Sukhavati 2nd Internal AMA on November 19th
On the 19th of November, at 12 PM UTC, Sukhavati Network hosted our first internal AMA in our official telegram group. Our CEO, Mindaugas Savichas, began by answering different questions collected through different official channels, including our Twitter, followed by a live question segment, where a significant number of responses, over 1.5k live questions, were gathered. There had also been a prize pool set up for the occlusion with 2000 SKT as the prize.
The AMA was separated into three different segments, Introduction, Twitter questions and Live questions. The questions answered by our CEO, are also considered as the winners of the best questions. The list of winners are as follow:
Twitter winners:
1. LemonS @LeoLemonnS
2. Paige Deasley @deasley_paige
3. @Gazianteplyy
4. @angga_apox
5. @future_zh
Telegram winners:
1. @pamilhawley
2. @laptopjs
3. @lene_tate
4. @maudonmi
5. @cuihairu
The above winners have all been contacted and notified of the arrangement. Once again congratulations for winning!
For those who had missed the AMA session, we have attached the full transcript below, which should work as a full recap of the event! Furthermore in order to provide a better understanding of sukhavati we will also be conducting more AMAs in the future so remember to follow our social media for all the latest events and news.
MC: Hi, Mindaugas. Hello guys, this is the Sukhavati internal AMA. We will have 3 sections:
1. Simple Introduction
2. Twitter questions
3. Live questions
In section 2 and 3, if your question was chosen, please DM the admin for your $SKT airdrop! The chat will be enabled once again when it comes to the live question segment so please be patient! Without further ado, Let’s welcome Mindaugas Savickas, our CEO, and Co-founder!
Mindaugas: Hey everyone!
Introduction:
MC: Nice to have you here. As we have so many new members in the group. Can you please give us a brief introduction about yourself and your background, as well as the features of Sukhavati Network?
Mindaugas: Sure!
I am Mindaugas, CEO and Co-founder of Sukhavati. I was very fascinated by the core characteristics of Blockchain and decentralized web3 solutions, so I jumped into Crypto completely many years ago.
I have recently graduated from Harvard Business School, have 12+ years of management & marketing leadership experience: A number of strategic and hands-on marketing solutions executed for global brands, tech start-ups. Built and scaled product and marketing teams up to 40+ worldwide.
Before joining Sukhavati, I was CMO & Co-founder of Rokkex (crypto exchange by cybersecurity professionals) in 2018. I was also Head of Marketing of FAST INVEST (a P2P alternative investment platform) and Head of Marketing of OXYGEN (a next-gen digital healthcare solutions).
I believe in Sukhavati because I agree with its mission for the implementation of the Web3.0 as a decentralized cloud service network focused on storage. And I believe that through our continuous efforts, its version will finally come true.
Now, a bit about Sukhavati.
Sukhavati is a decentralized cloud service network focused on storage with 3 basic layers of consensus layer, storage layer and application layer. The consensus layer is based on the POS ( Proof of Space) /PoC(Proof-of-Capacity ) mechanism, which can directly reuse the consensus power of some existing POS/POC protocols. At the storage layer, it makes full use of the advantages of the hardware-based Trusted Execution Environment (TEE) technology and designs a new decentralized storage verification mechanism: Efficient Proof-of-Spacetime (EPoSt), which enables a significant number of small network storage devices to participate in the network and provide trusted computing resources.
On the basis of this architecture, Sukhavati will establish a decentralized data access gateway covering both Web3.0 and Web2.0 storage ecosystems to provide unified data storage, retrieval, and management services for Web3.0 applications. The mission of Sukhavati Network is to inspire and incentivize improvements to the distributed storage ecosystem, promote it as the true infrastructure of the next-generation Internet, and expand a wide range of application scenarios for the implementation of the Web3.0 vision.
I hope that works as an introduction!
Twitter Questions
MC: Wow! Good to know you and $SKT in such good hands. Let’s start answering the Twitter questions.
Q1: LemonS @LeoLemonnS I understand that there are two ways to participate in Sukhavati, could you explain to us which are these ways to participate or be included in the Sukhavati network ? What would be the benefits of belonging to your network?
Mindaugas: great question, thanks!
Yes, Users can participate in Sukhavati Network in two different ways and get benefits. In the early stage, users could use their spare disk space to join the mining of the Sukhavati Network consensus layer, contributing to the consensus stability of the network and receiving rewards accordingly. In early times, the consensus strength of Sukhavati is very important, so there will be a huge incentive to the miners in the consensus layer.
With the consensus layer getting stable and the development of the storage layer and application layer, users will be able to spend SKT tokens for on-chain storage, enjoy the storage and application services brought by the Sukhavati network. This is the application value that later users can get from the Sukhavati network.
