Recap of the ThreeFold AMA with Blockchain Space

On Thursday, August 12th, we had the pleasure to welcome to our Telegram chat:

Nickolay Babenko, Part of the founding team at ThreeFold Foundation and is currently member of the marketing team,

Sam Taggart, A community builder, working mainly on communication and community at ThreeFold, and

Benjelloun Oussama, Blockchain Ecosystem development Lead at ThreeFold.

We asked them questions about the development of ThreeFold.

INTRODUCTION

Q~ Thanks for joining us today Sam, Nickolay and Benjelloun. Please start off by introducing yourself to the Blockchain Space community and your role in the team.

A~

Benjelloun : Hey everybody! happy to be here. For sure! my name is Benjelloun Oussama, born and raised in Morocco, and made in the world, working on the Blockchain and crypto ecosystem and at Threefold.

Sam : I’m Sam. I’m working mainly on communication and community. So, I work on blog articles, social media posts, website updates, and I am involved in our chats and other community efforts.

Nickolay : Thank you for inviting us, I’ve joined blockchain space in 2013 working on some startups with my friends — wallets, exchanges, and in 2017 I’ve met Kristof — original founder of ThreeFold and since then I’m part of the team. I feel that this is the best team and project I’ve ever worked in :)

I’m mostly taking care of tokenomics, and currently member of our marketing team :)

Q~ Tell us what ThreeFold is, how it works, and what kind of value does it add to the ever expanding DeFi ecosystem ?

A~

Nickolay : ThreeFold created a universal substrate for any blockchain projects, our core product is super low level, and any project out there - DeFi, NFT, any other BUZZWORD 😁😁 can run on top of ThreeFold and in this way become

more decentralised

more efficient and fast more secure

provide real data ownership to their users.

So you can build really decentralised autonomous apps on top of ThreeFold, using compute and storage facilities of ThreeFold Grid.

Sam : What makes us different from others out there is that we offer compute and storage whereas many are only offering one or the other.

We’re rebuilding the Internet from the ground up. It’s quite robust what we’re doing. For anyone looking to geek out a bit, you can dig into the technology here:

Q~ Can you share with us detailed information on the $TFT tokenomics and it’s usecases ?

A~

Benjelloun : Absolutely, TFT is the medium of exchange in the P2P internet we have built, and has multiple usecases, in a nutshell, it is being used to purchase storage and compute capacity on the ThreeFold grid, and is at the same time the reward unit for Farmers ( ThreeFold miners).

More info on the link above.

Nickolay : ThreeFold Token is a payment token for the ThreeFold Grid.

It starts with farmers - anyone can plug in his hardware (starting from small PC up to a bigger datacenter) to ThreeFold Grid and start earning TFT.

Developers and people who want to use storage and compute capacity connected to the grid have to pay with TFT for this.

In this way there is a circular economy inside with real demand for TFT, along with the growth of the grid and its usage.

Given that there is max of 4B TFT that could ever be farmed, with the growth of the grid value of each TFT will grow proportionately.

Here are more details about our tokenomics - there are much more interesting stuff like vesting, staking, burning (to be introduced soon), etc.

Q~ Can you give us an update on what the team at ThreeFold has accomplished till date and your future plans for ThreeFold ?

A~

Nickolay : Today we already have more than 83PB of storage and 20k compute cores connected to ThreeFold Grid from all over the world and our grid is growing.

In terms of functionality, we’ve already delivered two core products

  • 3BOT SDK - Toolset for developers to build dapps and deploy virtual machines, nodes on top of the grid that provides huge flexibility and ability to manage everything on a low level.
  • eVDC - Virtual data center where anyone can reserve capacity and easily deploy new payloads or just migrate their apps from centralised cloud providers like AWS, Google Cloud, etc.

Benjelloun : Great question, we have accomplished a lot this year, if you look at our ecosystem, we have built one of the largest ecosystems of Blockchain protocols, to name a few: Digibyte, CasperLabs, Polygon, NEO, Dash, Harmony, Skale Labs, Presearch, and many more - and the reason why we’ve been successful in this, is because all of the Blockchain protocols need decentralized cloud computing for their own infrastructure, and for their developer communities. We are a universal substrate of cloud computing that any dApp and protocol can use.

More info around the partners

Sam : And we’re actually gearing up for our ThreeFold Grid 3.0 (mainnet) launch later this year which means the Grid will be ready for production.

