submitted by sidhujag to ethereum [link] [comments]
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
SolutionsSyscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Syscoin + Matic IntegrationMatic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Proving Performance & Cost SavingsOur POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.
Cost SavingsTotal cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools, Infrastructure & Documentation
Syscoin BridgeMainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
APITools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
DocumentationSyscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence
Trade-offThe Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
CostEthereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Z-DAGZero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
APISyscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.
DocumentationZ-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana
Trade-offZ-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin SpecsSyscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
WalletsWeb3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
ExplorersMainnet: https://sys1.bcfn.ca (Blockbook)
Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!
George Cao :Let’s welcome lambda team . Xiaoyang and Lucysubmitted by BitMax_Support to BitMax [link] [comments]
Lambda: Hello friends from BitMax ~~ I am Lucy Wang, Co-founder and CMO of Lambda. I am very happy to e-meet with you here and thx for George's invitation. I on behalf of Lambda wish all of you a merry Christmas and prosperous new year in 2019
George Cao: Great. I am a bit surprised to see a big volume day yesterday Christmas. Seems our users didn’t take a break even on holidays :)
Lambda: I'd like to take this opportunity to introduce myself first, I have over 14 years of progressive career development with global leading enterprise software / service organizations as well as VC-backed start-up ventures, including HP, Oracle, and SAP. Before Lambda I was CMO/GM at two enterprise SaaS start ups in China backed by top VCs.
And my partner Mr. He Xiaoyang, who is the founder of Lambda, he is a well-known expert in infrastructure and open source software in China. Prior to Lambda, he was the co-founder of OneAPM, a fast-growing infrastructure software focusing on ITOM (IT operation management) in China. OneAPM is known as the “New Relic or AppDynamics of China” and the company has received strong VC backing from Matrix Partners, Chengwei Capital, and Qiming Venture. Prior to his entrepreneur experiences, Mr. HE worked at BEA as a R&D software engineer. In addition, Mr. HE is also a blogger with strong following in China and some of his articles have been published by major media such as Forbes China, 36Kr, Sina, etc.
Lambda idea was born at the end of year 2017 and the product development started from the beginning of 2018. Now let me talk about Lambda idea and what we do
Lambda, is the leading decentralized infrastructure project providing secure, reliable, and infinitely scalable decentralized storage network that enables data storage, data integrity check, security verification, and marketplace for storage-related services on the Lambda Chain Consensus Network.
In recent years, there have been frequent data leakage problems in major Internet platforms at home and abroad, and even business giants such as Facebook and Marriott have not been spared. Returning the value of data to data owners is an inevitable trend in line with human pursuit of freedom. The block-chain technology with P2P features provides an opportunity for this, and this area will be highly valued by the industry in the next few years. Lambda is the only provider of block-chain storage infrastructure projects in China. It is sometimes referred as “File-coin of China”or “File-coin 2.0”.our vision is to return the value of data to the data owner, with this vision in mind, our mission is to promote the decentralization of the Internet, with the goal of creating a storage infrastructure for the next generation of block-chain.
After the Lambda project launch in early 2018, it has received strong support by well-known strategic and financial investors including Bitmain, Viking Capital, FBG Capital, Bluehills, Zhen Fund, FunCity Capital, Ceyuan Digital Fund, BlockVC, INBlockChain, DATA Foundation, Bitcoin World, Reflextion Capital, etc. To date, Lambda has received investment funding in excess of $10M.
n all the existing decentralized storage projects that are aiming to give a solution to this problem worldwide, Lambda is the first ever to announce its LPDP ( Lambda Provable Data Possession )
George Cao: I see we share several investors in common, So 2019 q1-q2 will be a big milestone for lambda
Lambda: Provable Data Possession (PDP) and Proofs of Retrievability (POR) are critical to efficient decentralized data storage and its implementation, which is the essential difference between centralized network projects and real decentralized storage. Prior to Inter-planetary
File System (IPFS), Lambda launched its minimum viable product (MVP) of core functions in the third quarter of 2018, and has been continuously upgrading and optimizing this in block-chains in a multi-role environment.
File-coin is our main competitor, here is a chart shows the progress comparison FYI
For those who have interest to know more about Lambda's technical innovations, they can be find in our keep updating FAQ document posted on Medium, and I copied her FYI
1.Innovatively designed the Validator role which provides verification service for storage proof and the Validator replaces storage miner as the full-time storage proof result verifier, this greatly improves the performance of the storage and retrieval system.
2.In response to the limitations of the PDP algorithm, Lambda innovatively created a consensus network on the block-chain and used the validators role to replace the "TPA" in the PDP algorithm.
3.Innovatively modified the PDP algorithm from synchronous to asynchronous communication, which greatly reduces the communication traffic for Challenge in the system. Use of chain data as a random seed for storage miners to issue Challenge themselves addresses the randomness of TPA challenges.
