AMA RECAP WITH IOTEX
On 11 JANUARI 2021 ,IOTEX conducted an AMA in the autosultan Community. If you missed the AMA in person, read this recap for a deeper insight into IOTEX .Let’s take a look at the most interesting points of our conversation.
Segment 1: Poject Introduction
Q1.Could you introduce yourself to the community? what is your background and how did you join ioTeX?
GLOBAL COMUNITY ALINA : Hi everyone! My name is Alina and I am a Global Community Lead at IoTeX. I have been with the project for 2.5 years and joined shortly after it was founded in 2017. I was fascinated by the team’s background and project’s vision when I first came across it. Knowing how valuable our data and privacy are and the problems that exist in this space, I wanted to become a part of a project that is solving these problems and giving people back the full control.
I have a degree in BComm and over 14 years of experience working in Customer Service, Marketing and Project Management, as well as co-founded several start-ups. My role includes managing IoTeX’s communications channels, developing community engagement strategies and overseeing the Brand Ambassador Program in order to bring IoTeX’s products and services to the masses and communities across the world.
Q2. Could you briefly explain What is ioTeX, what makes it different from other projects?
GLOBAL COMUNITY ALINA : IoTeX started in 2017 as an open-source project with a vision for the Internet of Trusted Things — an open ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. IoTeX combines blockchain, secure hardware, and confidential computing to enable trusted data from trusted devices for use in trusted Dapps.
IoTeX was built 100% from scratch (no forks!) and is tailor fit to support Blockchain + IoT use cases. IoTeX is now empowering privacy-preserving smart devices like Ucam and Pebble Tracker, which are the world’s first #OwnYourData devices.
The IoTeX team is based in Silicon Valley and consists of 30+ top tier engineers and scientists from Uber, Google, Intel, Facebook, and other top tech companies.
Currently, the IoTeX Network is maintained by 60+ global Delegates (https://member.iotex.io) including Blockfolio, CoinGecko, DraperDragon, and more.
Q3. How does IoTeX help improve the security and privacy of IoT devices around the world?
GLOBAL COMUNITY ALINA : That’s a great question — let me explain the IoTeX tech stack that makes this all possible.
The IoTeX platform utilizes a unique architecture to meet the unique demands of Internet of Things (IoT) use cases. Our multi-layer architecture combines smart devices, decentralized IoT storage, and blockchain. Let’s dive into each of these layers:
Device Layer: IoTeX is all about generating trusted data from trusted devices to enable trusted applications. A critical piece of this is the device layer. To trust a device, it must have a decentralized identity and its actions must be verifiable by others, which is exactly what IoTeX enables by combining secure hardware and blockchain, which are both tamper-proof technologies.
Storage Layer: IoT devices generate a lot of data, and not all of that can be stored on the blockchain due to cost/scalability reasons. But today, more and more data validation and processing is performed “on the edge” or on the device itself, reducing the need to store large amounts of unfiltered data on servers. A scalable and flexible approach is to store/index pre-processed data on the IoT Cloud (e.g., AWS) or decentralized storage (e.g., IPFS, Sia) and “hash” them to the blockchain, which provides timestamped verifiability and data provenance. When needed, this data can be written to the blockchain for use in smart contracts!
Blockchain Layer: the root of trust for the entire IoTeX Network. Our blockchain is open source and one of the fastest in the entire industry — not only does it enable standard P2P transactions and smart contracts, but it is also used to register device identities and “hash” data (stored on Cloud/decentralized storage) to the blockchain.
The combination of these three layers provides great flexibility for developers and builders.
:arrow_right:For more information, please see our Blockchain & IoT Reference Architecture: https://iotex.io/reference-architecture
Q4. Could you provide information about road map and what programs are in progress?
GLOBAL COMUNITY ALINA : IoTeX had a monumental year in 2020. Not only did we accomplish our planned initiatives, but we exceeded and beyond with a surge of new products, protocols, tokenomics, partnerships, and research milestones.
Most importantly, we kicked off our transition from the IoTeX protocol to the IoTeX ecosystem with an ever-growing number of developers and companies building next-gen products on IoTeX.
We will look back on 2020 as the year we drove to completion several individual pillars that will form the foundation for the Internet of Trusted Things.
Learn more in our blog
We have a lot of things planned for 2021 and in the coming weeks we will publish a 2021 roadmap. Stay tuned!