Before the launch of the testnet, there will be a liquidity mining using our erc-20 SKT token . Detailed rules and rewards will be announced in the near future. Storage mining will start as soon as the testnet is released, and detailed rules will be announced when it’s ready. The requirements of hardware for Sukhavati mining are much lower than Filecoin, especially in the cluster threshold. Sukhavati’s original intention is to allow more hardware devices such as PoS/PoC miners and home servers to participate in the network’s construction.
hope that answers Lemons question!
MC: This seems really easy for users to get benifits from Sukhavati. 👍
Q2: Paige Deasley @deasley_paige What advantages #SukhavatiN have to stand out from other similar projects? And I’m a developer, and I’m interested in contributing to #SukhavatiN project alongside earning, Do you have any Bug Bounty to check for vulnerabilities ?
Mindaugas: Nice question about the competitors and Bug bounty.
Decentralized storage is the main premise of Web3.0 application landing, currently in each specific area there are some representative projects coming out. For example, on Contract-based Storage track, there is Filecoin which is based on zero-knowledge proof and Crust which is based on TEE; On the permanent storage track, there is Arweave; On the distributed object storage track, there is Storj and so on. At present, most of these storage projects are still in the early stage, and there are still many areas to be improved. No matter in ecological completeness, real application cost, or the real realization of Web3.0 concept, there is still a lot of work to do in the actual application and real business.
Realizing the current status of the storage track, as well as its problems and role gaps, we decided to build Sukhavati Network with the goal of improving the storage infrastructure of Web3.0, and join the construction of this ecosystem.
Different from projects mentioned above, Sukhavati aims to build a decentralized data access gateway covering both Web3.0 storage ecosystem and Web2.0 storage services, connect the existing storage protocol islands, and provide unified data storage, retrieval and management services for Web3.0 dApps.
About the Bug bounty program: As an open network, Sukhavati always welcomes developers to submit questions to us. Currently, there is no Bug Bounty in the testing phase, but we will have a Bug Bounty in the launching phase of the main network soon. But there will soon be a Bug Bounty in the mainnet launch phase to thank all the devs who contributed to the project!
MC: This is really hot. 🔥🔥🔥
Mindaugas: it is! 🌶
MC: If you are a developer, don’t hesitate to jump in! Let’s move to the next question~
Q3: Gazii @Gazianteplyy Crypto mining uses so much energy that its been compared to developing countries annual electricity consumption. Carbon footprint is a term used to describe the amount of carbon released into the atmosphere. How can SKT be made environmentaly friendly & carbon-free during mining?
Mindaugas: another fine question! 👍 Actually, environmentally friendliness is one of the secrets of high efficiency for Sukhavati.
Firstly, Proof of Space/Proof of Capacity consensus power is almost naturally allowed to be reused because of its space-for-time design. The consensus layer of Sukhavati Network chose to reuse the consensus power of Chia. And thanks to its high efficiency design, after plotting, Sukhavati’s mining process consumes very little energy and requires only a small amount of local disk I/O and CPU, so it can be mined on personal computers, home NAS servers, and even devices like Raspberry Pi. The whole process is very green and energy efficient.
Unlike other commercial hardware, the capacity of hard disks is relatively flexible. For Sukhavati, it is more about accommodating more miners and hardware in the market to participate in the network, rather than an excessive waste of resources.
We start from the PoS/PoC protocols which mine with hard disks, and quickly establish a solid consensus layer by reusing the existing PoS/PoC computing capability, while simultaneously covering the largest hard disk storage space market in the world.
Based on this, Sukhavati will take full advantage of the high efficiency of PoS/PoC consensus and hardware-based TEE technology to build a storage layer that can provide hot storage. Thanks to the overall design of Sukhavati, any device that supports TEE technology can be added to the storage network, creating a truly decentralized network. Since Filecoin is more suited for cold storage scenarios and Arweave is designed to store high-value density permanent data, Sukhavati’s hot storage layer can act as a storage middleware in the Web3.0 ecosystem, routing contents to different storage networks based on different needs of dApps.
MC: Remember that , $SKT mining is environmentally friendly, along with high efficiency! 🎆
Mindaugas: that’s very important.
MC: Yes, can’t wait for the mainnet. Next question!
Q4: angga P @angga_apox What are your top priorities in 2021? Can you share your plans for early next year? Which part of the project do you focus most on whether Interested in NFT , Expanding Partnership , Community or what??
Mindaugas: We have taken about 2 years to develop Sukhavati. And we have made some achievements so far.
Recently, We are happy to announce that Sukhavati Network now supports BSC (Binance Smart Chain) to make the user experience as easy as possible. It means lower gas fee and smoother user experience for trading and sending $SKT token. Sukhavati Network will also build some added features on BSC in the future, leave nothing in the way of $SKT being widely adopted!
