Namaste Tribe! We had an amazing AMA session with IoTeX, in WazirX Telegram group as a part of the Grand IOTX Giveaway on Thursday, 26th August 2021. Here’s a quick summary.
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Hi Art, we are glad to have you here today! Could you introduce yourself and IoTeX?
I am head of Growth at IoTeX. IoTeX is a fully decentralized project but our core team is primarily based in Silicon Valley. So you can say the United States is the country of origin. We are a diverse team of many people with members across the United States, China, Italy, Ukraine, the Middle East, and more.
Q1. Who is behind the IoTeX ecosystem?
Our team has in-depth experience across many fields at the Ph.D. and even post-doctoral levels. With our CEO, Raullen Chai Ph.D., being the former head of Cryptography at Uber, and other co-founders holding key roles in Facebook and top-tier VC firms, we’re confident we have the right team in place to deliver on our transformative vision for the Internet of Trusted Things.
In addition to our CEO, our co-founders Qevan Quo Ph.D. builds amazing products, Jing Sun brings startup/operational expertise, Xinxin Fan Ph.D. brings world-class research. The diverse profiles of the cofounders make IoTeX the most well-rounded team in the industry, and this breadth/depth is reflected by the core team as well.
Q2. Who are your major competitors and what edge does IoTeX have over them?
The only real competitor in the Internet of Things (IoT) scope that IoTeX is focused on is IOTA.
Currently, IoTeX’s blockchain is much further ahead in terms of roadmap achievements and has live devices and projects that are actively used, whereas IOTA’s technology (DAG) is still in the experimental stage as it moves towards full decentralization.
Our blockchain has never been hacked nor have we had to take it offline. Since launching in 2019, the IoTeX Mainnet has always functioned amazingly and has never gone down after more than 15,000,000 transactions and 11,000,000 blocks. To give a real-world comparison, you probably heard about hundreds of dollars per transaction on BTC or ETH. With IOTX for $1 dollar, you can make ~5000 transactions on IoTeX. Yes, that comes out to 50 transactions (buying, staking, etc) for 1 cent.
Q3. Can you explain more about how IoTeX’s blockchain has been implemented in real life?
In the last 4 years, we have been able to fully implement our planned roadmap which no other IoT blockchain can lay claim to. At this stage, we are fully ready to scale up and onboard various companies and projects that understand that real-world data will change everything for blockchain. Every day there are more and more community-driven projects being launched on IoTeX and we are in partnership discussions with startups, large corporations, and governments. Just this year alone we are pace to onboard over 50+ projects on IoTeX ecosystem! Here are some current applications:
Pebble-GO uses Pebble Tracker + IoTeX smart contracts to mint NFTs based on “Proof of Presence”
US Navy Signs $1.5M Contract with Consensus Networks– to build medical supply chain solution using IoTeX technology
Q4. Could you please describe what is the next development for your project? Will you have a popular section like NFT, stake, and farm?
NFT and Blockchain are actually already far in development. We already have Staking in place and in fact a blockchain game (Project Linkstar), currently in beta (our partner game powered by IoTeX) that has mining and NFTs. In fact, we have many players from India. Everyone can learn more details here about this upcoming game launching in September >> https://twitter.com/GameFantasy219
Q5. What are the benefits of the DPoS (Delegated Proof of Stake) consensus algorithm to IoTeX?
Delegated Proof of Stake (DPoS) is a consensus algorithm developed to secure a blockchain by ensuring representation of transactions within it. It is an implementation of technology-based democracy, using voting and election process to protect the blockchain from centralization and malicious usage. Roll-DPoS inherits all the advantages of the original DPoS consensus framework and further enhances its capability in terms of decentralization as well as extensibility to complex blockchain architectures.
DPoS is the secret sauce of IoTeX and the reason it can make so many transactions so fast and cheap while being fully decentralized! We actually did the whole research: you can see it in our research section: https://IoTeX.io/research
Q6. What are decentralized identities (DIDs)? What happens to these identities after someone has passed away?
Fantastic question, we will actually be unveiling something in the Fall that will address this and many other issues. Stay tuned! You can see some direction for it on our IoTeX.io/pebble, where you can own your own data. And even mine it and do what you want with it.
Q7. What are your goals in the next few years?
IoTeX is on an unstoppable mission to connect billions of devices. The problem of the current IoT space is the lack of security and centralized point of it all. At IoTeX, we are far ahead of anyone else, with state-of-the-art blockchain, which just launched the main net 1.3 version in July, which leads to us being fully EVM cross-chain compatible. See details here: https://www.coinspeaker.com/IoTeX-600-more-wallets-added/
Here is a quick glimpse of what’s coming:
ICC (Industrial Internet Consortium) – IoTeX Head of Cryptography, Dr. Xinxin Fan, is the Co-chair of the IIC’s Blockchain Task Group alongside Amazon and Huawei with the goal of integrating blockchain technology into the legacy IoT systems that power much of our world today.
IEEE – IoTeX is the Vice Chair of the IEEE P2418.1 Standards Working Group whose goal is to create a universal standard for the “Framework for Blockchain Usage in IoT” across both permissioned and permissionless blockchains. As Vice-Chair, IoTeX drives forward this standard with participation from global corporations like IBM, GE, Dell, Huawei, and the IEEE.
CCC (Confidential Computing Consortium)– IoTeX will work closely with Facebook, Accenture, Nvidia, and six other companies to agree on standards relating to confidential computing. For example – the consortium will bring developers together to accelerate the use of privacy-preserving technologies and standards.
Q8. Where is the IoTeX roadmap now? Are all targets in accordance with the current road map?
We have a very ambitious road map, with onboarding over 50+ partners just this year! Here is a link to it: https://IoTeX.io/blog/exciting-cryptocurrency-company/
We are building a connected world. We are four years into our journey, we already have live devices, a live blockchain, an ecosystem of DApps, major partnerships with some of the world’s top enterprises, and a large pipeline of new initiatives in development.
Q9. Many blockchain projects are on paper only and don’t have any product or have a product with no practical use case. Please let us know what is IOTX’s current practical product in use?
IOTX used in every part of our layer: IoTeX.io/ucam and IoTeX.io/pebble and mimo.finance. Every single action, staking, earning is critical and goes on IoTeX blockchain!
Q10. How does IoTeX solve the scaling problem that exists on the blockchain platforms? And how does IoTeX overcome the threat of centralization on its own IoT platform?
I think this is a perfect question. For IoT and Blockchain, there is so much potential because IoTeX solved scaling on the blockchain! On Ethereum, you might pay $10-20 for one decentralized transaction, on IoTeX you can make 5000 transactions for $1. This is where scale comes in. To put it in perspective it will take you 6.6 years taking public transportation every day twice a day to use up $1. That’s scale!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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