Idena AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Idena.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Idena is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Idena :👉
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Q1. Can you please introduce yourself and also tell us a bit about Idena ?
Rioda:
I’m a member of Idena community for a year now. During that time, I had provided support for Idena members and also developed some tools to support Idena members and Idena ecosystem. So I’m a community support and community developer.
Who are Idena developers and founders? They are an anonymous group of like-minded engineers and computer scientists who stand for the human right to share information and exchange value freely and privately. They believe that there is a way to redesign the way software systems in general and blockchains in particular work to achieve greater decentralization and scalability.
Now about Idena. Idena is the first proof-of-person blockchain where every individual has equal voting power. It is one of the most decentralized blockchains in history. Currently Idena has more than 4500 mining nodes.
Idena protocol solves the blockchain oracle problem: Its independent mining nodes can act as oracles across various blockchains. Idena accounts are compatible with Ethereum.
To formalize a unique human, Idena does not require the disclosure of any personal data (no KYC). It proves the humanness and uniqueness of its participants by running an AI-hard Turing test at the same time for everyone around the globe.
What does this test include? You must solve something we call flips. Let me show you one example of a flip.
Would you be able to solve this flip (story made of four images)? Which story makes more sense to you, the one on the left or one on the right?
This kind of logic test is hard for AI and easy for a human to solve.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Wow, very Impressive👍👍
Next question…
Q2. What is so exciting about Idena that we should know about ?
Rioda:
There is a call for a solution to the growing inequality of power in blockchain and Internet applications.
The Idena blockchain driven by proof-of-person consensus: Every node is linked to one person with equal voting power is Idena teams answer.
Also in layman’s terms, maybe you, or people that you know, heard already about cryptocurrency and blockchain, but were unable to become a part of it, because of the need for investing in them, so you can be involved in some way.
Idena is different in that aspect. For you to start with Idena, you most likely already have what it takes to become a part of Idena network. You just need any regular PC or laptop with 4GB of ram and a internet connection, for you to participate in validation sessions and solve flips.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Amazing👌
Next question….
Q3. Which are the most important achievements in 2020 for Idena ??
Rioda:
In short I would say, network growth and active development.
If we speak about growth, from 175 nodes, the network grew to above 4500 nodes. The more nodes Idena network has, decentralisation and security of network rises. And those are two main properties which every true blockchain project should aspire to have.
During 2020, Idena development team was working hard on developing new versions of Idena node and client, updating protocol so that validation and network are working more stable and secure. You can check out the development activity yourself on Idena github page. https://github.com/idena-network
- Listing of exchanges came, first on qtrade.io, then hotbit.io, probit.com and ViteX.
- Sign-In with Idena is introduced as a option which any platform can use to allow Idena validated members to authenticate and prevent bots and Sybil accounts.
- Shared node and Web app for web validation is developed which allows users with weak hardware or internet to participate in validation without much trouble.
- Development for Idena Oracles, testing and soon to be released live on the network.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Amazing:) It shows a lot of transparency
Last question…
Q4. Finally, any sneak peek into 2021 plans for Idena ??
Rioda:
Idena has an ambitious roadmap:
- Oracles (currently in final phase): For most use cases, smart contracts and DAOs need to be fed with factual information from the outside world. This requires oracles to supply offchain data to the blockchain. In Idena, there will be mechanisms that enable every validated Idena user to have an equal chance of being selected as an oracle. Randomly chosen participants will receive information requests published by smart contracts. The selected oracles will provide the data and stake coins to guarantee its accuracy. When the consensus on the information is reached, oracles will be rewarded or penalized depending on the quality of the information they provided.
- Idena Web App: Further development which will allow mobile users to participate in Idena network.
- Sharding: Sharding is fragmenting the network into interconnected parts, or shards, processing transactions in sub-chains independently increasing the total throughput. A proof-of-person blockchain enables sharding to address the scalability problem: The more people join the mining, the higher throughput it can provide with the same level of security.
And just to mention few more, planed for development in the future:
- DAOs: Decentralized autonomous organizations (DAOs)
- Serverless messenger: Delivery network for end-to-end encrypted messages
- Courts: Courts with a randomly selected jury are designed to resolve disputes.
- Decentralized publishing platform: Idena network can be used as a decentralized storage to build censorship-resistant publishing platforms.
- Staked-collateralized DNA loans
- iDNA mixers: Any validated Idena user can act as a DNA mixer in the network using the loan mechanism, with their stake serving as collateral.
- DEX, stablecoin and digital assets
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Idena is heavily packed for 2021🔥
Rioda:
I invite you to read more about Idena on www.idena.io website, come join our telegram https://t.me/IdenaNetworkPublic, ask for invitation from members and participate in next validaiton session that will be held on 03.01.2021.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Thank you Rioda , super insightful and very easy to understand.
