CyberVein is the first Distributed Ledger System allowing for the decentralized management of complex datasets on the blockchain itself, without requiring additional, centralized, storage providers. The ability to store complete, editable databases on the blockchain is regarded by many as a technological breakthrough, opening an entirely new use-case for blockchains.
By allowing several parties that don’t trust or know each other to pool and process shared and immutable datasets, blockchain-based, decentralized databases could prove themselves useful in many industries and research scenarios. However, CyberVein’s main focus is to provide a platform on which information can be monetized and traded securely, creating economic incentives for organizations to share their databases while maintaining them in the public domain.
To overcome the notorious storage limitations of traditional blockchains and to render the technology fit for data management, CyberVein utilizes an improved DAG (Directed Acyclic Graph) architecture. DAG ledgers allow data on the blockchain to be “sharded” – meaning that users will only have to sync data relevant to their specific needs, instead of the entire blockchain record.
As CyberVein’s network is based on DAG technology, there’s no need for miners, making it more efficient than blockchain-based coins as well as making it more environmentally friendly. No miners are needed because, with CyberVein, each node broadcasts itself when a relevant transaction occurs. This means that, by design, DAG tokens are more equipped to handle the pressures of mass adoption on a global scale. The commonly used Proof-of-Work (PoW) consensus protocol is not applicable for DAGs, so CyberVein uses an alternative called Proof-of-Contribution (PoC), which is arguably a more robust system. Through PoC, only nodes that have been recognized to have contributed significantly to the transaction are permitted to broadcast.
CyberVein also supports its own a smart-contracting language that has been optimized for data monetization. The smart-contracting language supports the use of data values, data trading, and the cross-sharing of content between organizations.
Considering the amount of buzz surrounding CyberVein, and the fact that data evaluation is currently a hot topic, it is entirely possible that we will see rapid adoption of this technology.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.