BEIJING, Nov. 6, 2024
/PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WiMi) ("WiMi" or
the "Company"), a leading global Hologram Augmented Reality ("AR")
Technology provider, today announced an Innovative Cloud Service
Trust Interaction Framework and Mechanism based on Blockchain
Technology. This framework not only enhances the credibility of
services but also optimizes the interaction between cloud service
providers and users.
Service Level Agreements (SLA) play a crucial role in ensuring
the quality of cloud services. However, traditional SLA models have
inherent uncertainties in practical applications, making it
challenging to guarantee absolute trustworthiness. To address this
issue, WiMi proposed a revolutionary model that introduces the role
of "witnesses" and utilizes the decentralized nature
of blockchain technology to supervise and constrain cloud services
through smart contracts.
In the traditional SLA model, agreements between customers and
cloud service providers primarily rely on mutual trust and
contractual obligations. However, due to the lack of effective
monitoring mechanisms, service violations are not uncommon.
Existing solutions often depend on third-party institutions, which
themselves may have issues of fairness and efficiency. To tackle
this, the proposed solution leverages smart contracts and game
theory's Nash equilibrium theory to enhance the credibility of
cloud services. It aims to reduce service violations and resource
wastage through automated means.
In the innovative cloud service trust interaction framework
developed by WiMi, based on blockchain technology, witnesses are
regular nodes within the blockchain network who earn profits by
supervising cloud transactions. The primary responsibilities of
witnesses include monitoring the implementation of services,
ensuring transactions adhere to predetermined SLA terms, and
providing evidence support in case of disputes. The introduction of
witnesses not only enhances the transparency and credibility of
services but also reduces reliance on third-party institutions.
Within this framework, two types of smart contracts are designed:
witness pool contracts and SLA contracts. The witness pool
contracts manage the selection and reward distribution of
witnesses, while the SLA contracts contain specific service terms
and breach handling mechanisms.
Witness Pool Contracts: Witness pool contracts are used to
manage the registration and selection process of witnesses. Before
a transaction begins, customers and providers collectively
determine the required number of witnesses and randomly select
appropriate witnesses through the witness pool contract. This
random selection mechanism ensures the fairness and
unpredictability of witnesses, preventing collusion and fraudulent
behavior.
SLA Contracts: SLA contracts specify the detailed terms of the
service, including service duration, fees, rewards, and breach
handling methods. During the execution of a transaction, the SLA
contract automatically monitors the implementation of services and
decides whether to enforce corresponding penalties or rewards based
on feedback from witnesses.
The selection of witnesses is a critical component of this
framework. To ensure fairness and effectiveness, a mechanism
combining random selection and reputation scoring is employed. In
the witness pool contract, each witness has a dynamic reputation
score, and witnesses with higher scores have a greater probability
of being selected. This mechanism not only encourages witnesses to
provide fair and reliable services but also improves the overall
quality of witnessing through competition.
In the model developed by WiMi, the Nash equilibrium theory is
used to optimize the interaction between cloud service providers
and users. Through analysis of each party's interests and strategy
design, a set of balancing mechanisms is established to ensure the
stability and efficiency of the entire system while maximizing
individual interests.
In practical applications, the automation of Nash equilibrium is
achieved through smart contracts. First, strategy analysis uses
smart contracts to calculate possible equilibrium points based on
each party's initial strategies and preferences. Second, strategy
execution adjusts the strategies of each party during the
transaction process, as the smart contract moves towards the
calculated Nash equilibrium point. Finally, in result validation,
after the completion of the transaction, the smart contract
compares the actual results with the predetermined Nash equilibrium
point and adjusts the reputation scores of witnesses. This process
ensures fairness and transparency in transactions while reducing
human intervention and errors through automated mechanisms.
In the current wave of digital transformation, WiMi redefines
the trust and supervision mechanisms of cloud services by
introducing a blockchain-based trust interaction framework.
Traditional SLA models often suffer from trust crises due to the
lack of effective supervision and transparency. However, this
solution significantly enhances transparency and fairness of
services by introducing the role of witnesses and smart contracts,
while also significantly reducing the likelihood of service
violations. This innovative mechanism will bring higher credibility
and customer satisfaction to the cloud service industry.
WiMi leverages the decentralized and
tamper-resistant features of blockchain technology, combined with
the game theory's Nash equilibrium theory, to effectively constrain
and incentivize the behavior of cloud service providers and
customers. The random selection and dynamic reputation scoring
mechanism of witnesses ensure fairness and effectiveness in the
supervision process, while the automation of smart contract
execution greatly improves the efficiency and accuracy of services.
This innovation not only enhances the quality and reliability of
cloud services but also provides new ideas and practical experience
for future smart contract and blockchain applications.
About WiMi Hologram Cloud
WiMi Hologram Cloud, Inc. (NASDAQ:WiMi) is a holographic cloud
comprehensive technical solution provider that focuses on
professional areas including holographic AR automotive HUD
software, 3D holographic pulse LiDAR, head-mounted light field
holographic equipment, holographic semiconductor, holographic cloud
software, holographic car navigation and others. Its services and
holographic AR technologies include holographic AR automotive
application, 3D holographic pulse LiDAR technology, holographic
vision semiconductor technology, holographic software development,
holographic AR advertising technology, holographic AR entertainment
technology, holographic ARSDK payment, interactive holographic
communication and other holographic AR technologies.
Safe Harbor Statements
This press release contains "forward-looking statements" within
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," and similar statements. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements. Among
other things, the business outlook and quotations from management
in this press release and the Company's strategic and operational
plans contain forward−looking statements. The Company may also make
written or oral forward−looking statements in its periodic reports
to the US Securities and Exchange Commission ("SEC") on Forms 20−F
and 6−K, in its annual report to shareholders, in press releases,
and other written materials, and in oral statements made by its
officers, directors or employees to third parties. Forward-looking
statements involve inherent risks and uncertainties. Several
factors could cause actual results to differ materially from those
contained in any forward−looking statement, including but not
limited to the following: the Company's goals and strategies; the
Company's future business development, financial condition, and
results of operations; the expected growth of the AR holographic
industry; and the Company's expectations regarding demand for and
market acceptance of its products and services.
Further information regarding these and other risks is included
in the Company's annual report on Form 20-F and the current report
on Form 6-K and other documents filed with the SEC. All information
provided in this press release is as of the date of this press
release. The Company does not undertake any obligation to update
any forward-looking statement except as required under applicable
laws.
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SOURCE WiMi Hologram Cloud Inc.
