On May 3, 2019, QudemApp hosted Züs (formerly 0Chain) CEO, Saswata Basu, to answer the community’s questions regarding all things about 0Chain, the recent launch of AlphaNet and 0Box a decentralized storage app, as well as future plans for the company. Let’s take a look:
Question: How will beta miners stake without native tokens? or a general overview of beta in terms of service providers would be appreciated.
Answer: We will distribute some test tokens to Beta miners to simulate the live environment. The purpose for BetaNet is to simulate MainNet before we go live and conduct a Bugathon.
Question: The team did deliver a great product with 0box which shows that the 0chain technology is more advanced than anything in crypto right now. Even when we look at noncrypto the decentralized storage app outperforms the classic cloud providers. Sadly there is still no increase in interest or price of ZCN. People don’t seem to give a damn about 0chain even when the team delivers great technology. What are the plans to change this? What are the plans to get people interested in 0chain and to get them to invest in it?
Answer: Thank you. Yes, we have a great product, but no one knows about us. We have a marketing strategy to spread the word. We intend to activate this sometime after BetaNet.
Question: What level of data needs to be stored via the 0chain protocol to create a deflationary environment for the token?
Answer: Based on analysis done by Imperial College, London, just 4PB of data on the network would constitute a base $1 value for ZCN. More data means a higher value. More data also means more users exposed to ZCN. As users learn that locking ZCN gives you a CD-type of interest, we expect to have a much faster deflationary environment than any other cryptocurrency.
Question: When will 0Chains mainnet launch be for the decentralized storage app, 0Box, and 0ChainNet?
Answer: Sometime after BetaNet, and after we hold a Bugathon and make sure the Byzantine bugs are taken care of.
Question: What equipment do I need to be a service provider, what is the cost and benefits?
Answer: A 2U box which we will start selling shortly on the website, or you can DIY. The cost/benefits is explained in the brochure on the service providers’ page. https://0chain.net/page-service-providers.html
Question: How does Split Key technology work for 0Wallet?
Answer: You just need two devices to make a transaction, say a phone and a laptop. If either is hacked, your assets are still safe. No hardware key such as Ledger is needed. More at https://0chain.net/page-wallet.html
Question: Are there any projects currently building dApps on the 0Chain network?
Answer: We have a lot of interest and are working with select dApps. As a small team, our current focus is to get the MainNet out and then work with our dApp partners.
Question: Does 0Chain still have a partnership with NEO?
Answer: It’s more of a marketing partnership we had before. We plan to engage will all blockchains and dApps to market our 0Box solution after we release our SDK.
Question: What do you expect from the DAPPCON this month ?
Answer: IEEE DappCon was great. My presentation on split-key tech was very well received, and everyone thought we have a great tech. We had the most questions asked by the audience, and the place was full! https://www.dappcon.net
Question: When will you be sharing the 0Chain code on GitHub?
Answer: Sometime after BetaNet
Question: How does the 0Chain decentralized cloud compare to Multi-cloud, multi-site and geo-distributed clouds?
Answer: Great question! Yes, we plan to offer a multi-cloud solution as part of our Enterprise edition, where enterprises can choose their service providers, through our platform and our public 0ChainNet blockchain. We also have an Enterprise decentralized storage app in the making.
Question: It was reported by crypto publications that in late 2018 your phone was successfully cloned via SIM-swapping, was this true, and if so were there any implications to 0Chain?
Answer: Yes, but it has not slowed down development or innovative research. We have more products and innovative peer-reviewed research publications than any other project or projects combined.
Question: How big is the 0Chain team and do you have any female developers?
Answer: The team is listed on our site. https://0chain.net/page-about.html. And yes we have female developers!!
Question: I am interested in becoming a 0Chain Service Provider though don’t have experience with the specific details behind it though hold ZCN, where can I find out more details?
Answer: We will offer a white glove service, where we manage it for you. It will be available on our site shortly. Check out https://0chain.net/page-service-providers.html and watch for announcements
Question: I was an early-stage investor in 0Chain and have been particularly disappointed in the token performance over the past year, can you talk about the efforts the team is doing to improve liquidity (which is almost non-existent) and securing ZCN on top-tier exchanges?
Answer: The team is currently focused on development. After BetaNet we plan to activate our marketing strategy and this will help us with all that you mentioned.
Question: What is the utility of ZCN and do you have aspirations of making ZCN a top-tier coin?
Answer: In my mind, we should be a top 5 coin, and eventually #1. ZCN is more secure and faster and is the only crypto that has a data asset value. The perception of ZCN will change, as more people take the time to know about our data utility, the CD-type interest feature, and the split-key security value. Right now, we’re lumped into altcoins with 1000 others.
Question: Can you explain 0ChainNet and 0Box?
Answer: 0ChainNet is a public permission-less blockchain with enterprise-grade features. 0Box is a decentralized storage app (dApp) built on 0ChainNet solving privacy and data protection problems for the consumer and enterprise.
