How the Genaro Network will shake up Blockchain in the coming quarters?
Summary: Genaro Network founder Larry Liu was invited by Hecaijing APP (a livestream platform) to an AMA interview!
On the evening of June 25th, Genaro Founder & CEO of Jiluo Technology Larry Liu participated in an AMA on the Hecaijing livestream platform together with Bibi news CEO Xiao Gui (a nickname meaning ‘little turtle’), answering questions that many community members are concerned about. Topics covered included: the difference between Genaro Network and IPFS, Genaro’s release plan, the core design of the Genaro incentive layer, and so on. A lot of solid tech subjects were discussed. No worries if you missed the live broadcast–we have summed up the essence of the interview. Let’s have a look!
1） Can you introduce Genaro in a few words？
Genaro Network is the first Dual-Layer Public Blockchain and Storage Network for smart data. Genaro’s hybrid low-energy consumption and sustainable consensus mechanism uses SPoR (Sentinel Proof of Retrievability) and PoS (Proof of Stake), ensuring stronger performance and security. The Genaro Network provides developers with a one-stop development platform that can simultaneously deploy smart contracts and store the data needed by DAPPs, and provide everyone with a trusted Internet that connects the real world and the blockchain world through data.
2）What is the difference between Genaro Eden and IPFS? What’s your take on IPFS？
Differences: First, in terms of storage networks, the positioning of Genaro Eden and IPFS is different. IPFS is more like an HTTP protocol. The data is stored in plain text. A node uploads data to IPFS to form a corresponding address. Other people can access the data by accessing this address. Genaro Eden is an encrypted storage backend and is more like the cloud. While storing the data, users can simultaneously search, share, and calculate on the cloud.
Second, Genaro Eden is only part of the Genaro Network as it is a DAPP based on the Genaro Network. The storage network it builds also provides storage space for Genaro itself and other DAPPs based on the Genaro Network. At the same time, storage nodes are also introduced into the consensus mechanism. There are many innovative ideas involved in this regard. The core of Genaro is that it is an efficient and programmable public chain. We hope to create an ecological, one-stop development platform. The Ipfs Filecoin corresponding to IPFS is actually an ordinary public chain with PoW mining. It does not support smart contracts, but only creates more incentive tools for hard disk sharers.
IPFS has been given high expectations but its product hasn’t been realized yet. Their projects are under pressure. I’m also in the blockchain field and I definitely hope that it can live up to expectations and launch a truly epic product. However, as far as I understand it, many IPFS miners, especially in Asia, have already paid too much waiting costs and are now transitioning to other platforms. Some miners are also in contact with us, and if we come out earlier than IPFS, they may choose to transfer to our platform.
3）Will the Genaro Network postpone its release date like IPFS? What is the specific plan?
First of all, I think that there is little relationship between product delay and team size. Because many projects do short-term PR for investment, they often exaggerate their long-term commitments. The result is that the development team is under huge pressure and there is no way to meet expectations. The Genaro team never emphasized short-term issues. We set up a three-year plan and a five-year plan at the beginning of our foundation. Each milestone plan gives R&D team adequate developing time. Before we release each product, we’ve been continuing to add contents to the roadmap, one or two quarters in advance. For example, we added an enterprise version (ready to support both C language and Nodejs). The test chain is expected to be released in the third quarter. Now the team is ready and testing. The main chain will be released in the fourth quarter. I think it can certainly be completed even in advance. In addition, the Genaro team now has more than forty full-time employees. The R&D team is mainly in Shanghai, with other teams based in Silicon Valley, Singapore, Tokyo, and Seoul. At the same time, our R&D team cooperates with many famous universities. These correspondents include professors and laboratory teams with extensive experience in the blockchain field. Overall, with our scale and strength, going online should not be a problem.
4）Does Genaro mining require a 5000 GNX stake, and will it be the same after the official launch? Is the threshold too high as too many tokens are needed?
This will still be the case after going online. The main reason for setting the threshold is that we need to maintain the stability of the storage system. After some sunk costs, users will not be wavering between other platforms and the network will be more stable. At the same time, the Genaro team is designing some joint sharing solutions so that small nodes that cannot meet the requirements can join larger nodes. This is similar to the joint mining pool. But in fact, we hope that everyone will look forward to the Genaro Eden sharing function. This will probably be the first decentralized storage and data sharing product in the world. Small nodes do not have to be rewarded by participating in consensus mining or contributing storage, because the data that each node has is the most precious resource in the blockchain era.
