning.
Q — Alex Raffin from GAINS: How many people are in the team? When did CyberVein start?
A — Christian Nunez from CyberVein: There are currently about 30 team members, including myself. CyberVein was founded in 2017 by the Singapore CV Technology Foundation.
Q — Alex Raffin from GAINS: Was there an ICO? If so, how much was raised and how were the funds handled? Are you planning to do any future raises?
A — Christian Nunez from CyberVein: There was a private sale. To be completely transparent, I’m not sure what our official raise number was, at inception. However, we currently have a market cap of $121,883,429 USD (11,189 BTC).
We have used the fund to continue to stay ahead of our roadmap and scale the project. Since we are currently publicly traded, you can find us listed on HitBTC, Bit-Z, OKEx, and Bittrex digital currency exchanges. More to come so stay tuned and bookmark our project.
Q — Telegram user Andrew: What security features are in CyberVein?
A — Christian Nunez from CyberVein: Our federated learning platform allows data to be monetized and maintained privately. Data currently has an identifier which traces back to a person. However for data to be valuable, most of the time we do not need to know whose data it is, where it came from, etc. We just need the data sets to create true value.
Q — Telegram user Nguyễn Duy Bảo: How will personal information and investors’ assets be protected by CyberVein? If hacked, how will CyberVein handle it?
A — Christian Nunez from CyberVein: The beauty of blockchain and our protocol makes it nearly impossible to be hacked. Our distributed and secure platform is what allows us to handle private data in a safe and transparent manner.
Q — Telegram user Friend R: How secure is CyberVein’s structure? What measures have been taken?
A — Christian Nunez from CyberVein: PISR Distributed Database for Managing the data & DAG Storage Chain for Storing the Data
Q — Twitter user @PhamHuo01951923: 2020 is the year of DeFi and yield farming. What does CyberVein think will be a trend in 2021? What is the strategy to keep CyberVein from falling behind?
A — Christian Nunez from CyberVein: We hope this is the case! We are very optimistic about the future. We believe it will be brighter and more collaborative than it is today, to solve humanity’s problems.
CyberVein is currently predicting and manifesting that 2021 is the year of DAVE, or Data Analytics & Valuation Engine. The next big thing will be the exchange of large data sets. Covid-19 has accelerated the 4th Industrial Revolution. Digitization of nearly everything has created large amounts of data. The evolution of smart cities is very evident as we can start to see the vast amount of digital crumbs and trails individual leaves behind on a daily basis. For this reason, we are foreseeing that DAVE will be the next BIG thing (and this is coming from my experience working with a world-renowned futurist).
Thanks for coming in Christian. The answers are great and very detailed. Data and exploiting its the future. I’m looking forward to mainnet in 2021. Where can we follow you? — Alex Raffin from GAINS
Thanks for having me! I had a blast. It was a pleasure to join you all today and thank you so much for all of your questions and answers! Please follow our social media pages to stay up-to-date, as we continue to disrupt the space.
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