gateLive AMA Recap-Statter Network

Q1: We know that there are many uations of Statter Network from the industry and the community. As the native token of the mainnet, STT has been associated with various labels, such as metaverse, DePIN, modular public chain, mining coin, and mining project. As a representative of the Chinese community and someone who deeply understands the project, from your perspective or from the project’s point of view, what kind of project is Statter Network and STT? What should we focus on when discussing STT?

Thank you for your question. Before answering this question, please allow me to emphasize that as a representative of the Chinese community of Statter Network, as well as a holder and evangelist of STT and an ordinary participant in the cryptocurrency industry, the opinions I express below are only representative of myself. As for how the STT project party positions the project, my views cannot replace the public’s voice. Users can view public information through new media channels such as the STT official website or social media. Different users will have different understandings and opinions.

As a user who has gone through several encryption cycles, we all know that the Web3 and encryption industries are highly changing and rapidly iterating industries. Not to mention the distant past, in the past three or four years, the industry has experienced the DeFi summer, Gamefi, meme seasons, and has also created various new narratives such as NFT, decentralized storage, cross-chain, Layer2, Bitcoin inions, Solana ecology, etc.

When we observe these hotspots, we find that these application ecos are not exclusive to a certain public chain or platform. Of course, the origin of some application gameplay may indeed start from a certain chain, or the application characteristics on a certain platform may be more prominent. For example, people are used to playing NFT on Ethereum or playing inions on the Bitcoin chain. But ultimately, these technologies and applications belong to the entire encrypted industry. It’s just that in different stages, the popular gameplay is different, and the concepts created by everyone are also different.

Returning to the question raised by the host today, which is how to define the Statter Network project, what is the nature of the STT governance token. Essentially, I believe that what Statter wants to do is to build a high-performance public chain, one that can provide comprehensive services for the metaverse eco, game development, or other applications such as inions, meme tokens, Swap deployment, and even layer 2 chain development.

Of course, you may say that the public chain is very convoluted now, and the ETH eco alone has many layer-2 chains, which is indeed the case. Therefore, Statter has made bold innovations in public chain technology, including modular design, drag-and-drop generation of public chain technology, puzzle-like construction of DApps, EVM compatibility, and a series of conventional + special innovations to build technological barriers and ecological moats. This is also the challenge and forward-looking response that Statter must face as a public chain.

In addition, you just mentioned that STT is DePIN and mining coins. These two tags are used on the STT public chain, which I think is very accurate. Because the main network of Statter mainly relies on tens of thousands of hardware miners and many mining pools for maintenance, STT tokens can only be generated through physical mining machines. Therefore, in terms of the main network’s working mode and the way STT tokens are produced, it belongs to the DePIN track. STT’s consensus mechanism, SPOW, is similar to Bitcoin’s POW mechanism, which is a type of mining coin.

Also, when discussing Statter’s public chain, it is important to emphasize one principle: it is a value-based public chain. Its value lies in the fact that there will be many ecos unfolding in the Layer 2 network in the future. Its eco applications are more abundant than ETH, and it can also be downward compatible, integrating with the Layer 0 network, especially in the metaverse city eco. It will achieve the integration of virtual and reality, and unify on-chain and off-chain, which is the greatest value of the Statter public chain.

Q2: Okay, very detailed introduction. We now have a clear understanding that Statter Network is a public chain that provides diversified services for developers, and STT can be classified as a DePIN coin. As you just said, the public chain field is very competitive and Statter, as a strong player in the public chain, what is its core competitiveness, or what are its core technical characteristics? Statter is a North American project. Especially in the United States and even globally, the Internet has encountered many innovation bottlenecks and limitations. Therefore, new technologies such as AI, AR, AI, and Metaverse have emerged. In 2002 and 2003, Facebook also vigorously promoted Metaverse technology and even changed its name. Google, Apple, and NVIDIA are also vigorously promoting AI. Therefore, from the beginning of the project, the development team of Statter aimed at the Metaverse track, which reflects the foresight of the technical team. Including on the statter.io official website, it directly states that Statter Network is a public chain platform that provides comprehensive services for the Metaverse eco.

So from the perspective of ecological applications, Statter is a project aimed at serving metaverse developers, users, and creators. Metaverse applications can be said to encompass everything, covering both the Web3 and traditional Internet industries, and are the most grounded application scenarios in the era of value interconnection.

At the same time, Statter is also a blockchain public chain. From the perspective of the public chain industry, it also has technical features, such as modular technology. By dividing the public chain into different layers and refining the functions within different layers, it improves the efficiency of the public chain through division of labor and collaboration. Many modular public chains are doing this now. Sharding technology and DAG high-speed asynchronous technology ensure that Statter has high efficiency and performance.

If you have to find a characteristic label to describe Statter, I think drag-and-drop technology is most appropriate.
The vision of the Statter development team is to build a public chain platform with hundreds of satellite chains, forming a huge eco around the Statter Network main chain. Based on this concept, developers have developed a cutting-edge technology, namely drag-and-drop creation of public chain technology, which is currently the world’s first.

Its components are mainly divided into three parts. The first part is to establish an open-source public chain component library, which includes various highly compatible basic modules required by the public chain. Developers can select and combine different functional modules as needed. The second part is that developers have formulated a set of drag-and-drop development standards for public chains. Developers only need to follow the standards to quickly combine modules and create public chains. The third part is technical assistance. The component library provides basic modules, but the birth of different public chains must be diversified, and technical improvements still need to be tailored.
The drag-and-drop generation technology of public chains can be roughly divided into the above parts. Regarding the promotion of this technology, from the information I previously learned from the official source, it has made key progress and is expected to be officially launched soon.

