Thank you for all the excellent questions in LanaCoins first ever AMA.
Since it was a mission impossible to pick the top 10 questions, we decided to make everyone a winner and reward all 20 participants. Congratulations to everyone and thank you again for your participation and inputs.
The reward will be distributed on users’ official Tokens.net exchange account. All participants will be contacted via private message by a Tokens.net telegram group admin/moderator and asked to provide their Tokens.net registered account email.
Rewards will be credited as soon as all participants provide the above information
@ahihi133: Many big project is now support staking so will LANA project support Staking as well? If yes, what will requirement of a Node and Validator node will be need ? And how does reward for their ?
Lana already is a hybrid digital currency featuring proof of work and proof of stake consensus. Sha256 miners compete for PoW blocks while stakes compete for PoS blocks.Anyone can take a shot at being a block validator. Proof of stake block finders/stakers are rewarded with 1000 freshly generated Lana plus annual 7% on the amout at stake of when the block was found.
@thien6757: Do you have anyway of insurance or refunding your investors when being hacked or loose the power and potential of the project. The DeFi industry has been very active and I’d like to know more regarding what LANA is actively in developing and contributing towards DeFi, like what things are you working on creating for DeFi?
Lana is from day 1 an open source, decentralized, community driven project. There is no CEO or management board. Lana has no ico investors, angel vc investors and no company is in charge. Participation in any LanaCoin activity is 100% freedom of choice of the individual.
Lana is defacto DeFi since its means decentralized finance. There is no central authority in charge of processing transactions on Lana blockchain. Lanacoin users/owners have full ownership of private keys of their coins. IF users decide to trade or store their coins with centralized organizations and platforms that is their own choice.
@Lumos: 1) We all know LANa is NO ICO, NO promises project but certnaly there is ideas a plans what towards can be worked in longterm can we see insight some of thouse plans.
2) What community memeber as person and as community can do to be help on success of LANA?
1) New ideas on use cases for LanaCoin utility are a daily subject amongs Lana community. Plans exist and will be realized in time and timelly manner.
2) Anything you want as long as its legal. For starters help a friend or family member learn about crypto by opening him/her a wallet, writing down backup seeds or backing up wallet.dat and experiment with incoming and outgoing transaction. When the basics are covered consider opening a free Tokens.net account and experiment some more.
@crazyjack007: Or anything related to that? Just to increase usability of LANA among users? I think mimic some of the most reputable indie games and adjust it for LANA for mobile phones would at least make some excitement
Gaming, specially educational type gaming with Lana payments embedded has been floating aroud since network started. Sadly Lana dosnt have a budget to finance any serious development of such gaming ventures.Maybe in time with a proper strategic partner, a Lana powered game will emerge.
@sankiSL1: Are you accepting help for developing usecases for Lana Coin?
Any use case and additional utlity is welcome as long as its legal and can be achieved. No permission is required to develop a service on top of Lana ledger.
@lequytdon: 1) What is the uniqueness of $LANA that cannot be found in other projects that’s been released so far?
2) And how the demand of your $LANA will increase in the future? or what steps would you take to increase the demand?
3) Staking and DeFi are very popular in crypto space. Are there any ideas to implement DeFi in$LANA platform?
1) Lana is the worlds second public blockchain ledger to have its mainnet start at unix time of a living persons birthday date. Lana was not launched to be better or supperior to other cryptocurrencies, Lana is simply different.
2) Incresing demand is a market oriented question, at the moment the mission is to use Lana as a learning tool for new people that are just getting started with cryptocoins and crypto tokens.
3) Staking is active on LanaCoin since block 46 the first proof of stake block. As answered in earlier question what DeFi actually means? DeFi is short for decentralized finance and that essentially and cryptocurrency already is. Two Lana owner can transact, exchange value anytime and anywhere in the world without a central authority appoval of the transaction/exchange…. That on its own is decentralized finance.
@cukttoy: 1) Do you have any plans to attract non-crypto investors to $LANA and how? What are the measures to increase awareness of $LANA in non-crypto space?
2) What is the uniqueness of $LANA that cannot be found in other projects that’s been released so far?
3) And how the demand of your $LANA will increase in the future? or what steps would you take to increase the demand?
