On March 24, 2021 at 1 PM ( 20.00 WIB ) In the Indonesia Farmer Telegram Group, AMA started with IoTeX Ms. Alina Burya (Marketing Growth of IoTeX) as guest speaker and Guz Fahlev from Indonesia Farmer Community as moderator. When campaigning, 10 lucky AMA participants when asking questions on Twitter, Telegram and Free Asking will get a total prize of $100/IoTeX.
The following is a summary of AMA questions and answers announced by the moderator and guest speaker:
Please could you explain about your background..?
Ms.Alina : 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.
Q1. Could you explain to us, What is IoTeX?
Ms.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.
Q2. What is the name of the Token that IoTeX has? Can you share IOTX tokenomics?
Ms.Alina : The IoTeX Network is fueled by the native IOTX token. In addition to representing fractional ownership of the IoTeX Network, IOTX has multiple uses (or “utility”) to enable trusted and transparent interactions between various stakeholders, including users, Delegates, developers, and service providers. The IOTX token is the lifeblood of the IoTeX protocol and instills economic and reputational incentives to ensure the IoTeX Network is governed/maintained in a decentralized fashion.
IoTeX stakeholders can spend, stake, and/or burn IOTX in order to access network resources. As the utility of IOTX grows, the demand and value of IOTX will also grow, providing continued incentives for network participants to maintain and grow the network.
For more information, please see ➡️ https://onboard.iotex.io/tokenomics/iotx-utility
Q3. Currently IOTX is also available on Pancake swap. What made IOTX take steps to join the BSC network? And what benefits does IOTX offer to users?
Since day one IoTeX has been focused on interoperability between devices and we took this further by diving into the cross-chain world and collaborating with other chains to make IOTX available to their userbase.
Q4. What ecosystem does IoTeX have? what is the IoTeX team trying to solve by building an ecosystem like this?
Ms.Alina : IoTeX is a decentralized network of users, developers, and enterprises that collectively govern and utilize the IoTeX platform. As an EVM-compatible “Layer 1” blockchain, IoTeX now powers an ever-growing ecosystem (https://ecosystem.iotex.io/) of smart devices, DApps, and digital assets. Network transactions and smart contracts are fueled by the IOTX token, which also enables anyone to be a shareholder in the IoTeX Network. The IoTeX Mainnet has been running error-free since April 2019 and is maintained in a decentralized fashion by >60 Delegates (https://member.iotex.io/), including Blockfolio, CoinGecko, and DraperDragon. Join our community of 100,000+ people across 100+ countries that are connected by a shared vision for the Internet of Trusted Things.
Explore our ecosystem of projects, partners, and exchanges ➡️ https://ecosystem.iotex.io/
Q5. Can you please tell me the current IOTX road map? and what will IoTeX achieve in the near future with the BSC network? and what features will be implemented later?
Ms.Alina : IoTeX is already one of the most unique and reliable blockchains in the world, powering a diverse ecosystem of devices (e.g., Ucam (http://ucam.iotex.io/), Pebble (https://iotex.io/pebble)), DApps (e.g., mimo, Cyclone), and services (e.g., ioPay (http://iopay.iotex.io/), ioTube (http://tube.iotex.io/). But we are still early on our journey — IoTeX has an ambitious roadmap in 2021 to bring us closer than ever to the Internet of Trusted Things.
Self-Sovereign Devices: new “Powered by IoTeX” devices based on the IoTeX Decentralized Identity (DID) system; standardization of our DID protocols through collaborations with enterprises and standards bodies, such as IIC & IEEE
Real-World Data Oracles: first-of-its-kind oracle framework to bring verifiable real-world data to IoTeX to fuel new machine-backed assets/DApps; position IoTeX as the de facto hub to “serve” real-world data to Ethereum, Polkadot, and other networks
Decentralized Autonomous Machines (DAMs): a framework for sensors, devices, and machines to autonomously generate value for humans via on-chain data/assets — e.g., fractional ownership of machines, real-time leasing of resources, machine-as-a-service
In 2021, we will also prioritize hyper-growth of the IoTeX Network by strategically onboarding partners/communities and enriching our user-facing tools for seamless onboarding to IoTeX. The IoTeX brand will become synonymous with quality, innovation, and trust.
For more details, read our 2021 Roadmap ➡️ https://iotex.medium.com/iotex-2021-the-year-ahead-acf743e2df03
(Sessions 2 Questions From Twitter)
I read that for you your platform is fast and reliable, but you can tell us what are the components that allow IoTeX to comply with this, and describe a little each of them and the role they play in the IoTeX network.