4.Innovatively upgraded the PDP algorithm from periodic verification to a verification set generated by the miners to submit the verification result at one time, and fully realize the Proof-Of-Space-Time verification.
on top of all the technical, Lambda creates a consensus network where data can be stored, storage space can be rented on the basis of a marketplace built on block-chain.
In the Marketplace, the transaction process is: storage miners pledge hard disk sectors to the consensus network, and place orders and sell their own storage space in the Marketplace; storage users initiate purchase requests, complete the matching of storage requests through the Marketplace, and store data in the space of the storage miners.
Different from other block-chain applications, Lambda is a storage mining project, we have miners mine on Lambda network. Earn LAMB tokens by contributing on the network, and users who have data storing requirements pay Lamb tokens to purchase services accordingly.
The price of Lamb token not only rely on the exchanges but also supported by our miners who are doing works on the network.
There are four roles in the Lambda mining network: storage miners (providers of storage space), verification miners (ensuring the integrity and security of data and packaging transactions), retrieval miners (providing download bandwidth), and users (storage buyers). 1024 verification miners promoted from storage miners constitute the Lambda-chain consensus network. So you will see three types of miners serve our users from all over the world.
The key milestones we are looking at is the launch of test-net, where miners can start mining and earn testing Lamb tokens, the date will be around end of Jan. 2019 and main network will go live in Q2, 2019, most likely in Apr.
Regarding our partnership, In the academic field, we have established a strategic partnership with Beijing Institute of Technology (BIT), which is well known in China for its engineering and computer science research programs, to conduct research into centralized storage.
In the commercial field, Lambda has established a strategic collaboration with IOST, a well-known public blockchain project, and Perlin, a super computing platform, and started to conduct pilot projects for decentralized application (DAPP) companies such as DATA and BCV. Lambda also has close ties to many leading Internet data centers (IDCs) in China. They join the Lambda network as miners and take advantage of their surplus server capacity to engage in the Lambda network ecology.
Q: Will the rest of the code be open sourced? If so when ?
Lambda: we have released the codes of core function module, the test net codes will be released gradually in Jan. pls stay tuned with our official github
Q: What can Lamb tokens be used for?
Lambda: Lambs are tokens in the Lambda ecosystem, which are mainly used in the following scenarios:
A. Users of services in the Lambda ecosystem have to pay with Lambda tokens.
B. Providers of storage services in the system have to pledge a certain number of tokens.
C. Verification nodes in the system have to pledge a certain number of tokens.
D. Verification nodes can obtain a certain number of tokens as accounting rewards.
E. Storage nodes get a certain number of tokens based on their storage capacity and their service level agreements (SLAs).
F. Other roles in the Lambda ecosystem can also obtain a certain number of tokens based on their contributions.
Q: What more incentives does miner gets to mine or rent storage on Lambda?
Lambda: every miner stars from storage miner on Lambda network, they get paid by providing storage space, when their business getting bigger, system will select the top 1024 storage miners and promote them to validator, who will get block generation rewards from system.
Q: how are the 1024 miners selected? Doesn't this become more centralised?
Lambda: we did a survey to the Chinese miners, they mainly fall into two groups, either are waiting FileCoin to go live with purchased mining machine idle at home or they are doing hard drive or graphic cards mining, which has a high requirement to the hardware standard. To mine on Lambda, you need a mining machine ( computer ) that has big storage space ( because the bigger the higher probability you'll be promoted to be a validator ) and the connection to the internet
Q: How much is initial supply?
Lambda: Lambda did two rounds of fund raising, private investors have a lock up terms of 2+4+4 meaning the first 20% of tokens will only be released 2 months listing on exchange. so on the day one listing till 2 months there will be only around 0.5% initial circulation, and after 2 months, 5% in total. in addition to that, as we are recruiting miners to join our network, actually ppl have been in a situation where they can't wait to mine on our testnet. with the mining mechanism we have, miners need to buy Lamb token to get their mining work started, because a certain amount of pledge need to be made
Q: What partnership will lambda and bitmax have in the future?
Lambda: We value the way BitMax doing things and care about projects, we feel like we found the right exchange to be listed, in particular an initial listing. we will work with BitMax and do some joint campaigns to boost the community
George: We have great chemistry with lambda team.
Q: And are you still primary list in there, I heard the list was delay? Is it related to Huobi?
Lambda: you are right, it is related to Huobi, but one thing you can be assured of is that our initial listing on BitMax wont change, but most likely a joint listing with Huobi.
Q: what about the time of primary list?
Lambda: we will primarily list very soon, we are targeting end of this week, now we are in the middle of some technical integration with Huobi
George: We can assure everyone that our team will do our best to protect our investors and serve our listing projects. The promise does not change whether or not if we co-list with huobi.
