Thanks for your interest in Cyptobit.com. In this technical documentation, we have covered how we are building a cross-chain platform powering the data economy on blockchain.
Welcome to Cyptobit, the platform for real-time data on the decentralized web. Explore what you can do with Cyptobit below.
Cyptobit is an open source, crowdfunded, decentralized platform for real-time data. At its heart is the Cyptobit Network, which transports messages from data publishers to subscribers, appearing to the user as a global publish/subscribe messaging service.
It is similar in functionality to message queues, enterprise messaging systems, MQTT brokers, Apache Kafka, or pub/sub cloud messaging services. The key features of such systems, including Cyptobit, are:
- Publishing messages in order to make them available to subscribers
- Subscribing to messages in order to process them as they occur
- Storing messages for later use
You can create and manage your network using the Core user interface. In addition to the Network, the Cyptobit stack includes a Marketplace for data sharing and monetization.
Cyptobit will utiliz Binance, Ethereum and Bitindi blockchains. The blockchain provides users with secure digital identities, enables direct transfers of value in the form of a Network-specific cryptocurrency $CBI, and provides a shared ground truth for the network nodes.
Why use Cyptobit?
The big difference to comparable data frameworks is that Cyptobit aims to be decentralized and peer-to-peer. Similar to cloud services, you get on-demand scalability, minimal up-front investment, and benefit from economies of scale. Unlike cloud services, there's no vendor lock-in, no monopolies, no proprietary code, and no need to trust a third party with your data. Decentralized networks are also secure by design, more resilient to attacks and disruptions due to their distributed and peer-to-peer nature. They also benefit from network effects— as adoption grows, the above points become stronger, a shared standard is formed across industries, and a lot of useful content becomes available from a single source.
Instead of a centralized party, the Network is run by its community of users, and it relies on cryptography to remove the need for trust. This creates a permissionless and neutral network for real-time data, which is highly suitable for use cases such as data sharing, data monetisation, and the decentralized web, extending the capabilities of the underlying internet without compromising its open and decentralized nature.
Cyptobit Network aims to be a Modular & Configurable Data Infrastructure & Economy to feed Complete, Accurate & Validated Data to DeFi & all things Web3.0 on Time & Reliably.
Networks will mainly been developed for Binance, Ethereum, Bitindi & Polygon, price feeds, and Defi in phrase 1. Costs of running these architectures use gas and incur costs that are not practical, limiting the scope of what networks can achieve. There is no legally binding agreement between consumers and providers of data. Consumers have to compromise between security, reliability, authenticity, and data delivery speed. There are barely any standards with regard to network safety and interoperability because the market has been monopolized with one vision from one selfish player.
There is no transparency and traceability of data provenance. Users cannot choose the provenance of their data and how it is treated. There is no democratization of the data management process, and conflict resolution is tainted with poor voting technology. Incentives are not convincing people to participate.
A network cannot function without a strong DAO and conflict resolution mechanism. This is why Cyptobit is pushing toward the democratization of the data management process with robust dispute resolution mechanisms and a voting system, which allows for assessing and strengthening the validity of a vote.
There is no way to solve the network problem but giving a configurable framework for democratically creating and managing network system entities allows the consumer to evaluate and mitigate the risks while acting in full knowledge of the situation. A service level agreement (SLA) between the providers and consumers of data on the transparency and traceability of data provenance, specifying where the data came from, can offload some of the responsibility from the non-perfect performance of the network systems to the consumer. Never reaching perfection but striving for the best way to agglomerate data, Cyptobit suggests a transparent multi-level network data agglomeration system allowing for a better balance of security, authenticity, persistency, and speed, also providing alternative fallbacks to help make the network data more reliable and resilient. To put this system in motion, Cyptobit is proposing data feed ownership management with NFT and metadata as part of a strong and vibrant free Data market where the forces of capitalism can intertwine with ideals of a better life for everyone at a realistic operational cost.
Just like robots are replacing our workforce, old ways of governing and doing business, which allow human nature to skew evolution, are going to fade out in favor of machine-based systems which decentralize human activity where it is needed. From controlling the narrative to manipulating markets, these ”medieval institutions” are going to suffer the same fate as any organic system and be decentralized if need be by the driving force of evolution. Cyptobit is latching on to that force by bringing decentralized data to the masses.
- Project Website
- Project Repository
- Community chatrooms (non-technical): Telegram