we hosted an amazing AMA with Shukhavati on the 9th of July
And here we will put some of the best questions:
Q1) Can you please introduce yourself as well as Sukhavati ?
I am Mindaugas, CEO and Co-founder of Sukhavati. I was very fascinated by the core characteristics of Blockchain and decentralized web3 solutions, so I jumped into Crypto completely many years ago.
I have recently graduated from Harvard Business School, have 11+ years of management & marketing leadership experience: A number of strategic and hands-on marketing solutions executed for global brands, tech start-ups.
Built and scaled product and marketing teams up to 40+ worldwide.
Before joining Sukhavati, I was CMO & Co-founder of Rokkex (crypto exchange by cybersecurity professionals) since 2018.
I was also Head of Marketing of FAST INVEST (a P2P alternative investment platform) and Head of Marketing of OXYGEN (a next-gen digital healthcare solutions).
I believe in Sukhavati because I agree with its mission for the implementation of the Web3.0 as a decentralized cloud service network focused on storage. And I believe that through our continuous efforts, its version will finally come true.
Now about the company…
Sukhavati is a decentralized cloud service network focused on storage with 3 basic layers of consensus layer, storage layer and application layer. The consensus layer is based on the POS ( Proof of Space) /PoC(Proof-of-Capacity ) mechanism, which can directly reuse the computing capability of some existing POS/POC protocols.
At the storage layer, it makes full use of the advantages of the hardware-based Trusted Execution Environment (TEE) technology and designs a new decentralized storage verification mechanism: Efficient Proof-of-Spacetime (EPoSt), which enables a significant number of small network storage devices to participate in the network and provide trusted computing resources.
On the basis of this architecture, Sukhavati will establish a decentralized data access gateway covering both Web3.0 and Web2.0 storage ecosystems to provide unified data storage, retrieval, and management services for Web3.0 applications. The mission of Sukhavati Network is to inspire and incentivize improvements to the distributed storage ecosystem, promote it as the true infrastructure of the next-generation Internet, and expand a wide range of application scenarios for the implementation of the Web3.0 vision.
I believe this gives you better information about me and the company.
Q2) What are the advantages of Your project ?
Decentralized storage is the main premise of Web3.0 application landing, currently in each specific area there are some representative projects coming out. For example, on Contract-based Storage track, there is Filecoin which is based on zero-knowledge proof and Crust which is based on TEE.
On the permanent storage track, there is Arweave; On the distributed object storage track, there is Storj and so on. At present, most of these storage projects are still in the early stage, and there are still many areas to be improved. No matter in ecological completeness, real application cost, or the real realization of Web3.0 concept, there is still a lot of work to do in the actual application and real business.
Realizing the current status of the storage track, as well as its problems and role gaps, we decided to build Sukhavati Network with the goal of improving the storage infrastructure of Web3.0, and join the construction of this ecosystem.
In order to achieve this goal, Sukhavati needs a broad and solid consensus layer. After research, we decided to start from the PoS/PoC protocols which mine with hard disks, and quickly establish a solid consensus layer by reusing the existing PoS/PoC computing capability, while simultaneously covering the largest hard disk storage space market in the world.
Based on this, Sukhavati will take full advantage of the high efficiency of PoS/PoC consensus and hardware-based TEE technology to build a storage layer that can provide hot storage.
Thanks to the overall design of Sukhavati, any device that supports TEE technology can be added to the storage network, creating a truly decentralized network. Since Filecoin is more suited for cold storage scenarios and Arweave is designed to store high-value density permanent data, Sukhavati’s hot storage layer can act as a storage middleware in the Web3.0 ecosystem, routing contents to different storage networks based on different needs of dApps.
Q3) please tell us about the goal you want to achieve in this year?
