LTG AMA: Demystify the history of hard disk mining in the first distributed storage public chain LTG
At 8pm on April 19th, the LTG AMA organized by ZB.com was successfully held. This AMA invited Kadi, operations director of LTG Kyrghyzstan foundation, to share the history of hard disk mining of LTG, the first distributed storage public chain, in the ZB.com APP English community with dropping a number of LTG lucky envelopes.
The following is the content of the AMA:
Host：LTG has been launched on multiple platforms at the beginning of this year, but since we still have many users that haven’t heard of this project, we still need you to briefly introduce the LTG project to us.
Kadi： LTG is the abbreviation of living the grace, which was heavily invested by the Kyrgyzstan LTG Foundation. It is an open-source public chain successfully developed by the famous blockchain team of Silicon Valley after over a year’s efforts.
LTG adopts storage and mining technology, Proof-of-Storage and PoRep store data and spatio-temporal proofs. To generate the “fastest solution” of the block, miner can win the mining accounting rights, thus obtain the LTG mining reward.
LTG makes full use of idle resources for mining, and it is environmentally efficient with low barriers to entry. It provides secure protection for personal and business data without fear of data leakage, and is low-cost to store. LTG miners provide users with storage space in exchange for a token reward. LTG can be used to shop freely in a mall or at a LTG landing store. Users can pay for data cloud storage, rent bitcoin mining machines in the JIBITE mining pool, exchange LTG mining machines and mining software, pledge mining, etc.
Host：Thank you for your answer. So what are the advantages of hard disk mining compared with ordinary mining method?
Kadi：HDDMining, also known as “storage mining”, is a process of obtaining cryptocurrency based on hard disk storage. Unlike traditional mining based on a graphics processing unit (also known as GPU mining), which uses POC capacity to prove mining, hard disk miners are rewarded for generating new blocks of data in distributed ledger books.
POC capacity proof mechanism is simply to use the idle space in the computer hard disk to mine to obtain rewards. The larger the hard disk space is, the more contents are stored, and the more rewards can be obtained. The representative tokens are Burst, BHD, IPFS, etc.
Compared with PoW mining, hard disk mining has the following six advantages：
（1）There is no need to purchase an expensive motherboard with a large number of PCI slots
（2）No advanced GPU required
（3）The installation and configuration of hard disk mining software is generally relatively simple
（4）The hard disk does not require a lot of graphics processing, so the energy consumption is very small and the cost of electricity is saved
（5）When the hard disk is running, the heat is small, and there is no need to use a fan to reduce the temperature of the device (but general professional storage miners are equipped with fans, and professional mines are equipped with temperature control systems)
（6）The whole process of hard disk mining is simple and easy for beginners
In summary, hard disk mining reduces configuration costs, saves electricity costs, and lowers the mining threshold.
Host：Sounds great, and mining is also hot now. How do you think that 2020 will be the outbreak year of hard disk mining?
Kadi：I agree with this point of view. For example, Bitcoin mining, with the increase in the difficulty of mining this year, the output has been halved, and the mining machine has been eliminated.
In addition, the use of POW mining will consume a lot of power resources, the mining cost is higher and higher, the mining industry is basically controlled in the hands of large mine owners and consortium. The cost and risk of mining are increasing.
Storage mining adopts the hard disk mining mode, with less investment, high maintenance rate of mining machine, more energy saving and environmental protection, no noise pollution, and no large amount of heat generated. Therefore, mining can be carried out at home, saving a lot of financial and human resources to find power resources and mine construction costs.
In particular, LTG also allowed miners to mine using home computer hard drives and external hard drives.In this way, the overall participation, spread speed, and public awareness is much higher than PoW mining.So, I think 2020 will be the year of hard disk mining explosion!
Host： Everyone can look forward to it together. In addition, one of the issues that users are very concerned about is the total amount of tokens and economic model of LTG, could you please introduce it to us?
Guset：The total amount of LTG is 2.1 billion, of which 1.8 billion will be produced by mining, and the rest 300 million will be pre-mined for testing. LTG has a total of 20 mining pool nodes, and each node needs to pledge 1 million LTG. The LTG chain produced 600 pieces every 4 minutes and 216,000 pieces per day, or 78.84 million pieces per year.
At the same time, LTG has a halving mechanism, and the mining revenue is halved every four years. In the JIBITE mining pool and the upcoming LTG mining pool, you need to pay a certain amount of LTG for mining software and LTG professional mining machine. Among them, 50% is used for burning, and 10% of the LTG mining pool rewards will also be burned, which greatly reduces the circulation of the LTG market and increases the scarcity of LTG.
Host: And I know LTG has reached $7.5 US on some exchanges. How about let’s drop some LTG lucky envelopes for our users to snap?
