Lava is neither the first nor the only PoC project. Lava refers to the technical details in the consensus level from the PoC ancestor Burstcoin and combines with the codebase of Bitcoin to achieve absolute reliability from the bottom layer of the blockchain. Lava is the first PoC project to implement a completely open-source code after Burstcoin. During the project startup phase, Lava did not conduct any form of ICO and public fundraising activities; the founding team retained 7% of the total supply of tokens and this was allocated in the genesis block.

Regarding the consensus mechanism, although Lava has referred to the technical details of Burstcoin, we have always maintained in-depth exploration and research on PoC consensus. At present, Lava has not only accumulated a large number of unique technical achievements but also began to try to lead industry standards and propose new concepts. Recently, Lava has launched a key PoC2+ consensus protocol upgrade. The new standard reshapes the most critical Plotting process in PoC, repairs the technical loopholes in the original standard, and ensures that PoC consensus can achieve higher security. By mathematically clarifies the ownership of the plot file, the new standard has for the first time achieved a rigid attribution for the PoC capacity power and established the foundation in the consensus level for long term development of the whole PoC ecosystem.

Lava is expanding the application of PoC consensus in the financial field to realize the connection between PoC consensus and the real world. At present, we have reached preliminary strategic cooperation with one investment bank holding STO license, and plan to issue a number of securitization tokens based on real-world assets (real estate, etc.) on Lava mainnet in 2020. We have adopted the technical architecture of Confidential Asset, and used threshold signatures and ring signatures to verify UTXO. Under the premise of ensuring verifiability and traceability, we can hide asset information in transaction data. This technical solution will also be implemented in the first half of 2020.

At the same time, Lava is also actively exploring applications in the storage and data fields, such as supporting centralized storage applications and PoC3 (a Plotting scheme based on effective storage content). Just as PoW mining has promoted the development of the large-scale integrated circuit industry, Lava’s PoC mining ecology is also trying to promote the iteration of storage algorithms and the application will have meaningful social value.