5）Why does Genaro choose to work with Storj? What are the advantages of Storj?
First of all, the two teams have extensive background stories. At that time, Prof. Bo Shen was an investor and mentor for both of our projects and guided us at a very early stage. When we were doing overseas markets last year, it was Storj Labs’s team helping us to do the whole network promotion. Now we are also discussing some joint R&D aspects including shared nodes and file streaming. Speaking of Storj’s strengths, it is technically one of the earliest starters of peer-to-peer storage, especially under their previous CTO. The code he wrote is quite solid and it can be said to be a model in the industry. Because we’ve known each other for a long time, we are more familiar with their code and have helped them through a lot of bugs. Second, Storj’s code makes it easier for us to customize it. We can add encryption algorithms that specialize in certain functions, such as searchable encryption. In the end, the P2P used by Storj is the same as the design idea of P2P we used before, which can be seen in our upcoming technology yellow book.
6）Can Genaro go online ahead of time?
Genaro has always been in ahead of schedule. Genaro Sharer will also prove its value by not manifesting a harsh and exclusive mining form. We have different versions for Linux, Windows and Mac. So if you can’t wait for the IPFS sharer, you can move to Genaro with one click.
7）Compared to the IPFS file cutting, does Genaro have any good deduplication mechanism?
Genaro’s files are encrypted and stored. For the time being, the deduplication problem is not realized. This kind of deduplication is still a relatively new research field in theory and there are certain challenges in engineering implementation. We are also discussing schemes with some college professors and intend to put the relevant encryption algorithms into the product iteration of the next stage.
8）Is Genaro fetching files from multiple nodes at the same time? What does Genaro’s breakpoint (pause/download) resume mechanism look like?
Genaro fetches files from multiple nodes at the same time. Breakpoints have not been implemented yet. They are still being studied. We intend to implement file streaming first, so that we can achieve the same function as Baidu cloud which allows the user to download the video while watching. We are also cooperating with Storj in this aspect.
9）Does Genaro have a plan for public chain governance?
Genaro is a public chain that uses data storage as an incentive. It builds a public chain to motivate hard disk sharers. Specifically, there will be five kinds of rewards after the Genaro public chain goes online. The first is the GNX stake reward for PoS. The second is to share system bonuses by sharing idle hard disk space. The third is to share idle hard disk space to obtain the user’s payment. The fourth is that the top 101 of the storage nodes are used as consensus nodes to obtain transaction gas fees paid by other users. The fifth is that the top 101 of the storage nodes are used as consensus nodes to obtain a system reward. After Genaro Eden launches the sharing function, there will also be a sixth reward, which is sharing data to get rewards. Overall, Genaro Network will make a strong comeback this year.
10）What is Genaro’s community building plan? What are the Korean and Vietnamese communities like?
What we believe is technology comes first. As the product continues to improve, we will allow some core developers to gradually participate in community building. Now CTO Waylon is attending more technology sharing activities. I will also share more on platforms, such as Hecaijing. Everyone who has questions is more than welcome to share them at an AMA or other livestreaming.
The South Korean and Vietnamese communities are still under construction. I think it will take at least two or three months to build a healthy community. Now we have sent a colleague to Korea for longterm. In Vietnam, we are also working with the New Economic Coin — NEM NEM Official (Editors). I believe there will be positive feedback soon. In these two markets, I still value the Korean market more. In addition, we have also constructed a plan to build a community that will give community ambassadors a very fitting reward.
11） How does the Genaro application ecosystem work and how it will be realized?
The positioning of the Genaro public chain is an underlying public chain, which can be compared to a master chain of public chains. Other public chains can also use Genaro’s storage network. At the same time, we are also developing cross-chain protocols. Later versions will better serve other public chains. In addition to cooperating with partners, we will actively deploy the ecology of DAPPs. We will incubate early Genaro-based DAPPs, provide technical support and create more users and usage scenarios for Genaro. At the same time, various types of activities such as Hackathons will be held after the main chain is online.
12）Does Genaro have any grand plan for the near future？
In the near future, a technical yellow book jointly created with several college professors will be released. This will be a very solid yellow book. In addition, after the test chain is released, we plan to hold a series of sharers’ competitions to prepare for the main chain. It is recommended that small partners who want to join Genaro Ecosystem continue to pay attention to us from mid-July.
Note: The mines, miners, and mining mentioned in this article are for ease of understanding and the meanings corresponds to hard disk, hard disk sharer and hard disk sharing.
Please feel free to contact us should you have any questions: team@genaro.network
