Jun 2 , 2018
Founder Xie Zhuopeng and Co-Founder Lyu Xinhao answered top questions from the community live on Telegram!
On May 31st, the ITC founding team held a live AMA in Telegram where they answered top questions from the community. These questions were collected over the past several days. The top 5 submissions were awarded 5 ITC tokens each for their contributions, and a total of 12 questions were answered. For those who missed the live event, we have summarized those questions and answers for you below.
Rest assured, we will be hosting similar AMA events in the near future help ensure the community remains connected to our progress and strategic vision.
IOTA is a well known project that has been around for over two years. They have a great marketing strategy and have been able to continuously engage their community with news and hype. However, from a technical standpoint, IOTA has some serious issues. Because there is no transaction fee, it is easy to carry out a Sybil attack. Moreover, their coordinator code is private, which is integral to the security and decentralization of the entire network. In contrast, IoT Chain awards a small transaction fee for each transaction to witness nodes, making it costly to carry out a Sybil attack. We will make all of our code public before the main network is released. We also have a fantastic business development team which will help IoT Chain prosper and keep the community up to date. For these reasons, we believe IoT Chain has more potential and will deliver higher returns than IOTA.
In the past several months, we have published the latest updated roadmap. We chose a new development stack, and are now mainly using Scala. And we have released some code in Github, and today you can find our basic framework and modules. The framework is quite clear now, including consensus algorithm, storage, light node, wallet, and smart contract. We have started providing daily commits in Github to keep the community up to date. We encourage you to take a look! We are now implementing smart contracts, specific consensus algorithms, and storage mechanisms. We will also add more documentation later on to help better explain the code.
Basically, there are two key functions of the chip. One is the blockchain identification and the other is data processing. We give each IoT device a blockchain identity, which is an achieved by assigning a public and private key to each device. This is similar to a Bitcoin address or Ethereum address.
By using the assigned identity, we can control sensitive actions by only allowing authorized devices to interact with the device, like your mobile phone. And for any sensitive data created, it has to be permissioned for use.
The connecting technology is known and established, like Bluetooth, Zigbee, and WiFi.
We are preparing to connect with HTC. Our business development team is looking at the opportunity. At the same time, we will build partnerships with other companies like HTC. As a matter of fact, we have contacted many partners and are already designing solutions for some of them. We will make it public once everything is settled.
Price volatility has plagued cryptocurrencies from the beginning, but you can bet on the combination of Internet of Things (IoT) and blockchain. We want to focus on blockchain as a powerful tool to bring scalable, decentralized security and trust to IoT devices, applications and platforms, which are similarly distributed and decentralized.
We have offices in Singapore and Shanghai. Our marketing strategy is global-first. We attended Consensus in New York recently and established a meetup at Fordham University. You can follow our progress in our official Medium: https://medium.com/@IoT_Chain
In IoT Chain, we rely primarily on DAG technology instead of blockchain data structure. We believe that DAG (Directed Acyclic Graph) is a better data structure. Due to its block-less nature, the transactions run directly through the DAG networks. Thus, the speed of the whole process is much faster than a traditional blockchain. At this point, it is easy to see that DAG is much more scalable than earlier technologies, however most projects using DAG today are not decentralized enough which threatens the safety of the network. In IoT Chain, we choose special nodes called witness nodes to help maintain the whole transaction order using a decentralized algorithm called PBFT.
In the IoT industry, small payments and transactions occur frequently placing emphasis on transaction confirmation time. By combining DAG and PBFT, we can build a network that satisfies these requirements.
There are people who say that blockchain doesn’t solve real life problems. They think it is too difficult to build a reliable connection between real-world articles and digital information. Therefore, they believe blockchain is not suitable for industries such as the traceability of foods and luxury goods. However, when IoT is combined with blockchain, we have a real chance to solve problems in this industry. IoT can greatly increase the cost for the bad guys to tamper with data. And by using Trusted Execution Environment technology, we can make it very difficult to falsify data. Once the transaction is complete, it is essentially tamperproof.
One of the goals for this year was to build a strong development team, which we have already accomplished. Besides the release of the main net at the end of this year, we will be offering complete, user-friendly tools for developers. At the same time, we are devoted to building relationships with IoT industry partners. We have already designed solutions for companies in the supply chain and sharing economy industries.
In terms of development in 2019, we will integrate some other technical solutions to scale and optimize the main network, similar to the lightning network for Bitcoin. However, the most important task for 2019 is to build the DApp ecosystem, and to bring more IoT use cases to the IoT Chain network. We will publish our strategy to our partners in the next month in order to establish more powerful relationships, allowing us to build the IoT Chain ecosystem together.
I think the biggest growth strategy is the functioning IoT Chain solution. This is where influencers are incredibly effective. They have the ability to bring a group of people together around that specific use case. And it’s not just individuals. It also attracts new business partners to build new infrastructure together for the future.
There are three kinds of storage: local storage, on-chain storage, and distributed storage. Users can choose how to store their data. For very sensitive data, it would make sense to store this offline locally, or encrypt it using a private key on distributed storage. For data generated on the network that will be shared with other parties, it would make sense to store the data on-chain or again through distributed storage systems.
The blockchain itself is not designed to store all of the data. As such, there must be other sources as well including offline and distributed storage.
The data market will function the same, as the method of data storage will only have a small impact on the time to access.
In the IoT Chain ecosystem, the ITC token acts as a carrier of value and ownership, exchanged among intelligent devices. Once an ITC-enabled device is connected to the network, users can obtain the right to use that device through the payment of tokens (think sharing economy like Ofo, a popular Chinese bicycle sharing service). These connected devices generate large amounts of data that can be used for AI, machine learning, business analytics and more. Those who want access to the data can purchase it from the users with ITC tokens. As more devices join the network, the demand for ITC tokens grows as people need tokens to facilitate transactions. This is compounded by the demand for the additional data generated. Companies who wish to test and use the IoT Chain network will need to purchase ITC tokens OTC which adds to the demand as well.
Due to regulations out of China, we have spent the past several months focused on the rest of the global community. But we are now starting to shift some of that focus back on the development of our Chinese partners.
1. We will be holding a series of meetups in mainland China, getting in touch with our investment partners.
2. We will be joining popular blockchain conferences frequently to promote our technology and development.
3. We will be cooperating with local media and influencers to update the public on our progress.
Thank you for your support! Be sure to follow our official channels to participate in our next AMA!