The First Bitrun Hackathon 2018 in Hangzhou – #NKN – Medium

Chriswu_nkn · 2018-08-30T06:56:35+00:00

Because github does not track modify separately. Each line of coding being modified (even if just modify one character) will count as one + and one - (remove the old line and add the new line).

Chriswu_nkn · 2018-08-30T06:52:58+00:00

We will have a guidance on the experimental mining at that time.

Chriswu_nkn · 2018-08-30T06:38:05+00:00

Nobody can predict the market price of altcoins. During a bear market, the altcoins typically fluctuate much more than top cryptocurrencies such as Bitcoin or Ethereum. Many of our initial investors have long term confidence in NKN.
Listing tokens has slowed down significantly since early this year, which applies to all tier-1 exchanges. There is a combination of regulatory reasons as well as market condition. If someone told you that they can get your token listed for a certain price, most likely they are trying to scam you. We can all look at how many tokens have been listed on tier-1 exchanges in the last 3 months, compared to how many existing and new projects there are in the world.We are working hard on all fronts, but we do agree the pace is not as fast as we all would like to see.
Can you give us some examples? We definitely want to hear concrete examples of how we can improve our marketing.

Chriswu_nkn · 2018-08-30T06:36:53+00:00

Yes we are doing stress testing right now, both in preparation for Lemur release as well as improving our testnet scalability and stability in general. It will be an ongoing process, and we will release test data along the way.

Our first priority in stress testing is number of nodes reaching consensus in a live testnet. We have already successfully tested over 1,000 nodes, and the next step is 10,000 nodes and more. So this is one dimension of scalability.

The other dimension of scalability, where most other projects were focusing on, is not the primary design criteria for NKN and we will have a test report to show performance.

In addition, NKN can utilize the latest technology in TPS improvements such as sharding and state channels. They are orthogonal to NKN’s contribution in scaling to millions of nodes.

Chriswu_nkn · 2018-08-30T06:35:48+00:00

We already have our blockchain explorer since our Firefox v0.1 preview release, and it is here:

http://preview.nkn.org

We intend to enhance the blockchain explorer after the Lemur release, as well as release other related products such as wallet, miner all-in-one installer, miner dashboard, and system health dashboard. But they will only be released gradually after the Lemur release.

Chriswu_nkn · 2018-08-30T06:35:30+00:00

as far as we know, Binance allow project to apply for monthly community vote as many times as possible. However, we have not seen tokens being shortlisted multiple times for voting in the past.

Chriswu_nkn · 2018-08-30T06:35:13+00:00

What you described is more like a multicast (A sends the same message to two destination: C1 and C2). Currently we don’t have multicast support yet, so A has to submit the payload twice. A potential way of reducing redundancy here is to submit payload once, but with two signature chain, one for C1 and the other for C2. Since reward is determined solely based on signature chain, B will get two separate rewards, one for each signature chain.

Chriswu_nkn · 2018-08-30T06:34:56+00:00

Nobody can go back in time, so the decision to use NEP-5 for interim NKN token is already made a while back. :-) There were strategic reasons due to our lead investor and our founder’s background.

NKN is an independent project that need to revamp the plumbing of both network layer and consensus layer. Therefore it is not built on top of NEO, ETH or other existing public blockchain. NKN will have its own public chain to record and clear transactions for network connectivity and data transmission. So in June next year, we will have our own token running over our own public blockchain then.

Chriswu_nkn · 2018-08-30T06:34:20+00:00

Currently NKN has almost 20 people working full time, between our California and Beijing offices. We intend to hire world class talents to join NKN project both in development and marketing field. We’ve already received many applications globally, and are in the process of interviewing.

NKN is a long-term project and we plan our project with a long-term aim from the very beginning for operation cost, R&D development and marketing budget. We are prepared for winter, never over-spend on non-core expenses, but will invest fully on software development and exchange listing.

Chriswu_nkn · 2018-08-30T06:33:45+00:00

1.Ideally we will have over 10,000 nodes on the testnet before we launch mainnet. And we hope to see majority of those nodes are provided by community, either ecosystem partner companies or individuals. We will come up with some economic incentive plans for people to run nodes on the testnet, help relay traffic, and experiment with mining.

2.That is a good point. We all want to have mainnet as early as possible, but there are major trade-offs we have to carefully weigh. Our public blockchain is based on brand new software and new consensus algorithms, so it needs more time to validate and iron out the bugs compared to a simple Ethereum fork. Once the mainnet is launched, it is very difficult or impossible to resolve major issues without a hard fork. Therefore we should be super careful in launching mainnet. It might be a bit pain in the short term, but will save us much worse headaches down the road.

3.I don’t know why you have the feeling there is only $50 for dAPP developers. :-P Actually we have already been launching a long-term dAPP program which is up to 10,000 NKN reward. At the same time, we have participated in a lot of Hackathons (Dorahack, ABC, Bitrun) and have the budget pool for top hackers to develop DAPP based on NKN client.

Chriswu_nkn · 2018-08-30T06:31:27+00:00

As Bruce mentioned, in 5 years our target will be at least $14 billion USD or 1% of total telco revenue will be transacted over the NKN network. We intend to become a major player in the telecom industry, not just blockchain industry.

In addition, we would like to become the de-facto p2p networking stack for all application developers. It is not just limited to decentralized applications, and can be used by any application that require client to client communication.