We’re collaborating with partners to make sure that we get them live as quickly as possible after this, and obviously it means that the tools we’ve been developing internally will be live for anybody to use as well & again, you can see the amount of tech that has been developed in the background here:

We started from scratch on the operating system level and worked our way up. What we offer is much more robust than others in the space.

QUESTIONS FROM BITCOINTALK

Q~ Please can you tell us how one can become a storage provider in three fold grid.

What are the requirements to become a farmer on the network?

A~

Nickolay : There are preconfirgured nodes that you can buy or there is also DIY option possible with any AMD or Intel-compatible hardware

Here are more details;

Sam : The beauty of ThreeFold is that anybody with a network connection and electricity can become a Farmer (miner) and add capacity to the ThreeFold Grid. No technical knowledge required. We’re doing similar to what solar panels did for the energy industry, if you think about it.

Q~ I came across a post where it was mentioned that we are worth between $1,000 and $20,000 USD per year online. How can I own that value instead of giving it away for free?

A~

Sam : On today’s Internet, your data is not truly yours. What you put online is typically stored in a data center somewhere, owned by a large corporation.

With the ThreeFold model, you own your data and no one else. You decide who gets access and what happens with it.

And because of a dispersed storage algorithm, it becomes incredibly difficult (nearly impossible) for anybody to access your data without your consent.

So by removing the need for data centers and bringing forward a peer-to-peer internet, we’re making it possible for you to become the owner of what’s rightfully yours.

Today as internet users, we’ve been turned into a product. Others profit over our data, and this simply makes no sense. Digital sovereignty is a big reason we do what we do - putting people back in control of their digital lives.

Nickolay : ThreeFold architecture allows to build new type of apps that provide full ownership of data to the end users.

In this case there are options available where you can

  1. Either sell your data yourself and get paid directly (instead of big corporations)
  2. Keep your data private and enjoy less spending on unnecessary things that otherwise would be manipulatively marketed and sold to you using your private data.

Other options, ThreeFold allows you to decide what to do with your data

More info here:

QUESTIONS FROM TWITTER

Q~ As you give people unbreakable storage for their data, while they keep full ownership and access rights. So,how safe and secure this unbreakable storage for user’s data? How much is the capacity of this breakable storage? How can anyone acquire this unbreakable storage?

A~

Nickolay : I’ll start from end - you can reserve this storage with TFT. and actually from v3.0 there will be a discount for those who stake TFT before reserving capacity.

Right now there are 80PB of storage available and it is growing.

Regarding security - we are using space algorithms that split data into multiple encrypted pieces and distribute over many nodes. Even if you hack half of them you would still not be able to recover data

This is pretty interesting for tech-savvy people to read about:

Sam : Our quantum safe storage is unlike any storage solution that exists on today’s market, bringing quantum-safe archiving, back-up, and long-term cold storage with self-healing capabilities.

It is a mechanism to mount any file system, in any format, on the ThreeFold Grid in a quantum-secure way. It’s compatible with 95% of all industry storage solutions such as S3, CIFS, NFS, as well as distributed file sharing protocols such as IPFS and Hypercore. This will permit enterprises to benefit from a decentralized and secure storage solution, compatible with what they are already using today. QSFS enables append-only storage management with the highest security levels for any object format currently present in the IT industry.

Even the most powerful computers won’t be able to hack into this solution, as no single node would contain the full object files. An object file is anything that can be stored, such as a document, recording, or picture. A dispersed storage algorithm breaks the object files into equations and stores them on different nodes - meaning the data itself is not even being stored. Only users can reconstruct the equations stored within that infrastructure via their private keys. The algorithm enables 20x less overhead than classic solutions and clear security benefits.

This blog is all about ThreeFold storage and is written in a super approachable way, if anyone is interested:

Benjelloun : Great question, our decentralized storage solution, which is being called the Quantum safe storage, is a highly secure and ultra efficient storage solution for any application and dApp, and for any kind of system architecture. the magic on the QSS, ( Quantum safe storage) is how the data is being dispersed and sharded across multiple 3NODES on the ThreeFold grid with a dedicated algorithm. No one can access the 3nodes that power the grid.

More info on the link above.

Q~ Which do you think is more important:

1️⃣ Community.

2️⃣ Investors.

3️⃣ Token Price.

If, All of the above is important to you, which should come first?

A~

Nickolay : I would say 1st - is the first, second will follow if we have a strong community and 3rd will follow if first and second are in place 😁

We are a value-minded organisation and we believe in real and organic growth. We do not believe in selling hot air. Therefore we are building first and then only doing marketing

Sam : That’s true! 😂 Yes for all it comes back to community. We think of ourselves as a decentralized movement, one big community. And as Nickolay said, the rest will follow if we have the first.

