Volume Network is dedicated to building a large-scale cryptocurrency that can be applied in the real commercial society. We firmly believe that the real large scale is that everyone can participate in mining, and the total cost of network maintenance can be reduced as much as possible. Therefore, we propose a more energy-saving and environmental friendly, safe and anti-Hacking cryptocurrency — Volume Network with a low entry barrier, which can be truly applied in the commercial society on a large scale.
Features & Highlights
PoST (Proof of Space and Time) is to introduce the time-domain operator based on the original PoC(Proof of Capacity) algorithms, and compulsively require the miners to make arithmetical operation with certain time intensity after obtaining the candidate block data based on the characteristics of Verifiable Delay Functions, and make block selection by combining the rapid verification results and candidate block data, so as to alleviate the vulnerabilities in similarly selfish mining, rewriting attack and other security aspects in POC (Proof of Capacity) algorithm.
PoST consensus algorithm can be divided into two parts: plot-based hard disk mapping algorithm and VDF-based proof of time.
According to the size of different hard drives, it will take days or even weeks to complete mapping. We use a very slow hash algorithm called Shabal for mapping. Because it is very slow to complete the computational process of Shabal hash algorithms, we must precompute and store them in hard disks, which is called hard disk mapping.
A large number of pre-computed Nonces created during the mapping process will occupy the harddisk space. The larger the hard disk space allocated to mapping, the more Nonces you can store. The more Nonces you can store, the larger probability for you to successfully mine.
When a Plot file is generated, it is essential to provide a Volume Network account. Because each account is different, even if the numbers of Nonce are the same, each miner's Plot file is different.
Meanwhile, we also designed a VDF-based Proof of Time algorithm, in which the probability of the network choosing a miner to create a new block is in direct proportion to the relationship between the current miner's storage capacity (S) and the whole network capacity (A). We designed the algorithm, so that the miners had to provide storage and computation to prove that a consensus could be reached after the data was stored.
- Plot-based hard disk mapping algorithm
- The miner will firstly generate a Plot file based on their public keys and Shabal algorithm, which is known as a P drive mapping. The larger the hard disk capacity is, the more the Hash values will be filled in the Plot file, and the higher the probability of mining block will be.
- VDF-based Proof of Time algorithm
- After informed of the transactions received by the wallet, the miner will form a block, and look for the best-matched Nonce in the hard drive based on the hash value of this block, and convert the Nonce to Deadline. The miner is required to perform mathematical operation with certain time intensity on the Nonce, so as to obtain the VDF proof, and broadcast the block and VDF proof.
Token Sale & Economics
- Project website: https://volumenetwork.io/
- Project whitepaper: https://volumenetwork.io/static/pdf/Volume%20Network%20White%20Paper.pdf
- Token sale start time: 2019-05-20 06:00 UTC
- Ticker: VOL
- Token type: ERC20 as TGE
- Total hard cap: $30,000
- Total supply: 10,000,000,000 VOL
- Initial circulating supply: 3% of total supply
- Public sale token price: 1 VOL= $0.0001
- Public sale allocation: 3% of total supply
- Private sale token price: No private sales
- Private sale allocation: No private sales
- Private sale vesting period: No private sales
- Seed sale token price: No seed sales
- Seed sale allocation: No seed sales
- Seed sale vesting period: No seed sales
- Token distribution: May 21, 2019 14:00 UTC
Token Allocation & Release Note
- Public Sale: 3% of total supply
- Ecosystem: 6% of total supply
- Mining Rewards: 91% of total supply
- Block Reward: 4000 VOL per block
- Miners: 9.1 billion VOL of block reward is rewarded to miners, which is 3752.5 VOL/block
- VOL Ecosystem: 600 million VOL of block reward (247.5 VOL/block) will be rewarded to VOL Ecosystem, including core code upgrade contributor, mining pool service provider, mining machine service provider, promotion team and following participants
Token Utility & Use Cases
Blockchain platform is essentially a fair value circulation market, so the cost basis of all economic behaviors lies in the transaction cost, VOL coin is the carrier of transaction cost, which will be used for the following incentive purposes from this perspective:
- Rewards for bookkeeping (mining);
- In the consensus, the token holding of VOL will affect the weight of individual cases (i.e. node block selection);
- The participants of Volume Network ecosystem will promote the rewards of ecological progress in underlying code development, peripheral tool/service supply, propaganda of ecological influence, and implementation of application scene and other aspects.
