A blockchain infrastructure project to facilitate data storage for decentralized applications, Lambda provides multi-chain data storage, protection for data privacy, data management across different blockchains in the field of decentralized storage and a complete market place for storage related services on the Lambda Chain Consensus Network.
Lucy Wang, the co-founder and CMO of Lambda, talked to BlockPublisher about how Lambda is solving a major problem of data storage, challenges Lambda is facing and and steps they are facing in tackling those challenges. Lucy also shed some light on the current bear market and the future of bitcoin.
- What real-world problem Lambda is solving and what is the vision?
Lucy: Hack attack, data manipulation, data privacy leakage and storage service price dictation by centralized service providers are the real-world problems we aim to solve. Additionally, our vision is to return the value of data to the data owner. The most important thing in the blockchain space is that all participants can benefit and the benefits are directly proportional to the effort contributed. The blockchain is an economic model, not just a technical model.
- Why is Lambda using blockchain to solve storage problem?
Lucy: Blockchain is a P2P network that evades centralized nodes control. Lambda’s network consists of a separate storage chain where data can be stored; a consensus network that is built on top of blockchain; and a marketplace that is also built on blockchain where storage related services can be sold and purchased. When the data is checked in, a unique code series is assigned to the data. Then it is stored in the blockchain and verifier nodes which are distributed throughout Lambda’s main network.
When someone stores important data and purchases the verification service at the same time, the Lambda system randomly assigns a set of verification nodes, so that they provide the verification results simultaneously. The more verification services you purchase, the higher the proof of integrity.
Additionally, through the sub-chain technology provided by Lambda and the contribution of the global open source community, we have built a marketplace where storage space can be sold at a price, just like a house. Lambda provides secure, scalable and efficient data storage for businesses and users available to purchase with the LAMB coin.
- What challenge is Lambda currently facing in the development of the project?
Lucy: In order to make progress, you need to first discover the problem. This is especially true in the blockchain field. It requires a team of computer scientists, computer programming, software engineering, business models and economic systems. Surprisingly, most project teams are familiar with only computer engineering and commercial realization. They do not know much about technology, academics, and economics. Since entering the blockchain domain in early 2017, it has taken a long time to find the database domain to define the problem. We believe that data integrity and recoverability are the core and biggest problems in the storage space.
Currently we are facing the challenge of a constant optimization of the mining ecology mechanism, we believe a full participation from the miners community is critical, we value and keep open to the feedbacks from Lambda’s international communities. .
- How much funding Lambda has raised and please name some of the major investors.
Lucy: We’ve raised $15M from 23 institutional investors that include Bitmain, FBG Capital, ZhenFund, Metropolis, Funcity Capital, Kosmos, SparkCapital, CEYUAN, BlockVC, etc.
- What solution do you think would work for the scalability issue of blockchain and what is your opinion about the future of blockchain?
Lucy: Theoretically, there is neither a centralized node nor limit to the scalability on the blockchain. Nodes can be added on the network. That’s why Lambda is using blockchain to build our consensus network. Although the blockchain industry is still in the early development stage, we have confidence it will grow rapidly in the next several years. The blockchain infrastructure will continue to improve and more DApps will be adopted by users. As a key blockchain infrastructure player focusing on decentralized storage solution, Lambda will benefit from this industry growth trend.
- In your opinion, what industries can actually benefit from blockchain technology?
Lucy: My personal view is that all industries (financial, voting, retail, IOT, AI, etc.) could realize better performance on a distributed network. Operating on a secure network would benefit are one of the many benefits of blockchain technology.
- What are your thoughts about proof of work & proof of stake?
Lucy: Proof of work, proof of stake and Byzantine are consensus algorithms that are widely used in blockchain. They fit into different application scenarios. In storage field proof of work is not workable due to the actual business requirement that requires real data to be stored according to the time and space requested by the customer. The pure consumption of CPU, hard disk or graphic card can’t be recognized as a real contribution to the network. So Lambda uses PoST proof to do the storage proof verification.
- What do you think, will trigger massive adoption of blockchain and what is your advice to new blockchain startup founders?
Lucy: The blockchain infrastructure is the premises of eliciting massive blockchain adoption. Lambda is working towards promoting the decentralization of the internet by creating a decentralized storage infrastructure for the blockchain ecosystem. Ensure you have a clear business pain point that your solution will solve for.
- What are your views on the the current bear market?
Lucy: The bear market will last for a while. It’s crucial for projects to stick with what they originally wanted to do and keep developing the product and business network itself. Once your business is developed and ready, you will likely be selected by the market when the bull comes..
- In your opinion, what will be the future of bitcoin and how much time will it take for bitcoin ETF approval?
Lucy: Bitcoin has a very strong cycle. There have been many peaks and drops for bitcoin, especially witnessed in 2018. After bitcoin plunged in November 2018, we felt that the probability of bitcoin is 2019 was going to fall even lower.
The cryptocurrency market appeals legal supervision and management. Although there is spoofing and trade washing, legislation is needed to fight manipulation. The effort of Bakkt could lead to the approval of bitcoin ETF; it’s only a matter of time.