What is Lambda? (LAMB)

Lambda is a blockchain data storage startup established on a scalable decentralized storage network. With a focus on scalability, Lambda seeks to create a data storage ecosystem by guaranteeing, securing, and verifying data security and integrity on-chain. 

By developing a data storage infrastructure for dApps, it intends to offer a range of services such as storage with unlimited scalability, high throughput computing, and fast network transmission. Lambda also aims to optimize and improve data generation, transmission, storage, retrieval, and computing. 

In addition to providing storage, Lambda also offers multi-chain data cooperative storage, cross-chain data management, and vests data ownership in Lambda users. 

Lambda’s network comprises validators, proposers, storage miners, storage market makers, and partner nodes. By using a Proof of Space-Time consensus mechanism (PoST), Lambda completes an on-chain verification of of-chain data along with the Verifiable Random Function (VRF) and Byzantine Fault Tolerance (BFT) consensus algorithms. 

Lambda operates on the BNB Beacon Chain (BEP2) and features a double-token economic model with two tokens – $LAMB and TBB. $LAMB is the original circulation token, and TBB is a storage space asset of the Lambda storage network. 

What is Lambda: Key Takeaways

• Lambda provides on-chain data storage, confirmation, and distribution with unlimited scalability. 
• Lambda’s consensus network comprises validators, proposers, storage miners, storage market makers, and partner nodes.
• Lambda operates on the BNB Beacon Chain and has two tokens: LAMB & TBB.
• Lambda uses the Proof of Space-Time consensus mechanism (PoST), whereby storage space acts as the stake for storage mining. 
• No data access for third-party intermediaries, or even the Lambda network
• High data retrievability to return data ownership to Lambda users
• A total network capacity of 640PB+ at the time of writing

Now that we have a basic understanding of Lambda, let’s dive into how Lambda works. 

How Lambda works?

Lambda is committed to providing storage infrastructures for a new generation of the Internet. Through P2P network and innovative Proof-of-Spacetime (PoST), it provides a decentralized storage network with security, reliability, and unlimited scalability. Now that you know what is Lambda, let’s take a look at how Lambda works. 

Lambda Chain

The Lambda Chain is a homogenous multi-chain system providing high TPS access capabilities, Turing Complete smart contracts, and multi-chain transaction capabilities. 

It has three primary layers consisting of two real chains - MainChain (also called WorkChain) and ShardChain - and one virtual chain. 

All other WorkChains except WorkChain0 are virtual chains composed of multiple ShardChains. For example, Lambda Chain operates using a dual consensus mechanism, i.e., Nominated Proof-of-Stake (NPoS) on the MainChain (containing the validator nodes, nominator nodes, and fisherman nodes) and HoneyBadgerBFT on the ShardChains. 

The sharding mechanism powers Lambda to support cross-chain transactions and communications.  It also has a sub-chain design, with each sub-chain performing fixed functions to better manage the database system. Lambda will be able to achieve extremely specific and particular functions as and when the need arises by leveraging the participation of more sub-chains. 

Apart from the layers, Lambda Chain comprises three important roles – validator, nominator, and fisherman. The validator is granted supreme authority and is in charge of block packing, generation, and verification of transactions on sub-chains. The validator nodes are randomly distributed across different WorkChains and shifted for every 1,024 blocks. 

The nominators are equivalent to investors and own stakes that are deposited with the validator. 

Finally, Fishermen on Lambda are incentivized to perform checks on the validator’s performance by reporting illegal behaviors on-chain. 

Proof-of-Space-Time Protocol

The transparency of the PoST protocol helps the verifier to retrieve accurate information about the space and time that the storage provider commits to storing a particular file.

The PoST protocol establishes a direct communication channel between the verifier and the storage provider to facilitate the easy verification of Proof-of-Storage generated by the storage provider. As opposed to the conventional single proof protocols, PoST is a collection of proofs that the storage provider submits over a period of time to prove storage. 

In other words, PoST assures the long-term assurance of continuous storage by the storage provider based on which they receive rewards. 

