Lambda coin is a native cryptocurrency of the Lambda chain network platform created and issued on Ethereum blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Lambda coin was mainly created to enable different developers who create their Dapps to be able to use the coin to pay for the unlimited data storage space being provided by the different Lambda validators via different storage miners. The storage miners pledge certain amount of Lambda per storage space so that the Dapps owners can be able to rent those space .When the Dapp owners request for a given data, the validators will retrieve the data from different storage miners thus in return they both receive reward based on their pledge. Lambda coin is also being used to pay for transaction cost taking place at the Lambda chain thus this transaction cost is being shared to different validators of the Lambda network.As a storage miner or a validator, the more your pledge the more Lambda coin you will receive.
Lambda token transaction
Lambda coin transaction takes place on the Ethereum blockchain explorer based on block height and timestamp. Here is a view of Lambda coin transaction;
To view how the transaction takes place at Ethereum blockchain explorer, simply follow the link below; https://etherscan.io/token/0x8971f9fd7196e5cee2c1032b50f656855af7dd26
Date Launched
Lambda coin project was launched in 2018 with the main objective of allowing different Dapps to be able to use unlimited storage space provided by validators thus in return the validators receive the Lambda coin as a reward for storing and retrieving the required data.
Founder Of Lambda coin
Lambda coin was created by Xiaoyang He who is a china based blockchain technologist with the main objective of becoming a native coin for its Lambdachan blockchain network thus allowing different Dapps to use it to pay for data storage space provided by different validators.
Process of creating Lambda coin
Unlike cryptocurrencies like bitcoin and Ethereum which are released through the mining process using power supply and internet using the proof-of-work consensus, for Lambda coin, that is not the case. Instead, Lambda coin was created to become a proof of space and time coin. During its launch, 6 billion coins were issued accordingly while the remaining 4 billion coins will be created through proof of spacing consensus at a rate of 300,000 coins per day which will be shared based on your pledge of Lambda per storage space. The more Lambda per storage space you pledge the more reward you will receive. The key participant in the Lambda reward creation process is the storage miner, validator and the user. The storage miner use their pledged Lambda to share their storage hard disk space to any of the verified validators. The validators will then use the shared storage space provided they have pledged their Lambda coin to store and retrieve the data of different Dapps when being requested from the user of those Dapps. In return, they will receive reward from the new coin minted as well as from the fees paid by those Dapps upon performing their task. The storage miners will also be eligible to receive the reward provided they are always online to share their storage space from the Lambda pledged. The more the storage space shared the more the reward received by each participant . Validators should always have a 24 hour running internet to avoid losing their reward. Here is how the reward process looks like;
If you want to start sharing your hard disk space or want to become a validator so that you can store and retrieve data of different Dapps from the storage miners, then you can join by following the link below;
https://validator.lambdastorage.com/#/
Maximum circulation of Lambda coin
The maximum amount of Lambda coin that is expected to be circulating in the Lambda chain blockchain network should be 10,000,000,000 coins after 20 year period time. During its ICO, 3 billion coins were set aside for sale while 2 billion coins were retained by the Lambda company. Another 1 billion coins were issued to the founding team members while the remaining 4 billion coins will be released through genesis block rewarding using the proof-of-space and time consensus. Here is how the distribution of Lambda coin looks like;
Lambda token Price
Currently, 1 Lambda coin is worth more than $0.06 and its price is expected to increase over the next period of time. Lambda coin is being abbreviated as LAMB.
Converting my Lambda token to other cryptocurrencies
To convert your Lambda coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Lambda coin to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your Lambda coin to your favorite cryptocurrencies;
https://international.bittrex.com/
Storing my Lambda coin
To store your Lambda coin, you need a Lambda coin wallet that is compatible to ERC20. You can either store online or offline. To store your Lambda coin online, you can either download their wallet or can store them on their website platform at https://validator.lambdastorage.com.You can as well use myetherwallet or metamask to store your Lambda token . To secure your Lambda coin from being stolen by hackers, you can use a ledger nano wallet
Transferring my Lambda token to other Users
If you want to transfer your Lambda token to another user, the two of you must have trust in each other. The trust should be the Lambda coin address provided for by the receiver while the sender must have the Lambda coin balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;
Knowing more About Lambda coin
If you feel that you need to learn more about Lambda coin, then you can follow them on their site. Here is the link redirecting you to Lambda coin platform website https://www.lambdastorage.com/en/#/ You can as well read their white paper to learn more about their idea from below https://www.lambdastorage.com/doc/Lambda-WhitePaper-en.pdf
You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;
Telegram: https://t.me/HelloLambda
twitter:https://twitter.com/Lambdaim
facebook:https://www.facebook.com/Lambdaim
linkedin:https://www.linkedin.com/company/lambdaim
medium:https://medium.com/@Lambdaim
Now that you know, I think that it is time for you to start earning some Lambda coin by simply renting your hard-disk space to validators who will use the space to store and retrieve data when needed thus in return you receive a reward based on your shared hard-disk space. The more hard-disk space you share the more Lambda coin you receive. If you feel that i should also own some Lambda coin for simply helping you know about it then here is my lambda coin address that is compatible to ERC20.
0x346570c491b76c7cd51699bdd272762111b743a9
