Sukhavati First Ever Internal AMA on June 18th
On the 18th of June, 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 450 live questions, were gathered. This AMA aimed to provide an overall understanding of the Sukhavati Network in an easy-to-understand and interactive manner. There had also been a prize pool set up for the occlusion with 500 SKT as the prize. Thus this will be one of the first chances of potential owning SKT token, making this event even more special.
The AMA was separated into three different segments, Introduction, Community questions and five live questions. The five live questions, answered by our CEO, are also considered as the winners of the best questions. The list of winners are as follow:
1. @AdelaideNall
2. @yy0529
3. @AbdulIvory
4. @Emiliatan2
5. @NathalieRomano
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.
Introduction:
73 Stephen | Never PM First: Hi Mindaugas
Mindaugas: Hey @iam73stephen ! let’s start
73 Stephen | Never PM First: Hello guys this is 73 Stephen. The chat will be enabled once again when it comes to the live question segment so please be patient!
73 Stephen | Never PM First: Without further ado, Let’s welcome Mindaugas Savickas, our CEO, and Co-founder!
Mindaugas: sure thing
73 Stephen | Never PM First: Can you please introduce yourself and your background, also introduce the team working on Sukhavati Network?
Mindaugas: ok
Mindaugas: Hello everyone,
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 and have 11+ years of management & marketing leadership experience: A number of strategic and hands-on marketing solutions executed for global brands and 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) since 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 solution).
I believe in Sukhavati because I agree with its mission to implement 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.
73 Stephen | Never PM First: Wow-what an impressive CV. Good to know $SKT is in good hands.
73 Stephen | Never PM First: Let’s get right to the second question
Mindaugas: sure
Community Questions:
73 Stephen | Never PM Firs:
Q1) Can you introduce Sukhavati Network, what critical problems does it solve that existing solutions are not solving and what’s the competitive advantage?
Mindaugas: good quesiton
73 Stephen | Never PM First: 👍
Mindaugas: 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 computing capability 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.
The goal of Web3.0 is to make the Internet more decentralized, secure, and verifiable.
The confirmation of value, consensus mechanism, and incentive compatibility mechanism brought by Blockchain have greatly promoted the realization of the vision of Web3.0.
However, there is still a key component missing from the Web3.0 ecosystem — decentralized data storage infrastructure.
In order to solve the problem of decentralized storage verification, Filecoin proposes a solution based on zero-knowledge proofs (ZKPs) to continuously verify the promised storage.
However, the verification process consumes too much computing capability, making storage and application costs prohibitively expensive.
This cost inefficiency precludes a significant number of existing small storage devices from participating in the decentralized storage networks. As a result, its storage distribution today remains centralized.
Sukhavati Network fully uses the advanced hardware trusted computing technology TEE while separating the consensus process from the storage verification process.
As a result, the storage verification can be 10–20 times faster than the ZKP-based method, which greatly reduces the hardware requirements of the equipment involved in storage mining.
It also could serve hot storage requirements and provide decentralized solutions for real-world businesses such as CDNs.
Sukhavati Network will also leverage its strengths to provide a unified data access gateway for Web3.0 decentralized applications to help DApps with their data storage.
Hopefully this ads better background on what we are working on!
73 Stephen | Never PM First: 🤤 This is really hot.
Mindaugas: yeah, let’s go on
73 Stephen | Never PM First:
Q2) $SKT really out watching out for everyone’s interest and comfort. I love it.
Which Blockchain will you use? Or are you going to create your own Blockchain?
Mindaugas: very good question
Though interpreted by the market as “storage middleware”, Sukhavati has its own Blockchain from the very begining. Similar to other distributed storage projects, Sukhavati’s Blockchain itself provides storage services to the market.
After all the contents to be stored are uploaded to the Sukhavati network, the network can provide the basic functions of storage and retrieval. At the same time, it can distribute the content to other storage networks (such as Filecoin and Arweave) according to the different requirements of the order, to meet the diverse requirements of Web3.0 dApps for data storage.
However, the consensus layer of Sukhavati’s Blockchain is different from most of other blockchains. As it can directly reuse the computing capability of existing PoS/PoC protocols, the consensus layer of Sukhavati is very efficient and environmentally friendly. It only consumes a very small amount of energy to provide a quite secure consensus. So Sukhavati’s computing capability can be greatly expanded at the beginning of the launch, while it can also bring additional value and imagination to these PoS/PoC miners.
73 Stephen | Never PM First: This is fire. 🔥🔥🔥
Mindaugas: yeah!