Ms.ALina : The IoTeX platform was built 100% from scratch (no forks!) to support large-scale, decentralized IoT use cases. IoTeX is more than just a blockchain — it is a full-stack platform to enable trusted data from trusted devices for use in trusted DApps. The IoTeX platform was architected by an award-winning team of cryptographers and research scientists that currently lead the world’s premier technology and standards consortiums, including the IIC (https://medium.com/iotex/iotex-amazon-and-huawei-selected-as-co-chairs-of-the-iic-blockchain-task-group-9032b7b7443f#:~:text=IoTeX%20has%20been%20selected%20as,%2C%20and%20Mike%20McBride%2C%20Sr.), IEEE (https://medium.com/iotex/iotex-publishes-ieee-reports-on-blockchain-iot-c6650c26f443), and CCC (https://www.coindesk.com/facebook-iotex-and-r3-among-new-members-of-confidential-computing-consortium).
Although architecturally similar to Ethereum, IoTeX is not an “Ethereum killer”. Rather, IoTeX will be the hub for decentralized IoT data/devices and collaborate with Ethereum and other Layer 1 platforms. The IoTeX platform employs a modular architecture consisting of various technological layers:
Blockchain: EVM-compatible, Roll-DPoS consensus (5 sec blocks + instant finality), maintained by 60+ decentralized Delegates
Decentralized Identity (DID): on-chain identity framework that enables users/devices to own their data, identity, and credentials
Real World Data Oracles: convert real world phenomena into verifiable, blockchain-ready data for use in IoTeX DApps
Secure Hardware: tamper-proof devices utilizing Trusted Execution Environment (TEE) that integrate seamlessly with IoTeX.
Iotex is a very good project, but sometimes is quite difficult to understand, so do you have educational guides or tutorials that explain how use your platform?
Ms.Alina : hah since launching in 2017 we have launched many tools, services and products and for newcomers it may be hard to piece it all together when just joining our community. In order to remove this barrier, we have out together an Onboarding Guide, where you can find all important info in once place
Check it out ➡️ https://onboard.iotex.io/
What is the role of the community in the governance of the your crypto ecosystem in order to be able to call it community driven? Which members of the community can participate in the decision making?
Ms.Alina : IoTeX is a digital democracy where the voice of the community is the driver of change. The fact that any stakeholder can propose, debate, and vote for changes is a core principle embedded into our governance design. In the future, all IoTeX stakeholders will have the ability to evangelize and implement their ideas without requiring permission from the IoTeX Foundation or anyone else — a truly open ecosystem where the best ideas win! Transitioning from a Foundation-led to a community-owned network will remove any single points of failure and allow IoTeX to evolve safely, rapidly, and collectively.
Are you planning on creating products on top of your chain? some projects i know are doing it in order to create revenue to the project In the crypto field its very hard to create revenue, so how does IOTEX plan on creating revenue in crypto world?
Ms.Alina : We already have a number of products running on IoTeX, such as:
– Ucam (https://ucam.iotex.io/) is the world’s first home security camera with 100% privacy and user data ownership
– Pebble Tracker (https://iotex.io/pebble) is a first-of-its-kind Blockchain + IoT dev-board that was built in partnership with Nordic Semiconductor, a global IoT enterprise. Equipped with a TEE and multiple sensors (GPS, climate, motion, light), Pebble Tracker captures/signs data from the real world and converts it into verifiable, blockchain-ready data. This verifiably trustworthy data can be used to mint digital assets, trigger actions via smart contracts, train machine learning models, create crowdsourced indices, and more.
– ioTube (https://tube.iotex.io/) is a decentralized cross-chain bridge that enables the bi-directional exchange of crypto-assets and data between IoTeX and other blockchains, such as Ethereum. This means Ethereum tokens (ERC20) can exist on IoTeX, and IoTeX tokens (XRC20) can exist on Ethereum! ioTube is open-source on GitHub, compatible with ioPay and Metamask, and supports a variety of ERC20 assets including ETH, wBTC, BUSD, PAXG, and more.
Other notable projects include:
ioPay: the official wallet of the IoTeX Network and gateway to IoTeX DApps and services
Cyclone Protocol: a privacy-preserving token/transaction obfuscation tool with liquidity mining
MintToken: token minting tool that allows anyone to create their own XRC20 & XRC721 tokens
HealthNet: HIPAA-compliant platform for trusted and transparent medical supply chains
Hyperaware: DApp for governing connected devices/data based on their physical location
Beancount: double-entry accounting tool
Travel Cat: an online game where players can explore a dynamic digital world and collect NFTs
Vitality (VITA): a decentralized token for community incentives and extra staking rewards
Explore the full ecosystem of IoTeX DApps, tokens, partners, and exchanges on our Ecosystem website via the link below: https://ecosystem.iotex.io/
In terms of the revenue, we take licensing / consulting fees for the device manufacturers we work with, we have revenue-share agreements with the chip manufacturers we work with, and we are funded from a private sale we held back in January 2018! The IoTeX Foundation is very healthy funds-wise, and we are getting more and more interest for another fundraising round from outside investors to fund new initiatives — stay tuned!
Why does IoTeX use the Roll-DPos consensus algorithm? So what are the special advantages of PoS compared to other consensus algorithms such as PoW.?
