AMA RECAP : CRYPTO CHALLENGERS x SHUKAVATI NETWORK
Venue : CRYPTO CHALLENGERS
Date : 28 OCT 2021
Time : 12:00 PM UTC.

Guest :Mindaugas Savickas
They shared detailed information and his opinions about the project SHUKAVATI NETWORK.

🔴 SEGMENT 1 INTRODUCTION

Mindaugas:
I am Mindaugas, CEO and Co-founder of Sukhavati. I was very fascinated by the core characteristics of Blockchain and decentralized web3 solutions, so I jumped into Crypto completely many years ago.

I have recently graduated from Harvard Business School, have 11+ years of management & marketing leadership experience: A number of strategic and hands-on marketing solutions executed for global brands, tech start-ups. Built and scaled product and marketing teams up to 40+ worldwide.

Before joining Sukhavati, I was CMO & Co-founder of Rokkex (crypto exchange by cybersecurity professionals) since 2018. I was also Head of Marketing of FAST INVEST (a P2P alternative investment platform) and Head of Marketing of OXYGEN (a next-gen digital healthcare solutions).

I believe in Sukhavati because I agree with its mission for the implementation of the Web3.0 as a decentralized cloud service network focused on storage. And I believe that through our continuous efforts, its version will finally come true.

1.Can you briefly introduce the project SUKHAVATI NETWORK what are some of utlities of $SKT ? How do you think you stand out among the competitors if there are any?

Mindaugas:
Sukhavati is a decentralized cloud service network focused on storage with 3 basic layers of consensus layer, storage layer and application layer. The consensus layer is based on the POS ( Proof of Space) /PoC(Proof-of-Capacity ) mechanism, which can directly reuse the consensus power of some existing POS/POC protocols.

At the storage layer, it makes full use of the advantages of the hardware-based Trusted Execution Environment (TEE) technology and designs a new decentralized storage verification mechanism: Efficient Proof-of-Spacetime (EPoSt), which enables a significant number of small network storage devices to participate in the network and provide trusted computing resources.

Decentralized storage is the main premise of Web3.0 application landing, currently in each specific area there are some representative projects coming out. For example, on Contract-based Storage track, there is Filecoin which is based on zero-knowledge proof and Crust which is based on TEE; On the permanent storage track, there is Arweave; On the distributed object storage track, there is Storj and so on. At present, most of these storage projects are still in the early stage, and there are still many areas to be improved. No matter in ecological completeness, real application cost, or the real realization of Web3.0 concept, there is still a lot of work to do in the actual application and real business.

Realizing the current status of the storage track, as well as its problems and role gaps, we decided to build Sukhavati Network with the goal of improving the storage infrastructure of Web3.0, and join the construction of this ecosystem.

Different from projects mentioned above, Sukhavati aims to build a decentralized data access gateway covering both Web3.0 storage ecosystem and Web2.0 storage services, connect the existing storage protocol islands, and provide unified data storage, retrieval and management services for Web3.0 dApps.

In order to achieve this goal, Sukhavati needs a broad and solid consensus layer. After research, we decided to start from the PoS/PoC protocols which mine with hard disks, and quickly establish a solid consensus layer by reusing the existing PoS/PoC consensus power, while simultaneously covering the largest hard disk storage space market in the world.

Based on this, Sukhavati will take full advantage of the high efficiency of PoS/PoC consensus and hardware-based TEE technology to build a storage layer that can provide hot storage. Thanks to the overall design of Sukhavati, any device that supports TEE technology can be added to the storage network, creating a truly decentralized network. Since Filecoin is more suited for cold storage scenarios and Arweave is designed to store high-value density permanent data, Sukhavati's hot storage layer can act as a storage middleware in the Web3.0 ecosystem, routing contents to different storage networks based on different needs of dApps.

2. Can you share the achievements the team has made so far ? what are the major achievement target SUKHAVATI NETWORK is yet to achieve . If possible also share your roadmap.

Mindaugas:
Yes, we have made some achievements so far. We finished the 2 rounds of financial raising successfully, and also passed the grants of Web 3 foundation. We made a great free SKT airdrop, and got SKT listed in several crypto exchanges. We also get some new partnerships with projects like Marhaba DeFi and many big PoC/PoS miners.

We actually have 3 priorities for Sukhavati to achieve in 2021. Everything is going well according to the roadmap.

1. SKT token launch and maintaining good liquidity
2. Sukhavati mainnet launch, the consensus layer goes live and start mining
3. Functions of token-economic model come online gradually

In terms of SKT token launch. On 12 Aug, the token of Sukhavati Network (SKT) was listed on several exchanges (Gate.io, MEXC, Uniswap, HOO, Hotbit, Lbank) at the same time. The total trading volume was over 10,000,000 USDT on the first day! Firstly, we listed the ERC-20 SKT. A number of exchanges are available, and the number will keep increasing. At the same time, we will have more events to give back to the community, including large SKT token airdrops and so on. In addition, the current ERC-20 SKT token's liquidity incentive program will be launched in the near future.

