The NuGenesis team, lead from down-under Australia, has four patents pending for four aspects of their NFT platform. Instead of jumping on the bandwagon of NFT hype to focus on growing NFT marketplaces, NuGenesis looks to the business end of NFTs.
$450m in sales in just two weeks of August on Open Sea; $69m for a Beeples painting; ….. is “chump change”, says NuGenesis CEO, Hussein Faraj, who compared the “commercial and government enterprise applications of interactive NFT technology.” The world health care market is worth nearly $10Trillion alone for example, where this NFT technology would be revolutionary.
The NuGenesis NFT platform anticipates and fosters the development of interactive NFTs. The current NFTs are static. Prohibitive gas fees on Ethereum where most NFTs are made, are repugnant to experimentation necessary for innovation. By contrast, NuGenesis is gasless; that is free. This means an NFT can be ‘levelled up’ with its metadata updated with the interactions that the NFT is programmed to make. A gaming avatar NFT can have levels of gamification and as it interacts with other equivalents. It can be accessorised and augmented. The same applies to commercial and government applications where your NFT are valuable business records such as title deeds, driver’s licence, educational or health records.
NuGenesis have come from the background of working with Governments, particularly developing ones, intending to use technology for attracting infrastructure investment. 2/3rd of the world’s governments are not part of the International Bank of Settlements club of the banking elite. To these governments, blockchain technology represents the promise of permissionless participation in global capital markets on a neutral footing. Moreover, blockchain technology represents a reduction of the costs of compliance barriers to entry to the most lucrative markets. Many countries are experimenting with their own Central Bank Digital Currency (‘DBDC’s) and smart-contract-based infrastructure finance. Mr. Faraj says “our experience with assisting these governments has forced us to re-image blockchain technology by removing the inefficiencies created by reliance on human validators on the one hand and the necessity to streamline data to achieve scalability and tolerable transaction speeds”. For NuGenesis, ‘data is the new gold’, and there is critical value in the data analytics.
The NuGenesis system is designed to be efficient whilst utilising the maximum data that can be packed in the block creation, efficiently processing, and having its storage available. The application that NuGenesis wants us to look at is the $10Trillion health care market.
The performance of blockchain systems is defined by the consensus algorithm being used. The consensus algorithm plays a very crucial role in maintaining the safety and efficiency of the blockchain. Achieving consensus in a distributed system is challenging, consensus algorithms must be resilient to failures of nodes, partitioning of the network, message delays, messages reaching out-of-order, and corrupted messages. They also must deal with selfish and deliberately malicious nodes. For a blockchain network, achieving consensus ensures that all nodes in the network agree upon a consistent global state of the blockchain. Traditional consensus mechanisms such as proof-of-work, proof of stake, and delegated proof of stake support open-ended participation but have issues in reaching low latencies, immediate transaction finality, high performance, and good scalability.
Healthcare is a field that requires a more efficient and secure system for managing medical records, pre-authorising payments, settling insurance claims, and performing and recording more complex transactions. Blockchain technology provides solutions to those problems. The electronic medical records are currently kept in data centres and access is limited to hospital and care provider networks. Centralisation of such information makes it vulnerable to a security breach and can be expensive to maintain. To eliminate that, blockchain stores the complete medical history for each patient, with multiple granularities of control by the patient, doctors, regulators, hospitals, insurers, and among others, providing a secure mechanism to record and maintain a comprehensive medical history for each patient. These ensure tamper-resistant means of storing medical history; reduced time in resolution of insurance claims and increased efficiency in providing insurance quotes; and complete medical history of the patient for use by physicians for precise drug recommendations.
NuGenesis says it examined the leadings health care blockchains, being Medical Chain on Hyperledger Fabric, Medi ledger on Ethereum Parity, and Patientory on Ethereum. From its testing and the available studies, NuGenesis says Hyperledger based system MedicalChain exceeds systems from Parity and Ethereum platforms (Patientory and MediLedger) in executing more transactions per unit time, utilising RAM by performing more transactions per 1 megabyte of memory and executing more transactions per one cycle of CPU. Likewise, Hyperledger fabric applications outperform Ethereum and Parity despite it using different evaluation metrics such as fault tolerance. Nevertheless, some tests show that Hyperledger fabric achieves higher throughput and lower latency compared to the Ethereum platform. Consistently, available research indicates that the overall performance of Hyperledger fabric smart contracts outshines other platforms smart contracts (parity and Ethereum).