Q5.Are there ioTeX have any use cases for now and in the near future?
GLOBAL COMUNITY ALINA : The IoTeX platform is already supporting REAL IoT products that are “Powered by IoTeX” and provide users full data ownership and privacy! #OwnYourData
Ucam is the world’s first private security camera built in partnership with Tenvis, a hardware giant that is currently Amazon’s Choice for cameras. Ucam is already in the hands of the IoTeX community and they LOVE it!
Pebble Tracker is a decentralized asset tracking device developed in partnership with Nordic Semiconductor, one of the largest chip manufacturers in the world. Paired with our Edge Oracle, Pebble Tracker writes verifiable, real world IoT data (e.g., location, motion, climate) to the blockchain for use in smart contracts.
Segment 2: Question from twitter
1. IoTex partnered with Tenvis to Co- launch UCAM a private home camera powered by IoTex what was the role of your partner company Tenvis in developing this product and how long is this partnership expected to last? @thihuyen93
GLOBAL COMUNITY ALINA : That’s right! Tenvis is a major security camera camera manufacturer. It was founded in 2005 and has sold millions of cameras to governments, enterprises, and consumers — they are currently “Amazon’s Choice” for security cameras, but came to IoTeX to bring privacy to their users.
We are actively working with them on the next version of Ucam + outdoor camera and other smart home products that we will share with the community shortly
2. IoTeX’s term “IoT democratization” requires a verifiable, privacy-focused, blockchain-based solution. how will the IoTEx company make it happen? @Lopyou54804819
GLOBAL COMUNITY ALINA : The IoTeX platform employs a unique, modular architecture to meet the unique requirements of IoT-related use cases. At its core, the IoTeX platform seeks to enable trusted data and trusted devices, meaning developers do not need to replicate this complex work. Instead, developers can focus on building business logic, economics, and industry-specific components to differentiate their applications and services. Here’s a graphic of what the layers of our tech look like:
Blockchain Infrastructure — IoTeX has built one of the fastest and most secure blockchains in the entire industry, currently managed by 60+ decentralized Delegates and powered by our in-house Roll-DPoS consensus mechanism with a lightning-fast 5-second block time with instant finality.
We have also fine-tuned the IoT-oriented middleware, which includes:
Decentralized Identity (DID): IoTeX’s decentralized identity framework enables devices to register an identity to the blockchain — to discover and be discovered — and also own its own data.
Decentralized Storage: IoTeX offers flexible storage options via Cloud or decentralized storage (currently working with IPFS and Filecoin), where data is “hashed” to the blockchain for verifiability and data provenance.
Confidential Computing: Once we own our data, the final step is to build applications where we can utilize our data while maintaining full privacy. By leveraging secure hardware, IoTeX enables privacy-preserving computations over encrypted data to unlock the future of user-centric applications. “Don’t bring the data to the code, bring the code to the data”.
Please read more in our blog
3. The global IoT market is valued at more than $ 1 trillion. What percentage of the IoTeX market will be able to capture in the next 5 years? How strong are you to dominate this market? @tothemoon1000x
GLOBAL COMUNITY ALINA : Even if IoTeX captures a few % of the market share it will be great as the possibilities will be endless in this sector. For now, I will say that it’s important to keep in mind that what IoTeX is building is very new and crypto itself has started gaining more popularity and adoption just a few years ago, so we are at the forefront of a new industry/market, hence, it will take time for blockchain to be understood by people and implemented into the real-life products that we are all used to. This is just a beginning and we are in it for the long term!
4. Currently attracting real users and mass adoption is a problem for Blockchain projects, How does #IoTeX select companies for future partnerships? And How can #IoTeX and its partnerships become a foundation to make market capitalization wider globally? @Rhada25
GLOBAL COMUNITY ALINA : IoTeX has deep expertise in both blockchain and IoT, which has allowed us to launch the world’s first blockchain-powered IoT products. We have not seen any other project launch real products like IoTeX. We are way past the white paper phase — these days, the proof of real products matters a lot. Only two years after IoTeX launched our first code release in April 2018, we already have many devices powered by the IoTeX platform, not just prototypes or PoC. We believe that only by proving how blockchain can be used in the real world we can achieve adoption and speaking of them, we have already launched 1 product with the other one on the way to the market:
Ucam, the world’s first private security camera built in partnership with Tenvis and Pebble Tracker, a decentralized asset tracker built in partnership with Nordic Semiconductor.
