The Bitcoin technology isnt new to anyone today as it has become talk of the town. The launch of the technology gave birth to Bitcoin in early 2009, which was accepted as a means of exchange for goods and service. The Bitcoin launch is termed Blokchain 1.0, which offered a peer-to-peer ecosystem and characterised with Proof-of-Work (PoW) conensus, digital assets, Merkle tree, distributed ledger as well as blockchain data. Technology we know is not stagnant but dynamic, thus the birth of Blockchain 2.0, which improves speed of transaction, supports different consensus, such as PoS and DPoS and introduces the smart contracts, decentralised distributed apps and virtual machines. Blockchain 2.0 is championed by the Ethereum ecosystem. Blockchain 1.0 and 2.0 have contributed immersely to the blockchain technology and cryptocurrency at large but both were not able to solve the problem of scalability thus the birth of another, called Blockchain 3.0. Blockchain 3.0 is championed by the likes of Iota and Byteball; and based on DAG (Directed
Acyclic Graph) data structure. Blockchain 3.0 0ffers wonderful user experience than ever imagine, good scalability and great interoperability. To take the blockchain technology to the indstrial iinfrastructure, then the launch of Blockchain 4.0, which is based on the Hashgraph consensus algorithm.
Even with all the different Blockchin generation in place, there are still some challenges engulfing the current blockchain system. These challenges are:-
- Difficul To Use: Many people who claimed to have knowledge of bitcoin can not boost of understanding how to actually use the technology it offers itself. The technology is built in such way that only those who have skills in tech can key into it rather than the general public.
- High Cost: To enojoy full access to the technology offered by the blockchain, one has to pay or spend some huge amount of money, which is a major setback of the technology going mainstream and gaining mass adoption. Imagine paying for anything you need to do on the blockchain. No wonder developers finnd it very difficult to use the technology effectively since it is not flexible enogh.
- Poor Performance: Inability of earlier generations to process huge transactions per second has been a great hinderance. Bitcoin can only process 7 tps while Ethereum about 20 tps. No wonder the launch of Cryptokitties on the Ethereum network in December 2017 caused a drag in Ethereum network as well as skyrocketed the transaction fees.
- Low Applicability: Blockchain technology is very limited since it is just in the early stages and could not meet up with demand of the masses. The services been offered lacks good features and there is no form of adequate encouragement for the community members to give their opinions.
With all said above, it is clear that there is need for proper studying of the blockchain technology in order to improve on the lapses stated. To effcetively address these issues, I present INTERVALUE.
InterValue intend to merge the virtual and real world's together with two great technologies in our disposals - Blockchain and Internet. In order to carryout it's plans effectively, InterValue will be an infrastructure of Blockchain 4.0 integrating DAG on it ecosystem as well as high performance, friendly user interphase and experience; and scalability.
INTERVALUE CORE FEATURES
In order to address all issues facing the current blockchain technology, InterValue made wonderful adjustment in all aspects of the blockchain infrastructure with powerful innovations, which include:
Data Storage: To greatly reduced the storage space often required and consumed by nodes as well as ensure efficiency and security of the stored data, InterValue integrates HashNet gotten from DAG.
Consensus: InterValue integrate double layered consensus simultaneously on it's network to enhance security and efficiency - HashNet and BA-VRF (Byzantine Agreement based on Verifiable Random Function) consensus. These consensus will enhance speed confirmation of transactions, high transaction concurrency as well as peemits different applications to be built within.
Underlying Peer-to-peer Network: Merging the benefits inherent in Tor-base anonymity as well as blockchain-based distributed VPN, InterValue creates a novel peer-to-peer overlay framework that ensures anonymous access method and encrypted communication protocol. This will bring anonymity to the nodes network, whose address cannot be traced and all communication protocol are kept anonymous.
Smart Contract: Moses Virtual Machine (MVM) is developed to securely access off-chain data as well as permits issuance of third party assets, which can be embedded into applications in terms of public, private or consortium blockchain.
Ecological Motivation: Double-layer mining is supported by different token allocation patterns in order to give incentives.
Crossing And Merging Chains: Unlike the current blockchain Technology, InterValue integrate chain-relaying technology that permits transitions and operstions on multiple chains independently.
Anti-Quatum Attack: The SHA series of algorithm as well as the ECDSA Signature algortihms are replaced by Keccak-512 has algorithm and lattice-based NTRUsign signature algorithm simultaneously. Both Keccak-512 and lattice-based NTRUSign help reduce threat from development of quantum computing operstions.
Industrial Application: To adequately meet up with the industrial needs, different interfaces in the form of JSON-RPG are developed to meet up various cases like data transmission, data search and innovation as well as circulation speed.
INTERVALUE ADVANTAGES
- Adopting benefits of IOTA and Byteball in Blockchain 3.0
- Implementation of new HashNet consensus
- Adopting double layer consensus mechanism
- Using an Anti-Quatum algorithm by adopting Keccak-512 and lattice-basee NTRUSign algorithms.
For more information about InterValue project, kindly visit any of these links below:
Website: http://inve.one/
Whitepaper: https://www.inve.one/InterValue_whitepaper_en.pdf
Telegram: https://t.me/joinchat/HFJWYxCcv_bhLzTrdfzmGQ
Blog: http://inve.one/blog/index.do
Writer's Name: Phlaser
Email: [email protected]
Telegram ID: @DutseM
NB: A wonderful opportunity is available to all my readers to get paid. InterValue’s node alpha test recruitment is on and it's free. Visit
https://www.inve.one to get signed up.