Host：Hard disk mining may be relatively unfamiliar to some users, so how do ordinary users participate in the ecological construction of hard disk mining and LTG?
Kadi：In addition to the use of professional LTG hard disk mining machine, we will gradually develop a user can also use the home computer idle hard disk mining. At present, a large number of other idle hard disk mining machines in the market can also participate in LTG mining by exchanging mining software. You can also participate in the lease of JIBITE Bitcoin mining machines and get a gift of LTG, and at the same time use LTG to lease BTC mining machines on the JIBITE platform.
In addition, in March this year, the LTG points exchange mall has also landed. Users can use LTG to exchange points for shopping. You can also be a mall partner to sell items in the mall to obtain LTG. In April this year, the LTG distributed cloud storage network disk has been put into use. The LTG public chain network disk is currently the only real application landing project. Everyone can rent their own computer surplus storage space to the demanders, thereby obtaining LTG.
Host：LTG has launched multiple platforms successively this year. What is the progress of the current project? What are the future development plans?
Kadi：At present, the progress of the project displayed on the official website has been completed. The project was launched in March 2018, and the research and development were completed in July 2019 to begin testing. In October 2019, the JIBITE LTG mining pool was successfully developed and tested. In May this year, the LTG mining pool will be put into use, which will attract more idle hard disk mining machines on the market to mine LTG.
From January 2020 to now, LTG can rent BTC mining machines in Jibite mining pool. On March 20, LTG points mall has been opened and support LTG points payment. In April, LTG distributed cloud storage network disk was put into use. LTG distributed server network disk cloud storage supports distributed storage projects such as government cloud, enterprise cloud, medical cloud, personal information and other cloud storage applications.
LTG blockchain storage technology is fragmented, using multiple backup and repair technologies, and decentralized storage. The uploaded videos, pictures and files are more private. LTG network puncture technology can identify how much T storage space the server has contributed through the blockchain, and give the server a certain LTG as a block reward according to the contribution rate. Users get the right to use storage space by paying LTG, without going through any organization or individual, to ensure that information, files, and personal privacy are not leaked. The server owner can only see the disordered code when opening the server hard disk. Through cloud storage, he will not know who saved it and what it is.
In June 2020, it is estimated that there will be 10000 servers, which can realize small-scale businesses such as government cloud, enterprise cloud, medical cloud, etc. You can pay LTG to get server space, which can be used for data storage of urban traffic security, medical, enterprise, personal and other businesses.
In December 2020, it is expected that the server will reach more than 100,000 servers, realize large-scale commercial cloud storage. You can pay LTG to get storage space, which can be provided to enterprises with huge demand for video storage such as (Tiktok, Kuaishou, watermelon video, Lead news, iQIY, etc.).
In June 2020, the LTG public chain wallet can be connected to the MasterCard, which can consume and withdraw cash globally. It is a decentralized payment system and realizes global circulation applications.
With the advent of the 5G era, the demand for the storage market will usher in explosive growth. The LTG project can truly be based on the trillion-dollar distributed storage market.
LTG will continue to expand the depth and breadth of the LTG ecosystem, continue to deepen the field of distributed storage technology, and strive to make hard disk mining an early social consensus.
Host：As we know, the number of community votes obtained by LTG in the eighth issue of ZB voting is the highest. We can see that the strength of the overall project of LTG cannot be underestimated. Why does LTG choose to cooperate with the old brand exchange ZB?
Kadi：Cooperation is based on mutual recognition. ZB is the top 4 of old brand exchanges in the world. Since its establishment in 2013, it has provided more than 10 million users with digital asset trading services, with a stable operation history of more than 6 years. Its average daily transaction exceeds 3 billion US dollars. Currently, there are 98 currencies and 197 trading pairs on ZB.com. The transaction volume of mainstream currencies such as BTC, ZB, EOS, and XRP has ranked first in the world for a long time.
As far as I know, ZB ranks fifth in CMC’s liquidity, fourth in Feixiaohao’s transaction list, and is one of the top four in Mars finance, Golden Finance and other top channels.
In the future, we plan to conduct more extensive cooperation with ZB and enter a deeper level of cooperation in project development, digital asset integration, and project promotion.
ZB’s OTC, USDT, QC transactions and cash withdrawals are much faster than any other exchanges. Normally, the whole process can be completed within three minutes, which is an excellent experience for novice users and experienced people in the circle. So, we think it’s a very wise choice to cooperate with ZB.com.
Host：Thank you for your affirmation. Now is the question time for community users. If you have any questions, you can ask our Kadis.
Host: Now it’s the end of the AMA, let’s complete this with lucky envelopes! Have fun!