What Is Banyan Network Cryptocurrency?

As things currently stand, the data market is hindered by increasingly stringent regulations as well as a lack of trust from everyday internet users. However, with the introduction of blockchain technology, credibility, traceability and decentralization are helping to remake the traditional data value chain in a big way.

Banyan Network is an all-new data value network that has been built using blockchain technology. It is also touted as the world’s first distributed ecosystem of data economies that has been developed by individuals who have been in the field of data analytics for many years.

This platform makes use of a Data Fusion Value Chain Network (DVN). The DVN not only helps promote trust between network participants, but also helps foster third-party data integration, streamlined governance, easier DApp creation, and open market development.

Banyan Network also comes equipped with an established, extendable token system that helps promote data aggregation, thus allowing for better system usability and integration. It also helps data providers, processors, and users by creating a shared space which boasts almost unlimited value.

Overview of the platform

  • Banyan Network makes use of advanced data matching and correction algorithms to implement and contribute to reward computation mechanisms.
  • The data value network ecosystem allows individual users as well as enterprises to maximize the potential of this platform.
  • Owing to the use of technologies such as HPB (high-performance blockchain), decentralized token exchange protocol (LOOPRING), and box computing (BC), Banyan Network is easily scalable based on market demand.
  • The interface is straightforward and can be used by novice as well as experienced crypto users.

Key Features

The data market currently suffers from a tangible gap that exists between commercial data supply and data requirements. Banyan Network provides its users with an integrated value network framework that helps bring together both of these worlds in a streamlined fashion.

Overview of the DVN model used by Banyan Network

In addition, the platform also supports value-added products and data value cycles, thereby providing a high level of assistance to each member for aggressively participating in the construction and optimization of an efficient DVN.

Banyan Network employs a double helix structure that includes a “data stream” along with a “value stream”. While the “data stream” is designed to facilitate data aggregation, connection and coupling, the “value stream” is designed to form a closed-loop structure connecting data demand and data supply.      

Overview of the value chain employed by Banyan Network

Lastly, the platform also helps establish a unified data value ecology wherein all participants are grouped into a singular data security system through the use of a Security Multi-Party Computation (SMC) framework. This protocol is designed to provide a high level of safety and ensures that all internal transactions, records, and processes are accounted for at all times.

How Banyan Network Works

Banyan Network makes use of certain core modules that help govern and dictate its overall functional capacity. These include:

(i) Banyan Score: this is a rating system used by the native DVM to provide users with a metric framework that factors in key criteria for data sources, products, and services such as:

  • Index systems
  • Algorithms
  • Publishing mechanisms

(ii) Banyan Wormhole: this is a cleansing module that helps in the systematic categorization and sorting of data. Not only that, it also helps in defect detection and allows for the optimization of native algorithms to quickly and efficiently standardize data packages and enhance platform usability.

(iii) Banyan TagLib: as the name suggests, this tagging system allows for data to be labeled, matched, and used within association mechanisms. As a result, TagLib is able to provide users with a cross-source, multi-dimensional service that is based entirely on the principles of data integration.  

Architectural framework of the platform

Lastly, according to the whitepaper, the platform implements mature business models that are based on the “three laws of data value”:

  • First law: data in silence accelerates devaluation;
  • Second law: data in circulation produces values;
  • Third law: integrated data promotes value.

About the project

With all of the attention that this venture has been receiving in the past few weeks, it would be useful for readers to learn a bit more about the people involved behind the scenes.

David Zhou is the CEO of Banyan Network. He is an alumnus of the University of Waterloo and has previously served as the head of MIT’s incubator project. In addition, David is a venture partner with Gorvest Capital.

Choyin Lee is the technical head for this project. Choyin is also currently Chief Scientist at National Taiwan University as well as at the Georgia Institute of Technology. According to his professional bio, his primary focus lies in niche domains such as digital mathematical models and blockchain network implementation.

Lastly, Kelvin Long is one of the devs involved with this project. His credentials include:

  • Chief Middleware Engineer at Oracle 
  • Founder of UnionPay Smart

Kelvin is also the editor of a weekly publication called Blockchain – Reshaping the New Finance, as well as an HPB and LOOPRING consultant.

Token Performance

All transactions facilitated within Banyan involve the use of a token called BBN.

BBN token lifetime performance data (courtesy of CoinMarketCap)

Since the currency has only been on the market for a few weeks, it is difficult to determine its future investment potential.

BBN was introduced into the crypto market on March 22 at a modest price of US$0.10 per token. Its value has remained relatively stable, and as of the 4th of April, the price of a single token currently stands at US$0.08.

Final Thoughts

As is clear by now, Banyan is a big data network based on blockchain technology called Data Fusion Value Chain Network (DVN). With this platform boasting a highly experienced team as well as a polished, market-ready UI, it would not be surprising to see BBN do well in the coming few months.

However, before investing in this project, individuals should do a bit of research to ascertain the true value of Banyan Network for themselves.

If you would like to start investing in this venture, BBN trading pairs are currently available on exchange platforms such as Bibox and IDEX.