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Project Review: Vanta Network

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VANTA Network (VNT) | Coin Review

Overview

VANTA aims to be the World’s first decentralized network that enables fast and low-cost operation of scalable services to provide infinite connectivity. VANTA is creating a network that allows individuals and companies to develop services that can efficiently transmit and process data in real time while maintaining security and low costs. This will allow for various possibilities in terms of networking and connectivity, and I see a wide variety of possible use cases in the future. Messaging, file transfer, voice and video call development, video streaming and processing various real-time data collected from IoT sensors, for example, will be enabled by the VANTA network. To allow for higher levels of customization and new ways of commercialization, VANTA enables developers and external parties to deploy apps on its blockchain infrastructure using API and SDK.

What Problem does Vanta solve?

There are several issues with the current, centralized model for real-time data sharing which VANTA aims to solve through blockchain technology and their innovative approach. But before we dive into the technology, let’s first take a look at the problems VANTA intends to address.

First of all, there are issues involving bandwidth capacity and infrastructure limits, which is resulting in cost increments. VANTA’s decentralized approach will address transfer speed and cost issues by making shared PCs and cell phones form new and more flexible networks to support data sharing.

The next issue is security, while the success of VANTA in this area is highly dependent on the overall strength and therefore size of the network, in theory, a decentralized solution for transferring data, could become indeed much more secure than a centralized server, which will always be more prone to hacks or protection issues. Building a strong, constrained network, which will lay down the basis, and can be utilized by different parties through API access, is the key to success for VANTA and a way to provide a higher level of security than centralized solutions.

To sum it up, powered by decentralised P2P node infrastructure, the VANTA Networks core value offering is in the reduction of cost and ease of deployment for external parties to build and provision applications via an API/SDK on top of the underlying network/blockchain, with the additional benefits of increased privacy and security in comparison to traditional centralized communication networks.

Product and Vision

AT this point I will not get too deep into the technical details of VANTA network, but a brief overview is necessary to understand the potential of this technology. VANTA constitutes an intelligent network by allowing participating nodes to perform data transmission and processing operations accurately and reliably, to ensure real-time, secure and private connectivity to deliver real-time data transmissions for individual and enterprise users. The VANTA Intelligent Network infrastructure consists of four primary layers, which are very well explained on their website. VANTA’s Intelligent Network works as a decentralized cluster that performs real-time data transmission, processing, and storage functions through these four layers:

The Blockchain Layer (KANUS)

The VANTA Network combines Proof of Networking (PoN) with Byzantine Fault Tolerance (BFT) and Verifiable Random Functions (VRF) to form a PoN-VRBFT consensus algorithm to help ensure scalability, and reliability of the decentralized infrastructure while maintaining efficiency alongside cost reduction. Proof of Networking is an algorithm that rewards each node that has contributed competitively for live data communication, processing, and storage to prove their workload and use that proof data when participating in a consensus round. Four different nodes are operating the system, namely: Job Tracker Nodes, Primary Worker Nodes, Secondary Worker Nodes, Verifier Nodes.

The Core Layer

The core module of the ARKAS protocol, the implementation of the main functions that peers perform within the network.

The Protocol Layer (ARKAS)

A protocol that enables peers to build the VANTA’s intelligent network. The ARKAS protocol allows for peers to perform real-time data transmission, processing and storing by selecting and evaluating peers. ARKAS establishes seamless routing channels across nodes.

The API Layer

The API layer is the layer in which companies or users are able to connect external services/applications to the VANTA Network by using the VANTA API and SDK.

The VANTA ecosystem also includes the Networking Framework which is a non-blockchain framework built on the PGP encryption standard which helps the platform achieve high levels of performance when dealing with secure, real-time communications and data transfers.  VANTA Network Framework enables secure end-to-end encryption, personal identification, and network architecture modularity on a sharded decentralized network

Team

The VANTA Network team consists of 34 members in total, 4 executives/management, 27 core team members and 5 advisors. The team is structured as three separate units, the management team, tech team, and the research team. The team is experienced and strong in development, management and communication spheres. Core team members worked for notable international companies like Microsoft, Oracle, HP, Samsung, etc. While these credentials are impressive, it is not immediately apparent as to how much blockchain experience the core team itself has. I highlighted a few team members below.

CEO and Founder Ryan Seo has over 12 years of experience in IT & Telecommunication industry from ORACLE and HP. He is also the Founder and CEO of a Korean communications company, called Voiceloco and has over 5 years experience of heading up the project. Ryan has over a decade of industry-specific experience and has significant experience in dealing with the top players in telecommunications and IT.

Technical Lead Adrian Park is a co-founder of Gamedetect communications, a search engine designed for games in 1999. He worked as a data scientist for 2 years at SK Planet, Korea’s first multi-screen premium video service.  Jinyoung Martin Jung worked as  Technical Analyst and Senior Technical Consultant at Oracle for more than 6 years.  He also has experience in product management working as a  Senior Technical Product Manager at Amazon Web Services.

