On February 23rd, an employee of a Hong Kong software company called Weimob had maliciously damaged the company’s online production environment and data, resulting in the unavailability of Weimob system services, resulting in the data loss of 2 million merchants. Weimob immediately took action, by providing old users temporary transition solution and making sure the online production environment of its core business remains operative, while trying to recover the lost data. With Tencent Cloud team’s help, Weimob successfully recovered the data. On March 3rd, Weimob Group issued an announcement saying that it had completed the restoration of SaaS business data, the online payment system will be launched as soon as possible, and the compensation plan will be actively implemented. Weimob stated that the incident was caused by human actions, and the management team of the company will take some responsibility in this. The compensation plan will be distributed to the merchants who had suffered losses during the system’s unavailability, a total compensation of 150 million yuan, contributed by the people in the senior management, including the CEO. Weimob had also extended the validity of the SaaS service for the merchants for two months.
The malicious action of one person caused all the merchants on the platform to suffer huge economic losses, and also brought disaster to the enterprise itself. It is understood that on the day of the incident, the market value of Weimob fell 900 million yuan. This incident of the storage security of Weimeng SaaS cloud computing platform has caught the industry’s attention and many have been discussing about it.
Cloud Computing
Cloud computing, like blockchain, is called the new generation of information technology. The biggest advantage of cloud computing is that using high-speed internet transmission capabilities, data can be transferred from a personal computer or server to a cloud computing center. The cloud computing center can provide services such as computing and storage to the required users, and can charge according to the user’s usage.
In short, the advantages of performance, efficiency and security made cloud computing replacing traditional servers on a large scale. However, in essence, cloud computing servers still belong to a centralized service system. As far as cloud storage is concerned, cloud storage is a collection and coordination of various storage devices in the internet. It can be understood that the resources in the internet are concentrated on the cloud computing server, so if there is a problem with the cloud computing server, all the data stored will be damaged or lost.
The accidental deletion of data or even databases is inevitable in the internet era, and the centralized structure of the centralized service system will have data security problems. To avoid the risk of having all the data stored on a centralized server being lost, the solution would be blockchain distributed storage system.
Blockchain
A distributed storage system connects a large number of common servers through a network to provide storage services as a whole. Distributed storage is one of the best methods to achieve large-scale data storage at this stage. However, the current distributed storage concepts for large-scale commercial applications still has a centralized structure and has certain storage risks.
Blockchain technology uses block-chain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, and maintains a complete, effective and secure database. In the blockchain system, the effective storage and update of the data in the chain is fulfilled, and the deletion and modification of the data in the chain requires the consent of more than 51% of the nodes to complete. Therefore, the main function of a data storage system based on blockchain technology is to record changes in status and then synchronize across the entire network.
In addition, the blockchain distributed storage uses cryptography to ensure the security of data transmission and access, the encryption of stored data, and solves the security and reliability problems of traditional centralized storage. The distributed storage does not only allow the users to store and use personally produced data, but also guarantees the users’ ownership of their data. On this basis, it builds the trust of multiple participants and improves data value.
The value of blockchain distributed storage has been recognized by the industry, but large-scale applications have not yet been achieved at this stage, mainly because the node participation level and node quality (good or bad) will affect data storage and status update. In addition, the large-scale implementation of blockchain distributed storage is inseparable from cross-chain technology, which provides distributed data storage services for other blockchain systems and distributed data storage services for traditional internet merchants, and the current development of blockchain technology is not able to do this.
Blockchain technology has natural advantages in data storage, but at this stage, the blockchain industry does not have the ability to stand on its own. However, the industry is looking towards the future, as more and more people are learning and developing blockchain, it’s only a matter of time until the technology for large-scale blockchain applications and implementations become fully matured, and making a change to the modern society.
CyberVein’s database utilizes both blockchain and DAG technology to achieve a storage that has high efficiency, no storage limit and security. DAG has nodes in its network, where each users represent a node. The data or files that is stored on the DAG network is sharded, where they are split into smaller pieces and kept on each node. The users that joined the network and stored information only needs to maintain the transaction units that are related to him/her, as well as the father-units that comes before, and a single unit does not need to have all the data that’s in the network, and can be verified in real time by other users with the Proof of Contribution (PoC) mechanism. In theory, there is no throughput limit to the transaction volume, and the decentralized network’s scalability can be raise securely, and through timestamps, tamper immunity and tracking, it can greatly reduce the costs. However, the DAG network theoretically has no limit, but it is dependent on the number of units (users) that is within the network. If by any chance that the network becomes overloaded, part, or all, of the data can be transferred to the blockchain, serving as a back-up space for the data. The data can be retrieved easily when it is needed for use again. Blockchain and DAG worked together to solve the inefficiencies that exist in the blockchain technology.
The data and information stored in the network, or database, is encrypted and no one apart from the data owner can access them. If the data is needed by other parties, the CyberVein database also uses federated learning to achieve data “sharing” without compromising the data and the privacy of the owner.
The CyberVein database is highly efficient and secure, with DAG solving the low throughput, efficient and scalability issue of the traditional blockchain database, coupling with federated database management system and cryptographic modeling platform for federated learning, it has become an all-rounder database and a worthwhile alternative for data storage solutions.
Visit CyberVein on BitcoinTalk Forum
Follow CyberVein on Linkedin
Follow CyberVein on Twitter
Follow CyberVein on Reddit
Follow CyberVein on Quora
Join the CyberVein Community on Telegram