1) This was and still is the primary idea for LanaCoin. Let me give an example: If a new users wants to learn about wallets, keys, seeds, exchanges, test transactions in both way , Lana is a perfect choice! Why? Because you can get some free Lana by simply posting your address and then experiment with everything with essentially zero cost. Even if a new user looses his keys, seeds….. to lets say 10 LANA its not going to cause financial disaster. Now imagine loosing key/seed to 1 BTC!
2) Every blockchain is different. Lana for example has a whole variety of chain parameters based on Lanas birthday date 7.5.2006. A few examples: 7,506,000,000 max supply, tcp port 7506 for p2p connectivity, 7,5 % yearly PoS reward….
3) Firstly its not my coin, i may be the founder and a sort of central contact , but the network itself is run by community of node operators, stakers and sha256 miners. With that said its reponsibility of every Lanacoiner to grow the network and discover utility and use cases.
@kudentpo: 1) There are some common issues in today’s technology:-*scalability, *adoptability, *privacy, *potential of tokens! So,how will $LANA look towards such factors?
2) How does $LANA plan to be better than other project,what are other project activities they intend to bring into the platform and how can users benefit?
1) Lana at the moment has a blocktime target of 2.5 minutes and a 4MB blockcsize, if the need to increase the blocksize comes it shall be done and layer2 solutions are a very much proper way to scale. In terms of adoption, if we managed to give every Lana on the planet at least 1 LanaCoin it will be a great milestone before we can speak of millions of people embracing Lanacoin. Privacy vs transparency the eternal dilema. We are advocates of open public blockchain techology and this will not change.
2) Lana is not better its simply different and uniquie. Lana is not competing with anyone, we belive in cooperation and decenralization. Lana is not a platform, its a p2p distributed network with a public ledger and its own set of consensus rules. Platforms that interact with Lana p2p ledger are centralized solutions and we have no problems with anyone creating a platform that integrates Lana payments and timestamps. In fact no permission to do so is required. We will support and promote any service built on top of Lana ledger as long as its legal and trustworthy.
@levanquyas: 1) Mass adoption is an problem for blockchain projects.So how will $LANA solve this problem in order to achieve adoption in reality?
2) As i know,DeFi is the important topic in the blockchain space right now and near future,so can $LANA share your opinions on DeFi? Do you think that DeFi will disrupt the existing financial system and What is Unification approach towards the it?
1) Mass adoption is a common word used in blockchain/cryptocurrency conversations.We belive its not a problem for one coin/token/blockchain to solve. Its a lot like cloting brand for example, just because its Nike, it doesnt mean everyone will buy a pair or wear them. Its about free will. Those that see Lana as a good brand for them will get involved one way or another.
2) More or less all DeFi project ended up badly, remember DAO.As long as there are humans programing code for such services there will always be room for error that results in data, fund or other loss. DeFi is at the moment a nic hype word just like ICO in blockchain where in 2017/2018 it needs to mature at least first.DeFi is actually defacto cryptocurrency, remember “Your keys your coins” quote. Its money that is 100% in your control and no permission is required to send and recieve, one simply does it. That what decentralize finance is in our book.
@levanluyenw: 1) Blockchain technology is still a strange concept to most people of the world, even for those who have invested in crypto for years…
2) So what is your plan to educate/raise awareness among the community to make more people understand about $LANA project,its technology and adoption? Do you guys see it important?
3) What social-media platform do you like most and why, and are there any improvements which you feel can be made to these platforms for an even better community user-experience?
1) Not really ,blockchain is simply a glorified database. what is important is the immutability of the database, the cryptographic timestamp and the fact that the database will be online as long as there is at least 1 computer serving it to world.If anyoneone invests into blockchain itself they simply dont know what they are doing. People back/invest into brands, projects or people running those projects. Cryptocurrency world truelly is very interesting place in terms of investing.
2) This was and still is the primary purpose of Lanacoin. To get familiar with the aspects of public/privat keys, backup seeds, running you own node, being your own bank and being a responsible and sovereign person when it comes to personal finance. Any coin/tokens/project that provides an affordable learning curve for new cryptocurrency users is important.
3) Every social media platform has its pros and cons. As much as we would like be present on all social media networks it just simple cant be done as we are limited by time we can spent on these types of activities. We belive social networks will need to start offering incentives and cryptocurrencies are a perfect match for this. Tipping bots/systems are already very much alive for example on telegram, twitter…. and this is a great tool to drive adoption as well.
