I want to share some of the exciting business applications Team VIVA and our early investors are working on within the VIVA project. These business models are intended to jump start the VIVA ecosystem with real world uses.
What is VIVA?
VIVA is a unique blockchain project with a technical design that evolves beyond Proof of Work, Proof of Stake and Distributed Proof of Stake. VIVA introduces a concept called Proof of Authority; a system that delivers instant transactions and seamless consensus. Our CTO, William Banks contrasts various models in his Game of Chains article published on Steemit.(1)
But to summarize, Proof of Authority disposes of certain egalitarian notions involved in weaker consensus models and replaces them with cryptographic signature proofs and business contracts enforced by the network and also backed by the network.
Our blockchain differs from run of the mill fare as well.
Designed to be a multidimensional graph rather than linear like a traditional chain. Under this design the VIVA Network is more akin to neural networks, with linked, weighted, interconnected data and an optimizing mechanism which solves the NP hard “traveling salesman problem”, in order to reroute the network into multiple optimal configurations depending the tasks required of it.
By drawing from information in our Content Addressable Network (CAN), the VIVA ecosystem allows for a more robust and intelligent network. Rather than reinvent the wheel, VIVA takes advantage of hundreds of millions of dollars in research and investment by starting off with a custom fork of the powerful Hyperledger Fabric, which is backed by the likes of IBM and Intel. Our version is called Ultra Ledger.
VIVA has a three-tier cryptocurrency model consisting of VIVA Crowns, VIVA Coins and market-pegged instruments we call vX which are tied to local fiat currencies for storing value like vUSD, vMXN or vEUR, etc. VIVA Crowns are an indivisible digital asset secured by the best cryptography available. They grant the owner rights to access the network, operate a business referred to as a mint, and receive a Treasury Right (TR) every 90 days to mint a share of the total VIVA coins allotted within that quarter.
A mint can be thought of as a hybrid between a master node and a mining pool.
A mint can do any businesses activity except minting VIVA Coins to sell on the open market. By having funds first flow through a business activity it helps to put a breaking pressure on supply growth and thus increases the value and utility of each coin minted. In the VIVA world we do not mine coins, we mint them. Our VIVA Crown holders hold the key to exclusively mint new VIVA coins into the market. The supply is set by Crownholders every 90 days and is a mechanism to keep the price of VIVA Coin orbiting around a price target. Currently this target is $5.50 +-10%. Crown holders who do not operate a mint can sell their quarterly Treasury Rights to other mints who need them to cover their operational expenses.
VIVA Crowns and ICO details
VIVA Crowns are the drivers of our economy. VIVA Crowns are extremely rare. There will only be a total of 10500 Crowns available with the ICO, with only one Crown discoverable per week after that. No more than 42,000 Crowns will ever be issued. To date, 4000 have been issued to early investors and developers; 6500 new Crowns will be offered during our ICO beginning May 1st, 9am PST. The ICO will conclude on May 21 at 11:59 PST or when all Crowns are sold. Crowns will begin at a price of 200 VIVA, with prices increasing by 1 VIVA for each subsequent Crown.
Building upon our growing ecosystem we are launching several projects powered by the VIVA Network:
TradeQwik is our crypto/fiat exchange and gateway to being a VIVA Crown owner;
MedicAxess for streamlined, centrally located medical records;
Cashola, a global peer-to-peer payment system using SMS technology;
POETS (Proof of Educational Transcript Service), an application for higher education through open courseware initiatives,
and Votabit, our solution for global election fraud through open source voting systems. An overarching goal of this project is that participating worker nodes have the potential to earn a living income with just a backgrounded application running on their computer.
Powered by the VIVA Network.
TradeQwik is the crypto/fiat exchange and the primary gateway in and out of the VIVAconomy. As the first operating mint on the evolving VIVA Network, it is currently live, in beta, and you can sign up at www.TradeQwik.com . As Team VIVA prepares for our debut and ICO on May 1st, TradeQwik is polishing the platform which will serve as the staging ground for the VIVA ICO.
The TradeQwik exchange is the official wallet of both VIVA Crowns and VIVA Coins. Post-ICO the developers of the VIVA Network will be releasing individualized VIVA wallets in several languages including Spanish, German, and Russian. All transactions on TradeQwik are done using the network’s token VIVA Coin. Current exchange pairs being offered for trading are Bitcoin, Litecoin, Ethereum, Steem, Dash, Golos, XAU/GBG (mg. gold), USD and MXN. By the time of the ICO, TradeQwik plans to have all of the top ten marketcap coins listed on the exchange for seamless trading into and out of VIVA.
Cashola is a peer to peer payment system that utilizes SMS text messaging instead of apps. With funding from the ICO, we will be getting money transfer licenses in place allowing our Network to take a slice of the trillion dollar remittance industry without over complicating it for new users. This solution is based on the fact that many people throughout the world do not have smart phones or reliable internet but they do have cellular service.
