Symverse Labs, “Providing total blockchain solutions required in the Web 3 era”
With the advent of the Web 3 era, which decentralizes data ownership and control, the importance of services related to blockchain, a key technology, is strengthening.
Meanwhile, Symverse Labs, a next-generation mainnet developer, identified unmet needs from two perspectives, the practicality of Web3 services and the expandability of business applications linked to the expansion of blockchain functions, and developed its own SYM ID. Based on (SymID), Symverse Labs introduced a fractal network that allows various mainnets to interoperate.
It was stated by Symverse Labs that SymID, a decentralized identification system, is designed to proactively respond to future regulations and service requirements, which distinguishes Symverse’s blockchain from other mainnets in comparison to existing web services.
SymID, which consists of a combination of 10 bytes of numbers and letters that guarantees identification and duplication prevention, is expressed as a network identifier of 2 bytes, a Citizen ID of 6 bytes, and an account identifier of 2 bytes, and has one detailed document. A total of 281 trillion IDs can be created, and one SymID can have 216 accounts (credentials). The account identifier can be used as needed, for example, number 10 for travel rules, number 20 for minors, number 30 for tax-related transactions, etc. This simplifies smart contracts and increases usability.
SymID is registered with the account on Citizen Chain, not the main blockchain. The account document can provide basic information such as status, credit rating, authentication strength, and country. If the ID node issuing the SymID does not use the authentication strength item, it is used as a public blockchain with complete anonymity. Additionally, it can be used as a private blockchain by entering unique items depending on the purpose.
Through SymID, it is possible to build a fractal network where various mainnets coexist separately. The company emphasized that this allows each mainnet to perform its unique functions and roles, increasing the expertise of blockchain while solving the high development and network costs required to operate the mainnet.
The differentiating feature of the Symverse blockchain is that it is a multi-blockchain that includes the ‘Main chain’, which stores transaction and reward information, ‘Citizen chain’, which manages the aforementioned SymID, ‘Warrant chain’, which records blockchain parameters and external information, and ‘Oracle chain’, which records blockchain parameters and external information.
Since the four blockchains have different creation times and record different information, they realize fast processing speeds during internal operations and external linkages and have the advantage of being able to create smart contracts using only specialized information more easily. For example, warrant chains can simplify the development of mining rewards for SymIDs staked to nodes participating in the consensus process. In particular, Oracle Chain provides scalability to create new transaction methods by quickly linking with other mainnets in the future.
Another distinguishing feature of the Symverse blockchain is its consensus algorithm. The consensus algorithm can be said to be a measure of the degree of decentralization on the mainnet, and blockchain transaction speed and data certainty are key.
The block generation method that agrees on the data details stored in the Symverse block is an enhanced Byzantine Fault Tolerant (BFT) algorithm that applies strategic voting, allowing malicious nodes to manipulate data through strategic collusion which block creation is fundamentally blocked.
Among the 25 nodes participating in the consensus process, 1/3+1 is called Group A and is selected by the foundation. Group A does not have the right to create blocks and only exercises voting rights. The BFT algorithm is at least 16% faster than consensus when a collective veto (Veto) is exercised, therefore agreement is at least 16% faster.
Group B, which accounts for 2/3 of the nodes, consists of decentralized nodes and proposes block generation. For the entire Group B to carry out a malicious Sybil attack, a significant network fee must be paid, and since they are selected probabilistically, the probability of manipulation converges to 0 according to the law of large numbers in statistics. The company explained that even if there is collusion, it is impossible to gain profit by manipulating the blockchain because it cannot reach 3/2+1 of the total number of nodes.
Based on this system, the solutions and platform services provided by Symverse Labs to respond to the unmet needs of blockchain, the main technology for Web3 services, are ▲Mainnet solution ▲Blockchain as a Service (BaaS) ▲Tail. It is classified into a centralized app (DApp, Decentralized Application).
First, the mainnet solution is a fractal mainnet (built-up type), which configures an independent blockchain by installing nodes of an appropriate size, and a virtual mainnet (rented type) that can operate an independent blockchain by receiving a mainnet code within the Symverse platform. The infrastructure that supports them includes blockchain monitors, scanners, wallets, etc.
BaaS includes Sallt, a decentralized wallet that allows businesses and general users to easily use blockchain services, integrated token management platform BBP, blockchain-based login, smart contract integrated development environment SymPose, and mass transfer tool. etc.
In addition, it provides Dapps that can be applied to various businesses, such as non-fungible tokens (NFT), a marketplace community that comprehensively applies e-commerce shopping malls, blockchain-based compensation mechanisms, coupons, and games.
An official from Symverse Labs said, “Symverse is a network that evolves based on future-oriented blockchain technology. A new paradigm where independent mainnets can interconnect and coexist is incorporated into the platform. Symverse Labs plans to develop blockchain solutions necessary for the Web 3 era and continues to advance toward its vision.
https://www.greenpostkorea.co.kr/news/articleView.html?idxno=216013
