Guide on Lambda Cryptocurrency

Abdul Majeed
Dec 2, 2019 · 5 min read

New crypto coins are emerging in the crypto marketplace to speed up the crypto trade over the platforms. Lambda is such a crypto coin which operates on Ethereum network. Investors keenly look into the current value of the new cryptocurrency, the roadmap of its network, and how it works, etc so that it will be easy to track their profit while investing on the new crypto coins and trade over the exchange platforms.

In this writing, you will be able to view the guide on Lambda cryptocurrency.

What Is Lambda Coin?

Lambda is a digital asset or currency used within the storage network of Lambda. It is a startup of data storage powered by blockchain, which is a scalable and decentralized network.

“Also read blog on Top trends in cryptocurrencies & Blockchain technology

It supports the ecosystem of data storage with data security verification, which provides dApps or decentralized applications with high capacity storage.

It also offers services like data privacy protection, data possession, cross chain data management, and data cooperative storage.

In the crypto market place, it is used for storage mining and storage space trading. Right now, Lambda is not into the real network of cryptocurrency; it is in the pre-mainnet phase. Mainnet phase is known as the adaption of a real network of cryptocurrency. During the 4th quarter of 2019, the mainnet release of Lambda is scheduled.

Big giant organizations and industries had financially supported this project. The big giants like Bitmain, Zhen Fund, FBG Capital, FunCity Capital, Sparkling Capital, Metropolis Capital, Bluehill are some of the financial supporters of this project.

How Does Lambda Blockchain Work?

The four components of the Lambda network system are as follows:

Storage miners:

Storage miners are the providers of storage space in the network. Later on, they can become the validators of the Lambda network. Here the storage space is provided for money.

Retrieval miners:

These miners offer download bandwidth to the users by committing to the Lambs. The income of retrieval miners depends upon the charges incurred on the data retrieved.

Validators:

Validators are also known as verification miners. They are responsible for the integrity and security of data, to develop consensus network, packaging transactions, executing contracts, to verify PoS, and to clear all the fees.

“Get the complete guide on Proof of Stake (PoS) coins

Market place:

A place where the users will be allowed to exchange or trade data storage space. Based on BFT and VRF protocols, it is built as a consensus network. Here the users can safely use the Lamb tokens over the storage space.

LambdaChain consensus network is the network of Lambda. It is a consensus, trusted network mechanism which offers data security, integrity, and finishes the technical process required for the verification process in the blockchain.

This blockchain network removes the work of official validators, miners, third-party validators, and all altogether1024 validators. These validators support 1000 transactions per second. In the testing mode, the Lambda network will be able to run 5000 transactions per second and can create a block in 15 seconds.

The VRF (Verifiable Random Function) algorithms will enable us to choose the nodes of the blockchain that will participate in the consensus algorithm, and BFT (Byzantine Fault Tolerance) algorithm will generate the consensus network.

The VRF (Verifiable Random Function) algorithms will enable us to choose the nodes of the blockchain that will participate in the consensus algorithm, and BFT (Byzantine Fault Tolerance) algorithm will generate the consensus network.

Setup your cryptocurrency using blockchain technology

The Value Of LAMB Cryptocurrency

Lamb cryptocurrency is used for storage space trading, storage, mining, and other trade transactions within the Lambda project or lambda network.

Lamb currency is used in the following conditions:

  • Users use Lamb crypto for any services in the network of Lambda.
  • Validators and storage miners commit a small number of Lambs in the network.
  • Lamb tokens are used as rewards for the validators in the network system.
  • Based on the SLA (Service level agreement) and storage capacity, the storage nodes acquire a certain number of Lambs.
  • Price of Lamb– $0.162
  • Market Cap of Lamb– $103,642,126
  • The Circulating supply of Lamb– 652,991,183 LAMB
  • Total Supply of Lamb– 6,000,000,000 LAMB
  • Peak price– $0.274357 on July 09, 2019
  • Lowest price– $0.006601 on Jan 02, 2019

Lambda Coin Roadmap

The roadmap of Lambda coin with the achievements and future plans are presented in their blog. They have below plans for the future.

  • In the next 3 to 5 years, they are planning to reach 1024 nodes in the network and complete128 verification nodes of Lambda network.
  • In the next five years, they would like to reach thousands of petabytes. One petabyte equals 1000 terabytes and complete 120 storage petabytes.
  • For B2C and B2B crypto markets, they would like to sign the contracts for the new venture.

Where To Trade (buy or sell ) Lamb

There are many crypto exchanges which are popular for Lamb exchange. Some of the crypto exchanges are BitHumb Global, Huobi Global, Bittrex, OKEx, etc. The leading cryptocurrencies like ETH, USDT, BTC, stable coins are exchanged or traded with Lamb.

“Get the list of top cryptocurrency trading platforms

In some exchange platforms, they use the internal currency of the platform to trade with Lamb. BitHumb Global is the exchange platform where it uses the fiat money for trading Lamb with KRW (Korean Won).

Freewallet To Store Lambda Coins

Are you searching for a place to store and secure your Lamb coins? You can do the same with Freewallet. Lambda coins can be stored in Freewallet.

Freewallet supports the lambs to be stored on the Android and web versions of the application.

  • It can be stored safely along with other 150 cryptocurrencies or tokens.
  • No or minimal processing or transaction fees to transfer Lambs to other Freewallet.
  • The real time price charts will allow monitoring the exchange rates of Lambda.
  • Two-factor authentication, multi-sig features to protect the lambda coins with high security.
  • Most of the coins are kept in cold storage so that the hackers do not easily hack it.

“Read blog on Top Digital Wallet Trends

Conclusion:

Hope in this article; you will be able to find the guide on lambda cryptocurrency. This article will help you to find how the blockchain of Lambda works, the current value of Lambda, the future plans of Lambda network, the wallet to store Lamba, and the best exchanges to trade Lambda coins.

Always try with the best crypto developers to build your own crypto platform.

Abdul Majeed

Written by

An enthusiast writer with 8+ years on different Technologies, Marketing and IT industries.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade