Bithumb Global AMA Live with Lambda (LAMB)
24th March 2020, Tuesday
Recap of Live AMA with the founder of Lambda, Xiaoyang He
AMA Link >> https://t.me/bithumbglobal_EN/80401
Q1: What are the captivating factors that can really convince people to choose/use Lambda for decentralized storages over ‘large’ Centralized storages like Google, Amazon, etc. looking at their forces in the market?
A1: Places like Dropbox, Google Drive, and others have become convenient places to store and share data.
This is because of the large sums of money spent on developing such systems. People are now accustomed to using such services for their convenience. At the same time, not many know that Google confessed to storing enterprise customer passwords in plain text since 2005. The ease and convenience of using cloud services also force a point of trust between the user and the service. Breaches and such are not always reported. For those who are concerned about privacy, this could be an issue.
Lambda believes that the advantage of decentralized storage must be to take full advantage of the characteristics of blockchain storage, distributed, data confirmability, transparency, and privacy protection. In these areas, he is compared with centralized storage. With absolute advantages, we should focused on these areas to explore the value of decentralized storage.
There are three usage scenarios that decentralized storage will develop in the future. The first is value data storage, such as private keys. The second is Long Data, which is the long-term storage. The third is the backup of cold data.
Q2: What do we expect from your team as a future Roadmap Lambda? Can you share your view on some next major events of Lambda? Which developments we can expect from the LAMB project in the next years?
A2: Under the impact of the Covid, global asset prices have fallen significantly. The prices of US stocks, gold, and bonds have been reduced to a large extent. Personally, I think digital currency is a good asset this year, such as Bitcoin. So it should be a better choice to stick to the digital currency industry this year. However, for our decentralized storage field, there will be a larger challenge with a larger opportunity. Firstly, this year we tend to launch Lambda mainnet. Second one, Lambda mainnet supports issue assets. Third one, Lambda launches asset-related dApps and ecosystem.
Q3: It’s well established that Filecoin is your competitor, have you solve the problem that Filecoin has not solved yet? More so, there are a few other projects in the data storage area. What gives Lambda a hedge over others in terms of data storage?
A3: Lambda is applying POST algorithm. We all know that the big news Coinbase has begun to reconsider list new tokens. There are 17 tokens into this investigation. Filecoin, spacemesh, and chia are all in the POST consensus algorithm field. These projects all apply POST algorithm, but currently these projects can not do mining. However, in data storage field FileCoin and IPFS are very popular project.
What is POST? POST (Proof-of-SpaceTime), a space-time proof algorithm, is essentially a factor that increases the time dimension in the algorithm of early space proof, and is a consensus algorithm about the correlation between space and the space in the time coordinate system. It is a relatively abstract conceptual description. In the specific implementation, the focus and implementation methods of each project are also different. In the next period of time, there will be a detailed introduction of each project in time and space to bring the latest progress of the projects to the miners in the hard disk field.
FileCoin is a concept car, and Lambda is a car in production. Lambda do things in an agile and innovative way to achieve goals step by step. We will not hide our strength and just bury our head quietly in developing products for a long time as I think this may be harmful. But in general our ideals are the same, that is, we want to introduce a stored model on the blockchain to enable the current blockchain to store data, which is a fundamental change. So it can be interpreted that FileCoin is like a more academic Lambda, and Lambda a compromise version of FileCoin that is more practicable. We are very respect Filecoin to devote in the industry for very long time.
Q4: How much is the miner’s revenue when the node runs a consensus? Secondly, The 150% pledge mining reward, what is the basis of calculation, Yearly, Quarterly or Monthly?
A4: At the period, Lambda had been tested the consensus so far. When we launch on the mainnet, there will be 50% +43% rewards dynamically from pledge plus storage mining. So the reward is dynamic, 150% pledge mining reward based on yearly calculation, please see the picture below.
See more details here: https://medium.com/lambdaofficial/how-to-use-tbb-to-get-150-lamb-pledge-mining-reward-e58ed47c3004
Currently, we start the storage function mining test right now. Welcome all to join our telegram group to know more information.
Q5: Recently, there has been changing in Lambda’s economic model as regards the usage of LAMB token. Can you summarize the new model as related to TBB?
A5: The Lambda mainnet started the consensus network, and gradually completed the mainnet launch. Lambda storage network and Lambda consensus network, is composed by data storage transaction markets, miners (storage space providers), validators (ensuring data integrity and package transactions), users (storage demanders), and retrieve miners (data transfer resources).