Q3: Drag-and-drop-generated public chain technology is indeed refreshing. Currently, it is unprecedented in the industry, and I am looking forward to the quick launch of this technology. Just now we talked about the development of DePIN. Although DePIN is not a completely new thing like Inion, it seems to have been given new vitality this year. For example, the DePIN project based on the Solana eco is particularly active. As the concept coin of DePIN, what are the differences or advantages of STT coin compared to other competitors?

Whether it’s fil or bzz from a few years ago, or the more popular ones this year Solana Regarding DePIN on Gate, I believe it is essentially a capital game with a taste of old wine in a new bottle. Of course, STT also has capital investment. Last year, HOLO invested tens of millions of dollars, but fundamentally, capital cannot obtain STT coins.

I think there are three differences in the STT domain of DePIN:

The first difference is the consensus mechanism. STT chain adopts SPoW mechanism, which is not only a pure POW computing competition, nor just a point-to-point sharing of CPU or GPU resources. Its working mode is to calculate through segmented mining pool division of labor. Miners receive on-chain computing tasks from the mining pool and obtain rewards after submitting correct results through exhaustive calculation. In the future, it will also be accompanied by resource sharing, such as renting out hard disk resources and computing power to obtain mining income.

Second, the STT has a different output method. STT has only one output path, which is to mine through physical hardware. In addition to this, there is no public offering, private placement, ICO, or airdrop. The generation of the first block on the mainnet is the production of the first STT token. This is a design that pays tribute to Bitcoin and Satoshi Nakamoto team. After the production, there is a secondary distribution, with more than 90% of the STT tokens allocated to the contributors of the mainnet, including miners, mining pools, and other contributors. The remaining 8% is reserved for the foundation and developer support. The output and distribution methods are very fair and decentralized.

The third is the sustainability of the deflationary model. The total issuance of STT is 1.861 billion, which seems a bit large in number, but it’s actually not. Because 90% of it has been burned through creating satellite chains, on-chain circulation, and other means as GAS fees. As the application eco grows and demand increases, the overall quantity decreases, and the value will be discovered by the market through price increases. At the same time, since each STT Token is produced through mining, the annual output is limited, and it decreases linearly by 25% each year. The production speed will slow down as it goes later, and the price will be further pushed up by the market as demand increases.

At the same time, the burning mechanism is the biggest highlight. The burning mechanism will be launched at the same time as the mainnet. Eventually, 90% of STT will be burned. Only about 186.1 million STT will remain in circulation, plus the factor that everyone can use, which means that the future STT Token will be hard to come by. So don’t be fooled by the seemingly large total issuance, as in reality, not much can be circulated.
In addition, mining machines also need to pledge STT as the governance of the on-chain DAO stage. A normally running STT requires a pledge of 1500U worth of STT. Currently, more than 80 million STTs have been pledged on the chain, equivalent to 30% of STT being pledged, which means the TVL index is very healthy, and the risk is very low, making it a great investment value.

Q4: The operation and security stability of the Statter Network are mainly maintained by mining machines. Miners and mining pools, which are the maintainers of the network, can receive STT as rewards. So, what kind of mining machine is it, and what are its unique features?

From the design concept of SPoW, STT requires that mining machines must be environmentally friendly, energy-saving and low-carbon mining machines. This is because the mining mechanism of cryptocurrencies like Bitcoin consumes excessive energy, which is the reason why many governments and NGOs oppose it. Therefore, STT has improved the way it works, hoping to avoid computing power competition among miners. This makes mining machines more portable, environmentally friendly, and pollution-free while meeting the needs of the main network.

Currently, there are two major brand manufacturers producing STT miners, one is HashMax from the United States, and the other is a manufacturer from Malaysia. As far as I know, the production permit for STT miners is open, but still requires application for authorization, and needs to verify some qualifications and production conditions, but overall it is relatively open.

The original intention of STT mining machine is to be globally distributed, ideally in households, to ensure sufficient decentralization and security. However, there are also some areas where large miners have built mining pools to manage mining by concentrating mining machines. The official attitude is neither supportive nor opposed, but fundamentally advocates for decentralization. This is basically the situation with mining machines.

Q5: We know that the STT mainnet was officially launched in the middle of last year, so it has been developed for nearly a year. What is the development of the Statter eco and the investment situation?

I also mentioned the investment situation at the beginning, which is to obtain tens of millions of dollars in investment. Specifically, around this time last year, the Statter project team and the investors jointly held a press conference in New York. Many Wall Street institutions and New York state officials were present at that time. The investor HOLO announced the investment in STT. HOLO is the lead investor and also strongly recommended Statter to industry peers.

Currently, it is known that a round of investment has been obtained. It is not clear whether there will be new capital investment in the future. It is also possible that relevant capital investment has been obtained but the project party has not announced it, which is also possible.

As for the ecological development, from the perspective of the Statter wallet platform, currently there are more than a dozen ecological Dapps online, including games and NFTs, etc. Although the mainnet has been online for nearly a year, the ecology has not officially exploded yet. It may also be because the development team is too focused on developing drag-and-drop public chain technology, which is relatively complex and requires more time for repeated verification.

However, since the beginning of this year, there have been signs of accelerated development of the eco, including the recently announced strategic cooperation between cross-eco cooperation and the Fil eco, the opening of EVM support and compatibility with applications on the Ethereum chain, the Foundation’s investment in a new staking platform to improve on-chain TVL, and the upcoming launch of new and more advanced smart contract technologies.

In addition to the upcoming STT production reduction, which is roughly the same time as the Bitcoin production reduction, STT will be slightly later. The occurrence and timing of these events indirectly reflect the outbreak potential of STT. This year is destined to be an extraordinary year for the development of the STT public chain.

Author: GateLive Team
This article represents the author’s views only and does not constitute any trading advice. This article is original and the copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibility will be pursued.