Inwhee Joe is VANTA’s Head of R&D. He has vast experience in the research sphere. Inwhee Hoe has a Ph.D. in Electrical and Computer Engineering, Georgia Tech, USA.  He has been engaged in scientific activities for over 20 years. Currently, he is working as a Professor at Dept. of Computer Science at Hanyang University, Seoul.

Furthermore, there are two Advisors on the team who deserve to be mentioned here. Yoonseok Choi has significant experience working as a VP at Microsoft Korea, Oracle Korea, Oracle Japan, and Henry Chung. Henry is a Managing Director at Draper Athena Fund. He has vast experience in investing and management, Chairman at Venture Leaders Club, Advisor and Investor at Coinplug. VANTA has clearly assembled an advisory board of significant expertise and even more importantly, a high reputation and industry connections, that will aid them greatly in their commercial mission.

Token economics: What is the VNT Token?

The Token economics look solid. The VNT token will be used to process transactions, incentives, and rewards across the network, as well as incentivizing end user and API Nodes through earn block rewards based on their contribution to the network. Hence an annual increase of VNT tokens at a fixed rate of 2% will be rewarded to nodes performing workload generating blocks. When staking and unstaking tokens to purchase a workload, VANTA generates a 2% fee of the staked amount, and these tokens are immediately burned. The token burn and the fact that various members of the ecosystem are required to stake VNT tokens in order to participate in the network leads to the token having  more intrinsic value, very similar to ETH on the Ethereum network. The current total supply is 37.890.867.978 VNT. VANTA is doing an IEO.

Growth potential and Roadmap

The project’s roadmap covers all of 2019, but doesn’t go any further. In Q2 of 2019, the testnet will be released, while the mainnet is not scheduled to go live until Q4 of 2019. So investors still have a lot of time left, until the end of 2019 or early 2020 until significant developments on the platform will become visible. VANTA has already launched its non-blockchain MVP that is publicly available.  Other than that, the roadmap does not include much information, users and investors are provided with relevant information through the projects medium page.

The whitepaper is presented as a 44-page document that outlines the current issues concerning both blockchain and non-blockchain communication and data storage projects. The whitepaper goes into details to explain the methodology behind the project and how the solutions that VANTA is developing will solve current problems.

In terms of competition and potential market size, VANTA is in a very interesting position, as it could be seen as an intelligent network platform that can be classified as either a platform blockchain or a specific-purpose blockchain. As a result of that, VANTA Network is positioned to compete with several other communication-based blockchain projects aimed at disrupting the world of messaging and data transfer such as Status, Mainframe, Skrumble Network, Dusk, and Horizen. Peer analysis shows that VANTA’s competitors do not perform well, probably because of the bear market.

In the traditional application space, the VANTA Network directly competes with the likes of s Google, Skype, Slack, Keybase and other collaborative communication tools, however due to the API/SDK and the ability to leverage the underlying VANTA network, the project is able to extend out to other niches such as video streaming, gaming and the Internet of Things.

Global data will grow from 33 Zettabytes (ZB) in 2018 to 175 ZB by 2025. Also, more than 150B devices are forecasted to be connected across the globe by 2025, with the majority set to be creating data in real time. That being said, it should be clear, that VANTA is tapping into a vast market, which is forecasted to show exponential growth over the next couple of years. Like I’ve mentioned above, they are facing stiff competition, but the use of APIs may allow VANTA to get a foothold in the market as it does not need to compete directly against more established industry leaders and can instead work to leverage their already existing user bases. The team also made significant steps forward by building strategic partnerships with leading companies.

VANTA Network has partnerships with prominent global companies related to the enterprise communication sector: Sejong Telecom, Oracle and Microsoft, that will help in project implementation in the future. Also, VANTA is backed by Voiceloco, South Korean communications company that is worked in the communication sector for more than 5 years.

Conclusion

VANTA has a lot of strong points, especially the team, potential market size, and partnerships stand out here. Technology-wise, VANTA presents an innovative approach in many regards. While VANTA is building strong fundamentals, Investors should be aware of the fact, that with the delivery of mainnet being some time off, short term expectations should be conservative. The roadmap shows that potential investors may have to wait up to six months for significant developments, while the team faces stiff competition, in a fast moving market.The team is ambitious and experienced. Judging by their background and the plans they present, I believe this project has an excellent chance to become a solid player in the blockchain industry. A long term approach is recommended here, Investors should take a closer look at the developments of VANTA, but an early investment could pay off if the team continues to deliver on the technology as well as on partnerships and real adoption.

VNT scored 51 out of 76 Points in our evaluation program.

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