Q: We get reward to mine ? Any incentive? For testnet
Lambda: Yes, you have two ways obtain Lamb tokens, buy from exchange and earn more from mining, but firstly you have to buy Lamb on BitMax haha. Are you asking the reward from testnet by mining on it? yes, you will get test Lamb token, and they can be redeemed to Lamb token with a ratio that will be specified shortly. on Lambda official website www.lambda.im, we have whitepaper, besides that we also have economic whitepaper to explain how the lambda economic system runs, on Dec. 28 we will launch our yellow paper where we will demonstrate the detailed technical realization and all the parameter setting for mining on Lambda
Q: What are the implications if a miners rig goes offline or they decide to stop?
Lambda: If miners rig goes off, they will not get the reward from the corresponding generated block, if they do cheating there will be punishment from the system, and if they decide to quit, the pledge will be returned
Q: Lambda planning to have own FS?
Lambda: Yes, FS and consensus network is separate. validators and marketplace are on the consensus network, while Files are in the File System.
Q: Is Lambda GDPR friendly?
Lambda: yes, we are
Q: Hi can u explain what’s the requirements of decentralized data . Do You think big companies will like to use lambda services .... or it’s for medium level enterprises as big companies will go for their in house system with their reliable nodes ...
Lambda: this is a good question, from I seeing it, ppl call out the protection of privacy, it is a trend and it takes steps. Lambda has two big groups of prospects users, one is DAPPs, another is the general industries such as big data, AI, IoT, Games, Financial, etc, as long as they need massive data storage demand, Lambda has the opportunity, data storage is expensive, especially when we are talking about big data, a lot of companies will value the cost in this area very much. currently we have lighthouse customer like DATA, BCV, VVshare, in the very near future, a game that is developed by Lambda team will also go live on Lambda network. from the BD perspective, Lambda will create a satellite network ( you can take it as channel network ) to bring us customers, we have a few reaching out to us already
Q: Why suddenly launched on Huobi
George Cao: I believe lambda team has its own consideration. Projects esp in bear market are facing pressures from different parties. Investors users exchanges. Not everything is under projects control. What we can do as an exchange is to stand by our partners and fully support them down the road
Lambda: thx for the answer
Q: I think you have made a great choice working with bitmax. Bitmax have really helped push new
coins and their site in general with good PR, marketing and reward/airdrop promotions
Lambda: strongly agree with you
Q: GDPR has taken over the EU and the UK so that is very important
Lambda: you are right, so we see to be GDPR friendly, which is one of our differentiator from FileCoin
Q: Being GDPR friendly , European market is a go for lambda
Lambda: I have this plan to develop European market by having a Raspberry program, it is still in planning.
George Cao: Let’s take a last question and move to lambda community:) And as usual we will pick 3 best questions. We will send out 1000 800 and 500 btmx. @lambda do you want to pick 3 questions ?
Q: Recent partnerships are interesting , can you tell us about coming q1 2019 both in terms of technical and marketing developments ?
Lambda: from Marketing side, we are focusing on Chinese miners community and potential European market ( like I said still in construction ) Korean market is another, and US market to go along our compliance path, Lambda has been strictly abide by the regulations. from technical side, the most important task we are targeting is the main network launch as planned
George Cao: Thanks everyone for your time. It’s a great ama as usual. We do have the best community. We will pick 3 winners and we will announce here after we finish ama in lambda community
Lambda: thank you all for your time to participate the AMA, I had a great time with you, see you friends and have a nice day.
George Cao: Hello everyone, Merry Christmas:)
Lambda: Hello Lambdos. Today we have George, the founder of BitMax to join us for the AMA. Let's give him a warm welcome to do a introduction of BitMax
George Cao: I am George Cao, founder of bitmax. I am happy to take the opportunity to talk to everyone here. Thanks to the lambda team. Let me start with a brief introduction about us.
Bitmax.io (btmx.io) is an exchange founded by a group of Wall Street veterans. Unlike most projects, we are kinda of old :) core team are in their 30ish - 50ish. The 10 founding member have combined of 150 years of Wall st experience. I have 10+ yrs of high frequency trading experience therefore I know the trading system well. That’s why our match engine can handle 400k tps per second vs huobi 1000 tps. We want to build an exchange that is transparent, robust, and efficient. While our system is the best in class, we offer the lowest trading fees. We believe the current high commission will not sustain and we will see consolidating of the exchanges with better depth and liquidity and lower commission. We are happy to partner with lambda, one of the best projects in 2018. We are committed to serve the project and the community. Alright, I am ready to take questions. Anything you can ask, as tough as you want :)
Q: Haha nice platform.
George Cao: Thanks. We are young as a platform but we are working to deliver the best
Q: I see reverse mining is new , I used many other mining exchange but all have normal mining . How does reverse mining works?