In Lambda ecosystem, verifying the design of roles such as nodes, partner nodes, storage miners, voters, users, market makers, and LAMB Token. People who contributed to gain benefits of the beautiful blockchain community ecosystem. However, in this case, LAMB as a single pass can no longer meet the diversified needs of the economic system. As a result, the Lambda launch TBB (Terabyte Coin) for anchoring storage assets to improve the economic model of the Lambda ecosystem and promote further ecological development. Lambda’s economic ecology will operate under the dual-tokens model. The main function of LAMB is to circulate within the ecology and play a role in market regulation, while anchoring storage assets, representing equity and stabilizing market volatility.
Q6: What is coming for 2020 for Lamb users?
A6: The mainnet will go online as scheduled and complete token mapping, meanwhile we complete the storage testing. Support new project to issues digital assets based on Lambda’s mainnet. At present, we discuss with projects from Russia. What they did before was essentially issuing assets based on the Ethereum network. Now, the project will transplant this project to the Lambda ecosystem, just like Steemit project migrated from Tron ecosystem. We will also have other such Dapp projects, ecological projects, and application projects being developed and transferred to Lambda, especially for data-related projects.
Q7: Many projects don’t have a strong use case and that’s why they are failing to stand in the ecosystem. What are the real uses of Lamb token and what does future adoption look like?
A7: Lambda have a strong ecosystem which have around 67 users. We will tend to expand the number of users to 10,000 in the decentralized storage market. Lambda mainly helps the financial industry to perform cold backup of critical data, and backs up the database through the distributed storage of the privatization of the Lambda intranet.
Regarding the requirements of data backup, all operation records, all log data, all databases must be cold standby. With Lambda’s system, customers can back up data to Lambda and perform POST algorithm on a regular basis to prove the integrity of the data and the recoverability of the data to ensure that the data is recoverable at critical times. The user now backs up the data to Lambda, and the guarantee of recoverability is 100%. So, through this point many users use Lambda distributed storage is definitely a very cost-effective choice.
Q8: When does the pledge mining start? What is the conversion of Lamb to TBB? What is the minimum pledge? And how is the reward calculated?
A8: When does the pledge mining start? It’s already started, as we mentioned earlier about the storage function mining test, we are at phase 3 testing. What is the conversion of Lamb to TBB? the conversion is based on the market. What is the minimum pledge? Only for validator in our ecosystem will be requested to have the minimum pledge. To be a validator, you will need to pledge 667 TBB.
TBB price please check on >> www.kangbo.io
For example, if you declare a capacity of 100T, what you actually access is 1T, which is the income from your storage and mining, and 100T, which is the proportion of your pledge. In fact, the actual stored data capacity in the network will not be particularly large.
Q9: What is Kangbo Exchange? How does it relate to Lambda’s team and could it be considered as a secondary market?
A9: What is kangbo exchange? Kangbo is one of the world’s famous digital trading platform, which mainly provides spot trading and derivative trading services for digital assets such as Bitcoin and Ethereum globally. As Kangbo founded that received joint investment from popular projects such as Lambda foundation, Volume network foundation, well-known institutions DFG Crypto, Genesis Capital, Evolution Capital, JC Capital, Geekbeans Capital, Feilong capital, etc., and major storage mining pool nodes. Lambda foundation have good relationship with Kangbo’s team.
Q10: Where are Lamb dapps data stored? How secure are the data banks? How do you provide TRUST and Security and Privacy of Data? More so, as a developer I Know SOLIDITY, Java C can I build dApps on lambda? How user friendly is it and what are the modalities involved in building dapps lambda?
A10: Please try out our storage function mining test, you will know how will be. First you need to create the lamb wallet, more details please check out on lambda official group.
Question from the Community
Q: 2020 is a difficult year for cryptocurrencies and blockchain. So, what are your strategies for developing Lambda in this intense cryptocurrency market this year?
A: For lambda we are trying to do is that to survive, and tend to make our ecosystem to be bigger and stronger. Lambda tend to launch asset-related dApps and ecology. The issued digital assets have specific use values. The focus on the use scenarios, from the previous focus on business and overall, to our current focus on the customer side, we believe that the future Dapp users will be younger generation. Storage-related applications based on the Lambda ecosystem will be released soon. Firstly, a dAPP with a content based, novel reading like platform. It’s ecological will have a built-in token, and this token is based on the Lambda mainnet. The data storage function is based on Lambda’s distributed storage technology.
Q: Total token of LAMB : 10.000.000.000 LAMB . are there any repurchase plans to burn or block tokens to increase the LAMB token value?
A: Regarding the economic model, it will not be particularly easy to change it. There were actually parameter settings before, and the governance committee proposed to discuss this matter.
Q: What consensus algorithm does $Lamb use and how was it selected? What’s being done to ensure price stability and drive global adoption at all levels?
A: We use POST algorithm.
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