However, despite the overall good performance of Hyperledger based application, their study revealed that Ethereum based application has quicker read and write to and from hard disk, and it consumes little network data than Hyperledger fabric and parity-based application. Such results imply that Hyperledger-based applications fit better in the environment which requires high-security measures, connected with average computational devices due to its ability to consume low memory and low computational power. However, in environments where writing and reading to/from storage devices or overall usage of network bandwidth is the priority, Ethereum-based applications perform better. What was needed is a more robust and fault-tolerant way to store critical information that can be portable and easily updated even off the chain as the patient moves between medical practitioners.
Interactive NFTs as medical records on the NuGenesis NFT platform achieve perfect performance by any evaluation metric. NuGenesis applies its evaluation testing using the performance monitoring framework for blockchain systems. Metrics considered are transactions per second (TPS), transactions per network data (TPND), transactions per memory second (TPMS), transactions per CPU (TPC), and transactions per disk I/O (TPDIO).
Transactions per second (TPS) TPS is a measurement of throughput in a period which represents the number of transactions completed in a second by a blockchain system. We take the period from ta to tb as time spent by the blockchain system to perform a certain number of transactions (Txs). So, the TPS of node (n) in a system is determined by the following formula:
Therefore, the average TPS for number (N) of nodes is:
Transactions per network data (TPND). TPND is a measurement of network flow consumption in a period when blockchain systems share the state of blocks through the transfer of data between the nodes by using consensus protocol. This process ensures each node in the system is in the same state.
To calculate TPND in the network, we take a session from time ta to time tb as the time taken in a blockchain network to consume a certain amount of network flow for a certain number of transactions (Txs) in kilobytes (kb). TPND of a node (n) in a network can be determined by the following formula:
Where UPLOAD(t) is the size of upstream to the network at time t and DOWNLOAD(t) is the size of downstream at a time (t). The averages of TPND for all the nodes connected to the network were determined by the following formula:
Transactions per memory second (TPMS). TPMS is a measurement to represent the utilisation of physical and its corresponding virtual memory for transactions of a blockchain based programs for a certain period. To calculate TPMS of a node (n) connected to a blockchain network from time ta to time tb with the execution of a certain number of transactions (Txs), the following formula was used:
Where PMEM(t) is a physical memory occupied by a blockchain program from time ta to time tb and VMEM(t) is its corresponding virtual memory at the same time. The average TPMS for the entire network is calculated by the following equation:
Transactions per CPU (TPC). TPC is a measurement that represents a metric to monitor CPU usage during executions of smart contracts in the blockchain network. TPC differs from one application to another depending on encryption algorithms, hash computations, and consensus protocols utilised. Equation (7) shows the formula to calculate TPC of node n from time ta to tb:
Where F is frequency of single CPU core and CPU(t) is a CPU usage of a blockchain application from ta to tb. The average TPC for entire blockchain network with nodes N is:
Transactions per disk I/O (TPDIO). TPDIO is a metric to measure the utilisation of read and write to the secondary storage during execution of blockchain applications such as contracts executions and block commits in a specific period of time. The formula for calculating TPDIO for a node n connected to the blockchain network is as follow:
Where ta and tb are the time to start and finish program execution respectively, DISKR(t) and DISKW(t) are the amount of data read from storage and data written to the same storage respectively from time (ta) to time (tb). The average of TPDIO for whole network with number of nodes (N) is:
On any metric, NuGenesis excelled. NuGenesis has infinite transactions per second. The bandwidth issues are simply irrelevant because the use of load balancers will ensure that infinite data can be packed into 5G block sizes with instant finality and unlimited parallel processing blockchains can simply be added.