🐧Community ask Questions by Twitter ✔️
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter Question 1: @Samsor89
What’s at the core of the idea of Idena?@hasanbd89
Rioda:
Idena team believe in the 3.5% rule: the 3.5% of active citizens that can change the status quo. If the Idena network grows to a certain critical mass then we could see a qualitative transition of the network to a new level and the birth of something new which we have not seen before on our planet. Team believes it could be the birth of new social structures governed by direct democracies towards a fairer world.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter Question 2: @QuyenCao11
What is Idena? What are your ideas and motivations for creating Idena project?
Rioda:
Idena developers team is in crypto since the end of 2015. They were actively involved in tackling the Bitcoin blockchain scalability issue with 2nd layer solutions like micropayment channels lightning network. However, as they faced the limitations of these approaches because of the Layer 1 constraints they decided to go deeper.
Developers believe that decentralization is the most critical part in the blockchain scalability challenge. Only an exaggerated decentralization on layer 1 can enable sharding with the true horizontal scalability.
Developers realized that personhood is the only alternative to money that is used as the basis for both PoS and PoW consensus mechanisms, so they started considering the formalization of crypto identity.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter Question 3: @Nafisiqbal55
Recently Idena launched the Web app. So, for validation on the app do we need fast internet? And where can I get the API KEY?
Rioda:
The idea behind developing Web app is to enable more people to join Idena easily. You do not need fast internet for it. And for you to get api key to connect to someone’s shared node, please join group https://t.me/IdenaSharedNodes on telegram and ask for Api key there.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter Question 4: @nishat_sikder
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates??
Rioda:
Best way to stay updated with Idena project is to follow Official announcments channel
https://t.me/IdenaAnnouncements
You can also take a look at local communities that are listed here
https://idena-apps.org/communities.html
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter Question 5: @sonywed
PoW is known as the most secure mechanism known. Can PoP compete directly with this technology?
Rioda:
Compared to blockchains based on Proof-Of-Work, Idena tends to be more decentralized and the electrical power needed to run and secure Idena network is much lower than any Proof-Of-Work based consensus algorithm. PoW is a plutocratic system where big miners collude to increase their revenue in pools. It’s not profitable to mine bitcoins outside of a pool for small miners. Bitcoin was invented to decentralize production and distribution of money. However selfish mining made bitcoin mining centralized. PoW is not that secure as it looks like. Several mining pools control more than 50% of Bitcoin hash rate.
Compared to blockchains based on Proof-Of-Stake, similar to POW, initial wealth gets in a few hands of rich people, ends up with monopolized mining where pools again control 51% of the hash rate. PoP is a much more decentralized system where every participant has equal mining rewards and equal rights of producing blocks. Currently you need to coordinate around 4k people to make a 51% attack to Idena mining. The more people join the PoP mining the more secure it becomes.
✍️ Telegram live Questions answered by Idena ✔
︵❣️Kim AI︵❣️:
How important is the community to you? and how can we collaborate or help you for the development of the project?
Rioda:
Since Idena is all about us, humans. With active community everyone can help out and make project better in some way. This is the power of the opensource projects.
Take a look here about how everyone member of Idena can contribute in some way
https://idena.io/?view=contribute
Jimhax:
What do you think about the possibility that there are incentives to hire people who dedicate themselves to doing the tasks for a user to be able to enjoy multiple nodes?
Rioda:
Reward is always incentive by itself. I beleive that people realize that participating in Idena for themselves will get them greater reward in the long run.
NISHAT SIKDER:
How you convince people when there are many scam projects. And even if you convince someone then how it is beneficial for the traditional companies and for the investors.
Rioda:
That is good question. There are many projects. People need to do a bit of research in order to realize the potential of real beneficial projects.
Open source ideology makes Idena project open for review and research. Unlike most of projects, for you to join Idena you do not to invest in expensive hardware, or to invest your money.
francia:
♻️Your project has a really cool feature “eco aware network and mining process”
How is the mining process eco aware? How do you manage to not waste a crazy amount of energy?
Rioda:
That is one more BIG thing that makes Idena network and protocol great in my opinion.
I guess we all have seen those articles that compare the compute power and needed electricity to secure Bitcoin network. That power consumption is compared to power that one whole country spends.
For you to understand more easily how much power does one node for Idena spends, it can be compared with seeding one torrent on your PC.
Rosana:
🍀About the current network state. What is the theoretical limit of nodes Idena can support during validation sessions without Sharding? What does it depend on ?
Rioda:
Current limit is about 8–10k identities without sharding. It is limited by block size which is 300kb. Additional number of network expansion will need sharding which is planned for next year.