Verifiable Random Function (VRF)

Lambda uses VRF to randomly choose the nodes that will participate in the consensus algorithm to prevent manipulation of the blocks by users, miners, or validators.  

VRF is a cryptographic function that computes a series of inputs to generate pseudorandom outputs with proof of authenticity. Introduced in a paper published by mathematicians Silvio Micali, Michael Rabin, and Salil Vadhan in 1999, VRF has found varied applications in internet security, zero-knowledge technology, blockchains, and more. 

Byzantine Fault Tolerance (BFT) 

BFT helps achieve consensus across distributed networks like blockchains by including faulty nodes in the collective decision-making process. 

This helps reduce the influence of faulty nodes by neutralizing the effect of non-responsive nodes or nodes responding with incorrect information on the network. Once the correctly working nodes on the network come to an agreement about their values, non-responsive or faulty nodes can be exposed easily. Byzantine Fault Tolerance is employed by Lambda to improve the consensus reached among the nodes chosen to participate by VRF. 

Lambda Database

Lambda Database is a multi-database cluster system that stores encrypted data with unlimited scalability. With incremental scalability at its core, Lambda DB employs a combination of virtual nodes, sharding, and replication to balance the load distribution to storage nodes across the network. 

The Lambda Database also helps string together partitioned virtual rings caused by network faults. Wherever there is a network interruption between two data centers, a virtual ring forms around them to merge them to the main database by using special landmark nodes. This action is repeated until there is only one virtual ring in the entire system, helping solve the data propagation and congestion in distributed database systems. 

Lambda TPA Chain

A Third Party Audit (TPA) Chain is a data integrity verification organization containing multiple validator nodes. It verifies the integrity of data through two updated versions of Provable Data Possession (PDP) methods that support public verification: BLS-PDP and MF-PDP. Lambda has successfully substituted the need for a trusted TPA with the consensus of multiple validator nodes that perform PDP and Provable Data Integrity (PDI) verifications on-chain. 

The Nippon Electronic Company (NEC) endorsed the PDI model as not only supporting public verification but also being capable of improving the processing speed and verification of the conventional Proof of Retrievability (POR) method which is a user-oriented independent verification method.

Lambda Agent

Lambda Agent is a program running at the operating system level that operates a Lambda’s wallet that stores its blockchain ledgers and routing tables. The operation of multiple Lambda Agents causes the formation of a fog network for computation, storage, and communication while simultaneously providing data verification capability. 

The Lambda Agent program increases the overall computing power of Lambda and makes the Lambda wallet accessible to more users. 

LAMB token utility - What is $LAMB used for?

$LAMB is the coin that powers the entire Lambda Network. But what is $LAMB used for?

1. Lambda uses a double token economic model, where $LAMB is the original circulation token that is used to issue block rewards, and settle transaction fees for circulation and payment. For example, when storage demanders need to purchase storage space, they must pay for the space and time committed for storage using the LAMB coin. 
2. Every time a block is generated on the consensus network, LAMB is given out as payment/incentive to the staking miner, the storage miner who provides space, and the validators who operate and maintain the consensus network. 
3. The degree of ease of circulation of LAMB on the Lambda network impacts the diversification and efficiency of application scenarios on the network. 
4. A LAMB holder can vote and stake the LAMB by voting for the partner node, which will generate income. A LAMB holder can also stake the LAMB to obtain TBB to participate in mining and generate income.  

Lambda Founders/History 

Lamda provides a decentralized storage solution with unique offerings to its competitors. But how did Lambda come to be? 

The Lambda foundation was first established in Singapore in 2017 by a group of programmers with experience in software research and development and the open source community. Lambda’s partners and founders include:

• Xiaoyang He - a well-known infrastructure software expert in China
• Li Monan – founder of Coreseek and Log Insight and one of China’s top programmers 
• He Bingqing – OneAPM’s co-founder and CTO and an assembly language expert responsible for developing OneAPM core product Application Insight
• Guo Hongqiang – A data scientist with extensive experience in machine learning and artificial intelligence
• Gao Haiqiang – A computer science master with expertise in P2P network design and optimization
• Haijun Zhao – Technical VP at OneAPM, set up an R&D team responsible for product development and management. 

