BlockTalks x Folderlabs AMA Transcript!

Hello! BlockTalkers & Blockchain Enthusiastic!

We recently hosted an AMA with Folderlabs, on June 18th at 2 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Nagu Thogiti, CTO of Folderlabs. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.

Introduction Questions Asked By Team BlockTalks!

Q1. Could you please introduce Folderlabs to our community in layman’s term?

Ans — Digital storage is something all individuals and companies deal with. You are storing your pictures, videos, important documents, etc. Or, if you are a company, you are developing applications, platform, or other IP and need to save all that data. Current options for the data storage are heavily centralized and it has a number of issues resulting from centralizing the trust on one or two players.

Decentralized storage solutions like Folderlabs and others are a good alternative when privacy, security, decentralizing the trust are important factors in your storage decision.

Specifically, the Folder is working on create an enterprise level decentralized storage infrastructure for data intensive applications on blockchain. It is primarily focussing on achieving enterprise level very low-latency and performance for blockchain storage issues.

Q2. What are the advantages of Folderlabs to other alternatives in the Blockchain field?

Ans — As I said, above, latency and performance are huge factors for bigger adoption of decentralized storage solutions. Our mission inspires us to build an enterprise scale decentralized storage solution for the companies and developers who are building data intensive applications on blockchain protocols and want to offer the decentralized data framework instead of a centralizing trust in Amazon or Google storage.

The current alternatives are good option for individual or one time usage. But there are selevral issues of data permanency, latency, and token-economics in the current blockchin storage projects. They aren't real options if your goal is to build blockchain economy or you have a data intensive application on the blockchain.

We are specifically targeting the enterprise level scalability, performance and very low latency for IPFS based decentralized storage. Our focus in data intensive applications on the blockchain, not a consumer or single developer use case.

FOL is layer 2 solution for decentralized storage. The initial launch will be for major blockchain storage providers like ipfs/filecoin, ethereum, etc. Currently IPFS is the main choice for many developers for the decentralized storage. But the current IPFS has several issues when you want to move large data or need enterprise scale performance. FOL solves these issues.

Q3. What are the major milestones Folderlabs achieved so far & what are in the future pipeline?

Ans — We are currently keeping track of the original milestones, and in the last phase of the wrapping up our technical specifications and design documents. Our engineers are expect to kick start the writing code and implementation of the design a bit earlier than Q3.

While we are at it, we also introduced a subproject with our NFT + DeFi platform with Folder Decentralized Storage. We will be launching this platform very soon.

Questions Asked on Twitter For Folderlabs Team!

Q1. I read that Folderlabs benefits users for faster retrieval and wider distribution of content. My question is, can anyone participate by contributing to the Folder protocol ecosystem by operating node, mining and offering storage services? How can I access these benefits?

Ans — We designed various levels of rewards/benefits for participating in the Folder network and providing support. Mining rewards for offering storage services, validator related rewards for participating in the Folder validator pools, staking rewards for staking into the network and participating in the governance of the network and providing liquidity into the DeFi based services in the decentralized storage marketplaces, staking pool rewards in the Folder NFT platform. For a detailed timelines and when these reward programs go live and how you can engage with them, please watch out our website and telegram community.

Q2. What is the relationship with Filecoin and Foldercoin? Namely, Folder Protocol (FOL) is designed to function as a second layer for the decentralized mainnet like Filecoin. But how useful is this addition? What does it pay or benefit?

Ans — They both are emerging solutions in the decentralized storage industry. More specifically, Filecoin is a layer 1 protocol and an incentive system on top of IPFS ecosystem. Its way to monetize your storage infrastructure and provide p2p decentralized storage, primarily focusing a cheaper storage on top of IPFS framework.

Folder is another emerging blockchain protocol in the decentralized storage ecosystem, but primarily focusing on building enterprise scale performance for data intensive applications and services on blockchain. Our primary focus is on businesses and developers who are building for different blockchains protocols, but need faster, efficient, performant and highly scalable data storage to meet their DeFi, NFT and other blockchain specific solutions.

I think I answered the benefit parts in the above questions.

