[LCAC Meeting] Lambda Miner Incentive Q&A – Lamb-CAC
Meeting agenda:
— 1. Questions and answers about the design of rewarding coins, LAMBS and other mechanisms
— 2. Questions and answers on any topic
The following is an excerpt from the highlights of the meeting:
01
Project progress report and Q & A
Lambda co-founder Gao Haiqiang
Question 01:
About the progress of the pre-main network! The node starts testing, what’s its progress, when can the miner access? This time, we can surely mine the coin not just withdraw the amount like last time? What are the requirements on latest node configurations?
Answer 01:
On last Wednesday, according to the internal version, the major problem and the previous performance problem are basically solved. This week, we will update the node first. Regarding the cash withdrawal, it will the same with the previous rules, and then the adjustment will be made after being launched. The block model and market function change a lot, and the test order volume reaches 500 million. According to the previously announced version, there is no change, but have introduced a penalty mechanism (not the final penalty mechanism) which will affect the nodes and miners’ cash withdrawal. For example, for 100 blocks, if the participation rate is particularly low, it will be removed out of the consensus network, which is commonly used mechanism of the public chain. We found in the previous tests that many machines and equipment are lower than the requirements, the network configuration is lower than the requirements, so they will be easily removed out of the network, there will be detailed instructions on the removal reasons. Consensus participation rate will be low or will be token punishment, which will be virtual penalty during the test network.
Question 02:
Regarding the storage market development, what’s the storage application or something more?
A02:
At present, it is planned to introduce public welfare, and data needs cold backup. Firstly, we plan to develop something like applications to motivate everyone to participate in the data storage, and we will announce later in the test network.
Question 03:
Filecoin is rumored to launch online in September, if so, what will happen to lambda!
A03:
Rumors is those impossible to achieve according to the law of science and technology development. Filecoin is still in the test network development stage, which need 3–4 months; in addition, Filecoin actually constitute no threat to Lambda. POC is relatively popular, but it has not yet been recognized as a public chain. The main reason is that there is no way to apply it. However, it can be stored as an asset . The development process will be very long, so whether for Filecoin, or the entire industry, it has not yet been developed. If Filecoin’s application is implemented, it’s attributed to the industry. Lambda firstly takes the opportunity. No matter who completes it first, it is good for Lambda and the whole industry.
Question 04:
Pledge withdrawal mechanism
A04:
It has been discussed in the previous issue. There will be a few steps, if it’s the LAMBS pledge, it can be withdrew from LMABS trading or space transactions. It’s due to the historical problem, the earliest miners who used ERC20 pledge also need to be viewed differently, we develop functions on the chain to mark the assets. Those pledged with LAMBS and ERC20, need to registered as asset on the main network, which is concluded not difficult from the technical point of view, and can be achieved; regarding withdrawl, we expect that, especially those minder who use the ERC20 pledge at the early time, the rules will be made as uniform as possible to reduce the difficulty of operation on the chain. LAMBS withdrawal basically follow the rules of the ordinary public chain, and at the same time, after the withdrawal, you can activate the account and withdraw the coin at agreed time.
Q05:
What is the relationship between the total amount of rewarding coins, LAMBS, and LAMB?
A05: LAMBS will gradually develop into marked space assets. The following node miners need to use LAMBS for pledge and eventually they may lock LAMB to win LAMBS resources, so the use of LAMBS pledge will last for a long time, and LAMBS also takes time. The rewarding coin can not be redeemed for LMABS. We have calculated that the rewarding coin can be completely replaced with the main network LAMB in 4 years, including those of the team and the institutions. It will be unlocked in 8 years, and for those of the institutions, they are still under discussion, but will be basically the same with that of the team. As for the exchange rate problem, the foundation will issue less and less rewarding coins until stopping issuing. The exchange rate of the rewarding coin to LAMB is expected to be 1:1. The number of rewarding coins will be counted before the starting of the main network. In theory, it will be 1: 1.
Question 06:
Regarding the withdrawal optimization: First, a lifting amount will be set to avoid losing money when withdrawing the coins caused by the handling fee. Then proportionally, there will be cap set as 20, which can balance small and large withdrawals, and protect the project side from losing Gas.
A06:
There is no problem with the handling fee for 300,000 withdrawal per day. We can use the recognized method by users, and set a minimum withdrawal amount. The handling fee is charged according to the amount of withdrawal, and the maximum handling fee is 20. We will confirm the current minimum withdrawal amount in the system tomorrow, as it needs time for development, test and launching.
Question 07:
Is there any limit to the test network stage capacity? Maximum is 240P or can be infinitely increased? Whether to consider to increase the daily 300,000, otherwise it’s difficult to be an incentive for the users.
A07:
The amount will increase continually. At present, the network can’t meet the requirement. The withdrawal amount will not increase, if the cost is not increased. That is to day, the cost will increase, if the quota increase. The same for the contrary side, for example, the quota is 1.4. -1.5 for 1T pledge now, the cost of legal currency is about 400–500 yuan, equal to more than 60 in a month, more than 300 in 5 months. So it takes almost 6 to 7 months or shorter time to break even if the price of LAMB is expected to be unchanged. In the past 2 weeks or 1 month, miners have low access costs and do not have access costs in hardware equipment. Even if the machine is opened for mining, the machines will not be all opened on the first day. It will access gradually and increase the utilization rate. The miners should access their own capacity and open the number of machines according to the whole network.
Q08:
The big problem of release has been solved, and the long-term rules concerning mining has not be finalized. Few people dare to participate because they don’t know what will happen and lack security. Whether the return on investment and the principal are safe are the two issues that miners are most concerned about.
A08: This week, the whole mechanism will be released. If the new miners are not led by the old miners, the new miner will find it difficult to enter the Lambda Ecosystem. The announcements are not combined, and this week, the announcements will be combined as a manual and will be published on the front page of the official website.In future, other miners who have participated in ASIC mining will be invited for Lambda mining. Before the main network starts, the main income comes from pledge. Through the LAMBS pledge space, the daily income comes from the 300,000 distribution amount according to the capacity. The LAMB can be withdrew from the exchange or the wallet. For new miners who want join Lambda, there are two ways. One is to transfer LAMBS to pledge via the old miners. The second is to purchase the LAMBS from the exchange and pledge according to the registered mining process.
Here is the Lambda Storage Miner System Operation Guide:
https://mp.weixin.qq.com/s/ZEZzNhzlD5uua2IBNDc16g
For the reward of old miners bringing in new miners, it can be referred to the previously organized community ambassadors activities by LCAC community and offered to LCAC some certain programs. For follow-up activities, please follow the LCAC community and the events launched by the official community.
LCAC is the LAMB core governance community initiated by NodePacific (LAMB Pacific). It has no arbitration function, does not participate in governance implementation, and only conducts training and education on LAMB governance, aiming at building consensus of LAMB community.
Published at Fri, 19 Jul 2019 10:36:10 +0000
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