Presentation and Q&A @ Melbourne Blockchain Centre
The Australian-based Loki team talk about the Loki Network and what it aims to achieve before a super solid question and answer session with the crowd. At the bottom of this post is a list of topics discussed with respective time stamps for your reference.
Video topics discussed and respective time stamps are included for your reference towards the bottom of this article.
Presented by Loki Tech Lead Kee Jefferys, and Project Lead Simon Harman at the Melbourne Blockchain Centre 85 City Rd, Southbank VIC 3006, Australia.
What is LOKI ?
ATTENTION : LOKI Service Nodes are going LIVE on 20th September, so we've just published an article on "How to get started setting up a LOKI Service Node"
Loki is About Freedom
We care about freedom. All Loki transactions and services are completely decentralised, private and untraceable. This enables Loki users to transact and communicate securely with peace of mind. In the spirit of freedom, Loki is also an open-source project
Loki is run by a network of users all around the globe. There is no single point of failure should someone try to censor or take down the system. This creates a reliable platform that remains available for use no matter what the situation is.
Loki is built from Monero, and adopts a number of Monero’s key privacy features including ring signatures, ring confidential transactions, and stealth addresses. Together these methods ensure your activity and personal information is kept away from prying eyes.
By default, Loki allows users to connect to one another while hiding any trail or trace of the connection. This provides users with the freedom and security to connect and communicate wherever they are, and whenever they want, without their data being captured.
Loki is an open-source project that anyone can contribute to. Using the combined knowledge of expert individuals from around the world who share a collective vision of freedom and security, Loki will be a powerful tool that will continue to evolve to meet the needs of the community.
Is Loki Proof of Work (PoW) or Proof of Service (PoS)?
Loki uses a hybrid of Proof of Work and Proof of Service, in a similar fashion to how DASH is secured by PoW but also has a reward for masternodes through a Proof of Service.
What is the token supply?
The total token supply is 150 million coins however, there is a tail emission of 0.5 per annum after the cap is hit. The current supply can be seen at https://explorer.loki-pool.com/
Why are Service Nodes required?
The Service Nodes form a second layer network that allows for anonymous networking using a novel garlic routing technology. SNApps are the front-end views enabled by this network, such as the Messenger and other applications such as a generalised mixnet. SNApps do not run on the blockchain, but rely on the consensus rules of the blockchain to enforce Service Node behaviours. This also means that SNApps do not impact blockchain scalabilty. Service Nodes don’t mine blocks but do propagate and validate blocks like regular full nodes.
Do SNApps run on Service Nodes only?
The unique property of the Service Node network is that because of the staking requirement, it becomes very expensive to collect enough Loki to do effective temporal analysis on the network. Therefore, users are afforded protection against this kind of analysis, but only if the network only allows routing to be done by the Service Nodes.
Is there a concept of ‘Masternodes’ in Loki?
Yes, they are called Service Nodes in Loki.
What is the Loki Messenger?
Loki Messenger will be a decentralised, end-to-end encrypted private messaging service. There are already applications that provide a platform for users to send messages without revealing their contents, however they rely on centralised servers that governments or third parties can target. By leveraging the power of public-private key cryptography and the Service Node architecture on the Loki network, Loki will create a service similar to Signal, a secure messaging application with the added benefit of decentralisation and network anonymity.
Are SNApps like DApps?
In the sense that their core function is ‘decentralised,’ yes. However, unlike most DApps, SNApps do not rely on on-chain execution or computation. All SNApps are computed client-side, and the networking is handled off-chain by the Service Node network.
What does Loki do differently from Monero (XMR)?
Aside from some minor changes in approach to the core currency, Loki implements a Service Node network that performs a variety of functions, including an anonymous networking layer, trustless quorum-based instant transactions through a system called “Blink,” and a range of functions that leverage the networking layer to do things like secure, private messaging.
Who would use Loki Network?
Loki provides both private transaction and private communication functionality, so the use case presents itself to users who want the highest level of privacy in their communication channels. As more SNApps are developed by 3rd party developers, Loki will present it self as a network to run privacy-centric applications on top of.
Is Loki an ERC20 token?
The Loki coin is not an Ethereum ERC20 token. Loki is it’s own coin running it’s own mainnet. To inspect the Loki blockchain, see this Loki blockchain explorer: https://lokiblocks.com
What is the collateral requirement to run Service Nodes?
This number has not been finalized. The collateral requirement will adjust downward over time.
Topics (& Time Stamps) Discussed in Above Video
Below are the topics talked about and the time in the video each is discussed… Enjoy!
Kee Jeffrey’s background information. 0:52
Why is Loki necessary? 1:17
How Loki is built? 3:55
Explanation of SNapps. 6:29
Loki team overview 9:26
How does the network handle a large amount of messages? 10:40
How are messages stored off chain? 12:00
If I know your public key, will I be able to access your messages? 13:58
What if I create a bot that creates an unlimited amount of public keys? 14:30
What algorithm are you using for POW? 15:10
Are there size limitations to messages you can send? 16:06
When is the mainnet available for people to start mining? 16:50
Is the messenger text only or can you can file attachments also? 17:20
Is there an option to pay additional to have messages stored over 24 hours? 17:40
Will users choose which nodes they send to or is it random? 18:15
If sending to random nodes, how would storing messages past 24 hours work? 18:30
Why is it called Loki and is it related to the advisors? 20:00
If someone is running a server node, how does the wallet achieve anonymity? 20:40
Block size? 21:52
What would the cost to send a message be in Austrailian dollars? 22:50
What would a rune cost to buy? 23:02
Can you explained hybrid Proof-of-Work/Proof-of-Service? 24:05
How would proof of space be implemented? 24:35
How many people can use a rune? 25:20
Is group chat possible? 25:58
How quick would message delivery be in the system? 27:40
How does the Governance system work? 28:18
Disclaimer: Cryptocurrencies & digital assets are highly volatile so one should only invest what they can afford to loose. Dapp.Tech does not offer financial, investment or trading advice. Always do your own independent research, never rely on a single source of information and seek the counsel of a qualified financial advisor before investing yours or anyone else's money.
LOKI Official Website: https://loki.network
Sources: Loki Network Website, Loki WhitePaper v2 & Melbourne Blockchain Centre Presentation Video : https://loki.network , https://loki.network/about/ , https://loki.network/wp-content/uploads/2018/03/LokiWhitepaperV2-1.pdf , https://loki.network/faq/ & https://www.youtube.com/watch?v=rZgok6wXMHE