Q3. The team has previous experiences in AI projects from Google, Adobe, Amazon, Facebook and IBM. However, these platforms have gone through numerous controversies due to the use of their users' data with third parties. How can FOL offer security against this?

Ans — Platforms like Google, Adobe, Amazon and Facebook are centralized systems of trust. They offer free services in their platforms in exchange for your data and attention. You, the user, is the product. This is what drives their attention economy driven business models. But the ultimate cost is that you centralize the trust in one single entity and lose control of your personal data.

Decentralized Storage solutions like Folder network, is an open network that decentralizes the trust and keeps you, the owner of the data at the center. You retain the full ownership of your data and the network, and the platform provides different ways to create revenue streams for your data using cryptographically secure data marketplaces without scarifying privacy or security of your personal data. When you join the Folder network, you will be using a set of Cryptographic security keys (public and private) to interact with the network. Your data is hashed (signed) with your security keys and only you can decrypt them using your private keys. On top of that, the blockchain ledger will provide additional guarantees of open governance, transparency, immutability and trustless ecosystem.

Q4. What are the use cases of the FOL token? How can a token appear in an IPFS incentive protocol and what are the benefits that $ FOL can provide for investors beyond a decentralized data storage protocol?

Ans — Folder is the native token in the Folder Network, a decentralized Storage network. The token is used for the providing storage services, storage retrieval services, and other network related activities such as validating, staking, mining, DeFI activities, etc.

Besides storage services, Folder Network provides application layer where people can build data intensive applications on top of the decentralized storage. Imagine a scientific data commons, where faster and efficient sharing of the necessary scientific data for research purposes. The token is used in the data marketplaces and the underlying DeFi ecosystem.

FOL token is also used in our NFT + DeFi platform we are building where you can seamlessly create, mint and trade your favorite NFTs without any hassle, it is like a no-code platform for creating and trading NFTs along with some DeFi algorithms.

We are also designing other benefits such as better referral commissions, discounted transaction fees for different levels of staking in the network and in the Folder NFT platform.

Q5. If I want to store NFTs or any other files on the Folder platform, do I get any advantage or preference for owning and maintaining the FOL Token? What rewards do I get for just owning the token?

Ans — Wow. The community is full of real smart people. What a great question.

You can join the Folder’s Staking rewards program or the liquidity provider program to generate additional benefits and attractive annualized returns.

On the Folder’s NFT + DeFi Platform, you can use Folder token to get a discount on the transaction fees (maker fees/taker fees) and additional rewards for staking your NFTs and becoming a liquidity provider on the platform.

On the storage side, I answered various ways you can benefit and get rewards for holding and then staking Folder token in the network.

Questions Asked by our BlockTalks Community Members during live Session to Folderlabs Team!!

Q1. Folder Protocol (FOL) is constructed to function as a second-layer for decentralized such as Filecoin’s mainnet network. But is FOL able to safely store, send, and use larger batches of data with same level of efficiencies as Amazon/Google?

Ans — Thx for asking this question. This is our mission. But I know there are theoretical limits to beat the centralized players like Amazon/Google storage with a decentralized and trustless solution like Folder Network in speed alone.

But when other aspects of the data such as privacy, security, decentralization, etc. become more demanding and more valuable and important, then the net effect or solution is that we, Folder Network, decentralized storage solutions, will be more valuable to the users and businesses.

At Folder, we are primarily looking to solve the enterprise scale performance issues, low-latency issues of the decentralized storage, to at least meet the Amazon/Google performance.

Q2. Folderlabs uses IPFS and scalability by layer2 solutions that theoretically offer speed and efficiency to many fields including businesses and enterprisers, can you tell us the use cases of this technology for businesses? For what type of companies is it addressed?

Ans — If you are a company or a startup or a founder creating the next big unicorn, especially creating something that is a data intensive application, and you care about blockchain, privacy, security, and decentralization, then you are looking for a very low-latency and enterprise level scalable and performance infrastructure to build upon. Folder Network is the right choice for your decentralized storage.

Do you want to build a sub-milli second DeFi platform enabling next generation of trading on the blockchain assets? You may want to partner with Folder Network.

