Transcript of “AskFeebs: The Weekly 0chain Address” — February 14, 2019

Each week, r/0chain hosts an AMA with 0chain’s Operations Director, Derick Fiebiger, to address questions from the community. Without further delay, let’s dive into this weeks address:

You can also listen via podcast.

Crypto Highlights

• JP Morgan launches their own stable crypto currency
• Hester Pierce of the SEC has came out and stated that ICOs with a live network are not issuing unregistered securities
• Pension funds make a 40m investment in a crypto fund Morgan Creek Digital Assets

0chain Highlights

• Alphanet update
  — “Mainnet alpha is now scheduled for 1st week of March. We’re adding features so that people feel it’s a bit different from other cloud services and blockchain apps. Secure wallet will be for beta. Mainnet 1.0 looks like end of April or May 1st week This will also allow all the papers to be out and some hype creation. And beta will be 1st week of April. We will have a template for miners end of month, so I’m hoping we have enough of them for beta.”
• What can we expect on alphanet?
  — It will have storage focus since that’s what we want community to test and talk about
  — a) iOS mobile app,
  — b) MAC desktop app,
  — c) 12 miners, 4 sharders, 16 blobbers on AWS
  — d) share link
  — e) upload/download/challenge transactions visible on app,
  — f) delete file
  — g) possible updates,
  — h) possible repair.

Questions:

Question 1: Tiebanana on telegram: how often is the wallet updated? and can you explain the 2DA wallet?
Answer 1: I’m not sure what you mean by wallet update. If you mean how often are new upgrades to the app are released, then you can expect this as frequently as any other app. Small updates will be made frequently when needed, and big updates every month or so (or whenever they are ready/needed).

- If you’re wondering how frequently the balance is updated, then this will be pretty much instantaneous as our transaction finality is within seconds, which mean this will be reflected on the blockchain and thus your wallet.

- Our 2DA wallet is pretty neat. Right now, most people use 2FA using either text (SMS) or an authenticator app like Google Authenticator. SMS is hackable via a stolen SIM card, and Google Authenticator requires you to go into your app, copy a code, and paste that code. Authenticator apps require expensive servers to power these updated codes, constantly refreshing unique codes on millions of devices. Also, if you lose your phone that has this app downloaded it can be very problematic and inconvenient. With the 0chain secure wallet, we leverage a split-key technology enabled by the blockchain to use authenticate your login from any Device of your choosing using as many devices as you need. It’s quite complex how this works and you can read about it in the research section on 0chain.net but the gist is that you have a private key attached to a 0Chain address, and generate a mnemonic phrase associated with that private key so that your actual private key isn’t revealed, similar to a Nano S. You accept that phrase with your first device then have the option to split it with another device, and activate the second device via a passcode prompt — similar to when you login to Apple device for the first time and it asks you to type in a code sent to your iPhone. You can then take this process and split it up between as many devices as you need. If any devices are lost, you still have the original private key to reset the process. Again, for more details you can reference the secure wallet.

Question 2: What’s up with the site?
Answer 2: Noticed some comments about the new site so wanted to address that: There has never been a fast, low latency decentralized proof of stake consensus protocol launched, ever. There has never been a fast decentralized storage protocol launched, ever. There has never been an app launched to marry these two things, in addition to an innovative secure wallet protocol, and a sound token protocol, ever. The 0Chain team is a small team developing and coding all of these from scratch. Ever wonder why nothing is really out there in the blockchain space yet that offers what we’re offering yet despite the immense vocational and financial upside of launching it? Because it’s not easy — and that’s an understatement. All of these things have to function in perfect harmony in order for it to work.

- Now as for the site, yes it needs to be touched up and some people have been asking about it. We got a little excited about the 0Box features and token protocol coming out on alpha so we wanted to get something out quickly before the launch. After it launched we realized it needs some refining which we’re doing right now.

- What’s taking so long? All of the devs are coding the 0Box app and the protocols to get this thing ready for launch in a very short time window. Should the site not have been released in its unfinished state? Maybe, a little hiccup. Don’t let the graphic design and visual implementation of the website make you question the ability of the dev team because they’re focused on completely different things. It’s a pretty easy to fix problem, and it’s in the process of being fixed.

- The 0chain team is building a ferrari engine right now, we can pretty easily put a new body and coat of paint over it once the car is ready to go. Which is what we plan to do!

Question 3: Cryptofuture from telegram: When will the erc20 tokens be exchanged for main net tokens?
Answer 3: Close to main net launch. We’ll have a new exchange helping with the swap as well as a manual option for those who’d rather not do it through the exchange.

Thank you for tuning into this weeks AMA. We encourage you to add any questions that you have to be answered in next week’s episode of AskFeebs.

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