IDENA AMA Recap With Neng Yuni Forum
Dear Community, Welcome to the recap of our AMA with IDENA.
Our vibrant and enthusiastic community had a lot question to ask. To those who want to know quickly what Idena is about, we are sure this recap gonna help you. So without further, continue reading.
Speaker : 🎙️Rioda — Community Developer
First Session Project Introduction
Before we start our first session can you introduce yourself?
Mr. Rioda: Sure, i’m a member of Idena community for a year now. During that time, i had provided support for Idena members and also developed some tools to support Idena members and Idena ecosystem. So I am Community support and Community developer.
Q1. Can you tell us what is IDENA? And a short story of how came up with idea for IDENA?
Mr. Rioda: Idena is the first proof-of-person blockchain where every node belongs to a certain individual and has equal voting power. It is one of the most decentralized blockchains in history.
Idena protocol solves the blockchain oracle problem: Its independent mining nodes can act as oracles across various blockchains. Idena accounts are compatible with Ethereum.
To formalize a unique human, Idena does not require the disclosure of any personal data (no KYC). It proves the humanness and uniqueness of its participants by running an AI-hard Turing test at the same time for everyone around the globe.
Idena developers team is in crypto since the end of 2015. They were actively involved in tackling the Bitcoin blockchain scalability issue with 2nd layer solutions like micropayment channels / lightning network. However, as they faced the limitations of these approaches because of the Layer 1 constraints they decided to go deeper.
Developers believe that decentralization is the most critical part in the blockchain scalability challenge. Only an exaggerated decentralization on layer 1 can enable sharding with the true horizontal scalability.
Developers realized that personhood is the only alternative to money that is used as the basis for both PoS and PoW consensus mechanisms, so they started considering the formalization of cryptoidentity.
Q2. Can you briefly describe IDENA’s main advantages over its competitors?
Mr. Rioda: Sure, since Idena is first of a kind blockchain with Proof-Of-Person consensus algorithm it has no competitors in that area. Main advantages of Idena over similar projects are:
- Idena does not require the disclosure of any personal data (no KYC) to prove the humanness and uniqueness of its participants.
- Compared to blockchains based on Proof-Of-Work, Idena tends to be more decentralized and the electrical power needed to run and secure Idena network is much lower than any Proof-Of-Work based consensus algorithm. PoW is a plutocratic system where big miners collude to increase their revenue in pools. It’s not profitable to mine bitcoins outside of a pool for small miners. Bitcoin was invented to decentralize production and distribution of money. However selfish mining made bitcoin mining centralized. PoW is not that secure as it looks like. Several mining pools control more than 50% of Bitcoin hashrate.
- Compared to blockchains based on Proof-Of-Stake, similar to POW, initial wealth gets in a few hands of rich people, ends up with monopolized mining where pools again control 51% of the hash rate. PoP is a much more decentralized system where every participant has equal mining rewards and equal rights of producing blocks. Currently you need to coordinate around 4k people to make a 51% attack to Idena mining. The more people join the PoP mining the more secure it becomes.
Q3. What is the name of the token that IDENA has? How much supply is available and where the token allocated?
Mr. Rioda: Idena ticker is iDNA. Total supply is not limited.
Total minting is capped at 51,840 coins per day. Half of the cap (50%) is mined while producing the blocks. The rest of the coins are minted during validation sessions.
Block reward: 6 iDNA
Maximum number of blocks per day: 4,320
Mining cap per day: 25,920 iDNA (50%)
Accumulating fund per day: 25,920 iDNA (50%)
Total daily cap: 51,840 iDNA
You can see coins allocation in details on a Circulating supply page
Circulating supply: 34,308,478.53 iDNA
Total supply: 61,711,304.43 iDNA (Up to this point)
Vested coins: 25,529,351.96 iDNA (See details on a Circulating supply page)
Staked coins: 1,873,473.94 iDNA (Frozen coins, minted for identities’ stake)
https://scan.idena.io/circulation
Q4. Can you please tell us more about the token economics of the project? What utilities does the token have and what benefits will tokens holders get?
