Obyte Turns Out to be the First Fully Decentralized DAG as the Institute for the Future
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Obyte Turns Out to be the First Fully Decentralized DAG as the Institute for the Future

By CIOReview | Monday, July 27, 2020
Anton Churyumov, CEO

Anton Churyumov, CEO

Obyte Becomes the first fully decentralized DAG as the Institute for the Future (IFF) hosted at the University of Nicosia becomes an Order Provider on the Obyte Public Network.

FREMONT, CA: IFF is to strengthen the Obytes network by offering a stable, academically honest, and secure environment for an Order Provider (Witness) node.It increases the decentralization of the network with a geographically distributed Witness node located within IFFs premises. The institute offers an independent evaluation of Obytes work, research, and open-source software. Additionally, it promotes clarity of the network by sharing findings with the community.

The IFF is an interdisciplinary research Centre at UNIC focused on advancing emerging technologies and contributing to their practical application in industry, government, and education, as well as evaluating their impact on employment, wealth inequality, and societies in general. The active engagement with Obytes Directed Acyclic Graph (DAG) platform aims to educate the team at UNIC regarding the technology, its potential application and play a functional role in the maintenance of Obytes DAG.

Anton Churyumov, Founder, Obyte says, "Engagement with the University of Nicosia provides a fantastic opportunity to educate the broader public about the benefits of Obytes DAG and its potential application. We are both honoured to have such a respected institution act as a Witness, engage with us professionally and are excited by the potential to proselytise about the possibilities this pioneering technology offers companies looking at Distributed Ledger Technology use."   

Dr.Klitos Christodoulou, Research Manager, IFF: "We are very excited to join and support the Obyte network. At IFF we conduct academic research in distributed ledgers and digital currency to further advance the field. As part of our community building activities in the blockchain space, we embrace the development of innovative projects that are based on or inspired from the core blockchain technology. As part of our exploration in the space we have been much interested in understanding the behaviour of alternative data structures for decentralized ledger systems/protocols. The idea behind Obyte with the proposal of using a decentralized DAG data structure for offering tamper proof storage of arbitrary data has intrigued the interest of the research team."

Obyte proposes using DAG to connect transactions to one or more previous transactions on the ledger that are monitored by witnesses, thus increasing the degree of disintermediation. Unlike a traditional blockchain-based system where the miners or block producers act as the gatekeepers, deciding which transactions must be included in the next block, Obyte leverages a DAG as the underlying data structure. By behaving as a Witness on the Obyte DAG, IFF hopes to both serve a functional role and test the technology before educating others on its findings.

IFF aims to position itself as an interface between academic research and the blockchain ecosystem. Engaging with functioning platforms can assess and apply the technology before concluding concerning the claims made. Findings and results from engagement with Blockchain and Cryptocurrency platforms are shared with students and the broader technology community it looks to educate.