The Evolution of Blockchain
Introduced ten years ago in January 2009, blockchain is still going through major improvements. In its first generation bitcoin boasted of the first distributed ledger for financial protocols making autonomous, trustless financial transactions a reality although its network only achieved up to speeds of 7tx/s. The next generation ‘Blockchain 2.0’ saw the introduction of Ethereum that expanded the use cases of blockchain with the introduction of smart contracts. Real world conditions greatly affect the performance of the Ethereum network even though applications can work in sandboxes. ‘Blockchain 3.0’ projects such as EOS focus on taking blockchain mainstream thereby seeking robust solution compromising scalability, robust smart contracts and looking into user experience. EOS has come under thorough scrunity regarding security of networks and its governance models, but has clocked an impressive top speed of 3000 TPS since the launch of the testnet about one month ago. The future of blockchain might be away from blockchain altogether with the innovations of Directed Acrylic Graphs and hashgraph. ‘Blockchain 4.0’ develops on past limitations and failures and the ideal blockchain ecosystem currently will showcase industrial-grade dapps.
Introducing InterValue.
Intervalue is a highly ambitious project that introduces new solutions to address the technical limitations of the existing blockchain 3.0 in a bid to create the perfect ecosystem that supports Dapp for vast industrial application in finance, digital currency, supply chain, entertainment, healthcare, energy, social media, law, internet of things and agriculture among other sectors. InterValue combines the positive technical attributes of blockchain 3.0 with its own innovations into blockchain 4.0 infrastructure.
Blockchain technology backs the internet of things which allows for exchange of assets or value between individual and companies with the same ease and efficiency as that of information exchange on the internet. Realization of internet of things will have immense social and economic impact on market liquidity, inclusive finance, speed and efficiency of money transfer, the development of small businesses and other applications some yet to be conceived. Sadly these noble ambitions are limited by the inherent shortcomings of the existing blockchain technology which hinders its mainstream adoption. InterValue seeks to solve shortcomings such as little application, low transaction throughput, high commissions, extended confirmation times, vulnerability to quantum attacks, poor anonymity, blockchain value island, storage space load needed and so much more.
InterValue's solutions to the limitations of existing blockchains;
UNDERLYING P2P NETWORK- InterValue will combine the advantage of Tor-based anonymity and Blockchain-based distributed VPN, an anonymous P2P overlay network is design which include anonymous access method and encrypted communication protocol, which greatly enhances anonymity of nodes in the network and ensures that it’s hard to trace node address and to crack communication protocol.
DATA STRUCTURE- A new data structure HashNet derived from DAG (directed acyclic graph) is proposed, which greatly reduces storage space required by nodes and improves efficiency and security of data storage.
CONSENSUS- an efficient and secure double-layer consensus mechanism is designed which consist of HashNet consensus and BA-VRF (Byzantine Agreement based on Verifiable Random Function) consensus, which supports high transaction concurrency, fast confirmation and building eco-systems for different application scenarios. In version 1.0, due to the fact that HashNet consensus is much difficult to implement, a double-layer consensus mechanism was first implemented combining DAG consensus with BA-VRF.
ANTI-QUANTUM ATTACK- A new anti-quantum algorithms are devised, which replaces existing SHA series algorithm with the Keccak-512 hash algorithm, and replaces ECDSA signature algorithm with an integer lattice-based NTRUsign signature algorithm. These algorithms reduce the threat coming from development of quantum computing and gradual popularization of quantum computer.
TRANSACTION ANONYMITY- Based on anonymity characteristics of cryptocurrency such as Monero and ZCash, one-time key, ring signature, zero-knowledge proof are applied to transaction anonymity and privacy protection, which performs with high cost-effective ratio and excellent security to satisfy privacy requirements in different application scenarios.
SMART CONTRACTS- InterValue design Moses virtual machine (MVM) which supports declarative non-Turing complete contract as well as advanced Turing complete contract programmed in Moses language. MVM is able to access off-Blockchain data conveniently and securely, and supports issuance of third-party assets, which can be integrated into applications in terms of public, permissioned (private) or consortium (hybrid) Blockchain.
CROSSING AND MERGING CHAINS- InterValue adopt chain-relaying technology to solve the problems in crossing chains transaction and transparent operations among multiple chains, which not only can maintain independence of crossing chains operation, but also reuses various functions of InterValue.
USE CASE
InterValues blockchain 4.0 architecture makes it applicable in a variety of real world use cases.
Example use case in Education.
The most critical goal of education apart from the money generated by universities is producing professionals each year to maintain and innovate existing systems so as to make a better world for tomorrow. This makes education very essential for the world’s economy. Education sector experiences different challenges in different countries hindering growth and the sector is not perfect in itself. It is common knowledge that many opt to go to top ranked universities because of the quality services they provide. Being able to provide these services in every location would be a great boost for the education sector though lack of integration of education services across different countries become a major hindrance.
Photo by Andre Hunter on Unsplash
Blockchain, particularly InterValue can be able to provide solutions and make large scale improvements to the challenges impacting negatively to the education sector in some countries. Dapps can be built to; help student access student credit in universities around the world, help graduates land jobs and others may be dedicated to support university students’ research. In the case of research, the Dapp supported by InterValue store the research results and data obtained safely even if the universities are miles apart. What strikes out with InterValue is that the Dapps that support multiple similar projects around the world will be able to avail this information thanks to TPS available on InterValue protocol. And to be able to handle such massive data, a HashNet structure obtained from DAG is the proposed solution for InterValue proposal. This reduces the storage space requirement and increases security to data stored on the InterValue ecosystem. Researchers and academics can rest assured that their data hosted on InterValue will be safe for eternity and is accessible at the convenience of the users within the platform.
InterValue’s node alpha test recruitment
InterValue launched the alpha node test to help with real world implementation testing. This allows InterValue to evaluate the vulnerabilities of the system before the final release of the platform. To participate or provide feedback , you can find more information here
Conclusion
InterValue’s ambitious project to improve blockchain by providing technical solutions to inherent limitations of earlier versions is seen as a complete solution to these unending problems and has such received so much publicity that its private sale just ended. There will be no ICO but currently, a bounty program worth 50,000,000 INVE tokens is ongoing.
To learn more, here are the links to the InterValue community.
Telegram: https://t.me/InterValueProject
Website: https://www.inve.one/
Whitepaper: https://www.inve.one/InterValue_whitepaper_en.pdf
Medium: https://medium.com/@intervalueproject
Twitter: https://twitter.com/intervaluepro
Youtube: https://www.youtube.com/channel/UC4b2wn5JPT7nKuZvQRjW1gw