Each historical era has a revolutionary idea implemented which defines it. For the 20th century, there were a number of these revolutionary ideas, however, the computer was arguably the most innovative one at the time. It gave birth to the many great technological innovations that we are currently enjoying and there is still more that can come from developing computers and everything associated with them. One of the greatest inventions that utilizes the computer (this also includes portable and hand-held devices) is the internet which has truly redefined the history of the world. Without it so much that the world has accomplished now would not have been half-way done.
Blockchain technology
Arguably the most iconic development in the history of connectivity, blockchain technology is disrupting the status quo in many networks and systems. The introduction of blockchain technology to any network would immediately upgrade its security and transparency as these are the core strengths of blockchain technology.
Blockchain has had its ups and downs. It has received mixed reviews and reception from various parties, however, the fact that blockchain can change connectivity still stands. Part of the challenges that blockchain has been facing is in its technical aspect. More applications are being made which sound promising but the blockchain protocols available are unable to handle the traffic that these applications may bring. There are measures that have been taken to try and improve blockchain protocols especially to enhance scalability and subsequently reduce delays for users of the protocol, however, no lasting solution has been achieved so far. These can be considered as first aid to an ailing technology that could threaten its survival in the tech world.
InterValue
InterValue may be the solution that blockchain has been looking for. It comes with the promise of leading blockchain into a new era of faster transactions and better services through ‘Blockchain 4.0’. In as much as blockchain has been praised for its security, there are areas that still need to be beefed up in order to meet the adapting hackers who are also developing their own methods of breaking current barriers upheld by blockchain. Reinforcements are not only needed in the security front, storage has to be taken care of as well. More applications running on blockchain protocols means more storage for the data being created daily. InterValue will also address this challenge through some of its innovations.
Here are some of the changes that InterValue have proposed to make through their protocol,
• Improving the P2P network. The underlying P2P network that is set to run in the InterValue platform includes aspects from different technologies which when combined form a robust system that is more secure and efficient. InterValue came up with a novel P2P system which combines Tor and Blockchain aspects. Tor plays an important part of providing anonymity while the distributed VPN service available through blockchain is applied. The ultimate result desired by InterValue by combining these two technologies is to have a secure network where tracing nodes and breaching any communication protocol in the system is extremely difficult. Communication within the network remains encrypted thus also providing an extra layer of security. The P2P overlay network created by InterValue would make it harder for hackers to breach its system through any way currently conceivable thereby putting its platform among the top most secure protocols if not the most.
• A refreshed data structure to adapt to the increasing data demands created by advanced devices. A new data structure HashNet is proposed by InterValue derived from direct acyclic graphics or DAG. This will improve the efficiency of blockchain on two fronts; reducing the storage demands of nodes and improving the general efficiency and security of data hosted in the InterValue protocol. Data security is an essential tool in any platform therefore having it as one of the major changes from blockchain 3.0 would put InterValue at a good position leading the blockchain 4.0 change.
• Anti-quantum attack
Development of quantum computers is on going and making really large strides. Quantum computers could break the cryptography that blockchain pretty much relies on thus rendering it obsolete. To prevent this from happening, InterValue’s platform will feature new anti-quantum algorithms to replace existing ones such as replacing the SHA series algorithm with the Keccak-512 hash algorithm. Replacing these algorithms will cushion blockchain by giving it life even after attempted popularization of quantum computers.
• Anonymity while transacting.
As aforementioned, privacy and anonymity are prioritized in blockchain 4.0. InterValue combines the best of blockchain utilizing zero-knowledge proof and the ring signature to ensure maximum privacy and anonymity while transacting through the platform. The security benefits of this system would make it more appealing to blockchain users.
• Crossing and merging chains.
Cross chain transactions have eluded blockchain developers for quite some time. Coming up with the best solution to this problem often drags with setbacks arising in every turn. InterValue’s approach is to use chain relaying technology which maintains the independence of crossing chain operations and reuses various functions in the InterValue platform. Another InterValue feature that delivers more.
• Smart Contracts.
These were once the reserve of a few blockchain protocols but with improving technology and adaptation of developers, they became easier to make and manipulate into providing more services. InterValue’s smart contracts will be provide all the smart contract basics plus more. InterValue’s platform will feature the Moses Virtual Machine designed by InterValue that will provide access to off-blockchain conveniently and securely while still supporting issuance of third-party assets in different categories depending on the blockchain. This is likely to provide more options for developers while coming up with applications to be hosted in the InterValue platform.
The whole idea behind InterValue is to create a global internet of value by improving blockchain technology making it efficient to store and exchange both data and value through data securely and safely using its protocol. InterValue aims to improve on the shortcomings of blockchain as seen by the features it plans to have in order to achieve its targets.
Real-world applications
There is a need for a highly efficient blockchain protocol to serve the needs of the worlds population. Institutions are in need of better technology to maintain transparency and security of the services they offer to their clients. Considering the disasters that Cambridge Analytica caused in a number of countries due to a breach of privacy, many people are likely to welcome any secure and transparent platform to manage their social media and other accounts.
The limits of InterValue can only be dictated by imagination. From banking institutions to government offices, InterValue can provide the most efficient protocol for Dapps to be built serving all these parties. Furthermore, even tailored Dapps for these institutions can be created and hosted in InterValue. Private businesses can also benefit from increased security and anonymity especially where sensitive transactions are concerned.
Token Utility
InterValue will have a token powered platform which will utilize the INVE token. The tokens will serve a number of scenarios within the InterValue platform which include the following,
• As an incentive for users to trade within the platform. Different activities will attract different levels of INVE rewards. It will also be used as a way of supporting the platform by encouraging mining services through rewarding miners with INVE tokens.
• INVE will be used as an escrow to promote Dapps and improve their popularity while also managing Dapps of the public blockchain of InterValue.
• INVE will act as the base currency in InterValue providing a reference that Dapps built on the InterValue can use to gauge the value of their tokens. It will also be the native currency that can be used for trading within the InterValue ecosystem.
• The INVE tokens will also be used as a tool for development of the platform and to improve its scalability.
Competitive market
InterValue is not the only company to have noticed the shortcomings of blockchain technology over the years. There are some worthy contenders that may challenge InterValue or that InterValue may have to challenge. Protocols such as IOTA, EOS and Ethereum are all working on improving their platforms. Even though they may face challenges along the way, especially with increasing throughput, they are likely to be preferred by applications that are already built on their platform. Their earlier presence may give them an edge over InterValue. InterValue may still surpass them if this platform is executed according to the roadmap. Its full functionality is likely to attract people to the InterValue platform, especially with the changes they have made to improve their platform and the services they will provide. Ripple and JingJong are also potential competitors as they both serve a specific market, concentrating their platforms on the market needs thus providing efficient services. This may challenge InterValue as it attempts to serve multiple market needs.
Conclusion
The market is ready for a new era of blockchain and is eagerly waiting for a practical, secure and efficient blockchain protocol that will do away with past short comings. InterValue has the ability to deliver this. Only time will tell whether it will lead or follow. More on this project can be through these links
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