The blockchain technology came into our lives with a very great breakthrough as it emerged as one of the various technologies that will forever change mankind such as the steam engine, the Internet, power and information technology. This technology was first created in 2009 and the first ever cryptocurrency to be ever known was the Bitcoin. The blockchain technology has various characteristics which include decentralization, anonymity, peer to peer transfers, data structures, the consensus algorithm and so on. This technology now evolved in the year 2014 as it gained recognition all around the world to form the blockchain 2.0 and this has features that made it faster, efficient, more reliable than the previous blockchain network with the use of an improved data structure and numerous consensus and it had the capability of the smart contracts. The blockchain 3.0 was developed shortly afterwards and this saw the numerous integration of the blockchain technology into our daily lives and sectors such as healthcare, education, finance and e-commerce. Presently we are in the current development of the blockchain 4.0 which improves very greatly over all other previous models with the use of an improved data structure called the HashGraph. This improved blockchain will create a very perfect ecosystem for the mass adoption of the blockchain technology into our lives.
Fig 1: Evolution of Blockchain
Presently most of our blockchain networks are the blockchain 3.0 and it presented a lot of issues and problems that needed tackling and it was this issues that led to the development of the blockchain 4.0. A few notable problems of the current blockchain model included
- Complexity of usage of the blockchain technology and difficulty to operate - This is one of the major problems of the current blockchain technology as it requires someone with a very high technical experience to be able to navigate through all its features and make the most benefits out of it. As a result, a lot of users aren't able to operate it and this now led to a decrease in its mass adoption.
- Low Performance and Scalability - most of the blockchain network we have today have a very low performance due to their decreased ability to handle lot of transactions per second. For example, the common Bitcoin we all know can only handle 7 transactions per second and this now led to the slow confirmation of transactions as well as an increased fees when transferring funds.
- High Costs of Usage - The usage of the blockchain technology comes with a very high cost in the form of the technologies being used for it. The fees are usually very high and will have to be paid to the blockchain network.
- Lack of Universality among different blockchain networks - this causes a platform lock-in where developers on a specific blockchain network will have a very hard time trying to move to another blockchain network and this now hinders the universality of the network.
- Low level of Mass Adoption and Integration - due to most of the factors mentioned above, there is a very decreased level of integration into our lives as users are scared about the technicalities, high fees, low performance and other factors.
All the following above factors will be solved with the coming of the blockchain 4.0 which aims to tackle most of all this problem single handedly with the use of improved infrastructures. One of the most important platform that aims to tackle this issues is called InterValue.
What is InterValue?
This is a platform that aims to take the current blockchain technology into the blockchain 4.0 with the use of specific features that gives it an edge over the latter such as the improved scalability, high performance, a new DAG structure, consensus, smart contracts and other improved features. It aims to create a structure that can connect the virtual and the reality worlds together with the exchange of Value between them. With all its improved and enhanced features, it will also boost its mass adoption into more applications in our daily lives and let's not forget, it comes with a very user friendly interface and uses less resources and a low cost.
Fig 2: InterValue Ecosystem
Characteristics of the InterValue.
This includes improvements and enhancements over all the previous features of the current blockchain network, with the use of advanced technology. They include
The Peer-to-Peer Network - this network is very improved due to the usage of the Tor Network as well as the blockchain VPN to enhance anonymity of the nodes and prevents hackers from finding them.
Data Structure - it uses the Hashgraph DAG structure which increases the efficiency and security of storing data by the reduction of the spaces being used by the nodes.
Consensus Algorithm - it uses a two layered consensus algorithm that is made up of the HashNet Consensus and the BA-VRF consensus that will allow for the faster confirmation speed, high scalability, and a wider adaptability.
Anti Quantum Attack - Use of special algorithms to protect the system from attacks from Quantum computers.
Anonymous Transaction - It will have a very great anonymous network
Smart Contracts - with the use of the Moses Virtual Machine, it will support the use of Turing and Non-Turing smart contracts.
Industrial Applications - with the use of the JSON-RPC, it will have the adaptability to be able to be integrated in any applications and it is very flexible.
Fig 3: Difference between InterValue and other CryptoCurrency
The InterValue Node Recruitment
InterValue released a recruitment globally for the local. Full node and light nodes and this occurred on July 5th to July 20th, 2018. This will signal the first step in the nodes recruitment for the alpha test and every participants that makes a contribution to the test gets incentives in the form of the INVE tokens at the end of the test.
This is very necessary for the INVE ecosystem due to the presence of the HashNet that requires the use of a full node, local full node and a light node.
So during the Intervalue v2.0 test net launch, users and communities are invited from all over the world to take part in the making of its community and contribute the the worldwide InterValue ecosystem.
For more information on the InterValue and its Node Recruitment, you can please visit any of the following links.
Website: https://www.inve.one
Telegram: https://t.me/InterValueProject
Twitter: https://twitter.com/intervaluepro
Medium: https://medium.com/@intervalueproject
Facebook: https://www.facebook.com/InterValueofficial/
Reddit: https://www.reddit.com/user/intervalue
Quora：https://intervalue.quora.com