For mainnet. The Sukhavati team is currently developing and testing the Consensus layer (testnet), which will open the mining function as soon as the mainnet goes live. The development of Sukhavati mainnet has been completed and currently in the final testing. If everything goes well, we expect that the testnet to be launched SOON at any time when it’s ready. And because Sukhavati is compatible with existing PoS/PoC consensus power from projects such as Chia, users who want to participate in the consensual layer mining can also benefit from multiple networks using the same consensus power. We expect a good rate of return for early adopters. Meanwhile, we will publish the first edition of our economic white paper soon. Those who are interested in mining SKT please keep an eye on our Telegram Channel: https://t.me/SukhavatiN

Besides the upcoming Sukhavati testnet and mining, we also have some exciting news can't wait to share with you (like some new partnerships and Halloween Airdrop)! We will officially announce them and share with our communities in the first place, please follow us and join our community. Stay tuned!

Twitter: https://twitter.com/Sukhavati_N
Telegram: https://t.me/SukhavatiNetwork
Telegram Announcement Channel: https://t.me/SukhavatiN
Medium: https://medium.com/@Sukhavati
Reddit: https://www.reddit.com/r/SukhavatiNetwork/
Discord: https://discord.com/invite/nhTd23PMSA
GitHub: https://github.com/Sukhavati-Labs
CMC: coinmarketcap.com/zh/currencies/sukhavati-network
Coingecko: coingecko.com/en/coins/sukhavati-network

3) Could you share a bit about security and also what benefits you provide to incentives user’s choosing your platform?

Mindaugas:
Well, that’s actually 2 big important questions.

For security,
it has always been the top priority of Sukhavati Network from technical design to code implementation.
In terms of technical design:

1) At the consensus layer, we have corresponding designs to prevent attacks on the consensus of blockchain such as Double Mining Attacks, Grinding Attacks, Long Range Attacks, etc.
2) In the case of co-mining with Chia network, we also designed a solution for the miners to protect their existing private keys from any risk of leakage.
3) On the storage layer, we leverage the Trusted Execution Environment (TEE), an advanced hardware-based trusted computing technology, to secure the data that users store on the blockchain. (By the way, recently Microsoft just released its latest operating system Windows 11 which is also based on TEE, and the user CPU has a forced TEE function requirements. See the maturity and reliability of TEE technology)

So since the very beginning of design for technical solutions, we have already strived to take every conceivable safety requirement into account and implement them.
In terms of the security of the code implementation, our ERC-20 token contract has been audited by some Information Security Agency for code security. When the mainnet of Sukhavati goes online, we will also fully open the code for dealing with users' private keys, and require trusted institutions to conduct code review and audit. Thus to ensure that all of our users can safely hold their tokens and data assets on Sukhavati network.

For user benefits:
Users can participate in Sukhavati Network in two different ways and get benefits. In the early stage, users could use their spare disk space to join the mining of the Sukhavati Network consensus layer, contributing to the consensus stability of the network and receiving rewards accordingly. In early time, the consensus strength of Sukhavati is very important, so there will be a huge incentive to the miners in the consensus layer.

With the consensus layer getting stable and the development of the storage layer and application layer, users will be able to spend SKT tokens for on-chain storage, enjoy the storage and application services brought by the Sukhavati network. This is the application value that later users can get from the Sukhavati network.

4.Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution

Mindaugas:
The total supply of Sukhavati token (SKT) is 618 million.
SKT for mining rewards is 61.8% (381M) . It will be released through block rewards and used to maintain the operation of the Sukhavati network. Mining rewards will last 40 years. SKT for the founding team is 10% (61M) .
You can check all the token allocation details in the following link of our white-paper:
https://sukhavati.io/Sukhavati_Network_Whitepaper.pdf
sukhavati.io.

Mindaugas:
The core of Sukhavati's token economy model is designed to ensure the evolution and long-term stability of the entire network. The block rewards will incentivize participants differently at different stages.

In the first stage, the network consensus establishing phase, most token rewards will be given to miners who contribute to the network’s consensus. At the same time, for the long-term safety and stability, a large portion of the reward will be allocated to network miners who provide a long-term staking for increasing their consensus power on consensus layer.

In the second stage, while establishing the storage layer, in order to promote the evolution of the network, part of block rewards will be converted into storage mining rewards. In addition, there will be an bonus pool set aside for developers who contribute to the ecosystem, and any user can participate in the funding of this bonus pool to earn a long-term token reward.

The third stage is the launch of the application layer. In order to realize the extensive application of Sukhavati network, some Senate Nodes with important strategic resources will be set up after its initial investment to the ecosystem.

🟢 SEGMENT 2 TELEGRAM LIVE

Q1-$$ The last bull $$ BTC 470k:
Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relatiionships?

Mindaugas:
Firstly, all our early investors are our partnerships, like AU21, Okex, LD capital, YBB, NSG and so on. We have many investors, funds behind our backs, and we have also received a Web3 grant. So since our project is very hot, we actually have to limit most of the investors from joining the project, we want only the best who can provide world-class support for this project vs. just giving us money. They will help us with marketing and branding, building the ecosystem together.