@bot50cu: 1) “Security” is the key factor in any projects, so how will $LANA do to protect risk of losing money in your trading platform and which the core technology $LANA using for security?
2) Can you list some of $LANA’s outstanding features for everyone here? So that people can attracted to use $LANA . What are the products that $LANA is focusing on developing?
1) Lana blockchain has its own set of blockchain consensus rules. Security if the network has from day one been in the hands of Lana proof of work miners and proof of stake block validators. Founder has zero influence over this. Trading platforms are decentralized and managed solutions and services, security of client funds/tokens/coins is in the hands of the platform security staff. We have zero incluence on this topic.
2) We preffer people discover Lana instead of attracting them. We spread awareness to the best of our time and resources. At the moment priority is to get iOS wallet released and android wallet updated, Lana blockchain APIs are also a priority. Work on own telegram tipping bot will also start soon and we are in agreement with a few selected merchants to testrun Lanacoin payment acceptance.
@lequangwq: 1) What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally? What are the services you offer to the community?
2) What was your motivation for creating $LANA, what problems did you see that you wanted to solve?
1) There is only a handfull of blockchain project with strong communites. Lana community is a humble one and very nice, its growing daily but we dont really track the size of the community as it cant really be properly measured but can be estimated based on public info on number of active Lana wallets.The so called power of the community is a funny concept, reallity is that majority of cryptocommunites only care about the profits they project will bring them while at the same time they are not actually doing much about it beyond (when lambo and when pump sir).
2) Lana was not launched as a solution to a problem. I think the “What is LanaCoin?” video more or less provides and answer. https://www.youtube.com/watch?v=uFlZ_AO_Wmo
@levanheun: 1) The blockchain industry is growing by the day, what makes $LANA stand out against other projects and companies competing in the space?
2) No project can survive on its own. Can you tell us some of your partners in $LANA and who you plan to collaborate with in the nearest future?
1) Its the world second digital currency to be launched as a birthday present for a living human being. Thats kinda unique on its own. Lana is not a competitor in the blockchain ecosystem. Lana is a part of it. Lana simply is Lana.
2) Its been 4 years since the genesis block and the chain is still moving, we see no reason why this would change in the near future. Any current and future partnerships will be announced. Of course we could say we are partners with Microsoft, Lenovo, HP, Dell, Logitech…. but you know using a vendors hardware for work is not really a partnership but product/service usage.
@Thuata: 1) What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming $LANA updates that you want to show/share with us?
2) How has the recent COVID-19 has affected your project? How will you survive, let’s say if this COVID-19 lasts a year longer?
1) There was ne specific vision, Lana is a unique and special birthday gift. Back then there was no ICO flood and not many blockchain ledgers on CoinMarketCap. It was essentially and expriment that is still ongoing. For 4 years we never hyped anything, never set dealines for any delivery this will not change. Development is a neverending story. When any future service is production ready it will be released.
2) Covid had zero impact on Lanacoin. We did however test while on lockdown how large the Lanacoin address QR code needs to be to be efficiently scanned from the so called 1.5 meter safety distance.
@Puliandriano: 1) What consensus algorithm does $LANA use and why was it chosen? was chosen What is $LANA plan to encourage global adoption?
2) How to ensure that your token will not drop in price as a death spiral? What fundamentals are present for a hodl?
3) Can you expand our knowledge about $LANA Roadmap this year and the future and any Updates on your Research and development progress?
1) Lana is a fork of Blackcoin, the worlds first 2.0 Proof of work/ proof of stake cryptocurrency. Hashing algo is sha256, like bitcoin. One can mine Lana with same gear as used for Bitcoin proof of work. Lets first get every girl named Lana 1 $LANA and then take on the world.
2) Its not the founders place to give assurance in an open market economy. The nature of cryptocurrency trading is if one sells a large ammout of coins there is a buyer on the other side. Hodl narrative is wrong in so many ways. Currency need to be used of course we dont blame anyone for hodling it but thats not really a usefull function. Instead of hodling Lanacoin maybe put them on a 24/7 powered computer wallet and help secure the network, by competing for proof of stake block generation or better yet help your friendly circle get familiar with cryptocurrency by helping them open a wallet, sent them some Lana back and forth. Since Lana is fast and affordable its great for learning and testing how blockchain transactions work.