Mr. Rioda: Current focus of Idena is to finish up testing of Oracle system which will provide many use cases and fuel the need for the iDNA coin.
Further development of Idena project and growth of Idena network will open up many more possibilities that will also fuel the need for the iDNA coin.
Things like DAOs, Serverless messenger, Courts, Decentralized publishing platform, Staked-collateralized iDNA loans, iDNA mixers, DEX, stablecoin and digital assets. All those features will open up many more possibilities and use cases for iDNA coin.
Q5. To sum up, can you please share with us your nearest milestones that you plan to achieve by the end of 2020 or next year?
Mr. Rioda: Idena has an ambitious roadmap:
- Oracles (currently in open alpha testing phase): For most use cases, smart contracts and DAOs need to be fed with factual information from the outside world. This requires oracles to supply offchain data to the blockchain. In Idena, there will be mechanisms that enable every validated Idena user to have an equal chance of being selected as an oracle. Randomly chosen participants will receive information requests published by smart contracts. The selected oracles will provide the data and stake coins to guarantee its accuracy. When the consensus on the information is reached, oracles will be rewarded or penalized depending on the quality of the information they provided.
- Idena Web App (currently supports validation): Further development which will allow mobile users to participate in Idena network.
- Sharding (planned for next year): Sharding is fragmenting the network into interconnected parts, or shards, processing transactions in sub-chains independently increasing the total throughput. A proof-of-person blockchain enables sharding to address the scalability problem: The more people join the mining, the higher throughput it can provide with the same level of security.
And just to mention few more, planed for development in the future:
- DAOs: Decentralized autonomous organizations (DAOs)
- Serverless messenger: Delivery network for end-to-end encrypted messages
- Courts: Courts with a randomly selected jury are designed to resolve disputes.
- Decentralized publishing platform: Idena network can be used as a decentralized storage to build censorship-resistant publishing platforms.
- Staked-collateralized DNA loans
- iDNA mixers: Any validated Idena user can act as a DNA mixer in the network using the loan mechanism, with their stake serving as collateral.
- DEX, stablecoin and digital assets
Second Session “Twitter Question”
Q1. How will Idena handle your system if unexpected problems occur in the future, especially a hacking issue affecting your platform having some of your users’ personal data? Will your platform be ready for such a situation?
Mr. Rioda: Thank you for your question. The thing that is great about Idena network is, it does not contain any personal data, so there are no worries about that kind of attack.
Q2. Why does a person have to be validated every time there is a validation? If a person proved to be human, how could they “stop being human” and need a new validation?
Mr. Rioda: The uniqueness of participants is proven by the fact that they must solve and provide the answers for flip-puzzles synchronously. A single person is not able to validate herself multiple times because of the very limited timeframe for the submission of the answers.
For Idena network to invite and include new members, new validation session must be held, and all current members must again prove their uniqueness to prevent Sybil identities creation.
The validation status of a participant is not forever. It expires when the next epoch starts. Participants should prolong their validation status for every new epoch.
Q3. Why does Idena Network choose its own blockchain over eth-based blockchain like other tokens?
Mr. Rioda: There are many reasons to have a separate blockchain. There are some of them:
1. In order to proof uniqueness of participants it runs a synchronous Turing test for the whole network which is not possible to implement using smart contracts.
2. It also requires to broadcast pictures for flips-puzzles which is not feasible for the regular blockchain.
3. There are no fees for the validation ceremony transactions.
4. This is a proof-of-person BFT consensus with the ‘one person=one node’ principle.
5. Any validated human can mine the coins unlike of PoW or PoS where material investments are required (hardware/stake)
6. There is a potential for the safe sharding where one node can not mine multiple shard-chains
Q4. What is your plan for global expansion? At present, which market does #Idena Network focus on, or is it focused on building and growing to gain customers, users and partners?
Mr. Rioda: Since Idena is an open source project, it tends to grow strong global community all around the world. As community grows, project grows with it. Latest initiative with focus on expansion, is call for community driven marketing using financial incentives.
That way anyone interested can contribute in some way:
- Launch new communities: Start a community on any platform that is popular in your country or which you are familiar with best.
