a whole new world of possibility!
•Blockchain for database storage. 😍
Instead of storing data in native database forms we may use blockchain to store data which as a result becomes highly secure and decentralized(essence of blockchain).
👉 In general, traditional user accounts can be substituted by public-private keys and addresses in blockchains. Traditional databases are subject to strong access control, almost all data is restricted to authenticated accounts. Moreover, account creation is also of a centralized model in traditional databases, by which a database administrator grants the user an account for access. With blockchains, conversely, key pairs are generated freely by anyone, without the need for centralized administration.
👉 For applications that require some form of central administration, it is achievable through the business logic inside the client/node software. Privileged key pairs known as administrators can be built into the client software. 👼
- Elements of a traditional database can have a new interpretation as objects in a blockchain environment. The followings are examples of basic objects:
- Public Key: the public part of a key pair generated by users
- Address: an abbreviated form of public key
- Virtual Identity/Avatar: long term use identity, as compared to public key, which can be for temporary use
- Organization: an identity associated with and managed by multiple virtual identities/avatars
- Fungible: virtual asset/token of a fungible nature, such as currency and share etc.
Then why haven’t we used blockchains for database yet: 😔
Here is the reason: 😅
There have been many problems with this idea.
• First, Bitcoin style blockchain is proven to be difficult and expensive. Such blockchains works on a ‘proof-of-work’ consensus i.e miners compete with each other to validate the block of blockchain and whoever validates it first gets the reward. Generally the one with high computation power gets the reward.
•It takes a lot of energy and computation power for mining. This has been highly criticized 😥 at the international level as the power consumed to mine a single bitcoin is almost equivalent to the power consumed by a household daily and all other miners’ energy and time is wasted who did not come first.
•It has been a prolonged battle and drama to raise Bitcoin’s maximum block size limit, by which evidently reflects that inherent scalability limitation of the technology. The scalability issues stem from the fact that, unlike previous distributed databases, Bitcoin is an extremely redundant system.
•Single blockchain provides no isolation system or resource between application.
What if I say that there is no need to spend time and energy to validate a blockchain transaction but still we can validate the blockchain and we can have millions of interacting blockchains. 😌
- Here comes Sunny King 😇
Sunny King, a legendary blockchain developer, is the inventor of Proof of Stake consensus mechanism and creator of three cryptocurrencies/blockchain projects, including V SYSTEMS, Peercoin and Primecoin.
Sunny king invented Proof-of-stake consensus mechanism with which the blockchain could be still validated without spending any energy.
V SYSTEMS is a native blockchain database and decentralized app platform that aims to create a brand new digital economy era. The project is led by chief architect, Sunny King.
Their mission is to create a future economy built upon millions of blockchains based on Supernode Proof of Stake (SPoS). V SYSTEMS aims to materialize the vision by building an innovative database cloud to make blockchain development swift and easy.
“ There are tens of thousands of blockchain project happening around the world. But due to the many flaws and inherent scalability issues, the world has yet to witness a massive adoption of this technology. It is time to tackle the core issues of blockchain and reinvent the technology to bring a truly scalable, stable, and global blockchain platform that is easy to use and is compatible with billions of system. By doing so, enable the widespread of blockchain adoption and push forward a whole new era. ”
The followings are basic user database operations:
• Create database • Insert object
• Update object • Delete object
• Create index • Query by index key value
Objects, in the form of JSON objects, are pretty powerful data structures to represent structured data. Key-value pairs can be considered a simple example of objects.
How to handle concurrency in blockchain database: 😕
When a user attempts to insert a key-value pair, an observer sees the key or name in the broadcast and then makes a competing insert of the same key or name, which may get confirmed into the blockchain instead of the original insert. Namecoin introduced a protocol to deal with this issue. The idea goes like this:
- User sends a pre ‐ insertion reservation transaction, where the key/name of the insertion is hidden via hashing. The protocol understands that the reservation transaction reserves the insertion of the given key for some period.
- Wait for the pre‐insertion reservation transaction to confirm. Then broadcast the actual insertion transaction to the network. The insertion transaction should include a link/reference to the reservation transaction to pass protocol validation that the insertion and the reservation match each other.
Advanced Database Features 👇
The platform also plans to introduce advanced database query features. An object-relational query language such as those similar to MongoDB, is more flexible than the traditional relational query model, also known as SQL. Google’s MapReduce also presents a new form of data processing.
Database Migration 👇
Migration features are extremely important for a database. As a database scales, it would be more cost effective to migrate it to a separate blockchain of its own, so the blockchain fees can be lowered specific to the application itself. The platform plans to provide migration tools to move database from one blockchain to another. On-the-go blockchain creation.
V Systems’s Cryptocurrency, VSYS, mentioned on top cryptocurrency exchanges such as BITFINEX etc.
Nevertheless, there are concerns over Proof-of-Work and Proof-of-Stake consensus mechanism, including the lack of incentives for nodes to perform hardware upgrades and the random process of block generation. These are proven to be major obstacles to scaling blockchain. And after careful evaluation, V Systems has devised the brand new Supernode Proof-of-Stake (SPoS) consensus, to both incorporate the goods and discard the bads with the old mechanisms.
Supernode Proof-of-Stake consensus mechanism dictates that elevated nodes (supernodes) act as minting pools while holders of VSYS coins, native currency of the blockchain, take up the role as minters through leasing their coins to supernodes. Interests will be paid to coin owners who leased their coins to supernodes for minting. This new incentive model does not only ensure the quality of the nodes, but also guarantee a truly decentralized ecosystem where VSYS coin owners have the actual power to govern the network.
World’s first Smart Contract
Smart contracts allow parties to create binding agreements without a third trusted party. Bitcoin used a simple scripting system when validating a transaction. Later, Ethereum redesigned a new smart contract system with a Turing-complete programming language known as Solidity.
V Systems plans to support compatible implementations of Ethereum and EOS style smart contracts. Virtual machines will be implemented in a modular fashion so that applications can choose to enable a preferred style of smart contracts.
The platform plans to provide toolsets to sets up blockchain for applications. Blockchain template preparation allows user to choose from different protocol parameters and pluggable components such as consensus model. Once the template and options are selected, the platform provides toolset to deploy a new blockchain for the application, possibly even before a specific business logic needed for the application is developed.
A great deal of effort has been put on solving the scalability limitations on a single blockchain. While some of them are notable, we believe that the ultimate future of scalability in the ecosystem is the result of an unlimited number of blockchains. We envision a world with possibly billions of blockchains operating at the same time. As a result, the platform will allow applications to be run in separate blockchains if necessary, achieving complete scalability isolation to other application systems in the same ecosystem.
Usability has long been a bottleneck for the general acceptance of cryptocurrencies. The platform plans to develop both browser based wallet and mobile light-weight wallet for smartphones, all while having modern user experience and high security in mind. Cold wallet should be easily used by everyone, allowing users to safeguard their virtual assets with a peace in mind, free from the threats from the dark corners of the web.
How Can VSYS Coin Holders Participate in SPoS Minting?
•It is extremely easy for coin holders to participate in minting. Just check the current Supernode candidate list and related information from the Supernode page on V SYSTEMS official website.
- select the node address of the Supernode candidate whose vision aligns with yours, and lease your VSYS coins to the corresponding address through your V SYSTEMS wallet.
- If your selected Supernode candidate is granted, you can check your interest in the Leasing page of V SYSTEMS wallet. VSYS coin holders own the right to cancel the lease to any Supernode candidates at any time.
I hope you learned something really new today. Please do share and leave a 👏.
Thanks for reading 😃.
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