Recently, CVT, the native currency of CyberVein, managed to break the crypto markets with its unprecedented 450% growth, despite a slowdown in overall investor activity due to the economic crisis caused by COVID-19. But every success has a beginning—after all, Microsoft didn’t become a software empire in a day. So what is the story behind CyberVein?
Please Note: This is a Press Release
In the summer of 2016, Jack Ge, a graduate student majoring in engineering at Imperial College London, started his small business in the IoT industry. Jack’s project was aimed at designing a lighting system for smart homes. The lighting system worked by collecting ambient-light data through sensors and transmitting it to a data processor.
Jack wanted to further improve the performance of his lighting system, which required a large amount of data comparison, so he took his data and went to many database and smart home companies in London. But it turned out that data prices were too high for a student and differed greatly from company to company. Also, the pricing models were not transparent. This information made Jack upset.
At the same time, Jack’s good friend Mac Xu was also studying at Imperial College London. Mac helped Jack with the project during summer break and advised Jack on many problems encountered during the project’s development. They both felt that quality data was very hard to come by, to say nothing of obtaining a large amount of it. Most databases kept the stored data out of reach, and the data just sat there, not letting the market make any use of it. The friends realized that such was the case with many other businesses or projects, while personal data was traded despite privacy issues in many other cases.
In the autumn of 2016, Mac and Jack met Arthur Yu, a computer science graduate, at the Imperial College Chinese Students’ Alumni Association. They exchanged views on data misuse, data theft, and data security. Arthur told Jack and Mac that he worked at an investment bank and was often harassed by unfamiliar sales calls and advertising messages. Obviously, his data had been leaked, and data privacy issues were unpredictable.
Arthur said that the most fundamental reason for these problems was data ownership. Only when ownership is confirmed can data-use rights be exercised more fairly and efficiently. The study of the massiveness, complexity, and safety of big data in cities will become an important issue for urban development.
That was the first seed of the idea to make data truly valuable.
In 2017, the concept of blockchain technology was gaining popularity around the world. Arthur had a strong interest in financial technology and participated in a blockchain exchange meeting where he met Ansel Ko and Lynn Lee. Lynn, a senior blockchain practitioner, shared all her experience in the blockchain industry with Arthur and Ansel. During a discussion of big data rights, security, and circulation, the three new friends came up with an idea to create a brand-new data carrier to achieve data value definition and management by using the decentralized blockchain technology.
Arthur thought of his college friend Jack, who was interested in the topic as well. They all thought that data is a resource and treasure of the era, and it should not be ignored or abused. Data realizes its own value.
That’s when the project later named CyberVein started. Along the way, the team met Jerry Ning, who worked as a data analyst and shared the same ideas.
On November 24, 2017, CyberVein was officially established. The name came from the ides that “Cyber” represented digital information or data, and “Vein” represented the channel through which data passes. This imagery compared data to blood, and CyberVein became the blood vessels that carry the blood, depicting the vision of CyberVein as a channel that can help to spread information around the globe. At the same time, CyberVein gathers more nodes, absorbing sufficient nutrients, and continuing to grow.
After Mac returned to China in 2019, Jack pulled him into the CyberVein team to develop overseas markets. Mac fully shared CyberVein’s concept and vision and was willing to contribute to global data credibility.
CyberVein still has a long way to go and higher peaks to climb. In the future, CyberVein will attract more talent and team members striving to make data valuable and credible.
The CyberVein story is one of a struggle for happiness and pride in technological changes. It is how college friends can introduce the third generation of blockchain and make a token that will be invested in even in financial crises.