KEEPING THE CYBERVEIN DAG IN CHECK WITH PROOF OF CONTRIBUTION
DIRECTED ACYCLIC GRAPH (DAG) ARCHITECTURE MAY AT FIRST APPEAR COMPLEX, BUT THE TECHNOLOGY IS SOLID AND CAN HELP SOLVE THE QUESTION ALL INDUSTRY EXPERTS ARE ASKING:
HOW DO WE COLLECT, STORE, AND ANALYSE THE MASSIVE QUANTITIES OF DATA WE’LL BE CONSTANTLY COLLECTING IN THE FUTURE?
To appreciate the challenge you must think about every person, every vehicle, maybe even kitchen utensils or any sort of device you can think of, generating data points every single day. On a global scale this is an unimaginably vast quantity of data!
The thing is, currently, companies are relying on cheaper data servers with high write speeds — because everything else is uneconomical — but this does not seem efficient, and nor is it future-proof.
It’d be much better for the planet let alone companies’ electricity bills and paid for server space, if there was another way. Part of the answer may just lie with the blockchain on Hadoop.
DOES DAG ON BLOCKCHAIN REVEAL A SOLUTION?
The real power of DAG architecture is that, in conjunction with a Distributed File System, we can store data across the computers or devices of millions of users.
We’ve teamed up with specialists in blockchain Hadoop, which has the backing of leading academics in the Big Data space. By using one of their tools, called MapReduce, datasets can be sorted into specific parts which makes them much easier to analyse.
Our vision knows no bounds. The CyberVein platform will be scalable to any number of billions of users and it will remain rapidly efficient, purely because of the way that a DAG works. This may just be the future of blockchain data science.
BETTER FOR BUSINESS, BETTER FOR THE PLANET
There is a race on to offer the best storage solutions for the wealth of data collected now but current methods rely heavily on hardware and server farms. This is fuelling an unfettered expansion of hyperscale storage centers.
A big issue largely comes from the fact that, relatively smaller companies aside, the big players like Google and Facebook want answers right now in order to be able to handle the incredible amounts of data that they collect and store.
With a DAG on blockchain-based solution there is no need to drive up demand for servers, in fact none at all. The extra computational power from users will obviously increase overall electricity consumption but it simply won’t hoover up resources in the same way.
From a business perspective a decentralized solution massively cuts costs; the maintenance on a server’s lifecycle, as well as network connectivity, and any other niggly costs that are not insignificant — such as the small matter of electricity usage.
To put this into context, Google is estimated to have close to one million servers in total. This means that a decentralized solution could stand to save them about $10 billion a year if we are to go on their capital spend in 2016, of which the majority was spent on data centers.
BLOCKCHAIN DATA SCIENCE COULD BE THE NEXT BIG THING
If the way that we manage Big Data is to be adequately scaled into the future, with the unfathomable quantities that we’ll be generating on a daily basis, then it is important a resilient and future-proof solution is found.
Emerging technologies such as DAG on blockchain hold the potential to do this and could stand to revolutionize data science as we know it, whether it be in collection, storage, and even predictive analytics.
This is an exciting future scenario that, if properly managed, could stand to benefit just about everyone.
If you’d like to learn more about how we at CyberVein use our modified DAG ledger to build decentralized databases, visit us here, subscribe to our newsletter, and stay tuned in to our Twitter feed.
