GiltsEdge’s platform has facilitated the building of a strong sharing economy by combining the operations of WaveStream and GiltsEdge Exchange. The combined operation is mutually beneficial to both parties who are stakeholders of GiltsEdge’s ecosystem.
With WaveStream, Citizen Reporters and Vloggers are able to earn eGILTS Reward Tokens in exchange for uploading real-time video news or events. Third parties like content curators and aggregators; and analysts will also earn eGILTS Reward Tokens as part of a continuing process, to produce meaningful data analytics for release to the public domain as a component of WaveStream's Video Analytics as a Service (“VAaaS”). Revenues generated from the analytics will be shared with Citizen Reporters and Vloggers who have entered into a prior agreement to assign the rights to their videos exclusively to GILTS Limited.
Shown below is a diagram showing how GiltsEdge ecosystem that leverages on the symbiotic relationship of the two primary stakeholders will perpetuate and sustain the growth and profitability of WaveStream and GiltsEdge Cryptocurrency Exchange.
The eleven stakeholders in WaveStream (private Blockchain) ecosystem are organized into six interlocked groups.
- IT and Engineering: Core developers, Tool developers; and Data Scientists
- Content Partners: Citizen Reporters, Vloggers, Curators and Aggregators
- Marketers: Advertising Agencies and Brand Owners and Core influencers
- Users: Fee-based and Non-paying App and Service Users
- Social Media Analysts: Live Video Verification and Validation; Streaming and Video Analytics
- Regulators: Government Authorities
Within GiltsEdge Cryptocurrency Exchange (public Blockchain), the second component in the ecosystem are stakeholders who are also organized into six groups; namely:
- Investors: eGILTS Token Holders
- IT and Engineering: Core Developers and Tool Developers
- Exchanges: Exchange operation and Payment Processing
- Marketers: Core Influencers
- Miners: Verification and Validation
- Regulators: Government Authorities
The two primary stakeholders will collectively generate revenues and insure the smooth operation of the front and back-ends of GiltsEdge's platform. The operation will be supported by two independent parties, namely the Trustee for GILTS Compendium and telecommunication companies (wireless and fixed line) providing the Internet connectivity.
The Trustee will monitor the digital assets of GILTS Compendium, exercise reasonable diligence to ascertain whether a breach of the trust deed has occurred and take steps to ensure that GILTS Limited remedies any breach. The Trustee must exercise this control in the interests of the Trust’s stakeholders.
The telecommunication carriers will play a critical role in providing the building blocks for access, interconnectivity and applications to GiltsEdge global community. A large share of the value of GiltsEdge streaming and video analytics is dependent on the carriers delivering the essential infrastructure, applications and increasing broadband penetration essential to the growth of a sharing crypto-economy worldwide.
HOW ARE eGILTS REWARD TOKENS AWARDED?
Flow of eGILTS Reward Tokens from Smart Contracts Escrow to Online Wallets
Verification and Validation at WaveStream Private Blockchain
By spreading out the verification and validation of video live streams or multimedia contents to a large set of identifiable Social Media Analysts, WaveStream Private Blockchain resolves the dilemma posed by private Blockchains, in which one analyst can monopolize the analytics process. The solution lies in a constraint on the number of blocks that may be created by the same analyst within a given window. GiltsEdge implements this scheme using a parameter called analytical diversity that is constrained by 0 ≤ analytical diversity ≤ 1. The validity of a block is verified as follows:
- Apply all the permissions changes defined by transactions in the block in order.
- Count the number of permitted analysts who are defined after applying those changes.
- Multiply analysts by analytical diversity, rounding up to get spacing.
- If the analyst of this block has verified and validated one of the previous spacing1 blocks, the block is invalid. This enforces a roundrobin schedule, in which the permitted analysts must create blocks in rotation in order to generate a valid Blockchain.
The analytics diversity parameter defines the strictness of the scheme, i.e. the proportion of permitted analysts who would need to collude in order to undermine WaveStream. A value of 1 ensures that every permitted analyst is included in the rotation, whereas 0 represents no restriction at all. Higher values are safer, but a value too close to 1 can cause the Blockchain to freeze up if some analysts become inactive. We have adopted a value of 0.75 as a reasonable compromise. To conserve resources, nodes will not attempt to conduct a verification or validation on a chain in that has already been conducted one of the previous spacing1 blocks.
As well as preventing abuse, the diversity threshold helps in a case where WaveStream splits temporarily into disconnected islands, due to a communications failure. This mishap will lead to a fork in the chain, as each island is unable to see the other’s transactions and blocks. Once WaveStream is reunited, the fork with the longer chain will be adopted as the global consensus. The diversity threshold ensures that the longer Blockchain will belong to the island containing the majority of permitted analysts, since the other island’s chain will quickly freeze up. If verification and validation is restricted to certain analysts, questions may arise on the advantage of a private Blockchain over a centralized database that accepts incoming transactions, resolves disputes, and answers queries regarding the database’s state. The answer is threefold:
- Each analyst retains full control over their analysis via their private key.
- Control of the database is distributed across many analysts, so that no individual or small group can unilaterally decide which multimedia contents are valid.
- Superior robustness, since the disappearance or malfunctioning of one server will not affect the continued verification and validation processes; and award of eGILTS Reward Tokens by the network as a whole. In contrast to Bitcoin PoW that ensures mining diversity by making it computationally difficult (and therefore costly) to create a block, WaveStream Private Blockchain use a simpler scheme for enforcing analytical diversity. The first version of WaveStream Private Blockchain use a Proof of Performance to regulate and randomize each node’s rate of block production.
Conducting Data Analytics to earn eGILTS Reward Tokens
The video live streams (raw data) received by WaveStream are subjected to rigorous online real-time verification and validation processes before eGILTS Reward Tokens are awarded. The verification and validation processes include the use of curators/aggregators, streaming analytics, video analytics, Artificial Intelligence and Machine Learning tools before the data analytics are released to the public domain.
We use integrated open stream analytics as a solution for getting maximum value from real-time data streams. The data streams are ingested, processed and analyzed quickly and efficiently for fraud detection and other prescribed parameters. Millions of streaming events per second are ingested with Cloud Pub/Sub, powered by Google's high-speed private network. The streams are processed with Cloud Dataflow to ensure reliable, exactly-once, low-latency data transformation. The transformed data are streamed into our server for video analytics to be conducted before enabling our Artificial Intelligence and Machine Learning engines to generate online or batch predictions.