What is Lambda?
Lambda is a safe, reliable and scalable decentralized storage network, which achieves the decentralized storage of data, the integrity and security verification of data, and the operation of market-oriented storage transactions based on the Lambda Chain consensus network, so as to provide infinitely scalable data storage capacity for the next-generation Internet of Value.
PoST
Storage security is the core of decentralized data storage. Lambda uses the Proof of Space Time (PoST) algorithm to ensure data storage security, and Lambda Chain applies the Verifiable Random Function (VRF) + the Byzantine Fault Tolerance consensus algorithms to ensure the operational efficiency and reliability of the consensus network.
Ico
The Lambda project, based out of Singapore, managed to raise over $15 000 000 during the duration of the crowdsale ICO.
Unlike most blockchain applications, Lambda is a datastore infrastructure for blockchains, which is provided with a plurality of its own chains for charging, transactions, encryption and access control. The native token LAMB of the Lambda project creates memory and storage resources that consume the nodes. On the Lambda platform, resources that can be traded are mainly the addressing capability of format data. The fast addressing capability is a combination of the storage capacity of the hard disk and the memory size. Since the stored data is stored in the encrypted way, which is required to be deciphered when accessed by applications, CPU resources are also required to be consumed. When measuring the contributions of storage providers, we make decipherment on the chunk for a thousand times and return the deciphered chunk as the unit pricing unit.
Lambda project is dedicated to providing a data storage infrastructure for blockchains and DAPPs and based on which it intends to offer storage and access capabilities of the decentralized cloud database. Moreover, based on scale-out and Sharding technology, it enables high-speed transactions; based on the trunk chain technology and cross-chain transaction verification, it enables cross-chain transactions, and data access and verification within the system; based on the Bridge Control Protocol (BCP), it enables the cross-chain communications with other chain systems. By providing a series of infrastructure capability services including block storage, file storage, object storage, KV storage, and table storage, which can be extended without limit, and fast network transmission - remote synchronization (rsync), Lambda makes it possible for DAPPs to perform data generation, computing, transmission, storage, and retrieving in an easy manner. Moreover, attribute encryption and agent encryption technologies applied in the project protect data privacy. Still, Lambda project is featured with flexible data structure, powerful programming interface, and efficient backup.
Lambda Coin (LAMB) is the core of the Lambda project and the main weapon of the Lambda project to subvert the development mode of the traditional commercial closed source software. Under the business model of traditional software companies, there are a lot of transaction costs and organization costs. Software companies have to employ a lot of labors to obtain users, provide services and solve problems for value transfer and delivery, which can be completed in the more opti mized way in the Lambda project.
An important technical component of Lambda’s storage ecosystem, the development kit provides universal storage access capacity, including upstream and downstream data interfaces compliant with the existing cloud storage interface specification, enabling users to seamlessly enter the Lambda system. The development kit also allows other storage solutions to be connected to Lambda, making Lambda a heterogeneous storage network that provides services for different storage requirements
Lambda supplies service providers and users with trading capacity. Users rent and pay for storage space, while storage service providers obtain the appropriate service revenue. Transactions are completed through non-high-frequency operations, after which users can obtain real-time storage service capacity, without the need for real-time matching between storage and retrieval resources. This enables real-time access to resources, making Lambda a public BlockChain with an accessible application.
The storage and consensus networks in the Lambda system are logically decoupled. The heterogeneous storage network can provide diversified, decentralized or other types of storage capacity, but it must follow the Lambda data integrity verification protocol. Storage capacity is mainly provided by the user group, which may be constituted by persons and organizations that have installed Lambda clients. From the renting of PC’s idle resources by human users to the complete extraction of the computing power and storage by the large data center, we can drive countless computing and storage resources from small to large. Currently, both human users and many IDC cloud computing centers have already been confirmed to join in Lambda suppliers, including tens of thousands of NAS devices of NAS platform operators like Phicomn and hundreds of thousands of PC devices of many Internet cafés and Internet café platforms.
Composed of thousands of nodes, the Lambda consensus network acts as a consensus protocol based on VRF and BFT. LAMB token transactions can be completed in the network. It also acts as a connection between storage resource providers and storage users, to provide them with functions such as matching, billing, rewards, penalties, and data verification, thus ensuring that the decentralized storage is safe, verifiable, and flexible.
The information about the project is not really transparent. The information about the team and their role is not publicly released. It is difficult to confirm details provided in the whitepaper and website. The news to show that Lambda team actively joins blockchain events is limited. There isn’t any Github or MVP to show the technological development of the project. It will be difficult to persuade investors to believe in the potential of the project. The community’s response to the project is not active eventhough there are a huge number of members and followers in Telegram group chat and Twitter.
Being based on the ERC-20 standard means that LAMB is supported by both the Ledger and the Trezor.
Ledger
As for using the Nano Ledger S, the first step towards setting up your device is unboxing it and checking if you have received all the accessories with the device. Once you have it unboxed, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device.
Before you start
Install the Ethereum app
Next steps
Setup guide video: here
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet.
Setup guide video: here
Exodus
First, we have Exodus, which supports a ton of other cryptocurrencies along with LAMB and is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet. Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins.
Atomic Wallet
Another option is Atomic Wallet.
Atomic Wallet is a desktop wallet built with security, anonymity and decentralization in mind. Atomic Wallet was designed to leverage the potential of atomic swaps and become part of a fully-fledged decentralized cryptocurrency ecosystem. The “physical” wallet itself is a PC application that can be downloaded onto your computer. Your private keys and other data will then be stored on your PC in an encrypted form. This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.
This application then interacts with the blockchains of supported coins. For example, if you check your transaction history in the program, it looks it up on the blockchain and then shows it to you, rather than storing this potentially sensitive information somewhere.
Since the LAMB token is still based on the ERC20 standard, we can use all available ERC20-compatible wallets
MyEtherWallet
For an online-based wallet, we recommend MyEtherWallet. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.
Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.
The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.
