INTERVALUE: An Introduction to the Most Robust Practical Blockchain 4.0 Project
This is the first article on my three-part series on InterValue. I will introduce InterValue and outline some of its innovative blockchain solutions. And in later articles will break down InterValue’s core features.
Having a background in architecture I am naturally drawn to architectural theories and concepts even when am writing about technology. Great architecture wears many faces but at its core is sensitive and complex in equal measure. The end user, and not other architects, is the centre of the architectural design process. Their experience should be fluid. When the user interaction with a space is visibly so, tinkering to improve their experience within it, this is evidence of a poor design. Architecture is an orchestra, a back and forth process, incorporating and responding to as global and local influences and therein finding its own identity and uniqueness. So what does this have to do with technology, specifically blockchain technology?
This idea naturally resonates with other popular technological inventions. Good design is a double coding of both complexity and simplicity, featuring robust complex internal mechanisms wrapped in a user friendly exterior. Think a Renaissance painting, electricity, an aeroplane, cars and recently the Internet. If you can trace the origins of the above to where we are now, and what they have been able to change our world, you will agree with me that what mankind needs is a small spark to start a great fire. I believe the mining of the first Bitcoin block in 2009 was the moment, the spark, that will change the course of history for the better, forever. Rightly drawing comparisons to some of the greatest historical breakthroughs, only through relentless innovation and not settling for less can blockchain technology reach that sweet spot of simplexity(simplicity and sophistication); which in this case will have scalable, interoperable, quantum-resistant robust infrastructure under the multiple covers of diverse applications to revolutionize the way we transfer value forever. I believe right now is a watershed moment for blockchain technology, and InterValue ticks all the right boxes to take blockchain adoption and application to the next level.
The Story of Blockchain so far
Only ten years young, blockchain technology has undergone massive development since Bitcoin’s first block was mined in January 2009. The first distributed ledger for transparent financial protocols, Bitcoin made autonomous, trustless financial transactions a reality, albeit with a network clogging transaction speed of 7tx/s. Ethereum ushered in the ‘Blockchain 2.0’ area, expanding the utility of blockchain beyond blockchain with the introduction of smart contracts. However, while applications can work in sandboxes, real world conditions greatly affect the performance of the Ethereum network. To take blockchain mainstream would require a robust solution comprising scalability, robust smart contracts and a focus on user experience, and that is the focus of ‘Blockchain 3.0’ projects such as EOS. Since the launch of the testnet about a month ago, EOS has clocked a top speed of 3000 TPS, but has come under intense scrutiny regarding security of the network and governance models. Improving on past missteps and failures, ‘Blockchain 4.0’, the future of blockchain might be away from blockchain altogether with the innovations of Directed Acrylic Graphs and hashgraph. The perfect blockchain ecosystem to date, we will see industrial-grade dapps here.
InterValue is the most advanced Blockchain 4.0 project, with a speed of 1m TPS, that seeks to create the first robust internet infrastructure for the Internet of Value, designed for now and the future. Intervalue introduces new solutions for common blockchain limitations to create the perfect ecosystem that can support dapps for vast industrial applications in finance, digital currency, supply chain, entertainment, healthcare, energy, social media, law, Internet of Things and agriculture among others. Some of the inherent limitations of current Internet architecture that InterValue seeks to solve are little application, low transaction throughput, high commissions, extended confirmation times, vulnerability to quantum attacks, poor anonymity, blockchain value islands(lack of interoperability), storage space load needed and many more. InterValue’s technological innovation include:
📌Anonymous P2P overlay network. Network nodes are accessed anonymously but communication between them occurs in an encrypted manner P2P.
📌Novel data structure To be able to run most nodes today, one of the setup steps requires downloading the whole blockchain since genesis block. As of March 2018, Bitcoin’s blockchain was only 163 GB, and this will only get bigger
Hashnet- InterValue proposes a new data structure improved on DAG(Directed Acrylic Graph) called Hashnet, which simultaneously reduces storage space required by nodes and improving the efficiency and security of the data storage.
📌Consensus A novel two-layer consensus protocol which will be rolled out in two stages. Initially, will comprise DAG consensus and BA-VRF initially and then rolled out to Double layer consensus consisting of Hashnet consensus and BA-VRF(Byzantine Agreement based on Verifiable Random Function) consensus Essentially, offers quick confirmation, high transaction concurrency and whose application can fit various industrial functions.
Bitcoin uses the ECDSA signature algorithm which currently vulnerable to quantum computing.
InterValue devises a new algorithm, the Keccak-512 hash algorithm and introduces NTRUsign signature algorithm to replace the quantum-vulnerable ECDSA.
📌Transaction anonymity through implementation of zero-knowledge proof and ring signatures borrowed from Monero and Zcash
Both non-Turing complete and Turing complete can be supported on the Moses Virtual Machine
📌Crossing and merging chains
InterValue is such an amazing project and has received so much publicity. The private sale just ended. There will be no ICO but currently a bounty program worth 50, 000, 000 INVE tokens is ongoing. In my next article I will zoom in on some of the technical concepts about InterValue technology and ecosystem contributors such as nodes. For more information on InterValue, follow the following important links:
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Originally published at steemit.com on July 25, 2018.