Date – 24 March 2022
Time – 12:00 PM UTC
Guest – Mr. Mindaugas Savickas (CEO & Co-Founder)
Venue – https://t.me/Crypto_Talkzs
Website – https://sukhavati.io/
š Mr. Mindaugas Savickas shared us the Details about ā SUKHAVATHI NETWORK ā and itās Unique featuresā¦ š
Host : šHello Chat , Welcome to another exclusive Crypto Talkz AMAā¤ļø
Today with us we have @mindaugas87 CEO of @SukhavatiNetwork !
Hello @mindaugas87 ..It’s a pleasure to have you here, thanks for joining us š
Mindaugas Savickas : hello everyone! excited to be here!
Host : Welcome here! How is your day going so far?
Mindaugas Savickas : Really good! What about you?
Host : Always a great day! Thanks š
So, without making a delay…Let’s start our AMA with basic Introduction Segment š
Introduction Segment
Q. First, Can you make a brief introduction about yourself and the Sukhavati Network?
Mindaugas Savickas:
Hello everyone,
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.
Q. Can you tell us more about Sukhavati Network and how it differentiates from other projects?
Mindaugas Savickas:
Great question. Letās dive in!
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 computing capability 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.
On the basis of this architecture, 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.
Q. What are some of the major milestoneās you guys have hit so far and why are they important?
Mindaugas Savickas:
Good question!
We have taken about 2 years to develop Sukhavati. And we have made some achievements so far.
Q2-Q4, 2021, we finished the 2 rounds of financial raising successfully, and also passed the grants of Web 3 foundation. We got SKT listed in several crypto exchanges.
Q4, 2021, Sukhavati Network became a multi-chain supported token. Now it supports both ETH and BSC (Binance Smart Chain) to make the user experience as easy as possible.
It means lower gas fee and smoother user experience for trading and sending $SKT token. Sukhavati Network will also build some added features on BSC in the future, leaving nothing in the way of $SKT being widely adopted!
In addition, the current ERC-20 or BEP-20 $SKT token’s liquidity incentive program will be launched in the near future.
As a storage project, we can also support the storage function and cooperate with other projects. We get some new partnerships with projects like Marhaba DeFi, Meta Grail, many big PoC/PoS miners, and some NFT and DeFi projects. The Sukhavati ecosystem will keep expanding.
Now for the 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 itās 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
Q. May I ask at this point, do you already have some partnerships lined up?
Mindaugas Savickas:
oh, plenty from day1 !
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.
šŖ
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 them. For example, recently we got partnered with NFT & DeFi project Marhaba DeFi and Meta Grail. They will build DeFi solutions using $SKT tech, utilize its decentralized storage for NFT infrastructure.
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.
Meta Grail is another NFT project on BSC that aims to build an amazing meta-verse. We both believe that by joining hands with Sukhavati Network, we can bring a brighter future for NFT, metaverse, and web 3.0.
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.
Q. And lastly, Is there any bullish information that hasn’t yet been made public that you can share with our community for ‘exclusive’ news before we wrap up our first segment?
Mindaugas Savickas:
Yes, we have a lot of upcoming good news to share. Today, Iāll share 2 of them!
First (I have already hinted this), we will have new NFT storage-related implementations in the near future. Sukhavati has landed in NFT storage. As a storage project, we can also support the storage function of other projects and cooperate with them. For example, recently we got partnered with Marhaba DeF and Meta Grail.
Second, as the Sukhavati beta testnet is going well and has been actively updated, the main network is expected to be available soon. Storage mining, as well as multi-mining with the Chia, will be supported simultaneously. There will also be a number of new features for the first time.
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.
Besides the upcoming Sukhavati testnet and mining, we also have some exciting news to share with you! We will officially announce them and share with our communities in the first place, please follow us and join our community. Stay tuned!
Host : Thanks for that well detailed introduction about Sukhavati Networkā¤ļø
Twitter segment
Q1. Trust is very important for any business, what makes investors, customers & users feel safe when working withĀ @Sukhavati_NĀ project,?
Mindaugas Savickas:
Sukhavati is well prepared for token contracts, cross-chain deployment, permission management, consensus design, and more:
For token contracts: Sukhavati’s Token contract has been rigorously audited by Certik, a leading auditing firm in the industry. Certik provides audit services for many of the most influential projects and companies in the industry, including: Binance, Aave, 1Inch, PancakeSwap and many more.
We believe Certik’s audit provides us with strong security guarantees and endorsements, and as a trusted third party, eliminates the possibility of wrongdoing on the part of the project party in the smart contract.
Secondly, Sukhavati’s token contracts have been deployed across #BSC (Binance Smart Chain). You can now own and use $SKT tokens on BSC with lower transaction fees, and we will release more applications on BSC.
In terms of the security of cross-chain deployment, we adopted the solution of AnySwap, which is one of the cross-chain DApps with the largest amount of funds and has passed the security audit of SlowMist and Trail of Bits. Although cross-chain deployment is more complex, we believe that the solution we have chosen provides sufficient security for our users.
Finally, since the Sukhavati Network wants to be compatible with the consensus power of the Chia Network, a private key derivation process is necessary. In this case, we have also completed a design that will give miners enough peace of mind.
The entire derivation process will be able to be done totally offline. And this part of the code will be fully open source and audited. This auditing process will be done in the Beta Testnet duration. But anyone who understands the mechanism can do the audit, and the process is very neat, which allows us to maximize the security of miners’ private keys.
For Sukhavati, it not only passed strict audits, but also consulted many established designs in the industry. In our internal tests, Sukhavati Network outperformed many existing projects in terms of security and fairness on the same type of Network. We are continuously working to provide the best experience to our miners.
