The Devv Protocol

What is The Devv Protocol

Devv Protocol Improvements

The Devv Protocol design makes improvements over other cryptocurrencies and blockchains in a number of key areas, while maintaining the security and robustness that blockchain offers.

1. Scalability

One of Devvio’s key innovations is in our ability to scale our network through sharding (shards in our system are independent blockchains). The Devv Blockchain can be scaled to handle millions of transactions per second using our multi-tier blockchain approach. We have benchmarked our working system at over 8 million transactions per second, on-chain. These benchmarking results are applicable to a global, public blockchain, running real-world applications. The Devv blockchain can scaled where shards can be located in specific geographies, and can be targeted towards specific functionalities.

2. Cost

In order to stay competitive with traditional servers and traditional databases, blockchain solutions need to be cost-effective and scalable in terms of incremental costs for growth. The Devv Protocol was designed to be used in real-world applications, where cost sensitivity is typically a major consideration

3. Blockchain-as-a-Service

The Devv Protocol was designed to allow Developers to easily implement scalable blockchain solutions using a practical real-world philosophy. Customers will be able to create their own solutions on the Devv blockchain for their specific business needs, accessing all of our features (scalability, smart contracts, privacy, fraud/theft/loss protections, etc) with an inexpensive real-world solution.

4. Stability

Our protocol design includes a stable, assetbacked cryptocurrency for optional use in transactions. Removing volatility is critically important for enabling cryptocurrency purchases. Our stability solution is unique, as it can use our fraud/theft/loss protections and our privacy solution, for example. Additionally, our stability solution is a powerful approach given the Dallocation concept described in more detail in other sections of the whitepaper.

5. Protection from Fraud, Theft, and Loss

One of the drawbacks of other cryptocurrencies is the high risk of fraud, theft, and loss. If a private key to a wallet is stolen, for example, then the cryptocurrency in that wallet can be transferred and cannot be recovered. Similarly, if a private key to a wallet is lost, the cryptocurrency in that wallet can never be accessed. Devvio can provide optional DevvProtect Wallets that protect against fraud, theft and loss with an on-chain escrow system. Devv Cryptocurrency was also designed to be recovered by beneficiaries upon a holder’s death.

6. Governance

The Devv Protocol has a long-term, scalable governance model. Our system is permissioned, so we can be agile in reacting to changing governmental regulations, which is critical to the success of a blockchain project. Longer term, our goal is to have a completely permissionless blockchain after we have years of experience operating the system, and we would argue that this approach is the better way to get to that same end goal. As both blockchain technologies and blockchain regulations mature, the Devv Blockchain will be positioned to adjust its methodologies as needed to adapt and thrive.

7. Private Transactions

Private transactions are designed to be implemented via Devvio, with a transaction sent to Devvio along with an off-chain encrypted message describing the transaction’s implementation. This solution provides true privacy for an owner’s wallet, but remains aligned with KYC and AML regulations.

8. Identity

The Devv Protocol was designed to enable an optional method to associate encrypted identities with accounts when needed, such as when a seller requires validation of identity for a purchase, for voting, for social media interactions, or for financial applications, as examples.

9. Transaction Fees

Given Devvio’s Proof-of-Validation approach, transaction fees are not required for basic transfers. The Devv blockchain is extremely efficient. Minimal transaction fees may be implemented to prevent security attacks.

10. Smart Contracts

The Devv Protocol includes a scalable and sensible architecture for handling on-chain processing (Smart Contracts) and third-party Blockchain-as-a-Service implementations using Smart Coins. Smart Coins are utlized in a compositional programming strategy to give needed Smart Contract functionality.

11. Immediate Transactions

Given Devvio’s business integration with DevvProtect Wallets and Dallocation Amounts, immediate transactions are designed to be verified in less than one second.

12. A Green Solution Without

Proof-of-Work Astoundingly, Bitcoin’s Proof-of-Work consensus model has a level of energy consumption larger than that of many small countries. Devvio uses a consensus mechanism called Proofof-Validation rather than Proof-of-Work. Proofof-Validation does not require unreasonable amounts of energy and represents a green replacement for Proof-of-Work. Moreover, this approach maintains the most important benefits of other blockchain protocols such as:

13. New Issuances

Most cryptocurrency issuances are handled through mining of blocks, and those issuances go exclusively to miners. For example, in the case of Bitcoin, miners currently mine millions of dollars’ worth of Bitcoin per day. In contrast, new Devv Cryptocurrency issuances will go towards growing the Devv Blockchain and community. Issuances will support our community as a whole—this is an important philosophical difference that separates us from many other approaches.