Hello our dear community! We would like to share an AMA Recap we did together with Alice from the Huobi Wallet team in our Telegram Group . We had a very active session with a high number of participants. Thank you so much to everyone who took the time to join us and asked us thoughtful questions! Read this recap to find out more about Huobi Wallet & IoTeX.
About Huobi Wallet
Our team is technology-driven and strives to move forward in order to provide quality and professional digital asset management services. We are a department of Huobi Group. Huobi Group headquartered in Singapore, it is a leading global digital asset trading platform committed to exploring opportunities for digital asset investment.
What are some of the features of Huobi Wallet?
- Security, multi-currency support and staking.The Huobi Security team ensures that your assets are secure.
- Users have full control over their assets since they manage their own private keys.
We have obtained multiple patents for data security, such as security isolation and data encryption. Huobi Wallet provides staking service for PoS coins to prevent coins’ depreciation from inflation. It offers a stable and safe coin-based to return to investors.
Which crypto markets are you expecting to be a leader in?
We already have a good reputation in China with lots of users and we’ll expand our presence to more countries, such as U.S., Japan, Russia and more.
What currencies does Huobi Wallet currently support?
Huobi Wallet is a multi-currency wallet and it currently supports BTC, TRX, XRP, EOS, USDT, ETH, LTC, ADA, ATOM, ONT, BCH, BSV, ETC, IOST and other cryptocurrencies. Users have the ability to search and add assets by themselves. If you have other unsupported ERC20 tokens, you can also transfer them to your ETH address. Huobi Wallet will support the normal display of all ERC20 tokens, but as the unsupported tokens have not been audited by the Huobi Wallet in terms of contracts, Huobi Wallet cannot guarantee the security of these tokens. We also have ETH, EOS, TRON, ONT dapps.
What do you think of the staking economy and why is it so popular?
The staking economy is one of the hottest topics in 2019, many investors see staking as a very reliable way to get sustainable returns. Besides, it could contribute to the cryptocurrency world.
What tokens do you currently support for staking? How can we earn and redeem the staking rewards?
The latest version of Huobi Wallet has supported IoTeX, ONT, IOST, ATOM, IRIS, LOOM Staking, and Huobi Wallet has been elected as nodes. Now store coins into Huobi Wallet and stake them to Huobi Wallet node, not only the daily token will you obtain, but also the staking rewards. We are a node of IoTeX, you are welcome to vote for IoTeX through us, our distribution plan is 85% of the reward distributed to our voters to show our appreciation of your support. Here is the direct link to our profile: Delegates - IoTeX
What are some advantages of using Huobi Wallet compared to other digital wallets?
As an on-chain wallet, users keep their private keys which means they can control their staking assets. For example, running some nodes requires advanced technology, users will lose partial principles and revenues when nodes are not honest or failed. Huobi wallet owns its operation team, runs multiple zero-breakdown nodes and build up rich experience in node operation. Meanwhile, Huobi Wallet node will charge a commission fee, far below the community average, to benefit our users at the most extent and practice the decentralization spirit.
Could you talk about staking risks and security?
The only current risk is that of opportunity cost: if you’re offline, you don’t capture rewards from trading fees. There do not appear to be any way in which a staking node can have its operations disrupted by the protocol for breaking protocol rules.
Recently, we had cases of wallet owners disappearing with investor funds. How do you make people believe that this will not be the case with Huobi wallet?
Huobi Wallet is a decentralized wallet, the asset is literally in your hand, unlike other centralized wallets. Anything is on the table so long as that is required by our users. But in the short term, we are focusing on offering crypto assets management for our users. Meaning crypto assets storage, transfer, staking and DeFi are our priorities.
Does Huobi Wallet support game development Daap? What are the criteria for selecting a Daap developer? What advantages does Houbi Wallet provide to Daap developers?
Yes, we do. The most important one is security. Privacy is one of reasons that we chose on-chain wallet. Huobi Wallet dose not require signup, no account whatsoever. So Huobi Wallet enables certain levels of privacy. But if you are concerned about total privacy, you’d better chose privacy focused currencies like Monero.
How will Huobi Wallet prevent us from attacks such as malware attacks on the phone, sim attacks etc.
Huobi Wallet is a decentralized wallet, meaning, that the users have total ownership of their funds and the private keys are stored only on their phones and backed up by our users.
What are the most challenging aspects of marketing across the globe to spread Huobi to masses?
- Regulation in crypto industry is one thing for us to expand in global markets.
- Crypto is still in its infant stage, especially in technical aspects for ordinary users to use it in daily life.
What were the major difficulties that you faced while starting this project {IoTeX}? And what was your motivation to continue?
{Raullen Chai} We focus on the big picture of bridging blockchain and IoT together by delivering consumer-facing products with built-in trust and privacy. Only with feedback from real users and value produced to the real world, we could further improve our technology, make IOTX valuable, and bring the future to the present. Along the way, we need the community’s support as always!
What is the future development of IoTeX, so that it can compete in the world of cryptocurrency?
{Raullen Chai} IoTeX is redefining the trust and privacy for humans, machines, businesses, and apps to power the new economy. The underlying technologies are the multi-layer public blockchain that has been launched 5+ months processing ~2 million transactions; decentralized identity and trust computing. Note that these are building blocks for the future world of IoT where privacy and trust are built in. Our first consumer-facing IoT product is on the way that will perfectly integrate with IoTeX technologies. In the future, more and more such “powered by IoTeX technologies” products will be on the market, and we bring in the future of IoT, which is a very unique and valuable value proposition that no one else has been able to deliver.
Can you please highlight more on the decentralization aspect using IoTeX technology. Also in the future, is it possible to quantify the level of decentralization and economic incentivization?
{Raullen Chai} Great question. In the short term, we will continuously improve our voting/staking/governance structure to involve more stakers and voters. To quantify the level of decentralization and economic incentivization directly may be hard. But IOTX price in the long run should have this factor priced in, I think.
Can you state some advantages only in IOTX? What are your plans to build a strong IOTX community?
{Raullen Chai} IoTeX is redefining the trust and privacy for humans, machines, businesses, and apps to power new economy. Making IOTX valuable and IoTeX technologies useful will greatly help to build an even stronger community I believe!
What is your total supply? Where will you meet the budget allocated for product development and R & D? a general preview of the product and what are your future expectations?
{Raullen Chai} This information can be found in the IoTeX’s Binance research report.
How do you see the project develop in 4–5 years from now, both business & company wise? What are the plans to expand in different regions? Will you outsource the team/skills or keep it centralized and set up offices?
{Raullen Chai} We aim to build the decentralized platform to support real IoT devices globally. We are expanding the business while improving on the techniques. We will outsource/offload some works to other teams down the road and make IoTeX an impactful and decentralized project.
I am interested to know the transaction capacity of IOTX, how much transactions can be done in 1 second? In times of lag/congestion, how does IOTX thrive?
{Raullen Chai} The launched mainnet supports ~3000TPS which can be further improved if needed (by embracing technologies like pipelining and sharding). If a business requires even more than that, I would consider to re-architect this one, e.g., make this one working on a layer2 chain — after all, it is rarely the case that one application needs extremely high TPS and full degree of decentralization at the same time.