George Cao: Reverse mining is an innovative approach that helps the exchange and the project in several ways. 1) the concept of reverse mining is by providing liquidity to the exchange, you get a rebate and deduct out tokens from your account of the same valued. You can think of a otc sell our. 2) the benefit is it removes lots of sell pressure from the secondary market. And provides a strong support for the token price. 3) it introduces lots of liquidity to the exchange and benefits all traders
Q: The BTMX used in reverse mining are locked forever?
George Cao: Yes so the total number of tokens are always reducing your
Q: I've really been enjoying using the bitmax exchange so far especially with the low fees and data usage rewards. Does the exchange plan to bring in a shorting function in the near future?
George Cao: Yes we will have margin and futures trading
Q: It was supposed to December right ?
George Cao: We postponed our margin to Jan. The reason is we want to be more careful on protecting margin call protections.
Q: Margin trading and futures is important for BTMX price to drive up
George Cao: Totally agree
Q: Does BitMax have any activities on New Year's Day?
George: We do have multiple promotional events. Including but not limited to airdrops. Please visit our website and stay tuned
Q: I saw the whitepaper of bitmax, can you talk more about your dividends the formula is really hard for me ?
George Cao: Sure 80% of our commission goes to our fee pool. 1/180 of the total pool will be distributed daily. As long as you are a token holder, the current rate we pay is over 100% annually
Q: Oh I see, so the dividends will be smooth, great idea.
George Cao: Yes unlike other mining exchanges have huge volatility on div we smooth our curve
Q: I've also heard there is a mobile app in the works, is this likely to be released in the near future?
George Cao: Almost done. Beta version is in testing
Q: What about the north American, will it be available in the future?
George Cao: We more cleared our legal path for fiat trading in us. Q1 2019 we will launch in the us
Q: Great news I think this will bring a big volume.
George Cao: Yes agree. Our team is excited as well
Q: With promotional Airdrops that require a certain amount of the BTMX token to be held such as The lamb one that has taken place on the exchange this week. Are tokens that are locked for data usage or in cards taken into account when balance screenshots are taken?
George Cao: Yes we will take that into account
Q: When will be the private sale tokens be released ?
George Cao: As soon as we mined 90m we will start to release
Q: So let me get this right .. you give us FREE BTC and ltc and even Lambda EVERYDAY if we hold BTMX and agree to share our data
George Cao: Free usdt btc eth
Q: Wow. In a bear market, Free btc is the best thing ever
George Cao: We share revenue with our users, 90% is usdt. Not sure if you like it:)
Q: also consider adding coins like ADA and few from top 30. People need more coins
George Cao: We are adding stellar and zcash soon
Q: I heard they are insured Unless we give password to someone hehe
George Cao: Yes we are using custodian service
Q: George are our funds SAFU with you? Exchange insurance? I would say it is With the industry giants backing this exchange
George Cao: Sequoia matrix bitmain fbg dhvc are our equity investors
Q: What’s to stop People dumping BTMX token after free btc Or stop capital investor dumping on retailer
George Cao: They get it every day. Why would they dump? All equity investors can not sell on secondary market. They can only to reverse mining
Q: Will margin allow reverse mining instead of normal mining?
George Cao: Not initially
Q: People do irrational things when btc moves Or whales dumping, I heard there was a lock up token or something. To stop this
George Cao: We required lock our tokens to get rewards. You can request to unlock at anytime but it takes 24 hours to process
Q: Binance is developing DEX any plans for BitMax ?
George Cao: Not anytime soon we have a looong to do:)
Q: It's good you have dex in mind , with improved scalability in future maybe bitmax can build good dex
George Cao: Agree
Q: Retail investors are important , George knows it haha
George Cao: We care most of retails
Q: It would help if they also burned or locked tokens up
George Cao: Yes we permanently locked
Q: Seems you have everything thought of.. but how about moving to Malta?
George Cao: We priority US. Once us is clear pretty much everywhere is clear
Q: Doesn’t any exchange cover US right now?
George Cao: Coinbase but they have 0 international coverage and 0 client service
Q: What sort of systems are in place for abnormal/suspicious activity on the exchange?
George Cao: We prohibit self trading. For unusual trading behavior we ban the account and as for explain in the first violation. For continued violations we permanently ban the account
Q: can we get a glimpse of mobile application ?
George Cao: There is a beta version you can use but we are keep improving
Q: What are the precautions taken to prevent wash trading ?
George Cao: We have pre trade and post trade checksums. E.g we don’t just scan one account. We check or related account
Q: Will market orders and stop-loss orders be available in the future?
George Cao: Yes we are working on it
Q: what do you think of lambda project and community
George Cao: Lambda is definitely one of the best projects this year. We have been working with lambda for months and have lots of respect ion for the team. Community is also great very well organized. I didn’t talk much but I joined lambda tele group for a while. Great interaction
Q: So the trading starts at 8 pm ETC?