We finished the 2 rounds of financial raising successfully, and also passed the grants of Web 3 foundation. We made a great free SKT airdrop, and got SKT listed in several crypto exchanges. We also get some new partnerships with projects like Marhaba DeFi and many big PoC/PoS miners.
We actually have 3 priorities for Sukhavati to achieve in 2021. Everything is going well according to the roadmap.
- SKT token launch and maintaining good liquidity
- Sukhavati mainnet launch, the consensus layer goes live and start mining
- Functions of token-economic model come online gradually
In terms of SKT token launch. On 12 Aug, the token of Sukhavati Network (SKT) was listed on several exchanges (Gate.io, MEXC, Uniswap, HOO, Hotbit, Lbank) at the same time. The total trading volume was over 10,000,000 USDT on the first day! Firstly, we listed the ERC-20 SKT. A number of exchanges are available, and the number will keep increasing. In addition, the current ERC-20 or BEP-20 $SKT token’s liquidity incentive program will be launched in the near future.
For mainnet. The Sukhavati team is currently developing and testing the Consensus layer (testnet), which will open the mining function as soon as the mainnet goes live. The development of Sukhavati mainnet has been completed and currently in the final testing. If everything goes well, we expect that the testnet to be launched SOON at any time when it’s ready. And because Sukhavati is compatible with existing PoS/PoC consensus power from projects such as Chia, users who want to participate in the consensual layer mining can also benefit from multiple networks using the same consensus power. We expect a good rate of return for early adopters. Meanwhile, we will publish the first edition of our economic white paper soon. Those who are interested in mining SKT please keep an eye on our Telegram Channel: https://t.me/SukhavatiN
As a storage project, we can also support the storage function of other projects and cooperate with other projects. For example, recently we got partnered with an NFT project Marhaba DeFi. Marhaba DeFi is An Ethical Decentralized Financial Platform. Marahaba DeFi will build ethical Shariah DeFi solutions using $SKT tech, utilize its decentralized storage for NFT infrastructure.
Besides the upcoming Sukhavati testnet and mining, we also have some exciting news can’t wait to share with you (like some new partnerships and Halloween Airdrop)! We will officially announce them and share with our communities in the first place, please follow us and join our community. Stay tuned!
MC: What a huge ecosystem! Next question is,
Q5: angga P @angga_apox The main factor starting the Project is Security. How is Sikhavati security system, has everything been AUDIT starting from Token Address, Miners, Technical Design etc.??
Mindaugas: Yes, you are right, safety is the top priority for all decentralized projects. Sukhavati is well prepared for token contracts, cross-chain deployment, permission management, consensus design, and more:
For token contracts: Sukhavati’s Token contract has been rigorously audited by Certik, a leading auditing firm in the industry. Certik provides audit services for many of the most influential projects and companies in the industry, including: Binance, Aave, 1Inch, PancakeSwap and many more. We believe Certik’s audit provides us with strong security guarantees and endorsements, and as a trusted third party, eliminates the possibility of wrongdoing on the part of the project party in the smart contract.
Secondly, Sukhavati’s token contracts have been deployed across #BSC (Binance Smart Chain). You can now own and use $SKT tokens on BSC with lower transaction fees, and we will release more applications on BSC. In terms of the security of cross-chain deployment, we adopted the solution of AnySwap, which is one of the cross-chain DApps with the largest amount of funds and has passed the security audit of SlowMist and Trail of Bits. Although cross-chain deployment is more complex, we believe that the solution we have chosen provides sufficient security for our users.
Back to the Sukhavati network itself, in terms of the consensus design, we have adopted a Proof-of-Space (PoS) + Proof-of-Time (PoT) mechanism. The former is already compatible with the current largest hard-drive based decentralized network, the Chia Network, which allows Sukhavati to have a very high ceiling of consensus power and a very low entry barrier. The security of the network consensus determines how difficult it will be to attack the Sukhavati network. We can say that the more nodes and the more consensus power, the more secure the Sukhavati network will be. Proof-of-Time(PoT) is based on the verifiable delay function(VDF) algorithm and is infused into the PoS consensus process. With the VDF-based PoT, the security of Sukhavati network will be greatly enhanced.
Finally, since the Sukhavati Network wants to be compatible with the consensus power of the Chia Network, a private key derivation process is necessary. In this case, we have also completed a design that will give miners enough peace of mind. The entire derivation process will be able to be done totally offline. And this part of the code will be fully open source and audited. This auditing process will be done in the Beta Testnet duration. But anyone who understands the mechanism can do the audit, and the process is very neat, which allows us to maximize the security of miners’ private keys.
For Sukhavati, it not only passed strict audits, but also consulted many established designs in the industry. In our internal tests, Sukhavati Network outperformed many existing projects in terms of security and fairness on the same type of Network. We are continuously working to provide the best experience to our miners.
MC: Highligt for you: You can always trust Sukhavati!
