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The Devv ICO and its DevvFiat token are launching a large-scale attempt to tackle and take down the most pressing issues facing blockchain, all in one go. This Devv ICO review takes a closer look at the details of this undertaking.
Devv intends to solve these issues by employing and providing an extremely fast, efficient, and scalable architecture (scalability at 8 million transactions per second) that will facilitate: a stability solution, fraud/theft/loss protections, privacy that will work within government regulation, inexpensive smart coins. The Devv Protocol supports a cryptocurrency (the Devv Cryptocurrency) designed to ultimately enable worldwide transfers of any type of digital asset. It will allow Developers to implement custom solutions using the INN’s Blockchain-as-a-Service capabilities. The Devv Protocol includes a governance methodology that is designed to scale while maintaining all of the most important aspects of a transparent, open source, trustless cryptocurrency.
Devv ICO REVIEW
In spite of the many different blockchain approaches that currently exist, there are a number of challenges that have not been solved in a single solution. Various ICOs provide parts of the solution, but a single ICO that addresses all of these major challenges remains to be seen. Devvio wants to be that ICO by addressing issues in the areas of:
Governance, Scalability, Volatility, Cost, Transaction fees, Privacy, Immediacy, Energy Usage, Low community payout, Fraud, Theft, and Loss.
This very general presentation of problems that blockchain faces today is here in order to show the various fields where Devv ICO wants to provide solutions under one platform and token.
The Devv Protocol uses its own consensus algorithm, known as Proof-of-Validation. With this foundation, the Devvio Protocol was designed to provide solutions for the challenges mentioned above.The goal of Devvio is to create the first truly scalable blockchain, as it includes a full set of needed capabilities in order to grow with minimal impact to operating costs, such as its sharding approach and its Devvnero implementation for fraud, theft, and loss.
A quick way to get an overview is to check out the summary from Devvios Whitepaper showcases where they want to surpass previous ICOs:
Devv ICO Team
Tom Anderson, CEO: Tom is an experienced entrepreneur and previously founded Novint Technologies, a robotics company that created the world’s first consumer 3D touch device. He was one of the earliest pioneers in the field of haptics (adding the sense of touch into computers/VR). He led fundraising of over $34 million, licensed tens of millions of dollars of game development, and took the company public. His Novint patents were sold to Facebook. He founded Devvio in Albuquerque, New Mexico, USA.
Ray Quintana, President: Before joining Devvio full time, Ray was a General Partner and Head of European and Corporate Operations for one of the top performing early-stage venture capital funds in the United States, The Cottonwood Technology Fund. He has more than 20 years of experience in venture capital, global technology investment, company creation, company building, valuation and strategic financing. Mr. Quintana has an established extensive network throughout the globe with a focus on the US West Coast; US Southwest and Northern Europe’s entrepreneurial, venture, scientific and the business community. Additionally, Mr. Quintana has held Strategy & Corporate Development positions for a number of global technology companies including Texas Instruments and the Robert Bosch Corporation. Mr. Quintana was a CGMS Fellow at the University of Michigan, Ross School of Business where he received his MBA in Corporate Strategy & Strategic Finance.
Bill Anderson, CTO: Bill has over 17 years of experience in high tech industries. He led the development, licensing, acquisitions and integration of over 100 haptic enabled video games and has managed many large teams across multiple technical fields. He graduated Summa Cum Laude from the University of New Mexico to receive his BS in Electrical Engineering and subsequently received his MS degree in Electrical Engineering from the University of Washington with a focus on robotics and haptic interfaces.
Nick Williams, Director of Blockchain Development: Nick is an expert developer in the fields of cryptology and systems design. After receiving degrees in math and business from MIT, Nick spent over 10 years managing software development teams for a number of telcos and startups. He has extensive coding experience across many different domains.
V. Gerald Grafe, IP Counsel: Gerald has 30 years’ experience working with computer technology, intellectual property, and startup companies. He served as patent and transactions legal counsel to numerous technology companies, helping raise over $100 million in investment capital, and similar amounts in licensing and technology development funds. Gerald has BS and MS degrees in Electrical and Computer Engineering, and a JD, finishing at the top of his class in each degree. He helped define and implement early patent and licensing programs at Sandia National Laboratories before going into private practice. In private practice, he works primarily with small companies with new ideas, helping to define, protect, and finance them, and then to get them into the market.
The Devv Team has 10 members and 8 advisors, the full list can be seen here: https://devv.io/pages/team
ICO Weaknesses and Threats
The biggest weakness of the project is the large scope of achievements that all have to fit into one platform and continue to function in harmony. The threats are directly tied to the scope since handling several different issues, some of which will certainly arise, at once is a serious challenge. This is especially true for Devv since they are partially treading on new territory. Additionally, as of now, there is no full proof of the 8 million TPS but Devv has announced that the testnet should be up and running in a few weeks. Should this test fail it would be a massive weakness and damage the credibility of the entire project.
Frequently Asked Questions:
What is Devv protocol?
Devv is a protocol developed and maintained by Devvio (the trust-based company overseeing the operations of the Devv blockchain) with the aim to address today’s major blockchain challenges. Devvio has developed a solution for the common issues of governance, scalability, volatility, platform/value integration, energy use, supply issuances, fees, immediacy, privacy concerns, and protection from fraud/theft/loss.
