Yesterday, SmartX successfully held the telegram group AMA meeting, where the founder communicated with netizens on the spot.Below extracts in the meeting, the netizen attention is higher, more representative problem and share with everybody!
Q1: A lot of people have heard of SmartX, the blockchain project, but have a little knowledge, can you give a brief introduction?
Frank：When I was doing WeChat payments at Tencent, it struck me that core3.0, the payment system, could handle tens of thousands of transactions per second during the Spring Festival, while ethereum and bitcoin could handle only a dozen.I leave tencent, 2017 until 2019, I and Mark two people decided to develop a new, revolutionary and chain project SmartX (SmartX implication is to make the current block chain smarter and more intelligent), the main aim is to ensure safety, decentralization, solve the currency and etheric fang speed too slow.
This problem is highlighted in the context of the current rise of DeFi applications.
Before creating SmartX, Mark and I both had long experience in the blockchain open source community.Combined with our previous experience, our general idea is to improve the current “Nakamoto consensus” and use the “sharding technology” to make each node out blocks in parallel in a certain time slice, and then merge them together.The SmartX system of the future will be a platform that can serve the blockchain technology for decentralized Financial DeFi, decentralized exchanges, decentralized social, private communications, game payment and other products.Connect global service providers and users through the blockchain network, and build a trusted and secure blockchain ecology with decentralized financial DeFi and social entertainment as the entry points.
On the other hand, the contribution of the entire SmartX community and the strength of the global community contributed to the completion of such a huge task and work, so we open source the source code.We hope that people around the world who are interested in this cause can participate in it and enjoy it. We have hundreds of millions of dollars to encourage developers and community users around the world, and we strongly encourage your enthusiastic participation.
Q2: Talk about the B-DAG technique in the SmartX white paper.”B-dag” is the core technology of the project. We are curious about it. The community wants to know the quality of SmartX.
Frank: Ok, I’d like to give you a brief introduction to the core technology of our SmartX.
First of all, B-DAG is our original technology, which is to combine the bitcoin blockchain technology and schema technology.Drawing on byteball’s schema and ethereum chained data structure, a compromise is made between the two schemes. The collection of BYteball’s PoS and ETH’s PoW mining methods is adopted, and a “technology of sharding from the source of transaction” is adopted.This is similar to ETH2.0 sharding, but more concise and elegant than it is.The Layer1 scheme of DAG sharding technology integrating transactions can make “Satoshi Consensus” not become the block chain performance bottleneck, and will not appear strong transaction confirmation network congestion like the current block chain technology, such as BTC and ETH.This is the underlying solution of a brand new blockchain technology.
Q3: What is the plan of DEFI for SAT project? Will it be on UNISWAP? Can you tell us the schedule?
Frank: Ok, the DeFi topic can be explored in more detail later.As for whether to go to Uniswap or not, we have investigated the users’ ideas before.Most users still want us to launch the official website as soon as possible.DeFi is hot this year.But the high cost of Gas also shows the industry’s urgent need for a high-performing, high-security blockchain.
In the absence of ETH2.0, SmartX provides the blockchain industry with a new idea, a new platform, and a new possibility.In addition, our team has decided to fully embrace DeFi, and we plan to launch the official version of the main network in the first quarter of 2021.And began building a SATDex decentralized exchange at SmartX.
Q4: What advice or requirements does the SAT program have for the many people who invest in the SAT?
Frank: First of all, SmartX project has a good long-term investment vision. Our team is an open source long-term community team, willing to repay investors through long-term efforts.The project is currently an open source community project with no ICO or pre-dig, and the team only keeps a small amount of token as the fund for project operation.
With the expansion of the community population is, we are seriously listen to each sound in the community, and at the same time, aware of the local community development projects from scratch is a very difficult thing, only rely on the power of a few people cannot do all the work, an orderly existence some questions we know it is wrong for your but apparently this is not what we want.
If more people get involved to help solve these problems, the whole project will become more perfect. Therefore, we hope that the members who have the ability to contribute in the development process will participate in the construction of SmartX project and community, so that we can do something together to make the community better and more interesting.
Q5: According to the development progress of SAT project, the main network will be launched in the fourth quarter of 2020. Will the main network be launched as planned?
Frank: The project is on track at the moment.We will release a new thing in October, a quasi-system, Alpha version of the official web, the official web data will not be deleted.In the future, we will be airdropping to this official network, as previously reported in the community development report.
By then, we will have two systems running at the same time, one is our main Alpha system, and the other is the test network system. In 2020, we have made relatively good progress.Our SmartX sharding technology has gone through several rounds of testing and the system has become more stable.It is expected that the Relase version of the main network will be launched in January 2021.
Q6: Will SAT project mobile APP be able to mine in the future?
Frank: We will restart the faucet airdrop activity at any time. The previous faucet activity of mobile APP has been favored by a large number of users.Tens of thousands of users have participated and Shared tokens.New activities will be launched at any time according to the operation of the market.
Q7: As far as I know, there are still some problems in the third phase of pledge mining. May I ask what improvements will be made to the SAT project?
Frank: In the third phase of pledge mining, we have fixed a lot of problems, including unstable computing power. Because the maximum computing power of the whole network and personal computing power do not meet the law of large Numbers, there will be a feeling of unstable block from the experience.Our team is expected to release a new version in October, which will provide a PPLNS pool for small computing miners to participate in.
However, the mine pool version of the team adopts a relatively simple allocation method of calculating the share ratio. According to the official version, the community can change to the mainstream SHARES of BTC/ETH to submit and share. If “Share submission” is adopted, the overall network computing power and individual computing power can get relatively stable expectations.This is very advantageous for the participation of big miners and big mines.Therefore, we encourage the community to develop their own “Share submit” mining pool, the official will provide technical guidance, welcome your active participation.