You are decentralized AI and Deep Learning company utilizing the federated data from millions of sources, you may want to talk to Folder Network.

You are a pharmaceutical company and wants to securely utilize ubiquity of the user data from billions of mobile phones to research and design personalize precision medicine, Folder Network may be the right partner.

You are a blockchain developer and want to kick start your music licensing platform based on user created music across billions of users, Folder Network is the right choice for you.

Q3. NFT is really trending topic now in the market. So, how do Your project plan to onboard the development of NFTs and how do Your project plan to combine it with DeFi?

Ans — Your forecast is right on money. We are developing a very unique and first in the market solution for decentralizing your storage needs for your NFT and underlying DeFi marketplaces. Currently, NFTs you create can get stuck within that platform or that blockchain. Especially, if your NFT has a lot of data and metadata, you are stuck in the origin platform. You, the owner, can’t take it to another blockchain and create a new market or a trade.

The Folder NFT+DeFi platform will change that. We are building a NFT platform where you can create your NFT, mint, trade it in your favorite blockchain. You can use go to another blockchain and simply refer the Folder NFT storage for all the data and metadata.

We will be bringing many different aspect of DeFi into this NFT platform to enable next generation of NFT trading.

Q4. Is there an active referral or ambassador program for users that we can attract a new community?

Ans — Yes, please reach out to the community admins. They will direct you.

Q5. How many people are in your team and will you expand over time? Do your team members have experience with other projects?

Ans — We are close to 20 full time now. And, many part time and project specific hires. We are always looking for passionate individuals who can help us build the network, community, and from whom we can also learn a thing or two.

Q6. Does your project support staking program? How your staking system works? What is the requirement for user if they want to stake in your platform?

Ans — Yes. We designed a staking program. It has many dimensions to it. Please reach out in the telegram community to learn more.

Q7. As a new investor how can I buy the token? Is it already listed on any exchange?

Ans — You can purchase it from Bittrex, uniswap and flybit.

Q8. Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses on?

Ans — Digital storage is something all individuals and companies deal with. You are storing your pictures, videos, important documents, etc. Or, if you are a company, you are developing applications, platform, or other IP and need to save all that data. Current options for the data storage are heavily centralized and it has a number of issues resulting from centralizing the trust on one or two players.

Decentralized storage solutions like Folderlabs and others are a good alternative when privacy, security, decentralizing the trust are important factors in your storage decision.

We believe there is a room for all, crypto focused and non-crypto focused individuals and companies with visionary projects like Folderlabs.

The current decentralized storage solutions like IPFS, Filecoin suffer from issues related latency, and performance, centralization. Especially, one size fits all approach won’t work for companies who want to develop in the blockchain world, and they have a heavy data usage.

Folderlabs is bringing enterprise scale performance and low latency to the data intensive applications and platforms on blockchain through its decentralized storage solutions.

So, bottom line is that if you care for privacy, security and decentralization of your data, you landed at this problem. Folder Network, a decentralized storage solution for enterprise scale performance and very low latency, is a solution.

Q9. What do you think about NFT? Do you have any plan to implant NFT on your ecosystem?

Ans — We have some big news coming in next 1-2 weeks as we currently testing the Folder NFT+DeFi platform and making it easy for people to join the NFT and DeFi movement with seamless user experience, bringing in your own assets to tokenize through NFT, mint, create auctions, stake, etc. Please watch our telegram community and website for more details.

Q10. Does your project have plans to expand to other blockchain networks, besides ethereum in the future? BSC or Polkadot for example.

Ans — Yes, we are aiming for becoming a decentralized storage solution for any blockchain.

Q11. What wallet does your project support or do you have your own wallet?

Ans — Any web3 wallet is good.

Here are some important links of Folderlabs👇

🌎 Website: www.folderlabs.io
📱 Twitter: twitter.com/folderlabs
📢 Telegram: t.me/folderlabs
📚 Medium: medium.com/@folderlabs

BlockTalks is all about Blockchains & Crypto. We do discussions about new Blockchain projects, the innovations & such more.