Roadmap & Updates
- March 2019
- The establishment of core contributor team, as well as the technical route and economic model survey of Volume Network project has been completed.
- April 2019
- The project is officially launched, and the white paper is completed.
- Q2 2019
- The Testnet of Volume Network will be launched, so that the miners can access the main network in advance to prepare for mining.
- Q3 2019
- The Genesis block of Volume Network will be mined, thus kicking off an innovative mining journey.
- Q4 2019
- Staking function is added in PoST consensus mechanism.
- The mining pool is added with anti-cheating detection function.
- Q1 2020
- The open source of GitHub code is achieved, and VDF algorithm is introduced in PoST consensus mechanism.
- Q2-Q3 2020
- The users will be supported to make dynamic switch between Lambda Network and Volume Network, and store files and mine in Volume Network simultaneously.
Lucien Chen, Founder of Volume Network. As the co-founder and former CTO of TRON, Lucien Chen successfully led the realization of TRON Public Chain and the implementation of applied ecology. Lucien Chen successively worked for the first-tier Internet enterprises, such as Netease Youdao, Tencent, Qihoo 360, Alibaba and etc. He has accumulated a wealth of experience in AI (artificial intelligence), Recommended System, Distributed System and etc., as well as High concurrency system framework design; moreover, he is provided with the development capability in Billion-level system architecture, and extensive practical experience in team management, strategic planning, overall business planning and so on; meanwhile, Lucien Chen was also one of the early supporters and investors of Bitcoin except for his profound attainments in cryptography.
Adolph Sun, Product designer of Volume Network, former senior product manager of TRON, and the first product manager of OneCloud. Adolph Sun successively took charge of Wallet, Tronscan, App Store, Developer Tools and other projects in TRON. When working for Xunlei, he deeply participated in the approval and initiation of OneCloud project, assisted in the combination of distributed storage network and blockchain, and participated in the mechanism design of WKC (later renamed as LinkToken). He has well known the mainstream public chain mechanism and technical protocols, and owned rich experience and profound understanding of system design, such as system model and economic model, etc.
Jc, Project manager of Volume Network, director of DApp, TRXMarket of former TRON. Jc was responsible for the overall planning of DApp ecology of TRON, and successfully built the first DApp with a transaction volume of ten million for TRON. He led and completed the closed R&D of TRXMarket from 0 to 1, which was the first decentralized exchange of TRON. He is provided with strong coordination ability, communication ability and resource integration ability. In addition, he was also deeply involved in the solution design of multiple blockchain projects, as well as the implementation of miner projects.
Sasaxie, Blockchain engineer of Volume Network, the second employee and former core developer of TRON. Sasaxie entirely participated in the development of TRON code open source, test network and major network in TRON, thus accumulating rich experience in the development of block chain architecture, block chain monitoring and block chain stress test, etc. As a server-side development engineer of LETV, Sasa xie also built the video live broadcast business platform architecture. In addition, he also has the ability to develop back-end system architecture of ten-million-level user software, and rich experience in high concurrency and micro services, etc.
Lambda core development team, As the initial code contribution team of Volume Network, and core development team of Lambda, they led the development and ecological implementation of Lambda project. Lambda is a safe, reliable, and infinitely extendible decentralized storage network, which is a benchmarking project for Filecoin. The core R&D team members of Lambda were all from OneAPM. At the peak period, OneAPM SaaS system was required to process over 100 billion pieces of data every day. In order to meet such business demand, Lambda team members began to create distributed and highly available database software based on open source community. Along the way, the Apache foundation, the Akka community, the Druid community, and the ClickHouse team helped shape the current Lambda project.
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