With the launch of PoST consensus mechanism on the LambdaChain, in late 2018, the safety and reliability of decentralized storage using blockchain technology were taken up a notch. 

Lambda Storage provides its users with hundreds of petabytes of unlimited, reliable, high-performing storage systems supported by its on-chain security validation of valued data. In early 2018, Ethereum World Newsreported Lambda as one of the seven projects partnered with BlueHill, focusing on dApp development within the IOST ecosystem. 

Subsequently, in December 2018, Lambda announced its strategic partnership with BitMax.io, a third-generation digital asset exchange platform. Lambda even joined IBM as a private storage company. It launched its mainnet to build a storage ecosystem in late 2019. 

2019 can be characterized as a bottleneck period for storage technology, especially with respect to data availability problems. As a result, the Lambda Network is all set to launch “The Renaissance” version update supported by a Global Developer Program in the near future. 

Lambda Tokenomics

Let’s learn a little about LAMBDA tokenomics. 

The total Lambda token supply will be 10 billion tokens. The token sale is capped at 5% of the total supply of tokens. 

$LAMB was released with an ICO token $LAMB price of $0.01 USD/LAMB. 300 - 500 million tokens were issued for sale in the public round. The token sale has a soft cap of 3 million USD and a hard cap of 5 million USD. All the purchased LAMB tokens were introduced into the market following the sale. 

The token allocation of 10 billion LAMB for the main network was adjusted from the original model and is set as follows: 

• 1 Billion for private sale wherein 1.5 billion is burned from the 2.5 billion
• 0.5 Billion for public sale
• 0.3 for the team (0.7 Billion burned from the original 1 Billion via a 10-year linear unlocking)
• 2 Billion for the Foundation (gradually burned)
• Rest of the tokens will be generated by mining 

LAMBDA operates using a double-token economic model, sporting two native tokens - LAMB and TBB. LAMB is used as a circulatory token for the purposes of settling transaction fees, issuing block rewards, etc. TBB is mainly used for staking and anchoring storage asset equities. 

The TBB allocation model for the mainnet is as follows: 

The total number of TBB is about 600,000, generated by LAMB staking, early miner incentive, and private equity exchange. This part of TBB, however, cannot be reversely exchanged for LAMB. In terms of additional issuance logic, 3,000 LAMB in the main network can be exchanged for one TBB.

Block rewards on LAMBDA’s main network mainly come from stake mining and storage mining; both of which involve TBB mining. The staking of 1 TBB yields 1TB staking mining rights and 1TB storage mining equity. All staking mining will result in block rewards. However, storage mining is obtained through competition after the miner provides storage space. 

How to mine in the Lambda network?

Mining in the Lambda blockchain consists of two parts – pledged mining and storage mining. Participating in pledged mining is simpler than storage mining as it is relatively complex. 

For staking mining, users simply need to purchase TBB and stake to the Validators’ mining pool. However, storage mining involves a few more steps. A storage miner has to have a public network IP with a large enough hard drive. Storage mining can be done only if there is effective data storage – so if the users purchased your space but did not save data, it doesn’t work. Only actual and effective data stored will be valid.

After effective data storage, storage miners pack it and generate storage computing power before submitting storage proof to divide up the block reward. 

What is LAMDA’s competition?

Lamda is often compared to IPFS/FileCoin, SiaCoin, and STORJ as they are the dominant players in the decentralized data storage market. 

Lambda v. FileCoin

Similar to Lambda, IPFS/FileCoin is a decentralized data storage provider. Both protocols use the Proof of Space-Time Consensus for data verification based on the amount of storage space and time committed by the prover. FileCoin also employs an additional form of proof called the Proof-of-Replication or PoRep, which allows miners to seal data and validate them as unique before registering it on the Filecoin Network. 

Filecoin is a long-established project with its whitepaper altered several times. The PoST consensus algorithm was not part of the original whitepaper and has overthrown the V1 design from the earliest PoW-like consensus in 2017. Lambda uses the blockchain-based PDP and POR system to further realize the advantages of the PoST algorithm and combat continuous and random challenges on-chain.