Mindaugas: 100%
MC: The last twitter question seems to be from a minner.
Q6. @future_zh When will SKT mining test network go live? Will the expected release date of the corresponding mining technical documentation be announced? What is the difference between pledged mining revenue and unpledged mining?
Mindaugas: Sukhavati Network is currently in Alpha testing, which is an internal test. After the internal testing is completed, we will release a Beta Testnet, which will be available to anyone who wants to participate in. We expect to release the first Beta Testnet in the following month. The technical documentation will also be published so that interested miners can prepare for mainnet mining. Please note, however, that the beta network cloud be reset during the test. But if you are interested in participating and helping to report bugs, we would be very grateful.
Regarding Binding Mining (which requires pledge), mining with pledges will be much more profitable than mining without pledges. This is because pledges provide additional security to the whole network and contribute more to the health development of the network. The exact ratio of values will be decided and announced during the Beta Tesnet. The ratio is expected to be no less than 30x.
MC: Wow, a 30x ratio! Can’t wait to join the mainnet mining. Now we finished all 6 Twitter questions. Are you ready for the next section2, answering some live questions?
Mindaugas: Let’s goooooooo
Live questions
MC: Everyone, please throw all your questions here. The chat will be enabled for 2 minutes, and muted again. After that, Mindaugas will pick up 5 questions to answer. Let’s check who will be the lucky guys for the $SKT airdrop!🎉 Let’s go!
MC: 🔥🔥🔥🔥🔥🔥 Time is over. 1.5k questions? It was so hot!
Q1: @pamilhawley Q)Can you tell us about some of your partners and who you plan to collaborate with in the near future ?
Mindaugas: Firstly, all our early investors are our partnerships, like AU21, Okex, LD capital, YBB, NSG and so on. They will help us with marketing and branding, building the ecosystem together. Besides that, we are in the Polkadot ecosystem as well as the storage track of block-chain. And most PoC storage projects like Filecoin and Chia, we can do multi-mining with them via the same equipments and miners.
Q2: @laptopjs Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Mindaugas:
Q3: @lene_tate Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Mindaugas: For security, it has always been the top priority of Sukhavati Network from technical design to code implementation.
In terms of technical design:
1) At the consensus layer, we have corresponding designs to prevent attacks on the consensus of blockchain such as Double Mining Attacks, Grinding Attacks, Long Range Attacks, etc.
2) In the case of co-mining with Chia network, we also designed a solution for the miners to protect their existing private keys from any risk of leakage.
3) On the storage layer, we leverage the Trusted Execution Environment (TEE), an advanced hardware-based trusted computing technology, to secure the data that users store on the blockchain. (By the way, recently Microsoft just released its latest operating system Windows 11 which is also based on TEE, and the user CPU has a forced TEE function requirements. See the maturity and reliability of TEE technology)
So since the very beginning of design for technical solutions, we have already strived to take every conceivable safety requirement into account and implement them.
In terms of the security of the code implementation, our ERC-20 token contract has been audited by some Information Security Agency for code security. When the mainnet of Sukhavati goes online, we will also fully open the code for dealing with users’ private keys, and require trusted institutions to conduct code review and audit. Thus to ensure that all of our users can safely hold their tokens and data assets on Sukhavati network.
Q4: @maudonmi Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Mindaugas: We are already doing lots of different promotions in other languages, especially Chinese > we focus on the biggest miner groups as well. You can find the group here as well: https://t.me/SukhavatiCN
Q5: @cuihairu From the storage perspective, will there be any concerns for regulation and compliance for Sukhavati?
Mindaugas: Sukhavati was designed from the outset to take into account the local laws and regulations. Its local trusted computing technology can actively meet the regulatory requirements, so that the relevant laws and regulations in various places can be translated and converted into codes and executed safely.
Thus Sukhavati will not only can implement the regulation, but also can extend its capabilities to more fine-grained compliance management.
MC: Thanks for your time and super impressive answers Mindaugas! Thank you everyone for joining the AMA! Please follow our social medias for the latest updates and activities.
About Sukhavati Network
Sukhavati Network is a decentralized cloud network service that is focused on storage. The network is built on hardware-based Trusted Execution Environment (TEE) and the Substrate framework to inspire and incentivize improvements on distributed storage ecosystems.
Sukhavati creates a decentralized gateway that covers both Web 3.0 and Web2.0 storage services. It allows unified data storage, retrieval, and management on Web 3.0 applications.
Contact Us
Website:https://sukhavati.io/
Twitter:https://twitter.com/Sukhavati_N Discord:https://discord.com/invite/nhTd23PMSA
Telegram Group: https://t.me/SukhavatiNetwork
Telegram Announcement Channel: https://t.me/SukhavatiN
Medium: https://medium.com/@Sukhavati
Reddit: https://www.reddit.com/r/SukhavatiNetwork/
