Advanced FAQ

osyed edited this page Aug 18, 2018 · 3 revisions

What is Shardus?

Shardus is a project building the base software for a linearly scalable, truly decentralized, sharded ledger. This software can be used as a starting point for other public or private decentralized applications by adding a custom transaction layer. Decentralized application which are built using Shardus will be able to scale to accommodate more throughput as demand grows, by adding more nodes to the network. The first application to use Shardus is the Liberdus payment network and coin.

What is Liberdus?

The first application built using the Shardus software will be the Liberdus payment network and coin. Liberdus will have very fast transaction times, very low transaction fees, and sustainable rewards for validators. Liberdus holders can participate in the future direction of the network by voting on economic parameters like transaction fees, validator rewards and maintenance fund.

Is there a token for this project?

Yes, there is a token on the Ethereum network called Unblocked Ledger Token (ULT). In the near future this token will be renamed to Shardus Token (ST). The token is given in exchange for code development and bounty completion. The token is given at a rate of $0.10 per token. The token is not sold in a presale or an ICO.

How can I obtain tokens?

There are several ways. If you are a developer you should fill out the Join form and apply to join the development team to earn tokens that way. We also post bounties from time to time and you can earn tokens by completing them. You can also buy or sell the tokens from the Bancor.network decentralized converter.

Is the Shardus Project open source?

Once the project is completed, the source code will be made available under a Creative Commons BY-NC-SA license with a restriction on commercial use. After 10 years, it will be available under a Creative Commons BY license with no restrictions. Anyone interested in reviewing the code during development, may do so with a NDA which expires after the code is released.

Is there a license for using the Shardus software?

Public, non-commercial projects built using Shardus are asked to contribute at least 1% of the initial coins or tokens to the Shardus Token holders. This also helps the public project gain an initial community of users. For enterprise or commercial use, a license is obtained by submitting Shardus Tokens to the smart contract to obtain a license token. The submitted Shardus Tokens are burned to benefit all Shardus Token holders.

Is this project similar to EOS?

In some ways it is similar to EOS since we are both building platform software and are distributing a token that can later be transferred to the network developed by the project. However, our network is technically very different in many ways. One key difference is our goal of maximum decentralization with many nodes able to join the network and low resource requirements for the nodes.

Why is there no ICO?

Instead of selling our tokens for other tokens (like Bitcoin or Ethereum) and using that to pay the developers, we are directly giving our tokens as gratuity to developers for helping to create the Shardus software. We are also giving our tokens for completing bounties or providing other services to the project. The tokens will gain value based on the efforts of those who contributed to the project and the contributors will be the first to realize the gains of their efforts. This better aligns the incentives to ensure the project being successfully completed.

What is Proof-of-Quorum?

Proof-of-Quorum is a type of consensus algorithm which provides a provable receipt for every accepted transaction. It is more energy efficient than POW and does not require staking coins like POS.

What is sharding?

A network of nodes is divided into groups called shards and different transactions are processed by different shards. This allows multiple transactions to be processed in parallel up to the number of shards.

What is state sharding?

The state data stored by the network is distributed among the shards so that each node in the network does not need to store the complete state. State sharding is essential for global scalability of networks and mass adoption of cryptocurrencies.

Why does Shardus not use a blockchain?

Grouping transactions into blocks has many inherent disadvantages. Processing each transaction individually provides the highest possible throughput and lowest latency. The disadvantages of blockchains include:

  • Throughput limit. The transaction throughput rate becomes limited by the average time between blocks and the maximum allowed size of the block. Adding more computers to the network does not help to increase the throughput; rather it has the negative effect of increasing the network bandwidth consumed by each transaction.
  • Node Bias. A single node (the one which produces the block) gets to decide which transactions will be in the block. That node can be biased and choose not to include some transactions or even create blocks with no transactions other than its own.
  • Transaction order. The transactions in a block are not necessarily in the order in which they were received by the network. Also older transactions may still be pending while newer transactions are processed. Some applications such as exchanges or games, require transactions to be processed in the order they were received.

Where can I get answers to more questions?

You can email info@ulcproject.com or ask on our Reddit group.

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