Jack Ge Managing Director of CyberVeinGeneral Manager at CyberVein where we work to create interconnected databases that span the globe. Founder of smart-home startup by HAX hardware accelerator in 2016 and postgraduate alumni of Imperial College London.Spend a lot of time traveling to conferences explaining the advantages of DAG over blockchain and how it works on the CyberVein network, so always up for opportunities for a healthy, open debate about the tech.https://cdn.coingape.com/wp-content/uploads/2020/05/01143934/jack_ge.png
In an exclusive interview with Jack Ge, the Managing Director of Cybervein, we discuss the development, design, crypto tokenomics, and the advantages of using the network for efficient database management. We also discuss new topics like proof of contribution, future of cybervein project & much more. So, let’s begin.
Q1. Can you briefly introduce CyberVein to our readers and how you are contributing to the crypto ecosystem?
Cybervein was funded by CV Technology, a non-profit organization founded in Singapore in 2017.
We are not exactly a single blockchain project, or so to say a public chain project. We are a big data solution that consists of three distinct products targeting problems in the big data industry, they are,
- PISR distributed database for data management
- DAG storage chain for security which is focusing on storage and back-up
- A Federated Learning platform for data monetization
We are actually quite different from cryptocurrencies, which are driving in either performance, scalability, security, or decentralization. We rather focus on real-world applications because,
You can’t eliminate the human factor out of the equation, we are focusing on the roots of immutability and compliance with the current technologies that are – data.
Q2. Can you brief the readers on the architectural design and how is it better from other DB management platforms?
The reason we’re building a big data platform that consists of three products is that there are growing concerns around data privacy, security, and monetization. We actually had an incident in China, a few months ago where a programmer deleted just a few lines of code and they lost millions of dollars of worth of data. And by the way, we didn’t come up with it, Google came up with the original idea.
It is just basically a more secure database, with private storage constantly evolving from Federated Learning and back-up on DAG network. Federated learning provides a safe and compliant environment for data monetization. Changing the workflow of machine learning because centralized data collection brings a lot of problems.
We have the PISR distributed database that ensures all data states all of the actions particularly suited for businesses itself. The DAG network provides back-up on a public blockchain.
The state of the database is recorded on the consortium, but the back-up is stored on the DAG network and it is sharded.
It is distributed and workflow is different. But, in federated learning, we have models actually trained in your local terminal.
Our blockchain is not top-notch performance-wise because centralized servers are used for primary storage. However, by compromising on that, we have improved upon security and scalability. Moreover, our model offers a complete solution for existing businesses.
Q3. Can you tell us more about the working mechanism of Cybervein? How does Proof of Contribution works?
Jack Ge – Proof of contribution is similar to Proof of Storage. Moreover, the storage of the public DAG is optional. The database is situated in let’s say the company’s server itself, but what comes with that you can choose to use the DAG network. The database will be mirrored and backed up on the DAG network.
If I were to become a contributor, I would be rewarded for it. And, for every data that gets taken out for federated learning, I would be rewarded for it, as well.
In our network, it’s just 1 and 0s and sharded files. This eliminates the Achilles heel security-wise by removing the incentive for attacks.
Q5. Cybervein has a use-case in Research in medicine as well. How can it contribute to a situation as we have right now?
Jack Ge – In the medical industry, we actually managed to test all three products altogether as a big data platform. We did not develop Cybervein all by ourselves. We had a lab with Zhejiang University in China where we developed the source code.
One of the first things we tested was with the medical institute in the university for a big data test run. Its’ basically like collecting all of the data all together without their complaint issues. Let’s say for this pandemic, we have encountered many problems. We have this QR code system, where people from one city can scan the code and proof themselves to be safe within the city. Went to a different city and had to do 14 days of quarantine. Databases reconciled with each other.
Basically, we have sacrificed a bit on performance to gain on security and scalability.
Q6. We noticed that CVT is among the top-performing coins in 2020 till now. How do you reflect on that? What do you think went right for you this year?
Mainly, I think because the R&D lab has concluded the distributed database. We have done PoC consensus and finished the data management for federated learning. We have the blockchain that acts like a time machine that stores the database states and actions.
We also have the database support for the business to create their own sidechains and tokens. We have tested our platform with a seafood company and ticketing company, where they managed to create their own tokens to run their business and realize their objectives.
We have also developed account management, SDK, API and offer running solidity based smart contracts as well. Moreover, our blockchain browser offers access to decentralized applications, which can be used as a blockchain extension on chrome too.
Q7. How does the monetization of data work in Cybervein?
Jack Ge – Currently, we are under development for the DAG network to integrate with our distributed database. We have the PoC figured out, there is a voting system for every token holder will be able to elect a contributor in the network and they will be rewarded. I think the tokenomics that we have tested so far works pretty well.
We have a data supplier that has to pay for the storage for storage contributors, and data acquirer paying tokens to the data supplier and storer because they are taking data from let’s say a hospital for medical development.
Data supplier also pays for the model, if they have a business deal. We are on the way of defining token distribution. Also, all of the revenues we make from ‘Cybervein’ will be taken from those transactions on the network and all of the tokens will be burned.
That’s how Americans boosted their NASDAQ and that’s how we’re going to do as well. We intend to maintain an intricate balance between token price and technological development.
Q8. How is your team coping up the coronavirus lockdown, and is it affecting your roadmap?
Jack Ge – We have several different locations globally. Currently, in Shenzhen, China we have the core management team, but our lead development team is in the Zhejiang University lab.
The working of the two teams was affected earlier in the year due to the epidemic outspread, but slack, telegram and zoom have been our friends. Actually, it has saved us time on our daily commute and everything is working out pretty well. Nevertheless, the marketing team has been affected deeply.
If it weren’t for the pandemic, we had a huge plan for a massive hackathon. Although those things haven’t been done, we have been doing quite well online.
Global meetup and hackathon in the US, UK, India, Turkey, Switzerland, and Japan have been postponed. The pandemic seems to be getting under control globally and hopefully, we will be getting on the move again.
Q9. What’s next for Cybervein?
Jack Ge – In early 2019, we went to Dubai for a development competition for data exchange to build the blockchain for Smart Dubai. However, due to the incompletion of our entire model, we came second in the race.
One year ahead, Cybervein can now support advanced AI (Artificial Intelligence) and IoT (Internet of Things) models, along with providing database management solutions to firms.
When the pandemic finishes we will be working with Dubai Expo to provide a ‘ticketing solution’. I think that’s’ huge in one of the most luxurious and biggest expos in the world. The marketing team is aiming at widespread recognition and partnerships in the coming months.
You can catch Jack and the team of Cybervein live at their YouTube channel on the next episode of Crypto over Beer where they discuss a variety of topics in Blockchain development.