Hello, I am Chee Sun Han, a director from SymVerse.
Today, I'm going to give an overview of SymVerse.
What is SymVerse?
You'd probably expect answers like, "public blockchain platform" or "the Ethereum competitor," but it's much more profound than that.
This question has been asked countless times inside the community as well as outside.
What defines Symverse is that it is constantly progressing and evolving.
We therefore decided to take this motto and apply it to our symbol.
The shape of heart derives from the 3000 year old ancient Chinese character "xīn," which refers
to one's feelings towards a person or an idea.
The motto behind the heart symbol is 'to bring our desires to life through acts of 'sharing'.
Behind the name SymVerse is the fundamental belief that outcomes are best when worked together in a collaborative manner.
'Sym' means together or with; 'Verse' means turned or become.
The literal translation of the logo is 'interacting between entities'.
So between what does Symverse trying to interact?
In layman's terms, it is a mainnet platform which mediates interactions between dApps, dApps and mainnet, suppliers and users, and other mainnets.
We created a system in which all of these dynamic interactions are made possible within Symverse ecosystem.
To sum it all up, our aim is to create a sustainable, symbiotic platform.
Age old problems such as scams and bubbles are still recurring even to this day.
There are many issues to be dealt with in the industry: speed, governance, storage, fair distribution, decentralization, and trust to name a few.
Thus, the fate of blockchain technology lies in improvements in four key dimensions, listed on the slide.
First is pragmatism, which refers to the usability of dApps.
What good would dApps be if it cannot be used by commercial shops and restaurants?
Second, in order for a platform to be scalable as well as sustainable, it needs to embrace symbiosis into the system.
These four core values are the cornerstones underpinning Symverse ecosystem.
Then what conditions should be met in order for these core values to reach its full potential?
First, the most obvious ones are blockchain technology and computing power.
Second, we found it crucial to design its principles through a financial and economic lens.
Third, a technical know-how in designing and operating a blockchain network as well as solving problems such as network congestion is also important.
Like the all-seeing eye of Horus who has an ability to watch over all things, Symverse
uses a holistic/hybrid approach to tackle difficult problems inherent in blockchain technology.
Mr. Choi, who is the architect of SymVerse, received his doctorate in economics at Northwestern University
and is now currently a professor in the School of Information Security at Korea University,
focusing his lecture on token economy.
The developers, along with the founder, already had hands-on experience in IT
long prior to blockchain, such as designing and operating smart-grid and telecommunication system.
Because blockchain system branches out from IT fundamentals, their previous insights and expertise are well suited for this technology
since it can be easily applied and improved upon.
On the advisory board, we have members who provide unconditional insights and strategy
that help us guide towards Symverse's vision and mission in domestic as well as overseas regions.
They aren't just mascots with limited roles; They all have contributed actively to attract investment opportunities in the region and broaden social networks.
Here are SymVerse's alliances, compartmentalized into different sectors of services.
When someone asked us if there is a popular dApp available, we responded by saying there are
few notable ones and will be many more propping up in the future.
We will continue to develop together side by side.
To make that possible, it has to be a multi-functional platform.
In other words, it has to be optimized for dApps.
And in order for the platform to truly see the fruits of its labor, we have to deal with all the issues we've had so far, speed being one of them.
To bring forth a solution, it needed a more comprehensive change rather than partial to the system.
Thus, we incorporated game theory to our consensus mechanism.
When tried and true mathematical models such as social choice theory, voting theory are implemented to the algorithm,
it was able to gain twice the speed of the previous Byzantine fault tolerance model.
Not only it improved the speed, creating a veto function to stop faulty and corrupted blocks prevented block manipulations.
We also enabled a role of the Bench Mark Test (BMT) to ensure fair nodes are selected.
Utilizing these theories also opened up doorways to solving decentralization and governance issue as well.
Another is the storage issue which is prevalent in many blockchains.
Popular blockchains today needs to store the entire transaction history since the genesis block; This slows down the transaction process.
SymVerse, on the other hand, uses a Snapshot technology called Symstack,
which stores only pertinent information in the archive memory when a block grows into a certain size.
There is no reason to carry all the transaction data
therefore making it lightweight.
Third, is practicality.
In order for a blockchain to be practical, it has to be simple and convenient.
Despite the obvious benefits of tokenization, why are brick-and-mortar businesses reluctant to use it?
It is because it is difficult to be used every day due to smart contract integrations.
It is an irony that the function central to a blockchain is also one of the hardest to use.
Majority of daily businesses do not need to use smart contracts.
Besides smartcontracts, our team came up with additional ways to support payment transactions.
These functions include single and multiple transactions,
current transaction for immediate usage, future transactions for reservations,
authentication for notarization, and multi-party electronic signatures for verification.
