Is This True Blockchain 4.0? – Sal Miah – Medium
InterValue is among the new projects that are pushing the blockchain 4.0 agenda. It can be argued that currently, they are the underdog among the likes of Seele and HashGraph which could be a great thing for InterValue as their rise would be unexpected. InterValue has a clear vision that they believe can be made possible through their proposed platform; to make blockchain and its supporting technologies and innovations universal for all to use 👨👨👧👧 and really be true blockchain 4.0.
The Blockchain Vision 4️⃣. 0️⃣
Upon its inception, blockchain was viewed as a solution to the challenges that the cryptocurrency market was facing, especially Bitcoin which was being used mostly by enthusiasts as its efficiency did not allow its use to scale beyond those who understood how it worked. There are even recorded stories of Bitcoin owners who spent over ten thousand coins buying a box of pizza. This sounds blasphemous when considering the value Bitcoin holds now.
The vision of this technology has continued to grow over the years with new innovations showing the capabilities of this network. It is believed that decentralization can be the greatest technological revolution ever seen 💻. This is no mere claim or optimism; but rather a concrete statement as results are already being seen with Bitcoin itself, Ethereum and a host of other successful protocols and DApps. Public chains and private chains are being set up to serve the many DApps that are currently in the decentralized sphere, with many more to be introduced as innovation in decentralization continues to grow.
Growth within this sector is only going to increase. As the world learns about the benefits of decentralization, it is slowly becoming the default platform for future applications.
Privacy, transparency, and security are some of the key highlights in decentralized technology which a large percentage of the world is coming to appreciate, as exposés reveal how centralized platforms are profiting from user data and how these user data held by various platforms may be compromised by hackers 🐍.
A number of governments are increasingly starting to embed or begin a discussion about this technology and its supporting cast. Africa and Asia are arguably the most receptive to this technology as they try to discover what benefits blockchain could bring and how it could help bring prominence to African nations.. In countries like Tanzania and Kenya, payment solutions using virtual currencies 💳 have been set up in a number of outlets showing the faith these economies have on this technology going forward. Governments are also trying to establish how decentralization could help streamline their networks and subsequently improve their service provision to their citizens.
All this is possible through blockchain technology. One would even wonder why it hasn’t taken the world by storm yet with such a promising future on paper. This all boils down to the current technical setups within blockchain protocols that limit the functionality of this industry-changing technology. Blockchain has been improving over the years to try and mend areas where it has not outperformed centralized networks. Achieving total disruption of the current centralized set up seen in most sectors can only be achieved if blockchain platforms are able to serve the population at similar or greater efficiency as compared to centralized platforms while offering maximum security, transparency, and privacy as blockchain is praised for.
Proposed Technical Approach
The most important goal of InterValue is to create a blockchain that can be able to handle the traffic that centralized platforms handle and even more. This ability to handle traffic fluctuations is part of scalability. Its inadequacy has been detrimental to true decentralization of the world’s networks. In as much as blockchain is praised for its security prowess, there have been times where breaches have been foreseen or actualized. Improving security 🔐 is also a concern for InterValue and it will influence the technical approach it undertakes in a bid to make blockchain a safer environment for transactions and general use.
A universal adoption of blockchain also means that storage has to be optimized. Currently, there are DApps and protocols that are outsourcing their storage space as their platforms cannot handle the storage demands resulting from their current users. An increase in the overall use of this technology could end up crippling these platforms as storage demands outweigh supply available. Optimization of storage is another key area which InterValue seeks to improve on.
These are just some of the problems that need to be solved. InterValue’s proposed technical set up will see most of these sorted out with some features even safeguarding the future of blockchain 🌟. Here is a breakdown of the proposed technical changes likely to be made in the InterValue platform:
Smarter Smart Contracts
Innovations in the form of DApps are likely to involve other third-party service providers that allow for better efficiency. For example, in the financial market, a stand-alone DApp cannot fully deliver all the financial services a user may require unless they receive support from other third-party participants. This may require access to off-chain data, integration, and permission to access this data. InterValue’s proposed smart contracts are somewhat smarter than previous generation smart contracts as they are slated to provide all these conveniences securely. The smart contracts to be used in InterValue will support both non-Turing complete and Turing complete contracts, which will be programmed in the Moses language. Efficient smart contracts are essential in a protocol set on outstanding performance.
An Improved P2P Network 👫
Currently, it is possible for node addresses to be obtained and communication protocols to be tracked. It may be tedious but it can be done. InterValue’s platform proposes a combination of two great innovations, that is blockchain and Tor, which have their own area of specialization that will make it harder for nodes to be traced and their addresses found. It will also bolster communication protocols making them harder to crack.
Data Storage Optimization
A new data structure is proposed, a HashNet derived from DAG, which can improve the efficiency of data storage relieving nodes of the need to have large data storage spaces. This structure would also improve the security of data stored by nodes.
There has been a number of consensus mechanisms that have been tried over the years with popular algorithms like PoW and PoS having their own limitations that deny efficient scalability when demand increases. InterValue also uses a combined approach here utilizing the features of HashNet and Byzantine, to form a consensus mechanism with a double-layer which supports quicker confirmations, transaction concurrency and prepares the system for different scenarios from different applications.
Interoperability Among Different Chains
As expected, different platforms may require different chains within InterValue. Their services may, however, cross paths as they are all based on the same protocol. Having cross chain operations or merging chain operations may be essential as blockchain goes global. InterValue, therefore, proposes chain relaying technology that will allow transactions carried out among multiple chains to be executed efficiently while maintaining the individuality of each chain. This system may also reuse a number of functions of InterValue thus efficiency on multiple fronts.
Anonymity While Transacting
Secrecy is valued on the internet and whatever can amplify anonymity while transacting will be highly welcomed by the target market. Zero Knowledge Proofs will be present in the InterValue system, meeting the privacy requirements of various applications that will be based on InterValue. One-time key and ring signature will also be used in InterValue. These features will increase anonymity, security and result in a high-cost effective ratio for transacting parties on DApps based on InterValue.
Industrial Application 🏭
InterValue will have a number of industrial interfaces that will meet the demands of various scenarios such as data transmission and circulation of payments. This is important especially with the use cases that InterValue can possibly achieve.
The financial sector, the health sector, the Internet of Things and a host of other applications will benefit greatly from a protocol that can deliver industrial features.
These are just some of the proposed features that will ensure the next generation of blockchain is fully equipped to serve the targeted population once blockchain is globally accepted and used. The technical aspects are likely to be improved as technology also improves to keep peak performance at InterValue. Furthermore, the threat that quantum computers pose to the cryptographic way in which blockchain runs would no longer be a threat as an anti-quantum mechanism is also implemented in InterValue 🤘
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advise in any situation. Please remember to DYOR before making any decisions 🤓