Top 3 things for priorities in 2021:
- SKT token launch and maintaining good liquidity
- Sukhavati mainnet launch, the consensus layer goes live and start mining
- Functions of token-economic model come online gradually,
The development of Sukhavati mainnet phase 1 has been completed and currently in alpha testing. If everything goes well, we expect that the testnet can be launched before September.
In addition, the current ERC-20 SKT token’s liquidity incentive program will be launched in near future, you can pay attention to updates of this part on official channels.
Telegram Announcement Channel: https://t.me/SukhavatiN
Q4) Every project has a story behind their name, Can you tell us more about the story?
The original meaning of Sukhavati is the Pure Land of Ultimate Bliss.
The vision of Web3.0 is to make the Internet more decentralized, verifiable and secure. The current innovation and development of blockchain make large-scale decentralized autonomous networks, value transfer without trust, and verifiable computing a reality.
But a key component of the Web3.0 ecosystem is still missing: a decentralized data storage infrastructure. Sukhavati has created a Pure Land in the Web3.0 ecosystem.
Sukhavati’s mission is to inspire the improvement of the distributed storage ecosystem, to become the true infrastructure for the next generation’s Internet, and to develop a wide range of practical application scenarios for the implementation of the Web3.0 vision. We take it as our mission to accomplish this vision step by step in the future, hoping that distributed storage will become the Sukhavati of Web3.0.
And here we will put best questions from our members and Shukhavati fans:
Q1) Currently, companies pay high fees to keep their data safe and have control of it. What does Sukhavati offer its clients in terms of cost-benefit, which allows them to have control of their information?
Yes, companies are currently paying high prices for public cloud storage due to the limited resource structure of cloud providers and the lack of effective market competition. Sukhavati Network has made a safe, efficient and mature design for the consensus layer and the storage layer. At the same time, it is backed by the huge supply of existing distributed storage, so as to provide sufficiently competitive storage services for storage users.
At the Consensus layer, Sukhavati can reuse consensus power from CHIA, the largest POC/POS network. This allows Sukhavati to build a very strong consensus at very low cost. At the storage layer, Sukhavati uses advanced trusted computing hardware technology TEE to fully leverage the advantages of hardware chips to reduce the cost of decentralized storage verification. The combination of the two parts enables Sukhavati to provide users with a safe, efficient and highly competitive storage service.
We expect to launch the mainnet of the Sukhavati in Q3 2021 and open the mining of the consensus layer. Those who are interested in mining SKT please keep an eye on our Telegram Channel: https://t.me/SukhavatiN , and we will publish the first edition of our economic white paper soon.
Q2) In terms of the public blockchain, will Sukhavati build its own public blockchain as other distributed storage projects like Filecoin, Arweave and Sia have done before？
Though interpreted by the market as “storage middleware”, Sukhavati has its own blockchain from the very begining. Similar to other distributed storage projects, Sukhavati’s blockchain itself provides storage services to the market.
After all the contents to be stored are uploaded to the Sukhavati network, the network can provide the basic functions of storage and retrieval. At the same time, it can distribute the content to other storage networks (such as Filecoin and Arweave) according to the different requirements of the order, to meet the diverse requirements of Web3.0 dApps for data storage.
However, the consensus layer of Sukhavati’s blockchain is different from most of other blockchains. As it can directly reuse the computing capability of existing PoS/PoC protocols, the consensus layer of Sukhavati is very efficient and environmentally friendly. It only consumes a very small amount of energy to provide a quite secure consensus. So Sukhavati’s computing capability can be greatly expanded at the beginning of the launch, while it can also bring additional value and imagination to these PoS/PoC miners.
Q3）Talking about the storage mining boom recently, featured by popular projects from Filecoin to Chia, caused the price of miners and hardware equipment shoot up. How do you think about this market phenomenon ?
For now, the barrier to entry for Filecoin mining is so high that complex cluster mining solutions and customized hardwares are no longer available to the average miners directly. The more likely way to participate in Filecoin mining is to purchase storage mining capabilities hosted by professional miners.
