UNIC Elected as 7th Independent Order Provider on Obyte Network

By StartUp City | Wednesday, July 29, 2020

The active engagement with Obyte’s Directed Acyclic Graph (DAG) platform is aimed to educate the team at UNIC on the technology, its potential application, and play a functional role in the maintenance of Obyte’s DAG.

FREMONT, CA: The University of Nicosia (UNIC), one of the world’s most respected institutions for teaching, research, and development of Blockchain and Cryptocurrency initiatives, has been elected as the 7th Independent Order Provider (Witness) on the Obyte Network. The Institute for the Future (IFF), an interdisciplinary research center at UNIC, aims to advance emerging technologies and contribute to their practical application in industry, government, and education, as well as evaluate their impact on employment, wealth inequality, and societies in general.

“Engagement with the University of Nicosia provides a fantastic opportunity to educate the broader public about the benefits of Obyte’s 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,” said Anton Churyumov, Founder, Obyte.

The active engagement with Obyte’s Directed Acyclic Graph (DAG) platform is aimed to educate the team at UNIC on the technology, its potential application, and play a functional role in the maintenance of Obyte’s DAG. Obyte suggests using DAG to connect transactions to one or more previous purchases on the ledger that are monitored by witnesses, thus increasing the degree of disintermediation.

“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,” said Dr. Klitos Christodoulou, Research Manager, IFF.

In traditional blockchain bases systems, miners or block producers act as gatekeepers, deciding which transactions should be included in the next block. Obyte uses a DAG as the underlying data structure. By acting 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.

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