The best part is the technology we built-in to Ucam and Pebble Tracker can now be applied to many other types of cameras, trackers, and other IoT devices. We are just getting started!
5. Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn? @Masudul551
GLOBAL COMUNITY ALINA :
Burn-Drop is a part of our innovative tokenomics design where 1 Billion IOTX (10% of total supply) will be Burn-Dropped as we onboard the first 1 million “Powered by IoTeX” devices. Out of the 1 Billion IOTX to be Burn-Dropped, 90% will be burned and 10% will be “dropped” (i.e., distributed to voters that auto-stake for ≥ 91 days
Burn-Drop will have a total of ten phases with earlier phases having a higher Burn-Drop rate. In Phase 1 (i.e., the first 1,000 devices), a total of 100,000 IOTX will be Burn-Dropped for every new “Powered by IoTeX” device. In subsequent phases, the Burn-Drop rate will be halved (i.e., Phase 2 = 50,000 IOTX Burn-Dropped per device) while the number of devices-per-phase will be doubled (i.e., Phase 2 = 2,000 devices). We provide the full Burn-Drop schedule below:
Segment 3: Question from member group telegram :
Telegram User : @FORTE
GLOBAL COMUNITY ALINA : What is DEFIOT all about ?
GLOBAL COMUNITY ALINA : DeFIoT — is a decentralized finance for the Internet of Things (IoT). This is all about allowing people to tokenize and monetize their IoT data by trading on data marketplaces and investing in other financial use cases.
The number of IoT devices today is staggering, but it pales in comparison to the amount of IoT data that is generated by these devices. By 2025, the IoT will generate 80 zettabytes of data (1 zettabyte = 1 trillion gigabytes) that will be worth trillions of dollars. But we must ask ourselves: how much of this data do everyday people and businesses own? Due to the oligopoly of tech giants that control today’s IoT, the answer is zero.
IoTeX’s mission is not only to enable people and businesses to own their IoT data, but also to utilize, tokenize, and monetize their data as digital assets — a concept that we call “DeFIoT”.
:arrow_right: Learn more in our #DeFIoT manifesto: https://medium.com/@iotex/defiot-unlocking-the-trillion-dollar-iot-data-market-c76a5204cb0e
Telegram User : @NIKI
What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?
GLOBAL COMUNITY ALINA : IoTeX’s mission is to enable a borderless ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. We envision a future where users, not institutions, are in complete control of their devices and data. No intrusive ads or surveillance, just privacy and peace of mind. We call this vision the Internet of Trusted Things.
Telegram User : @Rahul Jayaraj
Revenue is an important aspect for all projects in order to survive and keep the project / company up and running. What is IoTeX way of generating profit / revenue? What is the income model?
GLOBAL COMUNITY ALINA : We make revenue by licensing our technology to corporations. For example, Ucam is a partnership between IoTeX and Tenvis, a security camera manufacturer since 2005. They sell security cameras to governments, enterprise, and consumers and their last product on Amazon sold over 2 million units: https://www.amazon.com/TENVIS-Wireless-Surveillance-Security-Auto-Cruise/dp/B071DDBT7M/
Telegram User : @samantha
What are the IoTeX biggest challenges in blockchain in the future? And how are you going to solve it?
GLOBAL COMUNITY ALINA : I would say it’s tech vs. token price
This is a challenge we have been tackling for some time and it’s not easy to keep the balance of developing new and innovative technology and constantly driving the value of the token up. Since day one, founders have been all about developing & coding, this is the only thing we have control over and the best proof to our community and overall public is launching new, improved and secure products/services, that were not possible before we discovered this new intersection of Blockchain & IoT and started solving the problems that limit this industry.
I will say that the more people learn about our project, see our real use cases and products, they will start to realize the potential of blockchain + IoT and the market/token price will react to that.
Telegram User : @Stephania McDermott:
GLOBAL COMUNITY ALINA : Can you introduce the IoTeX ecosystem? What services / infrastructure does the IoTeX ecosystem include and what the project is headed for?
We have recently launched an IoTeX Ecosystem Page at ecosystem.iotex.io
It’s your one-stop shop to explore the growing ecosystem of IoTeX devices, DApps, tokens, partners, and exchanges!
MORE INFORMATION ABOUT IOTEX