George Cao: It’s postponed. Please stay tuned for announcements
Lambda: We will make announcement giving out time and new date.
Q: when please? It's also more professional to be able to give dates and respect them
Lambda Cao: we are working hard and aiming the date of Dec. 29, pls stay tuned, thank you
George: Unfortunately bitmax and lambda don’t have 100% control of the date and time. Huobi is holding the ball
Lambda: The listing dates have been postponed and we don't want to give out a random date. I request you to have patience and wait for official announcement
Lambda: we will try everything to protect retails interest
Q: Can’t let houbi just arrive late to the party?
Lambda: in the long run we may need Huobi to help us better protect us all
George Cao: We trust lambda team can make the best decision for all investors
Q: Have you been busy with listing recently? Anything else？
George Cao: We have been working 24 hours a day including Chris eve :) Listing and app and margin and lots of new improvements
Q: Why would we need huobi with bitmax on our side.
George Cao: Trust me we are as upset. However as an exchange our mission is to serve projects and investors. Please join us in fully supporting any decision lambda team made. We have 100% confidence in lambda
Q: Are you familiar with the REKTbot and SYSTEM OVERLOAD problems at bitmex
George Cao: Yes but still bitmex is the best place to trade future compare with okex
Q: Slap that Hayes fool when bitmax start margin and futures..
George Cao: Haha i don’t want to declare war with them. Let’s be a bit patient :)
Q: Could bitmax handle That volume and not system overload
George Cao: We are 100% confident
George Cao: Alright i have to run for another meeting. It’s been a great ama. Thanks everyone. For any trading related questions please contact our client support. We promise to get in touch in 5 mins 7/24. Thank you all!
Lambda: thank you for participation, have a nice day!
You never change things by fighting the existing reality.What if I built a new model for proof of brain distribution from the ground up? I first tried playing with STEEM clones, I played with EOS contracts too. Both systems couldn't do the concepts I wanted to integrate for DTube, unless I did a major refactor of tens of thousands of lines of code I had never worked with before. Making a new blockchain felt like a lighter task, and more fun too.
To change something, build a new model that makes the existing model obsolete.
In 2015 Graphene was created, and Bitshares was completely rewritten. This was able to achieve 100,000 transaction per second on a single machine, and decentralized global stress testing achieved 18,000 transactions per second on a distributed network.So BitShares/STEEM and other DPOS graphene chains in production can validate at most 18000 txs/sec, so about 1.5 billion transactions per day. EOS, Tendermint, Avalon, LIBRA or any other DPOS blockchain can achieve similar speeds, because there's no planet-killing proof-of-works, and thanks to the leader-based/democratic system that reduces the number of nodes taking part in the consensus.
|How will the prolonging bear market (6-12 months) influence future strategic decisions - exchange listings, news release, milestones dates?||The bear market will influence our plans for exchange listings and we'll have to make some adjustments. Listing on exchanges will be very helpful during the bull market. But in a bear market, reaching certain milestones is necessary in order to benefit from listing on an exchange. Other strategic decisions will move according to plan.|
|I've heard that Chongqing city is preparing blockchain alliance in China. is SS part of it? Also are you guys making any contributions to the municipal government of Chongqing city? Can you share any info on this?||We are already part of the blockchain alliance in Chongqing. The government is showing a positive attitude towards blockchain technology. We're also working with relevant government departments on the business applications of blockchain and the development of Chongqing's blockchain industry. We'll announce more details after signing the agreement with the government.|
|What's the progress over listing exchanges? Also, how are you planning to list the token on the exchanges? "Vote to listing" or "pay to listing" or both?||We're in contact with over 200 exchanges due to the combined efforts of the community and our team. We're also in contact with 5 of the top 10 exchanges. We believe there's no difference between "vote to listing" and "pay to listing." It's a marketing tactic by the exchanges. In regards to listing, we take the listing fees, timing, legalities of the exchanges, security, community, collaboration method, and development potential into consideration. We want to be responsible to both the project and community.|
|Is there any chance sharder will employ market makers/are they planning to buy back tokens to increase the price?||We pay close attention to the market price of SS (hiring professional experts or teams are considered), but we're unable to intervene with the market. We do hope the entire crypto market will improve.|
|How many coins does the team have and when is it going to be unlocked?||The team has 10% (50m SS) of the coins and they're used as motivation for the team. The lock-up period for the coins is 3 years and 1/3 of the coins will be unlocked per year.|
|Can you guys fire your marketing team n hire someone good. No point in development of awesome product if no one knows about its existence. Think about it :)||The team is currently recruiting blockchain experts to expand our marketing and tech team. We hope for community assistance in regards to marketing as our community whitepaper is a great way to provide a win-win marketing situation for the community and project. We welcome all feedback and suggestions on the community whitepaper.|
