Matching customers’ requests
Tags: Private, Information Security, Blockchain, Technology

Matching customers’ requests

VEDA is a project primarily focused on the corporate sector, as it is a well-designed system of data storage and encryption.

Therefore, it is quite capable of becoming an alternative to existing solutions that use electronic trading platforms, escrow, as well as the identification of transactions and documents.

In addition, VEDA will be useful for various companies and government organizations in terms of document management, cadastral registration, creation of databases on certain parameters and supply chain management.

On the basis of VEDA, a secure email client was already created, no worse than Proton Mail and a similar messenger for companies where privacy is valued above all else.

The ability to use smart contracts will also primarily attract a variety of firms and organizations.

The main information is in White Paper in English and presentation in Russian version.

White Paper

VEDA is a decentralized system that uses both a directed acyclic graph (DAG) and a classic blockchain based on the Delegated Proof-of-Stake consensus.

DAG frees the distributed technology from mining, which leads to higher transaction speed. Also, acyclic graph is more reliable and ideal for micro-payment system since it has “almost zero” commission fee.

Thus, the Proof-of-Work model, where confirmation of the transaction miners are doing is completely inappropriate here, and algorithm Proof-of-Stake (proof of ownership) becomes the most optimal solution.

The network will consist of system and user nodes. The main nodes in different projects are called differently — super nodes, master nodes, etc. In this case, it is sonorous — G-NODE.

The principle does not change — the main nodes store and transmit data received from users and, accordingly, form DAG and blockchain, receiving a fee for each confirmed transaction.

Also, they provide their computing power to execute smart contracts uploaded by users, but, more on that later.

Interestingly, the VEDA token is not just a record in the blockchain, but a real file of less than 1 KB in size, which is stored in a cryptographic container.

This is an extremely remarkable difference — because it allows you to provide a much more significant level of security than in the classic version of blockchain, where your money is nothing more than a record.

Such “VEDA-file” stores all information about the owner and the wallet to which this token belongs. Therefore, the purpose of stealing such tokens is reduced to a minimum benefit for the hacker.

It is important that “all tokens are stored in a secure storage in a hidden area of the device’s memory in an encrypted form, inaccessible to OS and third-party applications.”

Tokens can be stored on removable devices, such as hardware devices, which will provide an even greater level of security. If the user installs several wallets on different devices, he / she will be able to transfer funds between them bypassing the network since all token files have his / her electronic signature.

Therefore, VEDA-WALLET allows users to work from under their account, store, receive and transfer tokens, as well as create and upload smart contracts to system nodes.

What is important — in VEDA network, tokens files can be transferred directly between wallets bypassing the main nodes, which significantly reduces the load on the network and significantly speeds up mutual settlement between users. And only then — the information about the transaction is transferred to G-nodes.

This approach can provide up to 1500 transactions per second of network bandwidth.

A good feature is the ability to restore user data (lost tokens/private key) in the presence of a password from the wallet. The recovery procedure is concluded in a request to the network, after which the system analyzes the previous balance of the wallet, creates new tokens and sends them to the user. Old tokens, to which access is lost, are destroyed.

All actions are recorded in public blockchain, which has an open source. Only the code of the wallet is closed. For security purposes, which is rational.

In addition, to organize of a secure communication channel for the transfer of tokens and smart contracts, as well as the signing of transactions, already proven in the mass use, the SSL certificates are used. This is another layer of protection in already more than fortified VEDA system.

A separate subject is — smart contracts. Almost like in Ethereum, except that they are written in Lua programming language, and, most importantly, not only a seasoned programmer can create such a contract in VEDA system, but also a relatively untrained user.

To do this, two interfaces will be implemented: for pros and beginners. A library of templates for the preparation of smart contracts and a convenient editor will be at the disposal of the average user. The template allows to create a smart contract simply by filling in the required fields in the proposed form.

Work product

The developers have already finished the main work on the network architecture, nodes, transport mechanism, consensus, built-in smart contracts on the LUA engine and user wallets, as well as already conducted load testing.

Therefore, before July 2020 assure to provide all the designated functionality at the disposal of users.

Website

E-Mail: support@vedanet.io

Github