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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