73 Stephen | Never PM First: We on a streak so let’s keep it going.
Mindaugas: yeah
Mindaugas: let’s move to the next question?
73 Stephen | Never PM First:
Q3) Saw that Sukhavati Networks’ PoC Module (Proof of Capacity module) has officially been accepted by the Web3 Foundation as a qualifying grant application. Can you briefly describe the milestones you have achieved? And also share your roadmap?
Mindaugas: yeah, this is exciting news and we are really proud of it! web 3 foundation!
Currently in our Go codebase we have implemented support for the MASS POC, which was mentioned in this grant. This grant application is part of our effort to give back to the community. The more important thing for us now, is to further expand the POS/POC computing capability that can be supported in the consensus layer, such as the CHIA Network.
Since its launch on March 19, CHIA Network has become the largest POS/POC Network in just one month. And so far, its computing capacity is 50 times more than that of all other POS/POC networks combined. It greatly increases the influence of POS/POC blockchain in the whole blockchain field.
So right now we’re focusing on how to support the co-mining with Chia’s computing capability. At present, the basic scheme verification was completed and a more comprehensive consensus transformation is under way. At the same time, we have been in contact with the CHIA authorities and they are very supportive of what we are trying to do. It is expected that the multi-mining support for Chia’s computing capability can be completed before the mainnet launch. The appearance of Chia is a huge good factor for Sukhavati. This means that Sukhavati’s influence will increase a hundredfold.
Compared with the original plan, the number of miners and the scale of computing capability that Sukhavati can cover in the future will be greatly increased. Meanwhile the stability and potential growth space of Sukhavati network will also be greatly improved.
In our internal roadmap, it is expected that the design of the overall scheme will be completed in June, the implementation of the preliminary scheme will be completed in July, and the corresponding test network will be launched. At the same time, we may also update the Web3 Grant application content depending on the development of the market and the best interests of the whole Sukhavati Network.
so yes, lots of work to be done but the future is exciting!
73 Stephen | Never PM First: Weldone Mindaugas.
I am really excited for the future with $SKT
Let’s get right to the 2nd to the last community question.
Q4) Can you briefly describe your investors/partnerships so far?
Mindaugas:
We have many investors, funds behind our backs, and we have also received web 3.0 grant. So since our project is very hot, we actually have to limit most of the investors from joining the project, we want only the best who can provide world-class support for this project vs. just giving us money.
Sukahavati has completed the financing of round 1 and round 2 very fast, raised 10 million dollars in total. The participating institutions include: AU21, OKEx Blockdream Ventures, LD capital, YBB Foundation, Kernel Ventures, Blocksync, CryptoJ, NSG Ventures, Chain Capital, Gate Labs, PrimeBlock Venturs (MXC Labs), Hot Labs, CatcherVC, CCFOX Fintech, Krypto Research, LBK Labs, 7 O’clock Capital and so on.
For partnerships. Firstly, all our early investers 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-chian. And most PoC storage projects like Filecoin and Chia, we can do multi-mining with them via same equipments and miners.
73 Stephen | Never PM First: I see you got something for the miners too. How great!
Mindaugas: yeah, miners-first.
73 Stephen | Never PM First: ted? Last question
73 Stephen | Never PM First:
Q5) Can you give an overview of your tokenomics and the utility of your token $SKT? Will members be able to mine SKT?
Mindaugas:
The core of Sukhavati’s token economy model is designed to ensure the evolution and long-term stability of the entire network. The block rewards will incentivize participants differently at different stages.
In the first stage, the network consensus establishing phase, most token rewards will be given to miners who contribute to the network’s consensus. At the same time, for the long-term safety and stability, a large portion of the reward will be allocated to network miners who provide a long-term staking for increasing their computing capacity on consensus layer.
In the second stage, while establishing the storage layer, in order to promote the evolution of the network, part of block rewards will be converted into storage mining rewards. In addition, there will be an bonus pool set aside for developers who contribute to the ecosystem, and any user can participate in the funding of this bonus pool to earn a long-term token reward.
The third stage is the launch of the application layer. In order to realize the extensive application of Sukhavati network, some Senate Nodes with important strategic resources will be set up after its initial investment to the ecosystem.
For mining:
Sukhavati supports the use of both personal computers and professional servers for mining. The mining process is divided into two processes:
1.Plotting
2.Mining
For each capacity file, plotting is a one-time process. It can be done on ordinary computers. And computers with high memory and nvme ssd can finish it faster, but it also costs more.
After plotting, you can start mining with your capacity files. 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.
