IoTeX AMA Recap
CryptoDiffer team
Hello, everyone!
We are glad to meet here
Larry Pang ( Head of Business Development at IoTeX)
Head of Business Development at IoTeX, Larry Pang
It’s a pleasure to be here.
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
Head of Business Development at IoTeX, Larry Pang
Hi everyone, my name is Larry and I’m a Founding Member and Head of Business Development at IoTeX. I graduated from MIT in 2013 and spent five years as a Management Consultant at Oliver Wyman before joining IoTeX. I got into crypto after doing a consulting project in 2016 with the World Economic Forum on global payments and learned about Bitcoin. I was fascinated by how the financial world could be designed to be P2P and human-owned — when I learned about IoTeX, I had a similar realization that the Internet of Things (IoT) aka our smart devices can also be trusted, private, and human-owned!
CryptoDiffer team
Q2: Can you briefly tell us what is IoTeX in 3-5 sentences?
Head of Business Development at IoTeX, Larry Pang
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. The IoTeX platform combines blockchain, secure hardware, and confidential computing to enable trusted data from trusted devices for use in trusted Dapps.
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. The IoTeX platform combines blockchain, secure hardware, and confidential computing to enable trusted data from trusted devices for use in trusted Dapps.
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Head of Business Development at IoTeX, Larry Pang
Absolutely! I shared some of our older milestones above, but recently IoTeX has launched some major initiatives that are worth mentioning!
One is the official launch of Ucam (ucam.iotex.io), the first “Powered by IoTeX” product that just went on sale on Amazon yesterday! This is truly the first blockchain-powered product that will be available to the mass market.
And the other milestones that are worth mentioning are related the #DeFIoT — this is our vision to make IoT data tradeable, stemming from #OwnYourData devices like Ucam.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
When there is an issue in relation with any of the parties signing on DSLA, how will it be settled?
Who is eligible to get the DSLA Reward and DSLA Compensation ?
Head of Business Development at IoTeX, Larry Pang
The fulfillment of the agreement depends on the staking analytics of the validator’s failures you want to hedge against. Since this data is available and indexed onchain with certainty, there is no possible dispute. Code is law.
Validators earn rewards when they meet the SLA objectives (e.g. 100% Staking Efficiency). Delegators earn compensations when validators fail to meet these objectives.
Cryptodiffer Community
• Why are Ucams more private and secure than traditional cameras? Aren’t they also private? Does Iote have remote access to the recordings since everything is in the blockchain?
• If I buy a Ucam with the IoTeX system, do I need to pay something additional to enjoy the service? Do the tokens play a fundamental role in these products? Or when I buy it, I already have unlimited access to its features?
Head of Business Development at IoTeX, Larry Pang
As Ucam just launched on Amazon yesterday, let me provide some more context on how Ucam works! Ucam is the first camera to utilize blockchain technology, both as the login mechanism and to end-to-end encrypt all of your videos.
An uncrackable blockchain private key, which is owned exclusively by you, is used to login to Ucam and end-to-end encrypt all of your videos. All processing is performed locally (no centralized servers!) so the only place your videos are ever decrypted is on the devices that you own. Even if intercepted for any reason, your videos are fully encrypted and unviewable without the private key that only you own. Keep your private moments 100% private with Ucam.
Learn more at: ucam.iotex.io
Cryptodiffer Community
As IOTEX & IOTA are both working in IOT space, What are the similarities & Difference between both of this?
What has Iotex Done better then IOTA in the field of IOT space?
Head of Business Development at IoTeX, Larry Pang
This is also a common question that we get, but worth explaining how we differ from our “competitors” !
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.
Regarding IOTA, IoTeX and IOTA are not enemies. Yes we are both working in the blockchain+IoT space, but we are actually working on different things. IOTA prides itself on enabling feeless M2M payments, while IoTeX is building a network for privacy-preserving, human-centered smart devices. Rather than debate IOTA vs. IoTeX technology, what I will say is that IoTeX in only two years vs. five years for IOTA has done things that IOTA has not:
1) Launched a fully decentralized Mainnet with DPoS staking maintained by 60+ global Delegates like Blockfolio, CoinGecko, DraperDragon.