MedicAxess is an application that will be a game changer in the medical industry. Our initiative is to have all medical records tied to the individual rather than scattered between medical clinics, hospitals, labs, and care providers. Individuals will be empowered to control who has access to their records when they seek medical care. The unique thing about MedicAxess is that all medical providers will be allowed to store medical records safely on the network for free. There is a small fee charged when retrieving records and this fee must be paid in VIVA, thereby setting up a way for people to offset their medical bills with VIVA earned by donating their computing resources to help others.
POETS, an acronym for Proof of Educational Transcript System, is an exciting application for higher education. What differentiates POETS from other proposed blockchain-backed open course-ware initiatives is that all courses will be from accredited institutions. A condition of institutional participation requires that credits be considered fungible between participating institutions. In short this means that students are allowed to cherry pick courses and instructors from a myriad of institutions taking only the very best, and most rigorous courses, then banking these credits over a lifetime. The student may “cash them in” when they feel they are degree ready and the issuing institution agrees. This is a sea change in the way education is handled at the student level. Students become life-long learners and demonstrate this competency with a full transcript which is as mobile and fluid as the individual.
Votabit is our solution to global election fraud and a move to more direct democracy throughout the world. Votabit will first be a platform where citizens store their electronic digital signatures for occasions which call for signing local referendums, recalling elected officials not doing their job, and direct impact on the policies shaping their communities. Plans also include offering open source voting systems that will be sold to states and government actors moving to provide time-stamped, secure, transparent elections backed by blockchain technology. These projects are just the tip of the iceberg that are road-mapped for just FY1. We have more in the works and just want to show you a few of the cards we’re holding right now.
In conclusion
The VIVA project is building an entire ecosystem which encourages the general public to participate. You can sign up for updates and download our whitepaper at http://go.vivaco.in If you have further questions or want to speak with our development team, join our chat channel at https://chat.vivaco.in
See who is the team behind VIVA https://steemit.com/viva/@chrisaiki/who-is-the-team-behind-vivacoin
1 Game of Chains by William Banks https://steemit.com/vivacoin/@williambanks/introduction-to-viva-part-6-a-game-of-chains
2 Hyper ledger https://www.hyperledger.org
https://steemit.com/viva/@chrisaiki/who-is-the-team-behind-vivacoin
VIVA feels to me like an awakening giant. The breadth and inclusiveness of the vision are staggering. It takes a while to grasp, but once you do.....................!!!!!!
Promoted and resteemed
Well said, thank you! It has been a pleasure having you involved!
This is the definitive statement on the VIVA project ecosystem! I'm happy I got into this early and I have really enjoyed meeting and chatting with the team, and making profitable trades on TradeQwik. And we're JUST getting started! :-)
I am very excited about Viva. I am confused about the term "VIVA Crowns are an indivisible digital asset " mean? What does indivisible mean? I can buy part of a Viva Crown right?
You can, but it is not active until you have a full Crown, you will not be able to create a mint or have a Treasury Right until you have one Crown. There is one owner per Crown.
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Yay! Thank you!
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Great and very thorough job on this article!
Thank you so very much. It is so good, I am also going to be sharing this one over my Facebook account and with friends interested in the design, thoughts, ideas and projects relating to the Vivaconomy.
All for one and one for all! Namaste :)
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I'm so excited to see this project go forward. Thanks for the tour and here's hoping everyone jumps on board!
I am so excited to have your support! Thank you!!
Very interesting stuff. Votabit is potentially the biggest game changer of all of these business applications. We need to move from the centralised capitalistic oligarchy we have now towards actual democracy. Viva as an economic engine can help with the financial side of that,and Votabit deals with governance issues. I would love to hear more about Votabit,it could warrant an article in itself.
Upvoted and resteemed.
Excellent post! I like your work My friend
I am literally living and breathing VIVA! Being immersed in the community, watching things develop, and working with an amazingly talented group of people is enlightening, humbling, and... exhausting! But in a good, good way! I wake up every morning and look forward to joining in the conversation.
This is my big asking whether someone can put LIAIKE my cats, blogs and even better would be a donation would advance saaks. Thanks famous cats who made donations. BIG THANKS IN ADVANCE @urmokas
Will viva coins remian around $5.50 per coin then?
That is the price target for us to orbit yes, we have network mechanisms in place to kick in when it gets plus or minus 10%, so that makes it a market driven stable currency for the public, and a boon for trader's :-)
Someone mentioned $127 a day or a liquidity pool. What is this about?
Have you read the whitepaper? That might be a good place to start in seeing the whole picture. But yes when you power down your liquidity pool, what we call VIP for VIVA Investmest Pool, you get to draw out 24 VIVA coins per day :-)
Ive read it. Still trying to grasp everything
It is a paradigm shift for sure. Feel free to jump into chat.vivaco.in to dig deeper with the team!
This looks too much like the fiat monetary system to be more attractive than bitcoin ideologically. If you aren't the few chartered banks, you cannot create dollars. In this VIVA system, if you aren't an owner of a crown, you cannot create coins. Bitcoin is different because ASIC hardware can be created new and you don't need to buy from someone ese who has a new one.