We need to understand Sukhavati’s economic model as well as the physical equipment of mining. In the token economy of Sukhavati, mining with staking is sometimes much more profitable than non-staking mining. Before the early staking function launches, all miners had to mine directly using the machines. After the staking function is enabled, with a certain amount of staking satisfied, the mining income will be up to 100 times improved. Therefore, how to choose the mining strategy is a continuous consideration for all of the miners.
73 Stephen | Never PM First: 👏🏾👏🏾 Wonderful. Now that our community questions have all be gone through😊
It’s the audience’s turn for some fun!
Thank you this segment Mindaugas I had fun asking you all this lovely questions and I am satisfied with all the answers I got. Any other person who is satisfied in the community?
Mindaugas: I would also wanted to give special applause to my partners who have been from day 1
As a global roject, we are really decentralized. Our project has a world-class team, especially the tech team and developers, spread throughout USA, Switzerland, China, and Singapore.
Rami, Chief Technical Officer
Blockchain hardware architect and consultant with a PhD in Electrical and Computer Engineering. His research interests include Blockchain protocols, crypto mining, DeFi, HW/SW co-design, HW/SW partitioning, FPGA-acceleration, and distributed systems. Has the technical depth to confidently present in front of audiences of all sizes, as he has experience presenting track record of publications at highly scientific conferences and symposiums. At his previous start-up, he developed hardware solutions for crypto mining that successfully offered better hashing rates and minimized power consumption.
Patrick, Human Resources and Managing Director
Entrepreneur seeking creative solutions to tricky problems. 7 years’ experience in public policy and finance; at his previous start-up, individually recruited, hired, and trained 160 individuals for an online platform.
Alex, legal advisor from KPMG
During his Master’s degree in Accounting & Finance at the University of St. Gallen, Switzerland, Alexander discovered the potential of the blockchain technology and cryptocurrencies. He has joined the blockchain ecosystem in 2016 and co-founded his first blockchain start-up in 2017. Since then he has been involved in various projects and bridges between the technical and business aspects of blockchain and crypto companies.
You could find more information about the team on our website: https://sukhavati.io/
Without them and their leadership it would not be possible!
73 Stephen | Never PM First: A special thanks to the special partners. Thank you, thank you, thank you for caring a lot about us now and for the future
Mindaugas: now, let’s go to the community questions! we still got some time!
Q1) Can you list 1–2 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about? — @AdelaideNall
I think the killer feature is the entry to the market for the miners. Right now if you want to mine for filecoin you have huge costs related to hardware. We eliminate that. We allow you to mine with us with legacy computing power. So this will open more doors into mining not for the big guys only. The more competition — the better.
Q2) I want to have a LONG TERM INVESTMENT with your platform, but I’m in doubts right now, how can you convince and assure me this project is Secured and PROFITABLE?-@yy0529
I think it’s all about web 3.0 vision — make sure to do your own research > it’s a huge industry and the winners will be huge. Look at the numbers in terms of computing consumption — it goes up every second > you simply cannot stop the industry because it’s cloud industry…so it’s rather intriguiging place to be. For me personally, web 3.0 is one of the biggest things on the Internet.
Q3) My question is about your long term marketing plans. How, or through which big partnerships do you plan on utilising to pass your product onto the normal — especially non-crypto people? — @AbdulIvory
As I mentioned before, we have very professional team and big investors behind us who are helping us / opening the doors, and we use them to help us to bring crypto and our project to both miners, experienced crypto people AND non-crypto people — the majority.
Q4) Can you expand our knowledge about Your Roadmap this year and the future and any Updates on your Research and development progress — @Emiliatan2
make sure to check our whitepaper and 3-pager in our website: https://sukhavati.io <- we are publishing all info there, as well as here in telegram group!
Q5) I’m a developer, and I’m interested in contributing to your project alongside earning. Do you have any Bug Bounty to check for vulnerabilities ? — @NathalieRomano
Hey! make sure to contact us directly via our telegram group or website — we are always looking for smart people to join the project or contribute in any relevant way possible!
Mindaugas: Thanks everyone for the questions!!!!!
Mindaugas: Love you all!
Mindaugas: Thanks everyone for the questions!!!!!
Mindaugas: Love you all!
73 Stephen | Never PM First: Thanks for your time Mindaugas. Thanks for making this fun too. Have a great one.
Mindaugas: u2!
73 Stephen | Never PM First: The lucky winners would be announced soon.
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.
To learn more about us, please visit:
Twitter: https://twitter.com/Sukhavati_N
Telegram Channel: https://t.me/SukhavatiNetwork
Telegram Announcement Channel: https://t.me/SukhavatiN
Medium: https://medium.com/@Sukhavati