Ms.Alina : The IoTeX Network utilizes Roll-DPoS consensus, which we designed in-house. To support the high scalability required for IoT use cases, IoTeX decided to use a Delegated Proof of Stake (DPoS) design, but we also made significant improvements to traditional DPoS. Instead of a fixed number of Delegates (e.g., EOS has 21 block producers), IoTeX randomly selects 24 of the top 36 Delegates to mine blocks every hour. This randomness improves the decentralization and security of the overall network, without affecting the performance. Roll-DPoS enables IoTeX to be one of the fastest blockchains in the entire industry with 5-second block times and instant finality for transactions.
You can read our Roll-DPoS yellow paper here: https://res.cloudinary.com/dokc3pa1x/image/upload/v1559623484/Research%20Paper/Academic_Paper_Yellow_Paper.pdf
(Sessions 3 Free Asking)
Q1 From : @Manuanuragck1
How fast is $IOTX when it comes to sending transactions? how much is the fee required to make a transaction?
While you build your project, do you take into account community feedbacks and demands?and How can I buy IoTex now,and iotx is good for longterm investment?
Ms.Alina : IoTeX has a 5 sec instant finality, so the transaction speed is super fast 🦾 the fee is minimal, ~0.06 IOTX
Of course! We listen in to our community very often and host on-chain voting +launched working groups to engage our community into the decision making process!
Q2 From : @Bane_stok_x9
What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Ms.Alina : IoTeX has ambitious goals for 2021 — as always, we have set high expectations for ourselves but we believe wholeheartedly that “nothing worth doing is ever easy”. This high-level roadmap includes bodies of work where timelines are controlled by the IoTeX Foundation — not included are the many community- and partner-led initiatives that will flourish this year on IoTeX. With this in mind, we are proud to share our high-level roadmap for 2021:
Protocols and Platform
Mainnet v1.2 & v1.3: EVM Upgrade, optimized storage/APIs, P2P communication
Mainnet v2.0: expansion of Delegates, new gas model (EIP1559), account abstraction
Real world data oracles: DApp integration and synthetic assets
v2 DID protocol + SDK for Decentralized Identity & Access Management
v2 ioTube for cross-chain interoperability with Ethereum & Polkadot
v2 ioPay as the portal for all users to access the IoTeX universe
Tokenomics & Governance
v2 Burn-Drop Tokenomics (starting Phase 3)
v2 Delegates Program for new roles and expanded Delegates pool
Governance DAO based on community-defined structure
DeFi protocols for Lend/Borrow + Stablecoin (with mimo team)
Community Task Groups (Governance, Marketing, and more)
IoTeX Hackathons (one per quarter starting Q2)
IoTeX Idea-Thons (one per quarter starting Q1)
Goal of 100+ active ecosystem projects fueled by Halo Grants
As always, roadmaps are subject to change and may be re-prioritized. However, this is a good reflection of the core initiatives that the IoTeX Foundation will drive throughout 2021. In addition to the tech/product focused efforts listed in this roadmap, IoTeX will devote significant resources in 2021 to brand awareness, product marketing, and user/developer onboarding. We look forward to the community’s feedback — let’s make 2021 the biggest year yet for IoTeX!
Q3 From : @henrybarzinn
Can I stake Your Token?
What are your Staking criterias ?
Ms.Alina : Definitely! To participate in the voting process, IoTeX token-holders stake IOTX tokens and receive one vote for every IOTX staked (1 IOTX = 1 vote). Those that show long-term commitment by setting a predefined stake duration will be rewarded with “bonus votes” that increase the staking rewards received.
Please see this thread for additional info: https://onboard.iotex.io/hardware/staking-voting
Q4 From : @PANDIENG
Are you a global project? Can anybody use your services from anywhere?
Ms.Alina : We are a fully global and decentralized project 🚀 and our devices are used in 50+ countries at the moment https://iott.network/
Q5 From : @hansulo
How do plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Ms.Alina : We have a number of different initiatives internally and externally to foster and promote community education and awareness. First of all, shortly after the project was launched, we have introduced a Brand Ambassador Program https://goo.gl/owhmg5
Our Ambassadors help us to set up communities in different countries and educate local followers on all things IoTeX. Ambassadors also help with creating content, including step-by-step videos, explainers, guides, etc.
On a regular monthly basis we host Town Halls, where we share with the community things we are working on and what’s coming up next and of course answer any questions they may have for us. And weekly we have AMAs with different communities, like this one today, to present IoTeX to new communities and showcase what we have built!
We are also working on new tools/websites that will make it easier for the community to spread the word about IoTeX projects/products. Here’s our latest resource » Onboarding Pack for newcomers https://onboard.iotex.io/
Just recently, we launched an attractive referral program for Ucam, where the community can earn money for helping to bring Ucam to more people. we will need the community’s support and feedback, but just want you to know we are working on it.
You can earn up to $10 per referral by sharing Ucam with your network by creating a unique referral link, accumulating referral points, and cashing them in for cash/crypto pr.