|Many marketing efforts doesnt even require much funding: beautifully designed whitepapers, videos, onepagers with benefits or vision of sharder in couple of years. What is the plan guys?||This is a very good marketing suggestion. Sharder is a global project, we hope our community can help drive the project’s R&D, operations, and marketing. The community white paper is a great way to help guide global marketing and operations. Sharder’s vision is to connect unused personal or enterprise storage into the Sharder Network and to provide a blockchain data storage network that provides storage and data services to users who require a long-term, secure, and confidential storage solution. We hope the Sharder community will embrace this shared economy with incentives for storage and that the project and community will grow as a whole. We’re also hoping the community can assist us in developing our slogan.|
|As your team mentioned, there has been miscommunication from team to investors, and there was flaw in strategy for the marketing team. What has the team learned and what are the correction action the team has planned to correct it to improve the token value. Token value has been depreciated too much.||After the backlash, we released our community white paper and recruited more team members and community members to assist with improvements. We're also currently developing a community operating system and it will be online soon. This will no doubt assist with our operations and community expansion, improve communication between the team and community, and further improve transparency and public announcements.|
|Simple videos that show the key benefits of sharder tech. I can imagine the benefits of decentralized storage on a high level, but making that clear for the layman really helps in attracting investors. Vechain is a good example of this - many investors dont know the tech but are hooked because of their goal: blockchain with the highest enterprise adoption. That is a tagline that sticks.||This is an excellent suggestion, we'll send a proposal to the community and allow the community to participate and provide feedback for the videos. We'll continuously update and improve our videos in the future.|
|How often are new tokens generated in your blockchain?||The average time for block generation is 7 minutes in our testnet (fastest is 10 seconds per block). Block generation time can be adjusted in accordance to the task being performed (similar to the difficulty adjustment in bitcoin mining). You can view our network conditions on our Sharder Block Explorer: https://scan.sharder.io/|
|Sharder's competitors could be Sia and other data storage blockchain platforms. However, I also see that IPFS could be a competitors of SS in terms of storing static files. Could you elaborate what services does Sharder offer on the top of what IPFS offers?||1. IPFS is an excellent decentralized storage solution. We will not be directly competing with IPFS and rather learn from their advantages. In other words, Sharder is an abstract storage protocol but IPFS is a realization for off-chain storage. 2. In comparison with IPFS: we’ve added a credit framework, cross-chain distribution, DAPP support, smart contracts, API for business applications. Our Watchers are more advanced than IPFS clusters in data distribution and data routing. Granularity can be managed and data distribution on the whole network can be adjusted in accordance to the requirements of enterprise users. The sharding amount and the backup amount can be customized and storage node region can be selected. The Prover roles not only provide File Coin’s storage exchange market but will also become a data service market like One Fair.|
|On Biweekly, you mentioned about researching over miner IPFS hardware, what are you planning to gain out of this research and what's the progress?||We analyzed their base storage technology and ran the IPFS client integrated it into hardware for testing. We tested the stability and performance of the IPFS system. IPFS is one of the realizations for our solution for off-chain storage, we will setup the a private network and work to provide improvements for the Sharder Network.|
|My understanding is that Sharder is forked out of NXT. I am not sure if SS github contains latest code of SS, is SS blockchain completely revamped version of NXT? If so, what functionalities/services did you/will you implement on the top of NXT?||The newest Sharder fork is Nxt1.11.5 (newest version before the Jelurida take-over of Nxt). We made some optimizations and extensions for the current version, such as: PoS consensus block generation adjustment, node ranking, UTXO transaction model, Coinbase transaction, block generation efficiency, addtion of DPoS and PoC consensus, business API, performance optimizations, etc. We're also in the process of developing forging pools and off-chain sotrage solutions.|
|How many sharder hubs and boxes will be manufactured?So far, total supply is 280m and assuming that the hub requires 100k, and 70% of these tokens are staked to run nodes, it would end up running about 2000 hub hardwares. So, I am curious who would become a reliable manufacturer responsible to meet the supply requrements and how it is going to impact the retail price of SS hub hardwares. So @ss team, what is your opinion on that?||1. We’ll first manufacture the Sharder Hubs and there’ll be around 200-500 units for the first batch. Pricing TBD, we’ll need to complete the prototype before being able to estimate the cost and retail pricing. We’ll announce the pricing before announcing preorders. 2. Our supplier is based in the Guangdong province and they have an experienced supply chain system. Product quality and a timely release is guaranteed. 3. The token requirement for running nodes is still TBD, we’ll determine the requirements from the test chain’s test results and market conditions.|
|Explain the credit model talked about in wp||In Sharder Protocol, proof-of-credit is bound to the account and is calculated differently according to role: Storer: total storage volume, storage duration, online duration, times penalized. Full Node: maximum transaction processing volume, block generation speed, fork convergence speed, online duration. Watcher: indexing service performance, online duration. Data Owner: data storage volume, transaction volume. Prover: amount of data verified.|