Lambda v. Siacoin 

Siacoin was introduced in 2015 as a decentralized cloud storage provider. Like FileCoin, Siacoin uses hard disc storage space as a cloud storage solution and operates on peer-to-peer contracts. 

While Lambda uses the PoST consensus algorithm, Siacoin uses zero-knowledge proof based on Merkel Tree data structures. Further, Lambda’s PDP mechanism for data verification is contrasted by Siacoin & STORJ as they choose users as the challenging party which requires clients to save a copy of their file or own the file copy for a certain duration. 

Lambda v. STORJ

STORJ is a blockchain platform powering a decentralized system for data file storage. Its peer-to-peer network resembles Siacoin. However, STORJ is modeled after Bitcoin and only provides for data storage. 

However, Lambda not only provides data storage but also provides for distribution within the chain in addition to cross-chain and multi-chain data management. This feature is unique to Lambda and allows it to be the most scalable decentralized data storage platform. 

Lambda Partnerships & Investors

Lambda was launched with funding over 6 rounds and raised a total of $3.8M. 

The project received massive financial support from big tech companies and industry titans such as mining giant Bitmain. Other supporters include FBG Capital, Asia’s crypto hedge fund, China’s Zhen Fund, 5 BLOCKS CAPITAL, DFund – a professional investment company in China, UK’s Metropolis Capital, FunCity Capital, Sparkling Capital, Bluehill, etc. 

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Its partners include OneAPM, a leading infrastructure software company in China, and Fang Cloud, a leading cloud document and cloud collaboration SaaS Company in China. 

Let’s learn about LAMBA’s strengths and vulnerabilities.  

Lambda’s SWOT Analysis

What is LAMBDA's biggest strength?

Lambda’s secure scalability options are a strength as it enables users to use the network to not only store data but distribute it across several chains via multi-chain data cooperative storage and cross-chain data management. With data privacy protection and provable data possession available across all chains, Lambda is the most scalable decentralized storage network in the market. 

One of Lambda’s strengths is its double token economic model that uses two tokens – LAMB and TBB – for circulation and the staking guarantee system. This guarantees high circulation diversification and efficiency of applications and also ensures maintenance of stability for the storage assets and values. In addition, this allows Lambda’s economic system to have a higher degree of business application.  

What is Lambda’s biggest weakness?

Lambda provides decentralized data storage solutions much like Siacoin, Filecoin, and STORJ, which are all well-established giants in the industry. FileCoin amassed a whopping $257 through ICO and quickly gained popularity. This could put Lambda at a competitive disadvantage and make it difficult for it to gain mass adoption immediately. 

Currently, Lambda’s network does not support EVM or smart contracts. Its network upgrade is still being worked out and a launch date is yet to be announced by the project’s creators. With its competitors offering deployment and operation of smart contracts and secure NFT storage, Lambda’s utility is comparatively lower. 

What opportunities does Lambda offer?

According to IDC reports, from 2017 to 2022, the average growth rate of the global software-defined storage market is 14.7%, and the average growth rate of the Chinese software-defined storage market is 32.5%. In the next three years, analysts predict a rise of software-defined storage to 50% in the entire Chinese storage market. 

Decentralized storage is pervading slowly into prime application fields. With Lambda branching innovatively within the decentralized storage space, its PoST consensus and unlimited scalability carry high potency in providing secure storage opportunities with efficiency and reliability. Lambda’s leading consensus network and storage systems hold great promise in revolutionizing the field of value data storage. 

What threats does Lambda face?

Lambda is constantly developing and is slowly branching out to increase the number of user applications its network can support. With new upgrades and constant changes, the network could be exposed to unforeseen technical and security challenges which can significantly impact its users. 

Also, due to the early stages of its technology, file storage options, and their uses can prove to be more complicated than that of its competitors, which can push users to trade it off for an easier and simpler option. 

Lambda Roadmap 

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Even since its inception in 2017, Lambda has been working steadily towards discovering the value of decentralized storage and optimizing it to bolster data storage on the blockchain using a scalable model.  

