Co-Founder Lyu Xinhao answered top questions from the community live on YouTube!
On Aug 21st, the ITC team held a live AMA on YouTube and answered top questions from the community. For those who missed the live event, we have summarized those questions and answers for you below.
@ Timothy Price
Will IoT Chain be able to handle millions of transactions per second? Or is approximately 100k the maximum?
The goal of the IoT Chain main chain is 10,000 transactions per second. To achieve this goal, we will utilize DAG, VRF, SPV and other technologies. But we expect the network to handle more than this number once we combine other off-chain solutions such as through the use of side chains, and also the Lightning Network. So the maximum TPS should be larger than 100,000. And in some use cases, we plan to use GPUs and other hardware to improve the performance, making it possible for the IoT Chain network to achieve millions of transactions per second in those cases.
Can you explain the “Internet of Things” network?
The Internet of things will bring about the next era of data explosion.
What makes you believe Internet of Things is hard to break through?
At present, the Internet of things has not developed rapidly enough because the cost of networking equipment is still relatively high, and the value of equipment data cannot be protected.
Will the connection of IOT devices be public or private?
The connection of devices is private. When devices need to access the blockchain network for value delivery, the process of value delivery is public.
What are the highlights of the IOT that make it different and compete with other competitors in the same field?
ITC technology adopts a decentralized DAG data structure, which ensures the security and high performance of the blockchain network. The ITC team focuses on the protection and value of data in the Internet of things, which we believe is the most valuable area for IoT combined with blockchain.
What were the outcomes from Huobi carnival and blockchain industry event in Seoul?
We gained a lot of Korean fans, and our Korean Telegram channel has increased to over 1000 people. We have been in close communication with many media organizations in South Korea, and some important media outlets have reported on our project.
What were the biggest surprises the team has faced (positive and negative ones) in the project so far?
One of the biggest surprises is finding out how well our solution can be adapted to other enterprise applications. An enterprise version was not on our original roadmap. In consequence, in the process of developing the main chain, the system structure of the main network can be strengthened through cooperation with the enterprise. All for the training and development needs of the main chain.
What are the broader marketing strategy?
When and how is it planned to promote the project exactly as a technology that people can use in everyday life?
We will work with many enterprise customers to increase the efficiency of the Internet of things industry with blockchain technology. In addition, by increasing industry trust, some unviable businesses start to run. So our marketing strategy will focus on to Business. We will show our progress to the Customer market by demonstrating our cooperation on the Business side. In addition, we are also expanding direct-to-customer-end IoT services so that users can see our progress more directly.
How does ITC earn money in the future?
Currently, we have enough cash to support our development. In addition to this, there will be an enterprise version of the IoT chain solution. When enterprises purchase this version, it will bring additional revenue to the team. The profit-sharing plan will release later.
When will there be more releases of code on GitHub?
Our Github already has a lot of quality code, and we’ll continue releasing new code once it has been tested. You can download and test our project “Just a Bunch Of Keys” via https://c-block.github.io/jbok/. Currently you can find over 1,000 test cases covering various scenarios such as transaction creation, network communication, virtual machine instructions, and new address creation.
Are you going to create your own wallet?
We are continuing to develop our multichain wallet which will include some exciting new decentralized protocols such as Bancor (BNT), HYDRO, and SWFT, along with the other basic wallet functions. The ITC wallet will be easy to adapt and run on all kinds of environments including Android, iOS and HTML 5 due to our use of the React Native framework.
I wanted to know. Will it be possible to change the wallet address in the future? I accidentally entered the wrong address.
You have to pay attention when dealing with private keys and public wallet addresses. These pieces of data support security on the blockchain. Of course, we have some methods, such as registering a blockchain namespace to reduce the number of direct input addresses, similar to Ethereum namespaces. We still strongly recommend careful treatment of wallet addresses and private keys.
When will you release the Yellowpaper full version? Any other papers you plan on releasing?
We have released very high quality code on Github that can be used in enterprise use cases. We also released instructions for compiling the test code, which you can use to download and test our project. Our current work is focused on technology development, and we will upload more documentation as it becomes available. Please follow our Github page: https://github.com/IoTChainCode
What is the advantage of IoT Chain in comparison with other IoT project like IOTA?
We have been referred to by many as the IOTA of the East. In fact we are very different projects. We implement a secure decentralized DAG blockchain network, but IOTA in some aspects is rather centralized. This means that ITC is safer than IOTA. In addition, the performance of our network is much better than that of IOTA due to the excellent engineering capability of our team. Users will have a much better experience when using ITC’s wallet. We think IOTA is an excellent project and has particularly good marketing which we can learn from. We are confident that we will surpass IOTA in the future market because of the advantage we have in terms of technical strength.br/>
Why do you choose PBFT as consensus algorithm instead of popular ones like PoW or PoS?
In fact, the traditional POW and POS have two disadvantages for the Internet of things. First, it is too energy-intensive, and miners need lots of calculations to fight for block rights. Second, they have poor performance. Too many nodes participating in consensus require sacrificing performance to maintain network transaction consistency. In ITC, we chose VRF and modified BFT as the consensus algorithm, which greatly improved efficiency and while still ensuring network security. We have now implemented the BFT consensus, which is already available in the enterprise version. We are currently implementing VRF, and consensus after the VRF implementation can be used in the public blockchain. In fact, there will be two rounds of consensus in the public IoT Chain network. In the first round, we used VRF to select some nodes randomly with a sufficient number of nodes. These nodes implement the finality of the transaction in the next round.
Thank you for your support! Be sure to follow our official channels to participate in our next AMA!