Relatively, the bar for Chia’s participation is much lower. The price spike of hard disks brought by Chia’s mainnet launch was actually a extreme rare market situation, and it was an irrational behavior to overhype the price of hard disks. Unlike other commercial hardware, the capacity of hard disks is relatively flexible. For Sukhavati, it is more about accommodating more miners and hardware in the market to participate in the network, rather than an excessive waste of resources.
Looking back at history, we can see the trend of decentralization sweeping from computing to storage, from BTC to ETH to now Filecoin and Chia, that will eventually change every part of the computing system, as well as the production relations and organization on it. From the perspective of historical evolution, we are more convinced that hard disk based mining will play a greater role in the future. Sukhavati hopes to take up its historical mission and make efforts for the realization and maturity of decentralized storage ecosystem.
Q4）How do users participate in Sukhavati’s mining? Are there mandatory requirements for hardware, miners, and equipments?
Before the launch of the testnet, there will be a liquidity mining using our erc-20 SKT token . Detailed rules and rewards will be announced in the near future. Storage mining will start as soon as the testnet is released, and detailed rules will be announced when it’s ready. The requirements of hardware for Sukhavati mining are much lower than Filecoin, especially in the cluster threshold. Sukhavati’s original intention is to allow more hardware devices such as PoS/PoC miners and home servers to participate in the network’s construction.
The consensus layer of Sukhavati Network will come out firstly, where people can participate in the mining of the network.
Sukhavati supports the use of both personal computers and professional servers for mining.
Sukhavati supports the use of both personal computers and professional servers for mining.
The mining process is divided into two processes:
For each capacity file, plotting is a one-time process. It can be done on ordinary computers. And computers with high memory and nvme ssd can finish it faster, but it also costs more.
After plotting, you can start mining with your capacity files. Sukhavati’s mining process consumes very little energy and requires only a small amount of local disk I/O and CPU, so it can be mined on personal computers, home NAS servers, and even devices like Raspberry Pi. The whole process is very green and energy efficient.
We need to understand Sukhavati’s economic model as well as the physical equipment of mining. In the token economy of Sukhavati, mining with staking is sometimes much more profitable than non-staking mining. Before the early staking function launches, all miners had to mine directly using the machines. After the staking function is enabled, with a certain amount of staking satisfied, the mining income will be up to 100 times improved. Therefore, how to choose the mining strategy is a continuous consideration for all of the miners.
Q5）It caught my attention the fact that Sukhavati describes itself as an “Environmental Friendly” project, can you tell us more? What makes Sukhavati eco friendly? Couldn’t this environmental friendly title be counterproductive as it could affect the efficiency of the project?
Firstly, as we just said, the mining process of SKT : After plotting, Sukhavati’s mining process consumes very little energy and requires only a small amount of local disk I/O and CPU, so it can be mined on personal computers, home NAS servers, and even devices like Raspberry Pi. The whole process is very green and energy efficient.
More importantly：One of the technical highlights of Sukhavati is that– it can do co-mining (multi-mining) with Chia, Filecoin and most other POC/POS storage projects.
Unlike other commercial hardware, the capacity of hard disks is relatively flexible. For Sukhavati, it is more about accommodating more miners and hardware in the market to participate in the network, rather than an excessive waste of resources.
We start from the PoS/PoC protocols which mine with hard disks, and quickly establish a solid consensus layer by reusing the existing PoS/PoC computing capability, while simultaneously covering the largest hard disk storage space market in the world.
Based on this, Sukhavati will take full advantage of the high efficiency of PoS/PoC consensus and hardware-based TEE technology to build a storage layer that can provide hot storage. Thanks to the overall design of Sukhavati, any device that supports TEE technology can be added to the storage network, creating a truly decentralized network.
Since Filecoin is more suited for cold storage scenarios and Arweave is designed to store high-value density permanent data, Sukhavati’s hot storage layer can act as a storage middleware in the Web3.0 ecosystem, routing contents to different storage networks based on different needs of dApps.
