Sukhavati Network x IM community AMA RECAP
🐋TELEGRAM AMA: Im Community & Sukhavati Network 🐋
⏰ AMA Timing : 22 February 2022 l 12:00 PM UTC l 19:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100 USDT
➡️ The reward pool for the best 5 questions from Telegram is $50($10 Each) 💸
➡️ The reward pool for the best 5 questions from Twitter is $50 ($10 Each) 💸
Bà Tân | : Welcome @mindaugas87 from Sukhavati Network ���
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Sukhavati Network.
Bà Tân | : Today our guest is: @mindaugas87 from Sukhavati Network.
Ahrix : Welcome @mindaugas87 to the IM community.
Bà Tân | : Please introduce yourself a bit @mindaugas87 ���
Mindaugas : sure!
Mindaugas : 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.
Mindaugas : I have recently graduated from Harvard Business School, have 11+ 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) 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 solutions).
Mindaugas : 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.
Mindaugas : So just everyone knows, for references, adding all of our social media links so you know where to find us!
Websites of Sukhavati:
Telegram Announcement Channel: https://t.me/SukhavatiN
Bà Tân | : Thanks for the introduction.
Bà Tân | : Today’s AMA will have 3 session
Session 1: Project Introduction
Session 2: Question From Twitter (https://twitter.com/IM_Communityitw/status/1495677414739148801) (will choose 5 question)
Session 3: Free Asking (will choose 5 question)
Bà Tân | : Start session 1 AMA.
Bà Tân | : Q1.Can you briefly describe what is Sukhavati Network ? We would like to know more about it and how it works.
Mindaugas : Sure, let’s dig in!
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.
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.
Bà Tân | : Q2.What are the outstanding features of Sukhavati Network compared to other projects?
Mindaugas : Great question!
Decentralized storage is the main premise of Web3.0 application landing, currently in each specific area there are some representative projects coming out.
Let me give you an 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.
In order to achieve this goal, Sukhavati needs a broad and solid consensus layer. After research, we decided to 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.
Bà Tân | : Q3.What are the products that the Sukhavati Network team focuses on developing?
Mindaugas : We are focusing on the development of Sukhavati Devnet & Testnet, Wallet, Bridge, and have made considerable progress.
Since the 1st Sukhavati Beta Test-net v0.5.0 released in December 2021, the version of Test net has been updated frequently. At present, it has been updated to the latest version V0.5.0. Welcome to join the test.
Check our code on GitHub or join the test-net⬇️
Welcome to check all Sukhavati monthly develop updates here:
Bà Tân | : Q4.What role does the $SKT token play in your ecosystem? What are the benefits of long-term holding?
Mindaugas : The total supply of Sukhavati token (SKT) is 618 million.
SKT for mining rewards is 61.8% (381M) . It will be released through block rewards and used to maintain the operation of the Sukhavati network. Mining rewards will last 40 years. SKT for the founding team is 10% (61M) .
You can check all the token allocation details in the following link of our white-paper:
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 consensus power 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.
Before the launch of the testnet, there will be a liquidity mining using our erc-20/ bep-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.
Bà Tân | : Q5.What is the development plan of the Sukhavati Network project at present and in the future?
Mindaugas : Time flies!
We have taken about 2 years to develop Sukhavati. And we have made some achievements so far.
Q2-Q4, 2021, we finished the 2 rounds of financial raising successfully, and also passed the grants of Web 3 foundation. We got SKT listed in several crypto exchanges.
Sukhavati Network became a multi-chain supported token. Now it supports both ETH and 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, leaving nothing in the way of $SKT being widely adopted! In addition, the current ERC-20 or BEP-20 $SKT token’s liquidity incentive program will be launched in the near future.
As a storage project, we can also support the storage function and cooperate with other projects. We get some new partnerships with projects like Marhaba DeFi, many big PoC/PoS miners, and some NFT and DeFi projects. The Sukhavati ecosystem will keep .
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
Bà Tân | : End of session 1
Bà Tân | : Session 2: Question From Twitter (https://twitter.com/IM_Communityitw/status/1495677414739148801) (will choose 5 question)
Bà Tân | : 1, moon@moonlights1n
Currently most of the NFT games are not at the level of the traditional gaming market, can you tell us about how Sukhavati_N will change this situation? Since every day dozens of NFT games are launched, what makes Sukhavati_N different?
Mindaugas : Recently a number of storage miners with large scale storage computing capability have been very interested in mining of Sukhavati, and want to join the Sukhavati consensus mining from the very beginning of the testnet.
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.
Today, we just announced a new partnership with another NFT project Meta Grail. https://twitter.com/MetaGrail_/status/1496062207578284034?s=20&t=JmNMDI48jEpy4AIjXhai_Q
We both believe that by joining hands with Sukhavati Network, we can bring a brighter future for NFT, metaverse, and web 3.0.
Besides the upcoming Sukhavati testnet and mining, we also have some exciting news to share with you! We will officially announce them and share with our communities in the first place, please follow us and join our community. Stay tuned!