|Any updates on node requirements since testnet. I.E. how many full nodes available and has estimated # of SS required been established yet.||Testnet registration and connection to nodes will be opened in Q3 in accordance with milestones. SS requirement is still TBD, we'll announce the requirements to the community beforehand.|
|What precautions/incentives are you going to implement to prevent a 51% attack on the SS network?||51% attacks is a problem all blockchain systems will face, it's impossible to avoid. To lessen the chances of attack, Sharder Protocol utilizes PoS and DPoS for block generation. In the future, PoC (proof-of-credit) will be integrated to select a suitable block generator. Sharder will also penalize malicious nodes, including a SS penalty and lowering credit. A deposit system will be used to discourage malicious nodes, increasing the cost for attack and fraud. As for common network attacks, you can read the white papers if interested, there's a detailed description for them. If you are interested for further discussions, you can contact our community management team or email [[email protected]](mailto:[email protected]).|
|Will the price to buy 1TB storage/month remain the same? or will it increase as the token price increases in value/ network is used by more and more people?||We hope and encourage users to use SS for payment within the Sharder Network to prevent token or pricing fluctuations. In the future we may allow payment via fiat money for users in countries where laws and regulations forbid the use of cryptocurrency. Storage pricing will also be safeguarded via contract (smart contract), storage pricing will remain the same for the duration of contract validity. We hope to establish a static pricing for our storage services, this will be even more convenient for business users or DAPP usage. But the pricing of SS will be decided by the market.|
|Are you planning on creating Desktop apps for the general public to be able to buy storage on SS and store data on SS? Just like dropbox and google drive have their own integration into the desktop OS so it is easy for users to upload to their servers. Such an app would include for example: a payment gateway where users input credit card details - they pay for example $2, and they get 1TB storage for a month but in the backend your web API would take care of buying SS tokens with the user's money and buying storage with those. This will obviously all be hidden from the user since the general public does not know how these things work and it is difficult to stay buying tokens etc for the general non technical user. This will obviously help increase SS adoption and be widely used by a lot of people. It will basically be like dropbox but behind the scenes there would be the purchasing of tokens etc.||This is a great question! It's a great way to think about the product. The Sharder Client we plan to release will have these functions but storage space must be bought with SS. What you suggested could be thought of as a DAPP product in the Sharder Chain. Suitable teams can complete the development with Sharder's business API. But, it's still possible we'll add fuctions similar to Dropbox or backend SS payment support according to user and market demand. In otherwords, this will be developing a DAPP product with Sharder's storage capabilities. Users will be able to use the DAPP without knowing about SS.|
|Is DPoS algorithm running during the Alpha test? Does sharder team need more concensus data to decide the node numbers?||The DPoS algorithm will be tested during internal testing with the forging pool. It's estimated to be released in Q3. Of course, the more consensus nodes the better. We hope the regions will be dispersed, this is beneficial for preventing attacks and connectivity between nodes.|
|When will testnet be released? When can end user participate the beta bean cloud?||The testnet is already released and online. Bean Cloud is currently in the alpha phase and is undergoing internal testing. For the internal testing, we're only focusing on business users. Public testing release will depend upon our internal testing results. Sharder Chain will be opened for registration and connection in Q3, the public testing for Bean Cloud is estimated to be released in Q4 after completing the key test.|
|Bean cloud mainly focuses on ecomerce/banks/govements/corporate clients. This will surely give Sharder a reliable revenue. However, the adoption rate could be a bit slow due the unmaturity of the technology. Can Sharder speed up or divide the tech team to develop the dapp Matrix one for end user. The revenue could be lower than the Bean cloud but the adoption rate could be very fast. With corporate and end users are tackle at the same time, it will benefit Sharder quickly. Please give any thought on this approach?||This is a very good marketing suggestion. Sharder is a global project, we hope our community can help drive the project’s R&D, operations, and marketing. The community white paper is a way to help guide global marketing and operations. Sharder’s vision is to connect unused personal or enterprise storage into the Sharder Network and to provide a blockchain data storage network that provides storage and data services to users who require a long-term, secure, and confidential storage solution. We hope the Sharder community will embrace this shared economy with incentives for storage and that the project and community will grow as a whole. We’re also hoping the community can assist us in developing our slogan.|
|Does Sharder have the budget for the Marketing? Sharder will need to produce more videos related to Sharder product to educate more investors? Any plan fo this?||As mentioned in the white paper, 10% of our coins are used for community development. 30% of the fund-raiser will be used for marketing. Sharder is a global project, we hope our community can help drive the project’s R&D, operations, and marketing. The community white paper is a great way to help guide global marketing and operations.|