Q2. As for tokenomics, what is the total offer of the native token of Sukhavati Network, what is the initial market capitalization, what is the initial circulation offer?
Mindaugas Savickas:
one of the most requested questions!
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
Our website: www.sukhavati.io
The distribution infographic
Q3. Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits/value Ā for investors to hold your token in long term?
Mindaugas Savickas:
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.
The Sukhavati team is currently developing and testing the Consensus layer, which will open the mining function as soon as the mainnet goes live.
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.
Those who are interested in mining SKT please keep an eye on our Telegram Channel: https://t.me/SukhavatiN , and we will publish the first edition of our economic white paper soon.
There will be some correlation between the coin price and the number of users. With the launch of our products, the launch of the main network and the opening of mining, more users will participate in and benefit from it, and the value of the network will gradually be recognized by the market. Thus more support for prices.
Before the launch of the testnet, there will be a liquidity mining using our erc-20/ bep-20 SKT token . Detailed rules and rewards will be announced in the near future. Storage mining will start as soon as the testnet is released, and detailed rules will be announced when it’s ready.
The requirements of hardware for Sukhavati mining are much lower than Filecoin, especially in the cluster threshold. Sukhavati’s original intention is to allow more hardware devices such as PoS/PoC miners and home servers to participate in the network’s construction.
Q4. If I already have Chia plots, what operations should I do to co-mining SKT? Do we need to replot? Are both K32 and K33 supported? What are the advantages of Sukhavati compared to other similar projects on the market that can co-mining with Chia? Is it friendlier to the miners?
Mindaugas Savickas:
very good technical question!
If you have already finished plotting and have some [*.plot] files, you can use them directly for SKT mining without replotting.
Any K32, K33 or higher K-size plot can also be used. Sukhavati’s consensus layer mining will not set any threshold, and any miner is welcomed to participate in mining. We have made a lot of miner-friendly designs in terms of security and ease of use, so that miners can easily participate in SKT mining while ensuring the security of their Chia private key.
The consensus layer of Sukhavati is still under development and optimization, and we hope to bring the best security and mining experience to miners. If you are a Chia miner and interested in SKT mining, welcome to join our Telegram Group: https://t.me/SukhavatiNetwork
Q5. What is the current progress of the project? What have you achieved in the market? What is the next ” @Sukhavati_N ” development plan and layout?
Mindaugas Savickas:
We are focusing on the development of Sukhavati Devnet & Testnet, Wallet, Bridge, and have made considerable progress.
Since the 1st Sukhavati Beta Test-net v0.1.0 released in December 2021, the version of Test net has been updated frequently. At present, it has been updated to the latest version V0.5.8. Welcome to join the test.
Hereās the sneak peek!
Check our code on GitHub or join the test-netā¬
https://github.com/Sukhavati-Labs/skt-miner/releases/
Welcome to check all Sukhavati monthly develop updates here:
https://twitter.com/Sukhavati_N/status/1490595764007227394?s=20&t=JmNMDI48jEpy4AIjXhai_Q
Telegram Live Segment
Q.How many team members do you have? Are they experienced enough in the blockchain field? Do they have any experience of working in crypto and non-crypto projects?
we are a strong team of 20+ people including advisors, truly decentralized throughout the globe, from USA to Singapore, China, Thailand, and European continent! We consider our investors / partners team members as well! Everyone is doing their job!
Q. Almost 4/5 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
Few simple facts here:
1. We started burning program that will increase the price and value of SKT.
2. The launch of testnet and then eventually mainnet will bring all the waiting people/ miners from other places like filecoin and chia to do mining only with Sukhavati or co-mining (e.g. Chia).
Every great project takes time – Rome wasnāt built in a day! š
Q. Currently,most projects and platforms are in English. How will the projects reach non-English speaking local communities?Make it easy for people around the world to use your service. Do you plan to develop the project in another language?@
We try to use English language due to the sheer scale of our international audiences so everyone undestands the basics, however, we have huge Chinese community as well. We try to keep them udpated as well! We are always looking into ways of delivering value for specific region communities! AMAs are great way to communicate when moderators do translations!
Since NFT is popular nowadays, is there a plan for NFT integration?
Yes! As I have mentioned, we already working with 2 projects!
As a storage project, we can also support the storage function of other projects and cooperate with them. For example, recently we got partnered with NFT & DeFi project Marhaba DeFi and Meta Grail. They will build DeFi solutions using $SKT tech, utilize its decentralized storage for NFT infrastructure.
Q. Hello sirā¤ļø Do you have AUDIT certificates?? ”or” are you working to AUDIT your project, to make it moe secure and reliable ?
Yes, we did! Certik!
A leading auditing firm in the industry. Certik provides audit services for many of the most influential projects and companies in the industry, including: Binance, Aave, 1Inch, PancakeSwap and many more. We believe Certik’s audit provides us with strong security guarantees and endorsements, and as a trusted third party, eliminates the possibility of wrongdoing on the part of the project party in the smart contract.
Q. ā I am curious to know how they came up with the name “Sukhavati”. What does it mean? I saw that both co-founders are American, so how did you come up with this name? Does it have a translation in any language?
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.
Host : Thanks for diving us deeper unto Sukhavati Network. Chat thanks also for those great questions.Its time for Wrapping Up, any other things you want to share with the communities? š
Mindaugas Savickas: I just wanted to thank everyone for coming to this AMA!
Donāt forget follow us!
Websites of Sukhavati:
Official websiteļ¼https://sukhavati.io
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.gg/aPmKWUBvR7
GitHub: https://github.com/Sukhavati-Labs