2) Launched REAL IoT products like Ucam (https://ucam.iotex.io/), the world’s first private security camera built in partnership with Tenvis and Pebble Tracker (https://www.nordicsemi.com/News/2020/02/IoTeXs-Cellular-IoT-based-tracker-delivers-environmental-and-condition-data-for-assets-in-transit), 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!
Cryptodiffer Community
Why did you decide, in addition to creating the platform and the consensus, to switch to creating real products and services on top of your platform?
Head of Business Development at IoTeX, Larry Pang
It is true that IoTeX is a very “full stack” platform — we not only built the infrastructure from scratch, but we also built the device/application layers internally as well. The reason we do this is because nobody out there is doing what IoTeX is doing. Our ability to fuse the blockchain fundamentals into the IoT space (i.e., smart devices/networks) is really unprecedented!
It’s also worth nothing that at the device/application layer, IoTeX does work alongside partners in those areas. For example, Ucam is developed in partnership between IoTeX and a large security camera manufacturer named Tenvis. We combined our expertise in hardware + blockchain, respectively, to make this product come to life! While other projects are focusing on fluffy marketing-related partnerships for questionable reasons, IoTeX is working with real chip/device manufacturers on full-stack blockchain + IoT products!
Cryptodiffer Community
How does IoTeX solve the scaling problem that exists on the blockchain platforms? And how does IoTeX overcome the threat of centralization on own IoT platform?
Head of Business Development at IoTeX, Larry Pang
Lots of the innovation that IoTeX has is our ability to fuse on-chain and off-chain components in a fully end-to-end trusted way.
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, IoT Cloud + decentralized storage, and blockchain.
Cryptodiffer Community
Where is the IoTeX road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?
Head of Business Development at IoTeX, Larry Pang
Great question! Regarding our roadmap, we are currently at the phase of enabling the first privacy-protecting #OwnYourData devices. As we continue to bring more and more devices to the IoTeX Network, we will also begin building new infrastructure that is focused on private computations and also tools to tokenize/monetize the data that everyday people and businesses own!
The final piece of the puzzle is the IoTeX tokenomics, which are designed to drive value back to the IoTeX Network + stakeholders for EVERY device sold. We have designed innovative tokenomics where $IOTX is burned and dropped to all IoTeX stakeholders for every new device that is registered to IoTeX. The tokenomics program is called Burn-Drop and you can learn more about it here: https://medium.com/@iotex/iotex-tokenomics-burn-drop-to-bootstrap-1-million-iotex-devices-66a43a1a68d7
Cryptodiffer Community
How is the IOTX token used for on the IoTeX platform? How to keep motivation of holding IOTX tokens for the long term?
Head of Business Development at IoTeX, Larry Pang
The IOTX token is used for four main reasons on the IoTeX Network:
1) Spend $IOTX as gas fees for transactions
2) Stake $IOTX to participate in network voting/governance
3) Burn $IOTX to register new devices to the network
4) Stake $IOTX to register as a new IoTeX service provider
You can learn more about the utility of $IOTX in this blog: https://medium.com/@iotex/iotex-tokenomics-part-1-utility-of-the-iotx-token-781ff9c866e3
Cryptodiffer Community
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?
Head of Business Development at IoTeX, Larry Pang
The global IoT market is HUGE and still growing! By 2025, there will be over 50 billion IoT devices on our planet, and those devices will generate 80 zettabyes of data (that is 80 trillion gigabytes!)
I believe the calling for a user-owned Internet of Things, where all of the sensitive/valuable data that are generated by our devices are 100% owned by us. This is a paradigm-shifting concept — today all of our data is owned/controlled by the oligopoly of tech giants that manipulate/sell/exploit our data. The problem is much more alarming when it comes to real world data like the videos of our living rooms and health data. That is why IoTeX is very focused right now on devices that generate very sensitive data (like home cameras) and we plan to expand to other types of devices in the near future like healthcare wearables.
IoTeX will capture a significant piece of the multi-TRILLION dollar IoT market by making privacy+security available to all!