Benjelloun : Community is the number one priority for us, as our community comprises of a very talented developer community that is building on top of our decentralized cloud, the farmer community that is providing this decentralized cloud capacity ( and mining TFT in return), and of course the token holder community, that is believing in our mission and vision.

Q~ What are the project’s main features, and how was it created? What is the source of its core competitiveness? What distinguishing features does it have that allow it to stand out in the market?

A~

Nickolay : Comparing to other cloud and storage projects in blockchain space - we are working on a very low level, we have our own OS, filesystem, networking, etc. In this way we act as a platform for other blockchain networks, even storage and compute that can be rolled out on top of ThreeFold Grid.

We’ve managed to deploy autonomous infrastructure out there in the world which is the only possible option to deploy truly decentralised networks on top of it.

Here you can see more details on how we compare to other decentralised and centralised solutions:

So we are neither centralised nor traditional blockchain project - we go beyond blockchain, to the Internet4.0.

Sam : Here’s all the primitives of the ThreeFold Grid:

Many other projects out there can achieve some of these, but we offer all.

A project we’re often compared to is Dfinity. Would recommend taking a read of this article here:

And here’s a comparison done by our community on TF vs Holo & Akash:

Benjelloun : In terms of competitive advantage, on one hand, no other project has built a decentralized cloud as big and distributed as the ThreeFold grid, on a second hand, one of our strength resides on the complete product suite we have that comprises of the VDC, that has many unique features ( like deploying kubernetes cluster in a few clicks) , and the 3BOT, your virtual system admin, which represents your gate to the sea of decentralized cloud capacity, that can enable you to build + deploy anything you would pretty much think of.

Alot of exciting stuff.

QUESTIONS FROM TELEGRAM

Q~ How do I know that I’m getting $TFT that is genuine & authentic, and not couterfeit, or if it has been tampered with during transit?

A~ All TFTs in circulation are of course real TFTs , and every TFT is backed by actual cloud capacity - as every TFT that is being minted is backed by cloud capacity , you can get your TFTs in here;

🥞 TFT on PancakeSwap

🛒 Other Ways to Buy TFT

Q~ I couldn’t find your Whitepaper. Do you have any whitepaper?

A~ Right now we’ve transformed whitepaper into the wiki format, so please take a look at our https://wiki.threefold.io/ for all details that are usually put into whitepaper.

Q~ Partnerships and Community Support are the most important thing for a project to grow. So can you tell us some of your strategies that how do you plan to keep community and partners happy?

A~ We are very well positioned to partner with every dApp and every Blockchain protocol, as our decentralized cloud computing is a universal substrate for all kind of applications.

More info around partners here:

Q~ How strong is your team? Many projects starts with good impression and later abandoned the project. What makes your project different from others?

A~ Our team is one of the biggest differentiators of the project actually. Our lead co-founder Kristof de Spiegeleer has been working in the cloud and internet space for two decades (and has had a few successful exits).

With that kind of history, he (and other co-founders on our team with similar backgrounds) understood the complexities and the problems with the current system and therefore knew where to focus with ThreeFold.

What I will say in addition to our experience is the level of passion - WHY we do what we do. This project is not about gains or moons it’s about helping people and the planet and we will not just go away.

Q~ Why we choose $TFT and why hold it for long term?

A~ Great question, we have built the largest P2P internet currently in existence, that empowers individuals and developers with a more inclusive internet and developer tools, that benefit all kind of people, and the world. If you think our mission is bold and you want to be part of it, make sure to join our community.

Q~ When you build your project, do you take into account community feedbacks and demands?

A~ Yes, sure we have an active community that participate in our project. And many of our team members initially were just community members that liked our project.

Please join our telegram and take a look at our forum:

Also, all our code in the wikis:

CONCLUSION

Here are the links on how you can join our community and buy TFT if you believe in its potential:

🌎 Website

🗞 Telegram News

💬 Telegram Chat

📹 Intro Video

🥞 TFT on PancakeSwap

🛒 Other Ways to Buy TFT

It’s really nice having the ThreeFold project in here!!!

You can check out their Website for more details. You can also follow them on Telegram and Twitter to keep up to date with all things relating to ThreeFold.

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Blockchain space gives room for discourse which regards crypto-related topics, projects and cryptocurrencies. https://linktr.ee/blockchain_space

Blockchain space gives room for discourse which regards crypto-related topics, projects and cryptocurrencies. https://linktr.ee/blockchain_space