I think you misunderstand why things are structured the way that they are within VIVA.
ANYONE can run a worker node and find a VIVA Crown, or they can buy a VIVA Crown on the open market, or they can borrow one from an existing crownholder.
All of these are paths to starting a mint.
Sure you can buy or build an ASIC miner to mine bitcoin. But you'll be solo mining and competing against literally exahashes of capacity. This capacity is controlled by a small cartel of miners in China. Those miners resist any changes that might be good for bitcoin but bad for their bottom line and there is no guarantee you'll ever see a penny of it. As bitcoin struggles under the weight of it's existing growth this mining cartel is showing very clearly that they are the ones really in charge.
To earn VIVA, you can use any computer and you attach to an existing mining pool called a mint, just like with any other crypto.
However the mint pays by the hour for using your computer and the mint is guaranteed to able to pay its bills, always. This is because those contracts to pay worker nodes are backed by the entire network. It is the act of paying worker nodes, that brings new currency into circulation.
Being a mint, allows the network to guarantee, or back the contracts issued by the mint, even if the owner hits a hiccup. There isn't another crypto that allows for this kind of flexibility.
What the mint system gives us here is accountability in the strictest sense, without resorting to weak consensus models such as proof of work or proof of stake. Instead a mint can mint whatever coins it needs to in order to pay it's workers. This eliminates the waste from coins that require some competitive "race to the finish" in order to gain coins.
What mining algorithm do you use if not PoW or PoS?
Traveling Salesman
http://mathworld.wolfram.com/TravelingSalesmanProblem.html
Consider each mint as a bank that owes money to other banks and is also owed money by other banks. Your worker node is proposing to drive the only available armored car in an effort to zero out the books between up to 42,000 mints.
You need to propose a path to settle the balances between all mints wherein all debts are be settled in full and each mint is visited only one time. However a mint cannot send money it does not yet have on hand. Thus it may need to purchase coins on the open market in order to pay it's debts, or it may need to exercise a TR. You ideally want to make sure the mint is only paying out of funds on hand or else the mint may not sign off on the settlement proposal.
Any worker node can propose a settlement; The most optimum proposal during the 24hr settlement period is the winner.
This is an NP hard problem with factorial(42,000) or 2.38 x 10^175938 potential solutions which makes this a whole lot more secure than an SHA256 hash :D
Nice thing about NP hard problems is that they are hard to calculate, but easy to verify.
Do you need 100% authorisation by all nodes before a transaction is verified?
How long does a verfication take?
What happens if half of the network drops out?
Do you have any code or pseudo code you can share for how you verify the transactions?
Don't confuse transactions with settlement, this isn't bitcoin we don't reference previous TXs, when building new TXs. We just have accounts with summary balances and this means that individual transaction histories are default private.
Settlement happens once a week and it's always mint to mint and yes settlement requires a majority of mints to sign off. Refusing mints are penalized by not being able to exercise TRs until they sign off, since all TRs must reference the current settlement proposal as supported by the majority. This means if they want to pay bills, they'll need to buy coin on the open market.
For individuals and businesses though, transactions are instant and all accounts are multisig.
You sign a transaction that amounts to "move x units of VIVA from account A to account B" and submit it to whichever mint happens to be handy for you.
The mint verifies you had the authority to authorize that movement (you are the account owner, or you had their permission), and then countersigns.
This transaction is added to the local chain of that mint, which will generally be instant. From here your summary balance is updated and begins to percolate through the balance chain (summary account balances are maintained on a separate chain that has a 1 year rolling window).
If account B is not with your particular mint, then your mint transmits the B side receipt to B's mint (source is left blank unless you specify otherwise).
Both mints sign a "movement receipt" / slip which shows the mint to mint action and the movement slip is broadcast to the network. The sum of movement slips is what is factored into the initial conditions of the settlement procedure.
A movement slip is always a debt between two or more mints.
Transactions between individuals are considered private and never broadcast to the world.
You don't need all nodes to be active and you are free to move your account from one mint to another for any reason at any time and no one can stop you or freeze your account.
Authority, i.e. individual account ownership certificates, are kept in the CAN, and change deltas such as issuing and revocation of certificates, form their own individual chains similar in many ways to Git or IPFS.
You can add or revoke authority for any cosigner at will. But mints are liable for every penny they sign off on. Thus you have the irreversibility of bitcoin, i.e. recipient is never liable for chargebacks, with the advantages of more civilized methods of payment like bank accounts, where you can dispute transactions and you have a window for doing so.
Mints must also produce on demand by you, your personal transaction history if there is a dispute and they must be able to justify any balance changes by providing the A side on demand. But you have to demand it. Otherwise your history is invisible to the rest of the world.
I think that this explanation about relationship between Crown Holder, Mint and worker require an independent post with more diagrams and numerical examples, for nongeeks.
Thanks for the detailed response, I will keep an eye out on the project
I gotta read the whitepaper.