Hyper-linked datachain: A break-through in Blockchain ecosystem
ToVChain (tovchain.io) is the world’s first hyper-linked datachain protocol, with the mission of providing sematic interoperability among data elements and functionalities of heterogenous blockchain networks.
Why do Blockchain networks need to be hyper–linked datachain?
Hyper-linked datachain links both data and functionalities across distributed ledgers to drastically increase the adoption of blockchain technologies in real problems.
Nowadays, there have been a large number of diverse blockchain networks which operate independently and separately; each aim to solve a limited set of problems. Meanwhile, real-world problems can be so complex and diverse that the blockchains need to exchange data and collaborate well with each other. This issue makes the adoption of blockchain technology in real-world applications limited.
While most projects and researches deal with simple data interoperability among multiple blockchain networks, we define the new term “semantic interoperability” and offer a unique solution for comprehensive and profound interoperability in both data and functionalities. Three distinctive features that differentiate our approach from the others are as follows:
- The establishment of semantic links among the data elements in blockchain networks in a trustable, verifiable, and immutable manner;
- The automatic migration of a whole DApp including all of its components and data from a blockchain network to another network;
- The automatic code generation of DApps that have components (e.g., smart contracts, processors) running on one or multiple blockchains to perform particular business processes.
We are in the process of actualizing this mission!
To deal with blockchain data interoperability problems, sidechain, abstraction layer, and hub/adaptor have been three widely used techniques.
- Sidechain is a small blockchain network, which runs parallel with the main blockchain to synchronize data and increase users’ performance.
- Abstraction layer (message protocols) provides an abstraction layer for gathering and delivering data among different blockchain.
- Hub/adaptor is the coupling means for blockchains that enable transferring data from one to another.
These three techniques and others focus on data interoperability and develop their own data exchange protocols to create a vision of the Internet of blockchains.
The figure above shows ToVChain’s approach to the Internet of hyper-linked blockchains. Developing four protocols as the solid foundation, we intend to achieve semantic interoperability rather than data interoperability. Akin to others, ToVChain provides the feature to exchange data among distributed blockchain networks; however, we increase the value of data by establishing the semantic links among data elements in a trustable and verifiable manner. We also develop the Cross-KYC protocol to identify the same entity (e.g., persons, organizations, and tracks) defined in multiple blockchains. Moreover, the cross-DApp protocol allows ToVChain to (i) migrate the whole source code and data of a DApp to a new blockchain network and (ii) generate DApps components and deploy them on one or multiple blockchains.
ToVChain’s system overview
There have been solutions to swap cryptocurrencies among blockchain networks. This swapping mechanism is a type of exchanging blockchain data. ToVChain draws a broader vision than current approaches as we link various kinds of blockchain data and functionalities to leverage their value. Our vision is to enable the internet of blockchain as follows:
- Establish links among data elements used in DApp applications to enhance reliability and considerably increase its value. For example, multiple blockchain networks store different vehicle operations; a traceability system records the vehicle’s location history on a blockchain network; an electronic toll collection system records the vehicle’s images and information on another blockchain network when it is passing through a station. Once those records are linked to each other, they become more trustable and provide more information on the vehicle operations.
- Ensure the transparency and the origin of data. Let us consider an image that is stored and shared among an IPFS network. Users of this network can copy the image and put it on the other Arweave storage system. Linking the two images allows us to annotate that they are the same, and the one in the IPFS network is the original.
- Collect, aggregate, and link data on each customer and other entities, thereby providing a complete view of them. For example, the customers’ transaction data recorded in multiple networks can authenticate the customers or evaluate their assets and credit score.
- Migrate a DApp from a blockchain network to another one
- Generate a DApp and can distributedly deploy it on blockchain networks.
The center of the architecture is our Cross-chain Knowledge Graph. It is a distributed ledger deployed on multiple computers. A set of validators, which implement the ToVChain protocols, contain the Data Monitor component to collect data stored in/used by/referred by blockchain networks in real-time. The collected data is then analyzed, aggregated, and linked to each other. The data links need to be verified and validated before being written into the ledger as ToVChain transactions. All transactions are used to build up the cross-chain knowledge graph.
Through a Query and Inference Engine, members of ToVChain Network (DApp, Oracle, etc.) access the graph via our four blockchain-based protocols. They can query data across multiple blockchain networks to get more insights, swap digital assets stored in different networks, or perform interoperability transactions.
Token Utility
In the ToVChain ecosystem, we issue TOV tokens based on Ethereum’s ERC-20 standard; the total supply is 500 million. These TOV tokens can be used in:
1. Payment for transferring data across multiple chains for interoperable transactions such as swapping tokens.
2. Payment for issuing a certificate of the data extracted from the Cross-chain Knowledge Graph.
3. Payment for identifying the same entity on diverse blockchains.
4. Payment for writing data to the Cross-chain Knowledge Graph
5. Payment for migrating the DApps from a network to another one.
6. Payment for generating DApps and deploying them on diverse blockchains under the coordination of ToVChain
7. Payment in DApps developed based on ToVChain (e.g., trava.finance)
8. Staking for a ToVChain validator so that it can be selected to create a block and fulfill DApps’ data requests
9. Staking to participate in the governance process
Usecases
1. Cross-chain lending marketplace (Trava.finance)
Cross-chain lending marketplace is developed based on ToVchain protocols to enable borrowers to borrow a specific cryptocurrency with collateral (e.g., other cryptocurrencies, NFT, and smart contracts) stored on any blockchains. Key features of the cross-chain lending marketplace include:
- Cross-KYC among diverse blockchain networks to identify and verify the identity of borrowers and lenders
- Using digital assets created on distributed blockchains as collateral
- NFT pricing based on auction
- Allowing borrowers to receive a larger loan amount than their collateral value
- (AI-based) credit score evaluation, built upon the cross-KYC feature
- Use various types of digital assets, e.g., cryptocurrencies, NFT, and smart contracts as collateral
- Peer-to-peer lending with flexible interest rates defined by borrowers and lenders
2. Cross NFT exchange marketplace and NFT
Built upon ToVChain protocols, the decentralized cross-NFT exchange marketplace provides a unified market for traders to buy and sell their NFTs created on any blockchain network. Their NFT can also be used as collateral in the cross-chain lending marketplace described in the first use case. The decentralized cross-NFT exchange marketplace provides full features of NFT Finance (NFTFi):
- Cross-KYC among diverse blockchain networks (e.g., identifying NFT creators and owners)
- Trading NFT among distributed blockchain networks
- Tracking NFT history
- Use NFT as collateral to borrow more
3. DApp marketplace
Through the DApp marketplace, developers can create and sell their DApps:
- Define the business logic once, deploy anywhere quickly and transparently.
- Cross-KYC among diverse blockchain networks to identify users.
- Integration across multiple blockchain platforms.
- Cross migration enables data connectivity across blockchain networks ensuring data security and privacy.
4. More usecases (Coming soon):
- DePassport. DePassport is a decentralized web application built to show the profile data of crypto persons/organizations, which is collected and linked from different sources.
- Credit score evaluation. The application links and evaluates financial data of crypto-persons/organizations recorded on the Internet of blockchains.
- Fake news detection. The decentralized fake news application allows users to trace news provenance and thus determine which one is authentic.
Join ToVChain Community and Get the latest updates
Website: https://tovchain.io/
Twitter: https://twitter.com/ToVChain
Group chat: https://t.me/tovchain
Channel: https://t.me/tovchain_official
Medium: https://tovchain.medium.com/