Devvios philosophy is that ownership representations should be maintained on-chain and processing should be mostly handled off-chain. In the situations where there is a need for on-chain processing, it should only include mechanisms for recording and transferring ownership of digital assets. In this way, on-chain tasks are reduced to the essential and most of the computational work is delegated to nodes outside of the blockchain.
How does Devvio implement consensus?
Devv uses a permissioned approach called Proof-of-Validation, which implements validation and consensus, and maintains a validated state based on the full blockchain record. Validators are the consensus provider nodes (similar to miners in other blockchains) and are directly chosen and (often) managed by Devvio, their main role is to assure consensus by validating transactions in the blockchain. Validators are paid to provide a consistent consensus of the blockchain, and all transactions are validated with public-private key pairs and be recorded in a publicly available and immutable blockchain. Source code algorithm used by Validators is publicly visible by anyone.
How does Devvio implement scalability?
One of the biggest challenges in blockchain technology lies in the speed at which transactions can be recorded and executed, credit cards can process thousands of times as many transactions per second as most tested on large scale blockchains. Scalability is achieved by sharding the network into a multi-tier network of blockchains that work together to scale.
Devv approach is based on a system where there is one Tier 1 Blockchain (T1) and many Tier 2 Blockchains (T2), representing the shards. T1 and T2 blockchains represent the entire Devv blockchain implementation (where TN represents the individual blockchains T1 and all T2). Each TN is an implementation of the Proof- of-Validation consensus model, in which transactions are validated by nodes in the respective TN using Proof-of-Validation.T1 network implements the mechanism for cross-shard transactions. T2 networks comprise the blockchain (they represent the blockchain itself), then cross-shard transactions flow through the T1 network efficiently in order to tie them all together. In Devv protocol implementation, every wallet is assigned to one and only one T2 network (called the Wallet Designation), which handles transactions only for their designated (or owned) wallets and transmit those transactions to T1 over time. Through the use of T2 networks (T2 networks can be geographically distributed), the total number of transactions per second can be scaled with the number of T2 networks. T1 is, in essence, algorithmically load-balancing the work performed by the T2 networks.
How many nodes are needed to reach a high TPS value?
Devvio estimates the number of 8 million TPS, with around 3k nodes in the network and around 30k Validators running.
What is the role of Devvio?
Devvio role is to assure that transactions that come in are valid and ordered, Devvio cannot undo or modify the blockchain in any way. Devvio won’t do anything else on the blockchain operation’s side of things (there are the optional other features where Devvio has a much more important role and control, such as Chargebacks, Theft protection and Lost of private keys).
How are Validators chosen by Devvio?
Validators are, at least in the initial stage, mostly managed by Devvio itself through the use of servers deployed on AWS, Azure, and others. Devvio will look into private and public entities (such as universities among others) that can act as Validators in the network.
How does Devv implement Smart Contracts?
Smart Contracts in Devvio protocol are implemented through the use of Smart Coins. Smart contracts are implemented either as part of the core protocol itself, or in the form of Smart Coins which provide added functionality.
Smart Coins design implement a compositional programming strategy (inspired by the Unity game engine) to give users the functionality they need. It is possible implement anything one would want to do thanks to smart coins, and this is done in a secure and scalable way. They represent other types of ownership and identity beyond Devv itself as well as implementations for on-chain processing and operations. Smart Coins utilize a composition-based programming philosophy in which groupings of Smart Coin elements combine to produce more sophisticated behaviour, they can represent fungible or non-fungible digital assets, or can simply be used as part of transfer or ownership mechanisms.
Can Devv implement other classes of cryptocurrency?
Similar to the addition of Smart Coins into the network, there can be other fungible representations of value separate from Devv itself. Separate classes of cryptocurrencies can be maintained in the blockchain, in a similar way that ERC20 coins are used in the Ethereum network.What is Devvnero and how it is used in Devv?
Devv will utilize a specific, secondary type of cryptocurrency class called Devvnero to enable more protections on transfers (Devvnero is an optional feature of Devv), the use of Devvnero can provide valuable protections based on trust of Devvio. Devvnero is similar in nature to a particular type of smart contract, but its purpose and use is defined and it is integrated into the core of the protocol.
Devvnero can be used to handle situations where the ability to have chargebacks or reversed transactions is desired. Devvnero serves as a temporary instrument that represents Devv, but transactions made with Devvnero can be reversed by Devvio.Theft ProtectionBy using Devvnero Wallets, if a user’s private key is stolen, and funds are illegally transferred, the transaction can be reversed. A stolen private key for a wallet can be proven, and then the transactions can be reversed and sent to a newly created Devvnero Wallet.Lost Private KeysIf a user loses a private key, then the user can request that Devvio initiate a transfer from a Devvnero Wallet into another newly-created Devvnero Wallet owned by the same user.
How does Devv face privacy issues?
Privacy lack in blockchains is one of the most important aspects many projects are trying to solve with different solutions. Devv is taking into great consideration Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) rules when defining the protocol at the core of the blockchain, KYC and AML friendly approach is most likely to thrive and grow as government regulations evolve.
Devv has a publicly available blockchain that provides pseudonymous privacy. From a technological point of view, a wallet can be held without having any identity associated with it, even though anyone can track where amounts go and the current balance of any wallet like most blockchains.
When is the Testnet expected to be released?
Testnet is expected to be presented on mid of september 2018.How many developers are currently working in Devv?In total 8 developers are currently working on the platform, 4 are full time and 4 part time.