Q8: How do PoS nodes and PoW nodes work?
Frank: That’s a good technical question.You have to have some technical background to understand it well.Take a look at our SmartX technology whitepaper.The SmartX system will have 24-30 Pos nodes.
It is the largest validation node supported by the SmartX consensus and is not a basic requirement for the system to function.No matter how many PoS nodes or PoW nodes there are, the system can continue to run, which is consistent with the principle of out-of-block nodes of BTC/ETH.At each height of the block, the intelligent contract will automatically screen out the maximum 24 PoS nodes of the previous mortgaged SAT COINS as verification nodes.
So it’s a dynamic competition mechanism.Only mortgage nodes that successfully squeeze the number of mortgages in each round into 24 nodes will receive the PoS verification reward.The reward ratio of PoS and PoW is 1:1. In addition, PoS and PoW can be the same node.When a PoW node produces a master block and validates it as a PoS node, the node can receive both THE PoS and PoW rewards.
Q9: The white paper writes 4.3 billion SAT tokens to be released. How will the rest be released? Will the number be increased before the launch of the main network, so that more people can purchase and participate in project mining in the secondary market?
Frank: For the remaining airdrops, we will use the method of marketing campaign + volunteer reward + investment airdrop. Besides, the method of remaining airdrop is also under consideration. There is no final conclusion yet.The increase in the number of airdrops is planned in a basket and orderly like a market release, not for a single purpose.
Q10: How will the SAT program attract developers from all over the world to develop the massive APP, APP, side chain, and DeFi applications that make the SAT more useful and collectable?
Frank: How to attract developers, I think we can learn from the Unity ecology and Apple ecology.The authorities will offer a number of secure and reliable smart contract modules for developers to use, and even a smart contract app store where smart contract developers can share and sell their wisdom.I think Unity and Apple’s approach is very instructive.
Q11: Is the allocation of SAT token allocated according to the white paper?
Frank: Yes, the current allocation of tokens is basically in accordance with the white paper.
Q12: At a time when DeFi is being promoted by both public chains and other platforms, is it outdated to launch our project in 2021? Can we make DeFi with advantages to stand out from the competition? How should we consider and layout DeFi?
Frank: The DeFi domain is a relatively grounded application after ICO in 2017.Creating a huge amount of liquidity in the form of governance tokens through the production of collateral digital assets is just a great innovation.
But for now it’s mostly in ethereum ecology.The SmartX ecology will then overtake on corners at speed and safety.In addition, Cex will face great competition from Dex exchange in the future. When Dex really dominates the market, I think the bull market in currency market will come.From this point of view, DeFi will not be outdated at any time.
Q13: What are the specific advantages of DAG technology?What are the advantages compared to other public chains?
Frank: This can be studied in our SmartX technology white paper.In the technology whitepaper we focus on the advantages of SmartX in the parallel block technology. The current blockchain is a single channel blockchain, but SmartX is a parallel block blockchain, multi-channel, which is a huge innovation.And it was the first of its kind by the SmartX project team.
Q14: I would like to know how many more stages the SAT has to go online?
Frank: The Alpha release is the last stage, and then the mapping starts, and then the main network goes live.
Q15: Will Sat have a destruction mechanism?
Frank: I can’t give you a definite answer right now. All I can say is that anything that is good for the community and the ecology is possible.
Q16: After the launch of the main network in the future, is there any plan to develop the application that serves the society and enterprises and conforms to the national policy and welfare, which can expand the influence of SmartX?
Frank: It’s a good question to develop the application for the enterprise.As we all know, blockchain technology is always difficult to be implemented, and there is no good way to provide services for the real economy.
In fact, our SmartX platform has been exploring how to apply SmartX technology to the real economy.For example, China has recently set up a special pilot block chain zone in the Hainan Free Trade Zone, which we are also paying attention to.Following the launch of the main network, we actively explore the blockchain technology capabilities of SmartX platform to empower the real economy, so as to improve the production efficiency of the whole society.
Q17: SAT is a common chain developed by Dag topology technology. PoW+PoS algorithm is adopted. Now it takes 100,000 SAT to mine.Excuse me: 1. When can the PoS be mined?What’s the annualized rate of return?2. When will the official SAT wallet App appear?3. How to promote the application of SAT, such as games, social networking and business, and can it be realized?4. How can SAT consensus be strengthened?Especially overseas.5. How does SATDefi follow up?6. When will the official SAT version go online?What are your plans for Q1 2021?
Frank: There are a lot of questions, and some of them have been answered before. Let me pick a few to answer.
PoS will be available on the Alpha version of the official web in October.If PoS outputs one block every 15 seconds, all PoS nodes can produce 512 SAT COINS in 15 seconds, and the daily output may be close to 3000000 (the specific allocation plan has not been finally confirmed). The 24 PoS nodes will produce hundreds of millions of COINS in the first year. If the current 24000000 is taken as a basic threshold, then hundreds of millions of COINS will be produced with tens of millions of collateral.So the rate of return could be thousands per cent, tens of thousands per cent.
In addition, as for when the main network will be launched, our project progress report in September has been released. We will launch the Alpha version of the official network in October, and the official network will be launched in January 2021.
Therefore, 1000000 COINS is a basic threshold, and it will eventually enter 24 nodes. Through competition, it may take millions of COINS to squeeze in.
Q18: Is the SAT our own project?If so, I will devote myself to support and contribute my share to the development of blockchain in China.
Frank: That’s right. It’s 100% our own technical solution, our own code.Users can focus on our SmartX technology whitepaper and our code.
The reason why we attract users is not because we are domestic, but because our technology, products and solutions are really excellent. We hope that users love SmartX because of our products, not our identity.