Q6) Many projects on a daily basis promise great facilities and functionality, but they end up throwing the rug days after pre-sale, how do you really know your project won’t throw the rug? What guarantee do investors have?
very good question – with both our investors and our partners we focus on long-term relationship as well as our tokenomics > the longer you stay with us the better incentives. Make sure to check out our tokenomics section in our whitepaper https://sukhavati.io/Sukhavati_Network_Whitepaper.pdf
Q7) Does your focus on building or growing and attracting customers and users or partnerships?
We are doing this from day 1 – since we are working with really great investors and partners.
Sukhavati has completed the financing of round 1 and round 2 very fast, raised 10 million dollars in total. The participating institutions include: AU21, OKEx Blockdream Ventures, LD capital, YBB Foundation, Kernel Ventures, Blocksync, CryptoJ, NSG Ventures, Chain Capital, Gate Labs, PrimeBlock Venturs (MXC Labs), Hot Labs, CatcherVC, CCFOX Fintech, Krypto Research, LBK Labs, 7 O’clock Capital and so on.
For partnerships. Firstly, all our early investors are our partnerships, like AU21, Okex, LD capital, YBB, NSG and so on. They will help us with marketing and branding, building the ecosystem together. Besides that, we are in the Polkadot ecosystem as well as the storage track of block-chain. And most PoC storage projects like Filecoin and Chia, we can do multi-mining with them via the same equipments and miners.
Q8) Can you list 1-2 killer features of this project that makes it ahead of its competitors?
What is the competitive advantage your project has that you feel most confident about?
1 – cheaper better faster than filecoin – you don’t need high specs for that 10k-20k USD PC.
2 – the ability to do co-mining!
Q9) -Can you tell us about your team members???,”
-Are they qualified and professional in their fields???
-What are the recruiting qualifications for team members for your extraordinary project?
As a global project, we are really decentralized. Our project has a world-class team, especially the tech team and developers, spread throughout the USA, Switzerland, China, and Singapore.
Rami, Chief Technical Officer
Blockchain hardware architect and consultant with a PhD in Electrical and Computer Engineering. His research interests include Blockchain protocols, crypto mining, DeFi, HW/SW co-design, HW/SW partitioning, FPGA-acceleration, and distributed systems. Has the technical depth to confidently present in front of audiences of all sizes, as he has experience presenting track record of publications at highly scientific conferences and symposiums. At his previous start-up, he developed hardware solutions for crypto mining that successfully offered better hashing rates and minimized power consumption.
Patrick, Human Resources and Managing Director
Entrepreneur seeking creative solutions to tricky problems. 7 years’ experience in public policy and finance; at his previous start-up, individually recruited, hired, and trained 160 individuals for an online platform.
Alex, legal advisor from KPMG
During his Master’s degree in Accounting & Finance at the University of St. Gallen, Switzerland, Alexander discovered the potential of the blockchain technology and cryptocurrencies. He has joined the blockchain ecosystem in 2016 and co-founded his first blockchain start-up in 2017. Since then he has been involved in various projects and bridges between the technical and business aspects of blockchain and crypto companies.
You could find more information about the team on our website: https://sukhavati.io/
Without them and their leadership it would not be possible!
Q10) In all projects – feedback plays an important role
How does your platform take into account comments? What is its importance in their project?
Can you say a few words about society and its importance?
Community feedback is #1 for us. We listen to them. We started this project with miners in our mind. Not just biggest miners but everyone who are interested.
we will have more information about upcoming IDO soon! make sure to follow updates of this part on official channels.
Telegram Announcement Channel: https://t.me/SukhavatiN
And this was the end of our AMA with Shukhavati.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://sukhavati.io
Twitter :- https://twitter.com/Sukhavati_N
Discord :- https://discord.com/invite/nhTd23PMSA