Cryptodiffer Community
I heard about IOT (Internet of Things). But what is the IoTeX Trusted Internet? What is the difference between IOT and the Internet of Trusted Things?
Head of Business Development at IoTeX, Larry Pang
Good question! Let me explain what the Internet of Things (IoT) is and how IoTeX’s vision for the Internet of Trusted Things is different.
These days, all types of smart devices like cameras, thermostats, and virtual assistants are being installed in our homes and businesses at a blistering rate. Even traditionally “dumb” devices, such as beds, mirrors, and toilets, are now equipped with WiFi and powerful sensors to make them “smart” — this phenomenon is called the Internet of Things (IoT). Whether you know it or not, IoT is part of everyone’s lives and allows people to interact with machines to drive efficiencies and create value.
However, today’s IoT is owned and controlled by institutions (e.g., tech giants, governments) and not users (aka you and me). All of our highly sensitive IoT data, such as the videos from our home cameras, are owned by institutions and manipulated without our consent. Do we really have to accept a future where we are surveilled by institutions that collect our data, make our homes targets for hackers, and manipulate even the way we behave? No — we can build a better future with IoTeX.
IoTeX’s goal is to enable a future that is connected, empowering and safe — no intrusive ads and surveillance, just privacy and peace of mind without sacrificing usability. The IoTeX platform enables builders to easily launch privacy-preserving IoT devices, apps, and networks. Just like Bitcoin has created a decentralized financial ecosystem, IoTeX is empowering a decentralized ecosystem for our smart devices — the Internet of Trusted Things.
Cryptodiffer Community
Are there currently any examples of the use of the DID identification system that is claimed as a component in combination with a blockchain? In what practical cases can we see the use of this technology? What makes the DID system better than the competition?
Head of Business Development at IoTeX, Larry Pang
Yes! Decentralized Identity (DID) is a core part of the IoTeX platform. Unlike other projects that have issued DID specs for people, IoTeX uniquely has developed a decentralized identity system for both people AND devices. This means that people and devices will be able to transact directly with eachother, as their identities are standardized on the IoTeX platform.
When would a person need to pay a device or vice versa? In the future, as ownership of cars/machines decreases and is replaced by the global sharing economy, humans will interact with autonomous machines — autonomous taxis, vending machines, etc. — on a more frequent basis, and the ability to pay/interact with machines in a decentralized fashion in exchange for services will become the norm. This is what IoTeX envisions and is building towards — an interoperable ecosystem of humans and devices that will unleash tremendous economic opportunities.
Cryptodiffer Community
How would you compare the pros and cons of public and private blockchain for IoT? Wouldn’t a private blockchain be more appropriate for the privacy aspect? What if companies like IBM, open source, use their own IoT-applicable code (where are they now in terms of the IoT blockchain)?
Head of Business Development at IoTeX, Larry Pang
The public vs. private blockchain argument in the IoT space is interesting. From my point of view, both public and private implementations have huge potential:
Public blockchain would be amazing for public devices, such as those in our smart cities and neighborhoods. Even things like police body cameras should be on public blockchain one day — all of these devices that should be working for us (as citizens) must be transparent and always available. I see public blockchain being used for more public-facing IoT projects in the future! Ucam is a great example that already runs on IoTeX public chain.
Private blockchains on the other hand are more receptive to enterprise use cases. This is because enterprises need to have full control of their data and ecosystems. Having read/write and access controls built-in to a blockchain system (which is basically what a permissioned blockchain is) allows enterprises to control who can read, write, and perform consensus on the chain. But the main premise of blockchain as a standardization tool still stands. Lots of the work we are doing as Co-Chairs of the Industrial Internet Consortium (IIC) have to do with permissioned blockchain actually!
Cryptodiffer Community
What was the reason behind creating Ucam? Also, who processes the information of my video call? where is it stored
Head of Business Development at IoTeX, Larry Pang
We created Ucam for two reasons:
1) Working with cameras is hard. We could have easily started with a simple consumer device like a motion sensor, but starting with the hardest problem first is an embodiment of the IoTeX team and mission. We wanted to challenge ourselves with one of the most complex IoT devices — now that we finished our first camera, more cameras will be added much more easily, and we have the know-how to take our experience in cameras to other simpler types of IoT devices.
