Updated: Dec 20, 2019
Lambda is a secure, scalable, and high-speed blockchain data storage infrastructure. The project entails the development of an infinitely scalable data storage network to offer high capacity storage for Dapps. They also provide additional services, like multi-chain data cooperative storage, data privacy protection, cross-chain data management, and provable data possession. LAMB or the Lambda coin is a digital currency within the storage network, which is used for storage space trading, mining, and pure storage among other functions.
This guide explains the purpose Lambda is designed for, the team behind it, how it works, and various uses and applications.
What Is Lambda Designed For?
The development of decentralized applications or Dapps requires scalable infrastructure, with high-speeds and availability. This is missing from the current blockchains. The fast development of Dapps cannot occur on existing blockchain storage plans. The IoT on which, everything is connected, requires a database with a storage plan that is low-cost and infinitesimal.
Lambda is the solution to this problem. It is designed to be safe, infinitely expanding decentralized storage network. The Lambda architecture is built on incentivizing miners so that they construct distributed data storage through mining activities. This, in turn, is intended to provide high data security, high storage reliability, and high performance.
The team at Lambda (as per their whitepaper) aims to build a storage solution (disruptive blockchain-based), which can provide unlimited storage capabilities. The developers also intend to build a marketplace on top of the blockchain.
Who Is the Team Behind Lambda?
Lambda was founded by Xiaoyang He (CEO) and co-founded by Monan Li (CTO), Haiqiang Gao (COO), Bingqing He, and Haijun Zhao. Xiaoyang He is also the co-founder of OneAPM, which is a fast-growing infrastructure software focusing on ITOM (IT operation management). Monan Li is the notable founder of Coreseek.
The project has received huge financial support from industry titans and other big tech companies. Among its supporters are Asia’s crypto hedge fund FBG Capital, the mining giant Bitmain, UK’s Metropolis Capital, Sparkling Capital, FunCity Capital, Bluehill, and China’s massive Zhen Fund among many more.
How Does Lambda Work?
The Lambda marketplace is built on a consensus network and is composed of thousands of nodes, based on BFT (Byzantine Fault Tolerance algorithm) and VRF (Verifiable Random Function algorithm) protocols. There are three important components in the Lambda system. Storage miners provide storage services in exchange for LAMB and have the potential of becoming future validators.
Retrieval miners provide download bandwidth for participants by pledging a small number of LAMBs. Validators are responsible for generating consensus-based blocks, packaging transactions, verifying PoS, clearing fees and executing contracts.
The LambdaChain consensus network is at the core of the platform. It is a trusted mechanism, which guarantees the security and integrity of data to replace the brand endorsement of storage, and completes all the relevant technical processes of data security and integrity verification on the blockchain.
It is believed (theoretically) that 1024 validators (officially operated validators, miners promoted to validators, and friendly third-party validators) will work together on the network to support 10,000 transactions each second.
What are Current and Future Applications of Lambda?
LAMB is designed to be a mineable currency in the Lambda project. It shall be used for mining, storage, and trading storage space among other transactions taking place within the Lambda ecosystem. In particular, participants are expected to use LAMB tokens to pay for all services within the Lambda network.
Validators and storage miners shall be required to pledge a certain amount of LAMBs, which eventually would also be used to reward them for services rendered. Storage nodes shall receive a certain number of LAMB tokens based on their SLAs and storage capacity.
The cryptocurrency is currently popular on numerous exchanges, such as Huobi Global, Bittrex, OKEx, BitHumb Global, among others. ETH, BTC and the USDT stablecoin are the primary currencies used to trade LAMB.
Lambda has big plans for the currency’s coming future. The team plans to complete 128 verification nodes of the consensus network by the end of 2019. In the next 3 – 5 years they are hoping to achieve the 1024 nodes mark.
Lambda is also working towards attaining 120 petabytes of storage. 1 petabyte equals to 1000 terabytes. In the next five years, they are hoping to reach thousands of petabytes. The leadership is looking to sign new contracts with business users, which ensures that LAMB is being developed, for the B2B and B2C markets.
Lambda’s main competitors include other blockchain projects entering the decentralized storage space, such as Storj (STORJ), Golem (GNT), Filecoin (FIL) and more.