Bitcoin halving has had a seemingly positive effect on CVT price. The decrease in the rate of supply of Bitcoins in the current economic environment is pushing the price up to $10,000. The rise of Bitcoin is likely to increase the have a positive effect on altcoins like CVT as well.
State of the Bitcoin Network after 1 Week
Bitcoin [BTC] price is witnessing a drop in hash rate due to the exit of inefficient miners. The first difficulty adjustment in the network post halving occurred on 19th May with a 6% drop. Although, it will take approximately around 2-3 months before an equilibrium is established on the supply side of the network.
The social media sentiments for Bitcoin have been on the rise as ‘halving’ serves as marketing for the crypto industry. The reduced rate of supply attracts more users and investments.
Nevertheless, the halving hype seems to be fading away from the market. The previous bitcoin halving had caused some cryptocurrencies to grow exponentially, post the event. NEO, Ethereum, and Ethereum Classic [ETC] were some of the cryptocurrencies that recorded massive gains after the 2016 halving. The period post halving drew attention away from Bitcoin, beginning altcoin runs in the markets.
Moreover, it also addresses the limitations of the current design of cryptocurrencies and blockchain projects. The competition for development, recognition, and adoption helps in the growth of the blockchain industry.
In the past, the attention driven towards cryptocurrencies have been positive for other cryptocurrencies as well. In 2016, investors started looking for opportunities beyond Bitcoin which built the foundation of the vision of a tokenized society. At Cybervein, the team aims to bridge the gap between blockchain and current database management solutions.
Moreover, despite the drop in cryptocurrency prices due to the coronavirus sell-off in March, CVT price shot up over 600%, and continues to hold its’ gain in the $0.31-0.34 range.
Cybervein works on the principle of Proof of Contribution (PoC) which rewards participants based on the amount of public data stored or transferred using the host’s server. Moreover, the Cybervein federated learning platform along with the DAG network allows for trading of the data to design distributed modelling platforms. The framework allows for database management of the DApps (Decentralized Applications) as well, which can leverage the DAG network as per their needs.
In a time where the unprecedented supply of money is being printed as QE to address the coronavirus slow-down, the CVT economics looks to be backed on real digital value. Moreover, leading blockchain platforms are facing scalability, performance or security issues. Cybervein offers to provide existing businesses with an optimum use of the blockchain to address database management issues, without relying completely on the network itself.
CyberVein started as a project by a Singapore-based non-profit foundation called CV Technology Foundation back in 2017. Then Zhejiang University from China got interested and funded the project to help create a data management solution in 2018. The university established a research center in conjunction with CyberVein called Zhejiang University-CyberVein R&D Center.
It is a blockchain-based database management solution focused on improving data storage, sharing, monetization and employing federated learning principles to build efficient real-world models. It offers three products to achieve this – the PISR Database for private database management, DAG network for public storage and distribution, and the Federated Learning platform which enables machine learning of large corpus of decentralized data.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com