All of these functionalities operate under the Universal Transaction Process, called SymTrans.
For Symverse, the goal is simplify to the extent the local corner store owner is able to use blockchains.
Just like how you receive coupons or stamps after buying goods, imagine collecting them in tokens.
Not only you can buy them at a discount, the points you earn won't have an expiry date
and can be used more extensively in a wider range of stores since dApps can be interacted with each other.
Next, I want to talk about a 'Killer' dApp issue.
According to Nouriel Roubini, an economist professor at NYU, blamed dApps for causing
the collapse of crypto assets, for having lack of true utility.
That is why we have yet to see cryptocurrencies comparable to IT giants like Amazon and Apple.
Against the backdrop of the fall, it is important to view blockchains not as a zero sum game
but as a ecosystem through active partnerships and collaborative effort.
As a proposal to this, we implemented a functional ID network to our SYMwallet which permits multiple accounts.
Through shared ID, pertinent information except sensitive data will be shared.
This means that with the shared user data, coins will be allowed to be exchanged between dApp chains.
As more dApp subscribers gets shared on the network, the market will grow further in size.
When all the dApps, of big and small, are combined together, it will create a dynamic exchange.
As an example, imagine the kind of synergy a it would bring when dApp A with 50,000 subscribers can be used in convergence with dApp B that has 200,000 subscribers.
Next, I will talk about the fair distribution issue.
If distribution of rewards were spread out equitably to all participants, decentralization wouldn't have any significance in the first place.
This issue still hasn't been mitigated due to an uneven distribution structure of profits
among few selected nodes and compounding energy waste as a result of mining competition.
This would incur excessive electricity fee and unnecessary energy consumption.
Due to these inefficiencies, traditional POW system of mining would not be imagined as the widely used method in the future.
Moreover, PoS/DPoS protocols such as Ethereum and EOS, also run into centralization issue.
These algorithms may solve the issue regarding energy waste, but they have yet to fix the
inherent issues related to fair work compensation/reward distribution schemes.
Even though they may uphold decentralization on an ideological level, it would be hard to put into practice.
We therefore came up with a new approach to distribute coins.
One method for this solution is to distribute based on the amount of contributions
, but this is difficult for two reasons.
First, miners and stakeholders want to keep most of the rewards to themselves. Second, they do not know the proper method to distribute.
The latter is quite important since it's quite a challenge to properly allot
network contributions and transaction fees based on economic principles in mind.
Our team apply these distribution principles from economic theorists.
SymReward utilizes a fair distribution system where dApps and users receive up to 30 percent
which is a sizable amount.
All of these innovations are made possible due to SymVerse's multi-block blockchain system.
Configuration of multiblocks is the reason why many functions were able to be included.
At first we separated general transactions from contract-based transactions.
General transactions are further distinguished according to the execution time of the transaction;
We separated a reward block for rewards
separated a block to give voting power
seperated a block for dApps' token exchange
seperated a block for the creation of mainnets.
Blockchains that operates just on one chain is why efficiency is sacrificed.
Therefore, compartmentalizing SymBlock into individualized blocks will allow for faster
transaction and scalability as well as convenience of use.
Because of future and multi, we were able to stretch the bounds of time.
In other words, the epic odyssey has just begun at the gateway and
Symverse will be at the forefront of this journey.
What does it mean for a mainnet to have a mainnet?
When market gets bigger as more and more dApps join the platform, dApps may also need to
self-regulate and act the role of a mainnet.
Symverse platform makes dApps evolve as mainnets possible.
There is no need for dApps to spend large amounts of investments and time trying to turn their
efforts to build a mainnet platform anymore.
We believe it is a waste for the dApps.
Symverse is already provided with a ready-made platform for dApps to build on top of.
We call this forward-looking process Evolutionary Functional Decentralized Network (EFDN).
also known as fractal blockchain network.
Under this network, we hope to achieve a decentralized utopia.
To improve further, it allows SymVerse mainnet to be interoperable with other mainnets
such as EOS and Ethereum by making protocols compatible.
This technology is currently being built as of now.
What else is possible?
Countless technological innovations in blockchain are being paved quickly
in order to serve one ultimate goal: having a sound currency system for the consumers of all.
Blockchains shouldn't just end with a whitepaper; it must keep on evolving continuously.
I believe all this effort is made possible due to people's yearning to gain back consumer sovereignty.
We must undo the damages caused by capitalism and
as an alternative, we need to restore consumer sovereignty by returning the surplus back to the consumer.
Because of this reason, we are able to keep on evolving and innovate.
SymVerse will always evolve and strive to tackle the issue. Thank you.
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