2) The other reason we created Ucam is to provide a template to other builders on how to utilize all of the various components of the IoTeX platform to create real, meaningful products. Ucam uses many parts of our platform: decentralized identity, blockchain, E2E encryption, edge computing, etc.
Finally, to your question about who processes the information of your camera — ALL processing is done “on the edge” meaning on your camera or your mobile device. There is NO centralized servers/processing, which is a big reason why your videos are private. Your data is never decrypted outside of the devices that you own! And when in-transit, all of your files are end-to-end encrypted using the private key that only you own, meaning you are the only one that can decrypt your data. Not even IoTeX engineers can access your Ucam or your videos!!
Cryptodiffer Community
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?
Head of Business Development at IoTeX, Larry Pang
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!
Cryptodiffer Community
As regards your UCAM, are there any real life usecases for it presently? Has it been deployed anywhere yet?
Head of Business Development at IoTeX, Larry Pang
Ucam IS the use case — it is already being used by hundreds of people globally, which will now turn into thousands after our Ucam launch on Amazon! What is really great is our customers give us feedback on how they are using the product. Some people set it up in their garages to protect their cars, some in their living rooms to watch their pets, and some even install it outside as the purest form of a security camera.
Regardless of how you use Ucam as a home camera, the most important thing is it is private however you want to use it. That is the real attractiveness of “Powered by IoTeX” products — they have all of the features you expect (and more) but also come with 100% privacy.
Cryptodiffer Community
Are there any shortcomings that IoTeX is currently facing that actually affect its full market potential? If so, what are the possible solutions?
Head of Business Development at IoTeX, Larry Pang
To talk about something IoTeX can do better, I think it is education. It is honestly really hard educating people by only talking about technology. We also have to consider culture and regulation in these conversations as well. People are attracted to solutions, but only if they know what the real problem is!
Thankfully, I feel the entire world is starting to understand the importance of privacy more and more. We live in an increasingly digital world, where the things we do online can generate more money/value than the things we do in the physical world. But to have NONE of the digital assets that are created based on our digital footprint owned by users is ridiculous.
Telling this to people, they may nod their heads and say “yes I know I need to protect my privacy, but how??” — this is where IoTeX comes in. Now tat we have real products that address the shortcomings of our current systems/products, I believe we are creating a massive paradigm shift for the IoT industry and the world.
Cryptodiffer Community
Right now if we look at ethereum, Defi protocols and user faced Dapps are adding more value to eth every single day.
Do you have developers building DeFi protocols and Dapps on IoTex Platform?
Head of Business Development at IoTeX, Larry Pang
Yes — even though IoTeX has a different view of “DeFi”, moving value between entities is what makes the world go round. In the IoT space, this may look more like micro-payments between various devices/people or lending/borrowing to fund manufacturing of devices. But the fact is DeFi exists in IoT already, we are trying to champion this vertical with something we call DeFIoT: https://medium.com/@iotex/defiot-unlocking-the-trillion-dollar-iot-data-market-c76a5204cb0e
So far, we have already launched a cross-chain bridge (ioTube (http://tube.iotex.io/)) and a decentralized exchange (mimo (http://mimo.exchange/)). Very soon, we will enable NFT trading and begin to allow users to tokenize their IoT devices/datasets and trade them on IoTeX. Get ready — this will be huge!!
Head of Business Development at IoTeX, Larry Pang
Thanks to all of the great questions! i’m glad everyone has taken a deeper look into IoTeX and asked some very educated/insightful questions
Official Website: https://iotex.io
Telegram: https://t.me/IoTeXGroup
Twitter: https://twitter.com/iotex_io
Medium: https://medium.com/iotex
YouTube: https://www.youtube.com/channel/UCdj3xY3LCktuamvuFusWOZw
Ucam: https://ucam.iotex.io
IoTeX Staking: https://member.iotex.io
Feel free to reach out with any other questions about IoTeX!
Thanks everyone.
Cryptodiffer TEAM
Thank you!
Great answers!
Thank you everyone who took part!