• In 2019, the project launched its first testnet, and the second testnet was launched in October 2020. The mainnet was finally launched in May 2021 after facing several difficulties and delays. 

• In 2021, Lambda aimed to develop its projects concerning two aspects – Lambda main chain (to support EVM and smart contracts, issue NFTs and provide decentralized storage to NFT) and DeFi (to expand and integrate with other blockchain projects).

• In 2022, Lambda announced that it would be launching its first NFT marketplace in the Cosmos Ecosystem after its Renaissance Network upgrades became operational.

• As of August 2022, Lambda has retained a leading position in the consensus network and storage system.

Lambda News

Lambda Network introduces The Renaissance

With the increased development of DeFi and NFT, LAMDA seeks to boost on-chain storage to the next level by upgrading its technology to allow NFT storage services. 

The core features of this new upgrade include a fast, advanced, and scalable Web3 infrastructure equipped with new technical architecture, consensus network, economic model, governance systems, and an inherent smart contract system which will also accommodate applications such as NFT, GameFi, DID, etc. 

The Renaissance test net will be launched simultaneously with a Global Developer Program in the near future. This developer program will play an important role in supporting the new ecosystem and its applications. 

Lambda Network will launch the first NFT Marketplace in the Cosmos ecosystem

After the launch of Lambda’s Renaissance upgrade, the Lambda team will leverage it to integrate the Cosmos network ecosystem and decentralized storage.  This will fill the wanting for secure storage of on-chain NFTs in the Cosmos ecosystem and contribute to the formation of a comprehensive and innovative blockchain development platform.

While the main chain will allow users to deploy and operate EVM and Solidity smart contracts, Lambda Storage will power it with secure and high-speed on-chain NFT data storage services, and LAMB will be used as the native asset for gas fees.  

Where to buy LAMDA?

OKX is the best cryptocurrency exchange platform to buy $LAMB.  By signing up for an OKX account, you can access over 100+ instant swap options for $LAMB in our ‘Convert Crypto’ platform with zero fees and spreads.

You can also buy $LAMB on OKX’s Spot Trading and Margin Trading markets against the trading pair LAMB/USDT. 

How to store Lambda?

You can securely store $LAMB in your OKX wallet and access it any time through the OKX website or the OKX mobile app. Storing $LAMB on the OKX wallet is the most user-friendly option since OKX gives you complete control over your $LAMB holdings so that you can buy, sell or trade anytime and anywhere. 

You can also choose to use the official Lambda Wallet or hardware wallets such as Ledger or Trezor.

How to stake Lambda?

The Exchange with the highest yield to stake and earn LAMB is OKX at 1% APY. OKX Earn offers staking options for LAMB. You can select low-risk savings investment options with competitive APYs on the OKX Earn platform. Staking options have flexible terms and lock-in periods on OKX. 

• Sign in to your OKX account
• Visit ‘OKX Earn’ from the ‘Grow’ drop-down menu. 
• Search for ‘LAMB’ to see the available passive income staking opportunities. 

FAQs about $LAMB

1. What’s the current outstanding supply of LAMB?

The current circulating supply is 1.9 Billion LAMB out of the total supply of 6 Billion and has a 24-hour trading volume of $296,849 at the time of writing.

1. What are tokens in the LAMB ecosystem?

Lambda has adopted a double token economic model with two tokens – LAMB for circulation and TBB for staking. 

1. Can TBB be reversely exchanged for LAMB?

The TBB generated by LAMB staking, early miner incentive, and private equity exchange cannot be re-exchanged for LAMB. However, in terms of additional issuance logic, 3,000 LAMB in the main network can be exchanged for 1 TBB, which can be re-exchanged for LAMB. 

1. Does Lambda support EVM and smart contracts?

Lambda has announced a Renaissance network upgrade with an inherent smart contract system, among other things, to fully support Web3 application scenarios such as NFTs and DeFi, SocialFi, etc., and also provide decentralized storage for NFTs. 

1. How much storage does Lambda have?

Through Lambda, users can configure up to 10GB in ephemeral storage. The platform allocates a default 512MB for a temporary directory, but users can use CLI or SDK to increase this to 10GB.