|Are we going to see a prototype of the hardware soon ? Is there an NDA on the hardware? Will the schematics of the hardware be open source ?||The prototype for Sharder Hub should be completed by September. Our miner is a storage miner and will be utilizing PoS consensus. It will not require PoW consensus and will not need to utilize too much calculating power. Hence, NDA is not required. At present, the hardware schematics are not open-sourced.|
|As Ben mentioned in the AMA regarding to the fiat option. So someone is giving Fiat to a "sharder company" for the service, but the toker holders receive ss for offering cloud services or mining the coin paying electricity and having real costs. So there is an issue here clearly. The token SS will not be appreciated at all and the token holders will sell out because their tokens are not in used in sharder ecosystem. Sharder is building an ecosystem so its tokens play a major role. Token must be utilized for the service. So the fiat payment will have to be converted automatically one way or the other which has not been clarified yet at this stage. Can Ben please clarify this fiat usage please. If the client uses fiat to pay for the service, is there a conversion from fiat to ss tokens? If there is no conversion, then SS token is useless.||Just to clarify, SS has the following functionalities: the purchase of storage space, data services, operation of the Sharder full node and miner, block generation rights on PoS consensus, and a factor in calculating the PoC (proof-of-credit) contributions. At the current stage, fiat payments is only for business users testing Bean Cloud.|
|Given the low price of Ethereum at the moment has Sharder got enough fiat to continue operations until year end?||Sharder are not having funding problems.|
|What information can you share with the community regarding business partnerships? Are any of these partners likely to be buying SS tokens? What feedback have you had so far regarding likely adoption?||There’re currently 128 business users connected to Bean Cloud, these are our business partners. We’re unable to give any info on them due to the confidentiality agreement. We’re also collaborating with enterprises on developing the Sharder Hub. These partners are potential purchasers of SS.|
|With Q3 fast approaching are we likely to see any solid dates emerging for key milestones on the roadmap? When do we anticipate token swap occuring for example?||Our technical development progress is moving accordingly to the roadmap. Token swap will be available after the mainnet goes live. Our tech team is recruiting more programmers to increase the efficiency of development.|
|Is Aaron Zhang still part of the Sharder team? How is Sharder utilising his skills and connections?||Aaron is still part of the Sharder team, he is assisting us with contacting potential resources, strategic investments, and community development.|
|Many investors are interested in running a Sharder node. Initial speculation was that 100K SS would be sufficient to for this purpose. Please can we have an update regarding the number of required SS and any other prerequisites for masternode?||Currently, there’s no SS requirement to buy or run Sharder Hub and Sharder Box. But, there are requirements to be a full node. At present, the Sharder Chain testnet is utilizing PoS consensus for block generation. We’re developing DPoS consensus and will test it at the Sharder Chain testnet. We will finalize the development according to testing, the community, and market circumstances. What can be confirmed is the amount of SS possession is a crucial determining factor. We plan to draft a proposal to the community and then it’ll be up for discussion. Please wait for our proposal. Also, we do not have a masternode.|
|How can the community get involved with testing? What we can do from a business or technical perpsective to assist the project?||We welcome any business users to participate in the testing of the Sharder Network. Technically there's no limitations for participants, but the Sharder Network and Bean Cloud is currently undergoing internal testing. The stability and security of the operating functions are not well optimized yet. Our current main participants are Chongqing's local enterprises and they are collaborating with our tech team on the testing. As for business users interested in participating in our testing, we'll put you on file and you'll be given preference when our public testing goes live. Thanks again for your interest and support in the Sharder project. We’ll announce more details soon. Sharder community members can contribute personally by: hosting local Sharder meet-ups, submit bug reports on Github, etc. More details can be found in the community white paper. As for business or technical assistance: 1. Establishing business collaborations: a. Storing data in Bean Cloud (transaction records, e-contracts, e-warranties, e-ledgers, etc.) b. Deploy a node and join Sharder’s testnet. c. Provide customized blockchain tech support for business users. (custom storage settings, proposals, product smart contracts) 2. Community development: strategic cooperations, community operations, social media marketing, roadshows, etc.|
|Github seems quiet. Is this any cause for concern or is most of the work occuring offline?||Currently, our tech team is dedicated to the R&D of Sharder Network’s core functions. Instead of uploading separate files, the coding will only be uploaded to Github when the functions are completed. If there’re any bugs, the files will also be updated. Please keep an eye out for our fork updates.|
|Seller||Devslopes CA LLC|
|Total Token Supply||1,000,000,000 CHE|
|Tokens Available for Purchase||800,000,000 CHE|
|Cache Value @ VIP Sale (28% off)||$0.018 USD|
|Cache Value @ Private Sale (20% off)||$0.020 USD|
|Cache Value @ Public Sale||$0.025 USD|