2021 May 13 (Thur) 19:00(KST), A summary of the IoTeX AMA held in the Hanbitco Official Telegram Room will be provided.
Q1. For today’s AMA, we have invited IoTeX Head of BD, Larry Pang! Before the AMA, could you please provide a brief introduction?
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. After two years at IoTeX, my belief in our vision has only grown!
Q2. (Pre-Question) What is the final goal? And I also want to know what you think about the Korean market and what you want from the community users.
The Internet of Things (IoT) is already a multi-trillion dollar industry and growing every day. By 2025, there will be 75 billion smart devices that will generate 80 trillion gigabytes of data — but today, our devices, data, and identity are all owned by large corporations that not only profit from our data, but also spy and monitor us without our permission. IoTeX is here to ensure the future Internet of Things (IoT) allows everyday people like you and me to own the data from our smart devices and also monetize our data using blockchain. Trusted data from trusted devices to feed trusted applications. We call this vision the Internet of Trusted Things.
IoTeX is a blockchain platform that is already powering smart devices and Dapps that allow users to own, control, and monetize their data. For example, the Ucam private security camera (ucam.iotex.io) and Pebble secure asset tracker (iotex.io/pebble) are “Powered by IoTeX” devices that bring real world data to the blockchain for the first time, allowing users to share their data in exchange for cryptocurrencies via various Dapps. Our final goal is to bring on milions of more devices and be the foundation for the future IoT.
We believe the Korean market understands the role of smart devices in society. Koreans already live in the future and use cutting-edge technology in their daily lives, but one thing that is missing is privacy and control over your own data. We want to connect with people in Korea and all around the world that want to be pioneers and help us build an ecosystem of devices that benefit users first, not corporations. We believe our devices and the value they create should be owned by users — if you think so too, join us at IoTeX!
Q3. (Pre-Question) Most investors are more interested in the short-term benefits rather than the actual long-term value of the project. How are you going to convince investors to invest in the platform over the long term?
The answer is simple — everyone should invest in projects that they believe will be here 5 years from now. Crypto is not about hype, it is about survival! And the projects that will survive are the ones that not only bring new technology / capabilities to the industry, but have also proven that they can launch real world products to real users. IoTeX has consistently innovated and created blockchain use cases that no other project has done, and we have already launched two real world smart devices that are powered by our platform. Our Mainnet has been live since April 2019 and has had no errors yet — this proves that IoTeX really knows how to build products that last.
IoTeX also has deep experience in the research space — we have leadership positions in the world’s premier enterprise consortiums, including Co-Chair of the IEEE Standard for Blockchain & IoT, as well as Co-Chair of the Industrial Internet Consortium (IIC) alongside Amazon & Huawei. If we can gain the trust of the world’s largest enterprises to lead innovation in these groups, then we believe that is more important than short-term hype that any project can buy with money. Real world products, battle-tested technology, and respect and influence in the enterprise space cannot be bought, it must be earned, and that is why IoTeX will succeed in the long run.
Q4. (Pre-Question) Do you have any plans to create and lead a new innovative meta (trend) like NFT or DID?
IoTeX has been working on decentralized identity (DID) for both humans and devices since early 2019, and have already built-in our DID technology into our Ucam and Pebble Tracker products. Similar to DID, NFTs also allow users to own unique digital assets and IoTeX is also creating innovations in the NFT space.
IoTeX has a device called Pebble Tracker, which captures real world data like GPS location, climate, motion, and light and uses IoTeX’s “real world data oracle” to write this data to smart contracts on the IoTeX platform. This means that you can create use cases where “if you prove something happened in the real world, then you can trigger a smart contract to do something in the blockchain world.” The NFT-related use case that IoTeX is inventing is minting an NFT after a user proves they were at a specific place at a specific time — we call this “proof of presence”. By using trusted devices to feed trusted data to trusted smart contracts, IoTeX is connecting the physical and digital worlds to allow real world actions to fuel the creation of digital blockchain-based assets.
Please read our feature article in CoinDesk for more details:
Q5. (Live-Question) What are your plans to place for global adoption and expansion?
IoTeX is a blockchain platform with many on-chain applications and real world devices powered by our platform. We have a DEX called mimo.exchange, where you can trade 10+ tokens launched on IoTeX. We also have 3500+ devices powered by our network, including Ucam (ucam.iotex.io) and Pebble Tracker (iotex.io/pebble). We believe global adoption and expansion is about creating real products that users around the world love — great products are universal and we already have so many cool things to do on the IoTeX platform! We invite everyone to download our ioPay wallet (iopay.iotex.io) so you can explore our ecosystem. Take a look at our ecosystem projects here: ecosystem.iotex.io
Q6. (Live-Question) The mainnet v1.2 has recently been launched. What was added and supplemented technically with the previous version?
IoTeX recently launched our Mainnet v1.2, our best blockchain release yet! This new code release makes it possible to use Ethereum tools like MetaMask, Remix, Truffle, etc. on the IoTeX platform. By connecting Ethereum to IoTeX, we can adopt the tools of the Ethereum Network while using our cross-chain bridge to transfer data/tokens from IoTeX to Ethereum. We believe that IoTeX will be the hub for IoT data for all blockchains, and we will continue to connect with top blockchains like Ethereum, Binance Smart Chain, Cosmos, and more — take a look at the IoTeX cross-chain ecosystem below:
Q7. (Live-Question) I would like to ask you about the achievements made through IOTEX’s pebble tracker.
Pebble Tracker is IoTeX’s latest device that allows users to capture data from the real world (such as GPS location, climate, motion, and light) and use it as an input to a smart contract to trigger actions on the blockchain. Think of it as a physical/digital if-then statement: if something happens in the real world, then trigger something to happen in the blockchain world. One example we are very excited for is to use your real world GPS location to prove you were at a specific place at a specific time to earn an NFT. Pebble Tracker allows you to own your data exclusively and opt-in to submit your data to a DApp to earn tokens and other digital assets. You can buy Pebble Tracker here: crowdsupply.com/iotex/pebble-tracker
And check out the new Pebble Tracker case design below:
Q8. We will now wrap up our AMA with IoTeX. Thank you to IoTeX and Hanbitco Users, Larry, and the IoTeX Team for participating in the IoTeX AMA. Lastly, we will finalize the AMA with last remarks from Larry!
Thank you very much for joining the AMA! IoTeX welcomes everyone to join our Telegram Korean group and follow our progress: https://t.me/IoTeXGroupKO
we have big goals to make the Internet of Things a more trusted and user-centric industry. we want to ensure users can own, control, and monetize their data and devices — if you believe in this vision too, join our community! thank you!