AskFeebs: The Weekly 0Chain Address — April 5, 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.
Greeting
- Welcome to AskFeebs — a weekly address where your questions on crypto and 0Chain are answered. I’m Derick Fiebiger, Director of Operations for 0Chain, and I thank you for joining me. Let’s hop into things.
0Chain highlights
- Alphanet is coming very soon. I’m as anxious as anyone for it, probably more so than you guys. However, I like to give Sas and the team a lot of space, not harassing them every few hours about the status of Alpha launch even though I’d like to. But I do get a few updates per week, and sometimes there isn’t much of an update. What I can share is that last week we were focused on overcoming some bugs. Today, we’re focused on buttoning things up for launch. That’s about as much as I can say. I’d recommend turning on your alert feature on Twitter or Telegram if you’re feeling really anxious.
- But I might also throw out some random announcements just to troll you guys. Just kidding :)
- Other updates: Mo is hard at work making an adjusted valuation analysis, modifying some assumptions. The result is the price floor is much higher than $1. Not that $1 is bad, but it’ll be nice to see his adjusted analysis.
- We’re also making some moves on the crypto marketing front which I’m really pumped for. More details to come on that aspect over the next few weeks.
Questions:
Question 1: How energy efficient is 0Chain’s consensus algorithm (compared to bitcoin PoW)?
- Bitcoin uses asic miners to solve complex math puzzles. Once you solve the puzzle, you get to produce a block. This process has grown to be immensely expensive, despite the blockchain itself being incredibly slow (about 4 tx per second). 0Chain doesn’t have this process. We use a Proof of Stake protocol that picks miners randomly, but doesn’t force them to overcome an ever-increasing hurdle of solving complex math problems to produce a block. This makes it far less expensive, and 100–200 times faster.
Question 2: Can you get into detail into the erasure coding protocol used by 0Chain? I can’t find a lot of info in the papers. I know it uses 10/16 (file divided into 16 fragments — 10 fragments needed to get access to the file). How many blobbers store 1 fragment? What happens if 1 blobber leaves the network, is the fragment instantly saved on another blobbers hardware?
- 16 fragments are stored among 16 different blobbers. If the blobber leaves the network, they’re slashed and we use 10 other file fragments to reconstruct the missing 1 fragment from the departed blobber.
Question 3: Will 0Chain stake all of their tokens when the main net launches?
- They will help provide services on the network, so they will stake and lock out their tokens (which also means these tokens will be locked out of circulation). As for how many of team tokens will be staked, that hasn’t been determined. It will be a lot though.
Question 4: Is there an update regarding the pending patents?
- Still pending. Patents are generally pending for 1–3 years, and sometimes longer. I’d be surprised there’s an update any time soon.
Question 5:Can you share info about the self-forking mechanism — can anyone just fork a chain and configure parameters such as speed, security, geo location etc? Any requirements to do this?
- I don’t believe these details have been solidified yet. The team is tied up hardening the 6 core protocols right now for launch.
That’s it guys thanks for watching. See you all in a week. You can post questions for next week’s episode of AskFeebs by posting them on this reddit thread or in our telegram group. Cheers!
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