Lucy Wang, co-founder and CMO of Lambda, says “We look forward to delivering on an exponential impact to the decentralized storage market in cooperation with BitMax.io as our listing partner.”
Providing storage is crucial in today’s cryptocurrency industry and for the future of the Internet of Things (IoT) connectivity. Selecting a data storage provider for safekeeping of valuable information gives rise to the following questions:
How do I know the data storage provider has stored all my data according to my requirements?
How can I ensure that no-one other than me can move the data or steal it?
If data is tampered with, am I able to retrieve the original information?
Lambda Provides Decentralized Storage Solutions
The above questions are at the heart of blockchain storage problems. Lambda’s core team consists of entrepreneurs in infrastructure software, digital marketing professionals and open source community contributors that shows a commitment to solve these problems.
Lambda leverages two approaches to eliminating the roadblocks – Data Possession (PDP) and Proof of Retrievability (POR). These two approaches are regarded by academics as crucial for data storage infrastructure.
When data is checked in, a unique code series to the data is simultaneously created and stored in the blockchain. Verifier nodes are distributed throughout Lambda’s main network. When someone stores important data and purchases the verification service at the same time, the Lambda system randomly selects a set of verification nodes. The more verification services purchased, the higher the proof of integrity.
Lambda is different from most blockchain applications in its datastore infrastructure. It has a plurality of chains for transactions, sharing, access control, and encryption. The ecosystem consists of DAPP developers, storage node participants, project parties, and chain node participants such as storage and retrieval miners. Lambda provides decentralized applications an unlimited and scalable data storage capabilities on the blockchain.
Secure, trusted data storage is vital today where a current lack of transactional transparency and guaranteed data ownership and control right exists. Lambda wants to promote data sharing and for all to experience the common benefits of secure, trusted data storage.
The ability to distribute, verify, store, analyze and use public data securely makes a platform different from others in various fields – medical, weather, public safety data, hydrology, transportation, scientific research, education, and agriculture.
Access control and protection of personal privacy data has become a controversial issue and saw the implementation of GDPR and other bills last year. Lambda uses data encryption service to provide privacy-protected data storage.
BitMax.io, A Strategic Partner
The choice of BitMax.io as a strategic partner is no surprise as this digital asset trading platform has quickly moved up the ranks since its initial launch due to its continuing trading innovations and focus on clients. Many top venture capital institutions in the industry makes strategic investments in its early stage financing round, including Matrix Partners China and FBG Capital. Its team has expertise in many areas, including traditional finance, capital markets, technology, and token economics.
BitMax.io offers a broad range of services and products to its global institutional and retail clients. It is the first exchange in the industry to apply trans-fee and reverse-mining. It offers a 24/7 global trading operation and real-time trade settlement. In October 2018 its trading fee was lowered to 0.04, making it the lowest transaction fee in the industry.
The collaboration with Lambda will strengthen the credibility of BitMax.io. Lambda’s debut with a primary listing on a global trading platform like BitMax.io will highlight its role in future of secure, trusted storage. Lambda made its open-source Proof-of-Space-Time (PoST) protocol available to developers in November 2018 and is expected to launch its main network in the second quarter of 2019. It will be interesting to observe the exponential impact of this collaboration in the years to come.