3) No roadmap or whitepaper was published so far and we dont plan to publish one, at least not in 2020. Roadmap and dates set on it are fine but once must deliver what is written. We have seen hundreds of project having great and prosperous roadmaps yet delivery never took place. We can however share that Lana will play an important role in our CryptoWater project.
@havanhuuloc: “Staking” is a very popular topic recently. Please tell us in detail about the $LANA staking plan and the benefits of adding “staking”??
Lana is a proof of work / proof of stake hybrid consensus ledger. Staking itself is a competition like mining. One can point hashing power towards Lanacoin but it doesnt mean his/he gear will be te lucky blockfinder and same applies for staking Lanacoin blocks. To summarize Lana already has proof of stake so its not an addition.
@CallmeUS: 1) There are 3 priority issues that are associated with slow transaction speed, high cost and lack of liquidity. So how does $LANA solve these problems?
2) The principle of blockchain technology was intended to be a fully decentralized system, but many platforms have changed their decisions over time.
3) Should we suspect that you will do the same in the future?
1) Lana transactions are actually very fast. Transactions are visible essentially instant once broadcasted, natually transactions must also be included in a transaction block after. At LAna the target for new block generation is 2.5 minutes. Lana is open source, no premine, no ico project. Founder had to buy his coins on the open market, if you take that into consideration one cant really comment on liquidity.
2) Lana is a decentrlized network with over 50 nodes online 24/7/365 that are managed by a distributed community. There are some aspects that simply cant be decentralized as one cant really decentralized a domain name, dns servers, webhost, servers, official social media channels… With that said Lana has some level of management but network governaance lies 100% in the hand of Lana miners and Lana owners/stakers.
3) Only bitcoin can enjoy the luxury of its founder being “unknow” or living in the shadown. Essentially every other blockchain project has a leader, a ceo and a core team. In Lanas case the founder is a sort of a primary contact but not even remotelly the CEO of LanaCoin. At Lana everyone with Lanacoin ownership is a ceo and we do our best to listed to our CEOs and their visions and ideas. A great CEO also is man/woman of actions not just a series of ideas.
@B.V. TradingTokens.net: What are the best use cases for $LANA #AskLana
Social tipping, micropayment, timestamps for event. Use cases are emerging on daily basics. The founder recentlly purchased 4 salami with Lanacoin for example, this year we had a few Poker tournaments monetized by Lana, another father of another Lana tips his daughter for here swimming achivement. Anything goes as long as its legal and someone finds it usefull.
@Emmellay: 1) Adoption continues to be one of the main weaknesses for most crypto projects, what efforts do you make to turn these weaknesses into strengths?
2) All current projects are concerned with the speed and quantity of transactions. Old projects have also improved their network. So what else does $LANA need to bring to investors?
3) Trading competitions can make the value of coins go up, is that really the goal of $Lana to conduct trading competition events on Token.net? Or what is the importance of trading competition for $Lana Coins?
1) Social tipping, micropayment, timestamps for event. Use cases are emerging on daily basics. The founder recentlly purchased 4 salami with Lanacoin for example, this year we had a few Poker tournaments monetized by Lana, another father of another Lana tips his daughter for here swimming achivement. Anything goes as long as its legal and someone finds it usefull.
2) We think mass adoption of digital currencies will come with the arrival of CBDSs and state backed digital currencies. Cryptocurrencies right now have a little stain spot that they are only usefull for profits. Before the ICO mania and bubble many people where working hard on cryptos as form of payments, all this efforts where shadowed by the speculative invesment bubble. Thankfully there a quite a few companies that are driving the payments revolution forward and we already are working with one of those companies.
3) For the time being transaction capacity of Lanacoin is more than enought to handle current and near future needs. If the need to increase capacity comes its will be addressed. Lanacoin buyers are not really investors, if you want to invest in Lanacoin they fund development of a solution to be built on top of Lana blockchain ledger. You can for example back CryptoWater project once its release since its related to Lanacoin past and future timestamps.
@Alisonm1: Which specific about technology and strategy of LANA that make you believe it will be successful and what does LANA plan do to attract more users in the upcoming time?
There is no strategy, Lana is Lana, its here for everyone that chooses to participate by any means they see fit fot themselves or their business. We will have regular Lana giveaways and passive promotional activities to spread the world about blockchain technology and Lanacoin.