Lambda Web3 Service: How it works?
The Lambda Web3 Service, also known as LWS, consists of a consensus network, a storage network, and a decentralized storage marketplace. Validators are the nodes that run the consensus network, and the number of $LAMB staked determines their weight.
Storage Miners, also known as Storage Providers, are responsible for storing and securing user data in order to receive storage rewards. Currently, a Storage Miner and a Consensus Node (Validator) must be the same entity, i.e., one must first become a Consensus Node (Validator) before becoming a Storage Provider. Lambda data storage is physically separated from the blockchain ledger and is carried out by storage hardware provided by Storage Miners, which can be thought of as a type of data storage outsourced. The StorageMarket is made up of a collection of EVM contracts on the Lambda Network. The Storage Market considers the capacity of the storage miners in the Lambda ecosystem to be a unified storage resource, providing standardized LWS storage services to customers at a uniform price.
Preface
The main roles of LWS include Validator (Consensus Node), Storage Provider (Storage Miner), Storage Verifier and Storage Challenger, the responsibilities and benefits of which are detailed below.
- Validators (Consensus Nodes)
Consensus Nodes validate transactions and blocks and maintain the network. Anyone can start a consensus node by staking $LAMB. The benefits of running a consensus node are:
- Gaining more $LAMB staked from delegators
- Receiving block packing rewards by maintaining the node
- Getting 30% additional rewards through providing storage services
For more information on how to start a consensus node, please refer to https://docs.lambda.im/validators/installation.html
2. Storage Providers (Storage Miners)
The storage miner must first become a consensus node. Although the physical resources of the storage miner can be separated from the consensus node, they must come from the same wallet address, with the same private key to participate in on-chain interactions. Part of the storage miner’s revenue will be influenced by the weight of vote in the consensus network as a consensus node. The storage miner cannot operate independently and additional staking isn’t necessary because he has already proven his credit in the network by being a node in the consensus network.
The storage miner increases storage capacity on demand, and the storage system is consistent for each miner, so a miner gains no advantage by unilaterally increasing his storage capacity. The data specified by the storage system is the data stored by each miner.
So, how can storage miners increase the revenue?
- As consensus nodes, to increase the number of tokens staked by the validators themselves or by the delegators
- As storage providers, to provide a reasonable storage capacity, a stable storage capacity and adequate downlink bandwidth.
- To provide the correct proof of storage as required by the challengers and ensure the correct rate of validation to get more rewards.
For more information on how to start the storage mining program, please refer to https://docs.lambda.im/storage/overview.html
3. Challengers and Verifiers
The challenger and the verifier are two different and independent roles in the LPDP algorithm. The challenger generates random challenge seed data independently and periodically, and the storage miner generates storage proofs based on the random challenge seeds, corresponding tags, and locally stored original data. The verifier does not need to save the complete original data, but only needs to verify the LPDP algorithm based on the challenge seed information with the Proof submitted by the stored miners. The verifier is responsible for publishing the verification results to the chain, and the on-chain incentive module allocates incentives based on the verification data submitted by the verifier.
Challengers and validators can be anyone, which is similar to the role of liquidators in a lending agreement. The system will provide incentives for these roles, which can cover their gas costs, these roles can also get part of the incentive, which is related to the number of storage proofs they verify and the honesty in verification.
4. Storage Market
The Storage Market is made up of a collection of EVM contracts in the Lambda network. Any user can access data through the Lambda storage network for free, but if the user wants to store the data indefinitely, he or she must pay through the Lambda Market contract.
Users can interact with the Market contract directly to register the data CID (a type of unique label for data) that needs to be persisted, or they can interact with Storage Market via DApps. The system determines the storage price based on the degree of storage node idleness, LAMB price, and so on. Currently, Lambda Foundation pays the entire cost of the Storage Market on behalf of the users.
5. Developers
Lambda is first and foremost an EVM-compatible L1 public chain capable of carrying a full set of Dapps. Second, Lambda provides an IPFS-compatible data access interface; developers can use the IPFS SDK or the Lambda API service to access data as needed. Lambda also offers a full solution for NFT data on the blockchain, including on-chain contracts, NFT MetaData storage, and NFT issuance and transactions.
Kind Reminders:
Join Lambda Discord first to get more instructions on starting mining on Lambda!
