MultiVAC CEO Frank Lyu: MultiVAC Has Lowered the Threshold for Mining to Guarantee that Everyone Can Participate in Mining
StakingCon — Staking Eco-conference sponsored by the top Chinese blockchain media Odaily and BlockBeats was held in Beijing on 10 July. This is the first large offline ‘ staking ecology’-themed activity in the crypto world. The delegates from MultiVAC, Algorand, Tezos, and other top projects have been invited to discuss some major issues together, focusing on the economy, technology, traffic, security, and benefits.
During this conference, the MultiVAC CTO Shawn Ying delivered a keynote speech, introducing the features of all-dimensional sharding and how to participate in mining. Professor Ying said that MultiVAC has made a breakthrough in the scalability of the blockchain network performance and reached the industrial level. In the meantime, it ensures that ordinary PCs have the equal right to mine, which suggests that blockchain network is no longer monopolized by the mining pool and mining machine.
In this conference with the theme of Breakthrough in Staking-status Quo, Obstacles, and Future, the co-founder of MultiVAC Frank Lyu, the head of Decred Chinese community Dominic, the scientist of the former Facebook and the co-founder of loTeX Qevan Guo, CFO Li Zongcehng and others discuss some issues including their companies’ core competitiveness, the trend of staking in future and potential challenges.
Frank mentioned that PoS mechanism is the following main trend. However, it is also very complicated in deposit design, voting, and modes of chain governance, which requires lots of trade-offs. MultiVAC has expanded its capacity via the original full-dimensional sharding, greatly lowering the threshold for realizing the mass mining. In this way, more and more people participate in the ecological governance of the blockchain, which is the true decentralization.
The StakingCon conference marks that more and more people are paying attention to miners’ right and interests, and fair competition. Furthermore, MultiVAC is going to explore Staking economy to guarantee that each miner can freely participate in fair mining. Simultaneously, miners can engage in voting and governance of the ecosystem to build a trusted decentralized blockchain with real democracy.
There are some exciting parts you may be interested in.
Q: How does MultiVAC realize all people mining?
Professor Ying: MultiVAC is a high-performance flexible blockchain based on a trusted sharding computation and creatively designs the all-dimensional sharding protocol for computation, storage, and transmission. The core technological breakthrough of MultiVAC lies in that miners can participate in mining without a complete accounting record. Under most of the public chains, miners need to undertake heavy loads for storage and transmission, such as Bitcoin and Ethereum need hundreds of GB, even several TB capacities to mine. However, miners in MultiVAC can mine only with data less than 1 KB.
Because of the limited data miners saved, miners can swift freely among several cross-shards, which makes sure of the safety for each sharding. The ordinary miners in MultiVAC own the rights from all blockchains, that is to say, that every miner can join the network freely and fairly, which guarantees that MultiVAC is a real decentralized system. This is not only the main feature in MultiVAC but also the values it holds all the time.
Q: How does MultiVAC deal with the CAP triangle?
Professor Ying: The distributed system of CAP is very tricky. If someone thinks it can be dealt with as easy as pie, this person must be a fraud. MultiVAC is dedicated to providing a base-layer model and flexible structure. Different demands for the application requires differing systems. According to actual requirements, there are three options provided by MultiVAC to meet developers’ needs, that is, high performance, safety, and decentralization.
Q: How’s the mining going? How should people get involved?
Professor Ying: At present, MultiVAC offers three modes in mining. The first mode is cloud mining. people can participate in mining without any hardware and technology. It is free for now, but in future, we are going to charge a part of the lease fee. The second mode is client mining. Clients can participate in as long as they have a 2-core computer with 4 GB and download our mining client. The third one is storage node mining, especially for clients with super-large hard discs for storage can be the storage nodes, which will be officially issued in Testnet 3.0.
MultiVAC till today has started the pre-mining for over a month, with near 1060 nodes operating stably and over 100 million deposits. MultiVAC has granted more than 10 million rewards to miners, and the annualized yield is over 120%. MultiVAC is in the third stage of pre-mining, and total deposits have reached from 100 million to 150 million MTV. Miners in this stage enjoy up to 10% invitation reward, and the new miners receive the double reward in the first seven days.
Q: What are the core competitiveness of MultiVAC in PoS field?
Frank Lyu, the CEO of MultiVAC: MultiVAC expands its capacity via all-dimensional sharding and provides a base-layer and flexible computing platform, which are the two main characters we have.
From my point of view, the reason why MultiVAC puts forward “all people mining” is that a great many of nodes after sharding are needed to support the operation of it, which has greatly lowered the threshold of mining. In this way, we can attract more and more communities, miners, and nodes to run more shardings, making the whole network safe and stable.
Q: What’re the biggest challenges in PoS field? How to deal with it?
Frank: The biggest problems in Staking public chain, I think, are to cater to all tastes. One is the different interests and right in holding coins, and another one is whether users can sell their tokens after they deposit them.
We are from Anti DPos. Therefore, we think that it doesn’t make any sense if we use a centralized method to deal with decentralized problems. What we encourage are that more and more people hold their coins, and everyone can participate in this project. It’s not that the more MTV we deposit, the more rewards we can get, but nodes with more deposits have a high probability of being miners. Nevertheless, the right each miner has is equal.
Concerning the problem that the deposits can be sold or not, the essence of it is that what kind of values do you believe, collection or exchange. We are going to issue a Greenpaper on economic models. If you are interested in it, you are welcomed to discuss it with us.
MultiVAC is high-throughput flexible blockchain platform based on trusted sharding computation. It’s a next-generation public blockchain platform built for integration with large-scale decentralized applications (dApps). MultiVAC is developing the world’s first fast, efficient, and fully sharded blockchain with sharding for computation, transmission and storage, maximizing throughput while maintaining decentralization and without sacrificing security.
At the same time, MultiVAC pioneers flexibility for DApps to trade off freely on the impossible CAP triangle between decentralization, performance, and security, supporting large-scale decentralized commercial applications for complex and diverse business requirements.
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