Question: We’re close to opening rig orders but there are still a lot of unknowns. There was talk of price change, we don’t know the details of the incentive for early service providers, etc… I need all the details to be clear before I can personally decide which option I’ll go for, and I suspect many people would want this as well. Any update on pricing? Feebs mentioned it is going to be cheaper than first expected.
Answer: Yes, we will update the brochure and pricing for our gear and service support
Question: What minimum internet speed is required for independent miners, sharders, and blobbers that will build their own rigs?
Answer: Internet speed can be gradually brought up as the network requires more bandwidth, but a business speed rate should suffice. In a data center, you’re given a 1Gbps drop, so you won’t need to worry for a while.
Question: ZCN incentive will only be for those who go through the LLC route or also for independent miners?
Answer: There will be a ZCN incentive for DIY beta miners, but won’t be the same as those that buy from LLC.
Question: If one decided to build their own mining rig, does it need to be approved by 0Chain?
Answer: No approval is needed, but needs to be good quality otherwise you may not generate blocks or be selected as a blobber.
Question: You buy a done-for-you version MSB rig with 0Chain support. Something unexpected happens to the rig, collocation facility, whatever.. your rig is down when you’re in the active set and you get booted out. You lost mining profits. Who takes responsibility in this case?
Answer: 0Chain will not be liable for lost profits. You still need to monitor your rig. We will help manage it and send you alerts, etc. If your data center goes down, there is nothing we can do.
Question: Is there a minimum staking threshold for MSBs?
Answer: Yes there is a minimum stake.
Question: Generally, more detail on how will beta mining roll out and then proceeding to mainnet look like?
Answer: Yes we will provide these details soon.
Question: How is 0Chain’s decentralized cloud faster than a centralized cloud?
Answer: Because we do parallel uploads and downloads to multiple servers, instead of one.
Question: How has the bear market impacted 0Chain, have you had to let employees go or change direction as a result of the climate?
Answer: Yes we’re focusing on products and partnerships that will give us immediate revenue and a shorter sales cycle.
Question: 0Chain announced a partnership with Bluzelle last year, can you talk about how that partnership has progressed and the benefits behind working with the team?
Answer: It was more of a marketing partnership. Both of us have been heads down dev mode since then.
Question: 0Chain’s partner Bluzelle has recently pivoted into the gaming industry to great effect. What are the prospects of 0Chain in the gaming industry and do you have any plans to focus on this industry?
Answer: Yes, we plan to partner with gaming dApps across all blockchains to use our storage infrastructure.
Question: When will the decentralized storage app be available on MainNet for users to own and why should users use 0Wallet over other wallet providers?
Answer: 0Wallet will be available when MainNet goes live. 0Wallet is more secure (think Ledger security) and faster to transact. Additionally, you earn tokens, like a CD, if you’re in hodl mode and lock your tokens. You can also earn additional tokens if you stake to a service provider.
Question: How does 0Chain consensus work?
Answer: Our consensus is fast, more secure, and scalable. We have multiple generators (instead of one lead as in dBFT) to prevent DDoS attacks, squared proof-of-stake to prevent Sybil attacks, and decoupled finalization process to achieve fast 100% finality. Our self-forking protocol allows infinite scalability. More at https://0chain.net/page-technology.html
Question: Do you somehow control the circulating supply of ZCN on exchanges? Because there is no actual buying opportunity for large investors. Or it’s simply because of the lack of sellers?
Answer: No, we don’t control supply on exchanges. If you’d like to buy large quantities, you’d probably need to do OTC.
Question: Unfortunately if a token falls below its ICO price and has low liquidity in the market more often than not it is deemed a scam or failed project. Looking at 0Chain’s performance since the private sale it is easy for one to make that assumption, how do you respond/feel about that in regard to the long-term future of ZCN?
Answer: We’re not like any other project. You can compare us to Dfinity, FileCoin, and Tezos. And we are doing a combo of what they accomplished. Do they have mainnet out? And if so, how long did they take? If people holding ZCN have a different perception of our project and are unwilling to learn more about us, then they are probably not the right folks holding our tokens.
Question: Why is there no demand for your token?
Answer: Demand is about perception, and the holders of the token to be more involved in the project and spread the word. We also have plans to market after BetaNet, but for now, token holders can start talking to people about us.
Question: Does Dfinity have any patents regarding their consensus protocol that harms 0chain’s development?
Answer: Not that I know of. And parts of our protocol are quite different.
Question: Will the MSB rigs that are bought via the white glove option all be installed in the same facility? If so, doesn’t this harm decentralization?
Answer: If we have a large number, we will install them in different facilities. There are a large number of data centers in the Bay Area.
We are thankful to Qudem for having us for this AMA.
About Züs
Züs is a high-performance storage platform that powers limitless applications. It’s a new way to earn passive income from storage.