Besides that, we are in the Polkadot ecosystem as well as the storage track of block-chain. And in most PoC storage projects like Filecoin and Chia, we can multi-mining with them via the same equipment and miners.

Recently a number of storage miners with large scale storage computing capability have been very interested in mining of Sukhavati, and want to join the Sukhavati consensus mining from the very beginning of the testnet.

As a storage project, we can also support the storage function of other projects and cooperate with other projects. For example, recently we got partnered with an NFT project Marhaba DeFi. Marhaba DeFi is An Ethical Decentralized Financial Platform. Marahaba DeFi will build ethical Shariah DeFi solutions using $SKT tech, utilize its decentralized storage for NFT infrastructure.

Based on all of the above features, Sukhavati will establish a decentralized data access gateway covering both Web3.0 and Web2.0 storage ecosystems to provide unified data storage, retrieval, and management services for Web3.0 applications. The mission of Sukhavati Network is to inspire and incentivize improvements to the distributed storage ecosystem, promote it as the true infrastructure of the next-generation Internet, and expand a wide range of application scenarios for the implementation of the Web3.0 vision. We will have more application scenarios and cooperation to share with you in the future. Stay tuned.

Q2-Tuyet Moon KTV- Group⚜️:
Can you give an overview of your Tokenomics, and the UTILITY of Token?

Mindaugas:
The core of Sukhavati's token economy model is designed to ensure the evolution and long-term stability of the entire network. The block rewards will incentivize participants differently at different stages.

In the first stage, the network consensus establishing phase, most token rewards will be given to miners who contribute to the network’s consensus. At the same time, for the long-term safety and stability, a large portion of the reward will be allocated to network miners who provide a long-term staking for increasing their computing capacity on consensus layer.

In the second stage, while establishing the storage layer, in order to promote the evolution of the network, part of block rewards will be converted into storage mining rewards. In addition, there will be an bonus pool set aside for developers who contribute to the ecosystem, and any user can participate in the funding of this bonus pool to earn a long-term token reward.

The third stage is the launch of the application layer. In order to realize the extensive application of Sukhavati network, some Senate Nodes with important strategic resources will be set up after its initial investment to the ecosystem..

Q3-Rosalina Bray:
Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiration for approaching to this name?

Mindaugas:
The original meaning of Sukhavati is the Pure Land of Ultimate Bliss.

The vision of Web3.0 is to make the Internet more decentralized, verifiable and secure. The current innovation and development of blockchain make large-scale decentralized autonomous networks, value transfer without trust, and verifiable computing a reality. But a key component of the Web3.0 ecosystem is still missing: a decentralized data storage infrastructure. Sukhavati has created a Pure Land in the Web3.0 ecosystem.

Q4-Bảo Vy 😘😘😘 1996😛:
Security audits are extremely important for any project, especially DeFi protocols that deal with user funds. So, can you explain if your project has been audited to convey confidence and security to the crypto community that is interested in investing in your project?

Mindaugas:
For security, it has always been the top priority of Sukhavati Network from technical design to code implementation.
In terms of technical design:
1) At the consensus layer, we have corresponding designs to prevent attacks on the consensus of blockchain such as Double Mining Attacks, Grinding Attacks, Long Range Attacks, etc.
2) In the case of co-mining with Chia network, we also designed a solution for the miners to protect their existing private keys from any risk of leakage.
3) On the storage layer, we leverage the Trusted Execution Environment (TEE), an advanced hardware-based trusted computing technology, to secure the data that users store on the blockchain. (By the way, recently Microsoft just released its latest operating system Windows 11 which is also based on TEE, and the user CPU has a forced TEE function requirements. See the maturity and reliability of TEE technology)
So since the very beginning of design for technical solutions, we have already strived to take every conceivable safety requirement into account and implement them.

In terms of the security of the code implementation, our ERC-20 token contract has been audited by some Information Security Agency for code security. When the mainnet of Sukhavati goes online, we will also fully open the code for dealing with users' private keys, and require trusted institutions to conduct code review and audit. Thus to ensure that all of our users can safely hold their tokens and data assets on Sukhavati network.

Q5-❣️Charmaine Eulalia ❣️:
Can you share your social media links so we can keep ourselves updated?

Mindaugas:
Twitter: https://twitter.com/Sukhavati_N
Telegram: https://t.me/SukhavatiNetwork
Telegram Announcement Channel: https://t.me/SukhavatiN
Medium: https://medium.com/@Sukhavati
Reddit: https://www.reddit.com/r/SukhavatiNetwork/
Discord: https://discord.com/invite/nhTd23PMSA
GitHub: https://github.com/Sukhavati-Labs
CMC: coinmarketcap.com/zh/currencies/sukhavati-network
Coingecko: coingecko.com/en/coins/sukhavati-network

I really like this community

never forget! Buy SKT while the price is soo good and low

it will go very soon and you will be paying bigger price for it!

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