On April 2, Lava (LV) organized an AMA with Bvnex at Bvnex's Telegram Vietnam channel. The community is explained more valuable information and the future plan of the project. In general, AMA has gained strong support from the community and Lava has received many questions.
Here are all questions as well as all answers of Lava so those who missed AMA can learn more about Lava.
Part 1: Introduction of Lava project
Lava is a Proof-of-Capacity backed global digital infrastructure where people can create, trade and manage real-world assets. The Lava mainnet was launched in August 2019. There is no ICO and no private sales in Lava's original period. Lava has secured a million-dollar-level investment from Infichain Technology, the only announced strategic partner with Cannan AvalonMiner, as the start-up launch funding.
In October 2019 Lava had its code open-sourced and available on GitHub: https://github.com/Lavaio/Lava
Lava is now the second-largest PoC network in the world concerning capacity power in just about 6 months since its mainnet launch and is heading for the crown of PoC. Recently Lava has partnered with HitBTC and Bvnex exchange, Lava's native token $LV will be listed on these two exchanges soon!
Advantages of PoC and what makes it special
PoC mining relies on storage devices, like hard disks, which is far more general equipment than GPU and FPGA and ASIC chips.
The best thing about this is: there will be no monopoly on mining devices, which means, anybody, anywhere in the globe, can join the PoC mining, no one can set entry threshold.
PoC has better decentralization characteristics than PoW while ensuring the same level of security and openness! Compared with PoW's hash computing devices, PoC's storage devices consume only a small fraction of electric power. Thus PoC is cleaner and easier to help consensus achieve wider geographical distribution.
All in all, PoC is a totally permissionless, open and fair network where “capacity power” could join or withdraw anytime, anywhere and threshold-free.
The unique FireStone mechanism of Lava
Firestone is Lava's unique mechanism. Firestones are dynamic credentials created on-chain by staking LV (native token on Lava).
When users initiate a freezing transaction, they need to obtain Firestone at a dynamically-adjusting freeze ratio. The freeze ratio can be easily understood as the “price” of Firestone, that is, how many Lavas needed to be frozen in exchange for a Firestone.
Still not finish. There is a unique Price Adjustment mechanism about Firestone: When the number of Firestones in the previous Slot exceeds the target value of 2048, the freezing rate of the Slot will increase by 5%. And when the number of Firestones in the previous Slot is less than the target value of 2048, the freeze ratio will decrease by 5%.
What is the function of Firestone? Firestones stand for economic rights and governance rights. It is a system built-in credential whose design is based on Virtual Layering and a representative of occupying resources of the Lava system. Also, it means the governance right credential of Lava Ecology and the carrier of voting rights in the on-chain governance system.
At present, Lava has reached a preliminary strategic cooperation with one investment bank holding STO license, and plan to issue a number of securitization tokens based on real-world assets (like real estate, etc.) on Lava mainnet in 2020.
Also, we have adopted the technical architecture of Confidential Asset, and used threshold signatures and ring signatures to verify UTXO. Under the premise of ensuring verifiability and traceability, this technology can hide asset information in transaction data. This technical solution will also be implemented in the first half of 2020.
Lava is particularly suitable for STO, because the PoC mechanism can achieve a wide range of decentralization, and the world can join mining with a low threshold. Lava's codebase (same as Bitcoin's) is extremely stable and secure for issuing and trading STO assets.
Part 2: Some questions from the community
Question 1: Say no to ICO, IEO or public fundraising, so where does Lava get money to start a startup with the desire to contribute more to the community?
Answer: The core team of Lava fund itself in two ways.
1) We have retained a 7% from a total supply of Lava coins in the Genesis Blocks, which acts as an important source of daily operation and economic incentive for the team and developers.
2) We have reached key strategic cooperation with Infichain Technology and we have dealt a million-dollar-level investment term sheet and the team gets some part of it in the starting stage of the project to launch it.
Question 2: I heard that Lava consider to set up the De-Fi Platform. Can you introduce some details, such as the components?
Answer: Lava is a publicly maintained network for safely issuing, trading, storing and managing tokenized assets. This is how Lava can connect global storage to real-world value in a truly decentralized way. The entire system consists of Confidential Asset, STO, Decentralized Pool, Stablecoin and any more.
CA technology brings excellent privacy and fungibility to multi-assets issued and traded on-chain. Millions of Dollars of real-world assets will be migrated to the Lava blockchain by the Security Tokens. Every part makes sense to the whole system. And more details on our new official website (coming soon)!
Question 3+4: What are the advantages and strengths of Lava in the industry? Do you have any competitors currently? If so, could you tell me about your advantages compared to your competitors?
Answer: Concerned about Lava? Good to hear that! I am happy that the community, investors care about how’s the project going, but no need to WORRY, if there’s any. We have a very strong but low-key team, we have the best developers, tech guys, and resources backing the project. Everything is going smoothly.
When talking about strength, I would suggest you take a look at what Lava has achieved since its mainnet launch in August 2019. We have developed our full node wallets, GUI wallets, light PC wallets, mobile wallets that almost cover all the mainstream OS platforms. We have developed a plotting software—HyperPlotter, maybe the best plotter ever and totally free-of-charge! We have even implemented a PoC2+ new protocol upgrade through a hard-fork, this is the very signal that Lava is trying to lead the standard in the PoC field and it begins to cast its influence!
At present, Lava has not only accumulated a large number of unique technical achievements but also began to try to lead industry standards and propose new concepts. Recently, Lava has launched a key PoC2+ consensus protocol upgrade. The new standard reshapes the most critical Plotting process in PoC, repairs the technical loopholes in the original standard, and ensures that PoC consensus can achieve higher security. By mathematically clarifies the ownership of the plot file, the new standard has for the first time achieved a rigid attribution for the PoC capacity power and established the foundation in the machine level for long term development of the whole PoC ecosystem!
Finally, Lava and Bvnex provided users with a lot of information about Lava's development potential. Besides, Bvnex is also a partner highly appreciated by Lava and wants to accompany in the near future.
Hopefully, through AMA, investors and users will have a deeper understanding of Lava.