What Is CyberVein Cryptocurrency?

Currently hovering at #141 on CoinMarketCap, CyberVein is a decentralized database network that’s built on the DAG. Before you start to yawn at the prospect of yet another blockchain startup evolving around data, the CyberVein team has a lot of powerful new tech to offer and a very clear premise. Individuals don’t get paid for their data. They should. Moreover, their data should be secure. It isn’t.

Through decentralized data storage, CyberVein will ensure that there is no single point of failure for a hacking attack, while allowing public and private blockchains to interoperate so that data can be monetized with individuals’ permission.

Why the DAG?

Many people are calling the DAG (Directed Acyclic Graph) the next wave in blockchain development, or Blockchain 3.0. Since Bitcoin does not allow blocks to be created simultaneously and Ethereum faces scalability issues as more users adopt, the DAG presents significant improvements.

Allowing for side-chains, it’s much more suitable for multiple transactions, as different transactions can run on different chains at the same time. It’s also more efficient in storing vast amounts of data. Potentially unlimited, in fact.

Well-known applications like IOTA and IOT Chain are building on the DAG, allowing IoT technology to take off in a secure way.

Improving the DAG

But the DAG is still young, and unfortunately it isn’t all that secure just yet – an issue that CyberVein aims to tackle by making some important adjustments. With its own programming language and a collaboration with several Chinese universities, CyberVein has added ordered contract units to give some uniformity to DAG’s disorder. And its interacting smart contracts make cross-chain activity possible.

It has further established PoC (Proof of Contribution), which rewards people’s contributions to the network. This means that smaller contributors are no longer ignored by the PoW concept.

CyberVein aims to allow for infinite, secure data storage. Transactions between corporations and individuals (or between corporations and other corporations) can take place efficiently and easily through sharded smart contracts, which are immune to network congestion and allow for the automated and simple exchange of data.

Additional Notes

The team behind CyberVein looks to be pretty solid, with a strong technical background. Advisors come from the likes of Cybermiles and Huawei, and one of the founding partners has a background at JP Morgan.

It’s also an extremely transparent project, and anyone interested in following CyberVein can catch them on their Slack channel, Telegram, Github, or directly through their website.
There is no information about ICOs.

CyberVein is a Chinese company, and while China has been tough on ICOs and crypto, they’re actually big supporters of blockchain tech, which probably gives extra weight to this ambitious project. If the Chinese government is allowing CyberVein to develop their own chain, that’s probably a good sign.

Any downsides? The DAG can be kind of a DRAG. Since it’s still under development, the hardest part for CyberVein will be waiting for it to mature and become more secure. Until then, achieving full decentralization may be a challenge. That said, the DAG’s scalability and potential still make this an exciting project to follow.

Image(s): Shutterstock.com

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