- Spread the word: pitch a blogger or a journalist or participate in events by giving talks
- Build on top: Follow development challenges run by Idena or take the initiative to realize an idea of your own.
Q5. Maintaining and controlling flexibility, cost and security are three important things in blockchain. How does IDENA do it?
Mr. Rioda: Idena network as a new technology has its unique development process and challenges. By design compared to other networks it’s lighter thus cost efficient, you can run your own node on a regular computer that has 4GB of ram memory and stable internet connection.
With every new member that joins Idena network, network security grows. Also, constant and active monitoring of network and adapting to challenges provided by Idena development team, takes security to a whole new level.
To address flexibility, sharding was one of main goals in future development that would scale up network throughput and allow for great number of new Idena members.
The Third Session “Live Question”
Q1. Do you need fast internet to do validation on the app Idena ? And where can users get the API KEY?
Mr. Rioda: Thanks to latest development, shared node capability and Idena Web App, new members do not need very fast internet to start with Idena by using Idena Web App for validation.
To receive api key, you can join Telegram group and ask api key from one of the node operators listed in the pinned message.
For now, we have these shared node operators:
@AndrewIdena: https://node.idena.io/
@RealMahmoud: https://node.idena.website/
@realRioda: https://node.idena.site/
@Franck_de: https://node.idena.club/
Q2. Seems to be that Idena could be a great use case for crypto projects specifically via distribution, etc. Will Idena partner up with other projects in the future? Any plans?
Mr. Rioda: As Idena has developed it’s addresses to be compatible to the huge existing crypto ecosystem Ethereum. There are no obstacles in using Idena validated addresses to promote truly Sybil attack resistant fair distribution for new projects. A truly elegant solution for existing problem of fake accounts that are causing trouble for fair distribution.
Q3. In the world cryptocurrency competition, features are of the utmost importance to attract investors and the community! Can you provide a list of killer features that scare your competitors over your project?
Mr. Rioda: — Idena needs no KYC
- Decentralised oracles
- Top transaction per second / decentralised nodes count, ratio
- Eco-aware network and mining process, Idena does not waste huge amount of energy
- Secure sharding
Q4. I wanted to follow your project for the long term. Where i can get all the latest news about your project? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Mr. Rioda: Yes, Idena has lot of action on social media, here are some links:
https://t.me/IdenaNetworkPublic
https://t.me/IdenaAnnouncements
https://twitter.com/IdenaNetwork
https://medium.com/@idena.network
https://bitcointalk.org/index.php?topic=5194871.0
https://www.reddit.com/r/Idena/
https://discord.com/invite/8BusRj7
There is lot of reading material for people who are interested in the project.
Q5. When You Say that “Idena marketing is an open source process driven by the community”. How Anyone has an opportunity to contribute to Idena’s promotion? How do you Encouraging people to take the initiative and implement a marketing activity?
Mr. Rioda: Yes, we had publish0x event for people to write original articles which you can find here
https://www.publish0x.com/search?q=idena
Also take a few minutes to read great article that explains current Oracle problem and Idena’s ability to provide a solution for this problem
https://thedailychain.com/idena-and-the-oracle-problem/
As another step, this current AMA is one of community driven marketing initiative.
As I saw the need for marketing, I wanted to be your guest and try to answer your questions. And I hope that I’ve managed to answer your questions.
Alright, those are the 5 select question
Thanks to Mr. Rioda @realRioda who gave us the time to share this knowledge, I hope we will understand more about IDENA.
Well…
We declare AMA’s Series Neng Yuni with IDENA, is Done. 🥳🥳🥳🥳
thank you to the participants who have attended this event to the end.
the winners will be announced soon🥳🥳🥳
Telegram: https://t.me/IdenaNetworkPublic
Channel : https://t.me/IdenaAnnouncements
Twitter : https://twitter.com/IdenaNetwork
Medium : https://medium.com/@idena.network
Discord : https://discord.com/invite/8BusRj7
THANKS TO ALL OF OUR COMMUNITY
HAVE A GREAT DAY
Edited By : Neng Yuni
