But except the technology, I wonder the primary purpose of this project.
Just as PoW mining has promoted the development of the large-scale integrated circuit industry, Lava's PoC mining ecology is also trying to promote the iteration of storage algorithms and the application will have meaningful social value.
Will it become a mainstream digital currency？
We all hope so.
what are the practical applications of lava technology in the market? can you give example of industries where your technology can be optimized to improved their operations? and also, can you give us insights regarding updates of your cambrian objective?
https://i.postimg.cc/FRx01cCR/Screen-Shot-2020-03-16-at-4-57-59-PM.pngPoC (Proof of Capacity) is a consensus mechanism with multiple superior characteristics and huge application potential. As an important branch of todays existing consensus mechanisms, PoC is still undiscovered and underrated by the market. A truly fair, open and meaningful project was needed to convey the decentralized concept of PoC to the world, so we launched Lava.Considering the versatility and universal usage of storage devices, PoC is a consensus mechanism that has the potential to achieve the highest degree of decentralization in the future. We also believe that, the market size of a specific hardware equipment, can to some extent imply the upper limit of the consensus ecosystem that mines with the equipment. From the perspective of hardware industry market data, mechanical hard disks(HDD) alone have a scale of 20-25 billion US Dollars and 300 million units of annual shipment. Compared with the scale of 10-15 billion US dollars and 50 million units of annual shipments of external GPUs, we can draw the conclusion that, the storage equipment market has all the capability to cultivate an ecosystem of PoC mining no less than GPU mining in size.
Lava is neither the first nor the only PoC project. Lava refers to the technical details in the consensus level from the PoC ancestor Burstcoin, and combines with the codebase of Bitcoin to achieve absolute reliability from the botton layer of the blockchain. Lava is the first PoC project to implement completely open source code after Burstcoin. During the project startup phase, Lava did not conduct any form of ICO and public fundraising activities; the founding team retained 7% of the total supply of tokens and this was allocated in the genesis block.
Lava is expanding the application of PoC consensus in the financial field to realize the connection between PoC consensus and the real world. At present, we have reached a preliminary strategic cooperation with one investment bank holding STO license, and plan to issue a number of securitization tokens based on real-world assets (real estate, etc.) on Lava mainnet in 2020. We have adopted the technical architecture of Confidential Asset, and used threshold signatures and ring signatures to verify UTXO. Under the premise of ensuring verifiability and traceability, we can hide asset information in transaction data. This technical solution will also be implemented in the first half of 2020.