Bà Tân | : 2, Crypto Jeff@CryptoJeff18
One of the most common issues is that most investors nowadays are just concerned with short-term gains and do not consider long-term rewards. Is it possible for you to give them some reasons why they should buy and hold #SKT tokens over time?
Mindaugas : There will be some correlation between the coin price and the number of users. With the launch of our products, the launch of the main network and the opening of mining, more users will participate in and benefit from it, and the value of the network will gradually be recognized by the market. Thus more support for prices.
Bà Tân | : 3, maharani@EkoprasU
Team #Sukhavati has completed the 2nd $SKT burn on February 9, 2022. Total burn is 1023 $USDT, I ask What is the detailed process of further burning? And do you have social media to let us know your progress??
Mindaugas : Ok. In order to promote the development of Sukhavati Network and a vibrant ecosystem, the team has decided to launch the SKT (Sukhavati Token) Buyback And Burn Program, which will commence immediately.
The burn cycle is tentatively set at once every two weeks, but it may be adjusted to once a week in the future to stabilize the market as the ecosystem expands. Please stay tuned to further official announcements.
The buyback program will be funded in two primary ways:
First, 50% of revenue earned by the Sukhavati Foundation for providing technical services to partners and customers will be directed towards SKT token buying on the market;
Second, the Sukhavati Foundation will use additional treasury funds to acquire the SKT token.
As the protocol grows, we will also strive to increase new buyback funds and expand the size. The buyback funds may include, but are not limited to: new additional income, foundation support, charity auctions, mining, etc. We will of course keep our community updated.
In order to prevent volatility in the market, we intend to divide the buyback funds into equal parts in order to execute smaller, randomized trade orders every 2 weeks.
For more details, please check this announcement for [$SKT Buyback and Burn Plan].
For updates about the burning, details and txid of each time, please follow our twitter.
Bà Tân | : 4, Lindgrad@LindgradTK
High ETH commissions and the slowness of this chain are known to be a huge problem that will not be fixed anytime soon due to the ETH 2.0 delays. So why did you decide to develop #SukhavatiN at ETH? Do you have plans to develop a cross-chain to function in BSC?
Mindaugas : Well, Sukhavati Network is multi-chain supported. Sukhavati now supports ETH (Ethereum) and BSC (Binance Smart Chain), and will support the Sukhavati Mainnet in near future. So for now, you can use all BSC and ETH wallets for your bep-20 and erc-20 $SKT. And use anyswap for the cross-chain.
Sukhavati Network 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!
In addition, the current ERC-20 or BEP-20 $SKT token’s liquidity incentive program will be launched in the near future.
Bà Tân | : 5, Ranim19@Ranim194
For mining equipment⚒️, we as beginners want to know what configuration is suitable for #Sukhavati? And as a beginner what is the initial cost to mine $SKT do we have to pay extra??
Mindaugas : The consensus layer of Sukhavati Network will come out firstly, where people can participate in the mining of the network. Sukhavati supports the use of both personal computers and professional servers for mining.
The mining process is divided into two processes:
Sukhavati supports the use of both personal computers and professional servers for mining.
The mining process is divided into two processes:
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.
Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @mindaugas87 ���
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Session 3: Free Asking (will choose 5 question)
Bà Tân | : Don’t forget to join the group https://t.me/SukhavatiNetwork
Bà Tân | : Group will unmute now so everyone can ask questions.
Bà Tân | : Thanks for the questions from the community.
Bà Tân | : Now let’s give our dear guest @mindaugas87 some time to go through them.
Q1. Do you have burning and buy back mechanism to help the value of your token. By boosting the value?
Mindaugas : Yes, boosting it’s value!
I think I have already mentioned but it is very important!
Q2. You has plans for almost everything related to a good cryptocurrency project, but I’m curious where that great confidence comes from? Why should an investor trust you?
Mindaugas : Very simple:
1. Long-term project.
2. Strong team.
3. Valuable partnerships.
4. Wide list of investors.
Q3. How can I buy tokens from your project? Will you have a program to sell tokens to users in the near future?
Mindaugas : You can buy SKT from Gate.io, MEXC, Uniswap, HOO, Hotbit, Lbank !
Q4. Most of the new investors, only focus on the price of the token, and the short term benefits of the project rather than understanding the true value of the project. Can you tell us about the motivations and benefits for investors to hold your tokens long term?
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.
Q5. Security and user interface are the most important aspect that users see on a platform. How has your Project worked on this? Is platform suitable for newbies in the crypto world? @mindaugas87
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.
Mindaugas : It is open for everyone, and the price is very good now to buy the dip now and enjoy rewards later!!
Bà Tân | : Thanks for the useful information from @mindaugas87
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @SukhavatiNetwork for answers.
Bà Tân | : IM Community, if you would like to know more about Sukhavati Network ! here are some useful links for you:
Official Website: https://sukhavati.io
Bà Tân | : Allright, I declare the Im Community AMA with Sukhavati Network has ended.
Thanks to @mindaugas87 | Sukhavati Network joined us and provided us with Sukhavati Network information, we hope that this knowledge makes us understand more about https://sukhavati.io7 (https://sukhavati.io/)
To the members, thank you for following this event to the end. winners will be announced soon.