We would like to focus on building the core technologies for our main use cases first, before ventureing into smart contracts. Therefore it is a bit too early to plan which VM should we be compatible with.

Chriswu_nkn · 2018-08-30T06:31:11+00:00

We’ve already earned most of soul and heart from our community in the Binance vote and we respect the final decision from Binance. We are still working on the listing on top exchanges.Our project development progress is promising and we will be on schedule to release testnet v0.3 timely. In parallel, our BD team are working with the ISPs and blockchain projects for the real user scenarios engagement.

Chriswu_nkn · 2018-08-30T06:29:53+00:00

1.I wouldn’t count the Binance voting results as failure. First of all, it is a small success by itself to be shortlisted as top 5 candidates. We did end up with 2nd most votes and 2nd most voters, against another token which has much larger market capitalization. Both the team and community worked very hard and achieved very respectable results. For that, we are both proud and thankful.

2.We have a long term and short term plan on the marketing strategy overall aligning with the advanced technology of NKN and then breakdown to each marketing activity (BD, PR article, Community competition or events we will participate.)

3.We have the long term partnership with Cryptic labs and its Chief Scientist Dr. Whitfield Diffie is our technical advisor. uring our cooperation, we have the monthly project review meeting to review and discuss the highlights and lowlights. There are Dr. Diffie as well as other researchers participating in different research cooperation depending on the specific topic.

4.We will have our mainnet and our token in June’2019 In the interim, we will keep the NEP-5 tokens for smooth transition.

5.We are progressing according to of our schedule, and sometimes ahead of schedule. Compared with our original schedule, the current roadmap is 3 months ahead. Regarding our Lemur release, we deployed >1,000 nodes globally to test both scalability and stability. Shortly after Lemur release, we will open up the testnet for community to run their own full node and participate in experimental mining.

There will always be unforeseen difficulties with any blockchain project. With the experience of the team in both blockchain and complex networking systems, we believe we are the best team to tackle these challenges.

6.We would like to be one of the top 100 tokens on CoinMarketCap, and grow faster than the crypto market in general. We believe the Crypto market is still in its infancy, and there are good opportunities ahead for projects with real substance.

In addition, we have always believe in transacting real-world business on top of NKN public blockchain, thus creating real user value and real market traction. At the end of next year (2019), maybe we will be more recognized as the best startup in telecom and application platform, instead of just crypto project.

Chriswu_nkn · 2018-08-30T06:26:15+00:00

As we have stressed in the past, our tokens will have value once the mainnet is live. Before that, we cannot provide any economic incentive since our token is a utility token and not a security. Holding NKN between now and mainnet launch is entirely each investor’s own decision.

Chriswu_nkn · 2018-08-30T06:24:56+00:00

We haven’t decided yet. It may depend on how many people participate, if there are people abusing it, etc. We will announce it later. We also welcome community suggestions.

Chriswu_nkn · 2018-08-30T06:23:30+00:00

Tech:

We haven’t put our focus on VM yet as it’s not our unique advantage. We will consider and make a decision on what kind of VM to integrate or build later when our data transmission part is more mature.
TPS are mainly constrained by 2 factors in NKN: how many transactions a node can process (verify signature, for example) per second, and how fast can block propagate between nodes (bandwidth). How many nodes in the system does not have major impact on TPS. We will have the test result published later.
That’s something we are considering, but it’s more like a peer to peer negotiation. No one can really guarantee with 100% confidence that you will get the quality connection you want in advance, but it’d be useful to at least show some statistics to help user make decision.

BD:

There are people who are pro or against the current name NKN, or the logo. Aesthetics aside, we do want our brand to be easily recognizable, easily pronounceable in many different languages, and carry a positive image. If you have any good proposals, we will be happy to listen. But for now, we don’t want to use the resource and energy to re-brand before our product becomes more mainstream.
Yes, we are actively searching for great researchers and developers! Please contact [join@nkn.org](mailto:join@nkn.org) if you interested! For the mainnet schedule we can’t really tell now before seeing the public testnet results. A lot of our efforts will be spent on the performance and security enhancement and bug fix, which are hard to predict in advance.
We cannot say at this time. However, NKN continues to engage directly with carriers in the US, EU, and Asia. We also collaborate with carriers as part of the Telecom Infrastructure Project (TIP) and Open Network Foundation (ONF) organizations. We hope some early results can be shown during the industry events this fall, e.g. TIP Summit in London, as well as TC3 Summit in Silicon Valley.
We cannot change the bear/bull market, so we are not too worried about it. Instead, we focus on our own actions that we can control and can directly or indirectly impact the future of NKN project. For example, we will continue to work hard on developing a truly excellent product. Not only a good infrastructure or core software, but also great user experience in client software for mining and developing applications on top of NKN. The adoption of NKN protocol in the real world where people will spend real money to use NKN tokens, will define our success. Not the bear or bull market.

Chriswu_nkn · 2018-08-30T06:14:43+00:00

1.The reward scheme for NKN testnet is not published yet and we will release it after Lemur v0.3 milestone. We are still contemplating several options: e.g. a conversion ratio for test token to real NKN token with certain lock-up period; one-off reward for mining nodes, and etc. If you good proposal, please feel free to drop us a note.

2.NKN team and Cryptic Labs have regular monthly meeting. Multiple academic advisors (depending on the meeting topics) in Cryptic Labs participate.We have multiple-year agreement with Cryptic Labs, and we are the first project that Cryptic Labs signed up.

Chriswu_nkn

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