Livestream AMA Summary - May 13, 2020

Project Updates

Raullen: Our team has been staying at home for almost two months now. According to California’s regulations, everybody has to stay at home. Still, we’re working very hard to
push forward as you guys know we have Mainnet GA launching this June so there are a couple of things we have to finish. The big thing is the blockchain, we want it to be absolutely independent from Ethereum and ERC tokens so there’s a lot of work to do that involves exchanges, third-party wallets, and different Dapps to migrate everything back to IoTeX.

The chain has been running very well for over 1 year and we have roughly 70 Delegates
globally and the chain has already processed over 5 million transactions.

In addition to that, we are also rearchitecting the chain to make it run faster and make it more user-friendly. On top of that, we also have a small team internally that is trying to tune the tokenomics and how to tie the success of Ucam to the success of the token. In addition, as you guys know, we are working with IPFS and Filecoin teams to figure out how we should do the decentralized storage for lots of IoT devices, Ucam being the first one.

Jing: Actually I want to give you exciting news about Ucam! As you know we have been working very hard since last September and it has been a long journey. We have received the CES Innovation Award last year and then we went to the CES show in January 2020. In February we opened up the pre-orders on our official website and received a lot of support from our early backers. This pandemic has put us in a very tough situation but we as a team decided to face it and made a lot of efforts to collaborate with the manufacturers, logistics, and shipping partners to get this product to our community as soon as possible! Finally, the first shipment has been already shipped out last week and we see some of our community members in California and the US have already received the product. If you have pre-ordered and still have not received the product, please be patient as we are sure that your pre-order is on the way.

Following this shipment, we are doing a lot of improvements and optimizations for this 1st generation of Ucam’s. And all of you are the pioneers of the first generation of the product, and at the same time, we are already working on Ucam 2.0, which will have even more exciting features. Just like Raullen mentioned, we are working closely with the IPFS team to make it fully trusted and decentralized.

Larry: A lot of great activity coming out throughout this month we’ve been announcing a lot of things related to Mainnet GA. We started off with announcing Hermes which is our open source rewards distribution tool that makes votes and rewards more transparent for the community and then we jumped over into Native Staking v2 which is a new native staking mechanism that is transaction-based instead of smart contract-based and this has a lot of benefits for scalability and also for ease of voting. Another thing we just. announced is Halo which is our new official dev Grants Program, not just for developers but also for the ecosystem builders. It’s a way to formalize the engagements that the community has with the project and also to help fund both wishlist items for things that are more standard maybe like network-wide tools. We want to hear your ideas and pitches for what you want to be built on IoTeX, since we are getting to the point where the technology is ready for a lot of people and we are trying to welcome the world to build on IoTeX.

How has COVID impacted the development of IoTeX? What challenges has this presented and how have you overcome them?

Jing: We have already expected to be impacted since this pandemic started in China but what we didn’t expect that it will turn out to be a very global pandemic and affect everyone globally. For the business side, especially in Silicon Valley, we had discussions with a lot of investors, industry leaders and founders so we expect the impact of COVID-19 will not be very short term, actually, it could be very long term, as long as you know maybe 18 months to 2 years and even longer. So that’s the challenge for everyone, especially the founders and the founding teams of start-up companies, as they have to be really well-prepared for this big challenge ahead of us. right so but what

Although we are under the lockdown at home, we still work remotely and globally
and especially because we are a blockchain team, we have been global from the first day so we have already adapted to this type of working style.

With the recent downtrend that affected the entire crypto space what makes IoTeX appealing to new users and what would you say to a new investor today about where IoTeX is today and where it’s headed tomorrow?

Raullen: Let me break it down by the 3 different types of users that we have. First, developers, which is also known as the ecosystem builders and the second investors/token holders and the 3rd one is the actual users of the IOTT devices.

Developers - as we are getting more and more mature, I shared some of the insights about IoTeX 2.0 during the IPFS presentation and you guys can take a look at the deck I’ve shared on Twitter. IoTeX 2.0 will be a technology platform that actually provides storage, networking, and compute to enable IOTT devices, and we are already approaching it. The blockchain part is done and we are layering up different things on top of the IoTeX blockchain mostly it’s like the integration. For example, we work with IPFS and once we layer this up we will open doors for lots of developers who can come, build and try out different new ideas. To accelerate this one we have Halo program, which launched a few days ago. Basically the foundation will provide grants for developers who actually have a very good idea and want to try it out.
that’s definitely welcome so that’s

Users - of Ucam and also other IOTT devices who are concerned about their data and privacy and who will pay for what they use, things like storage, computing, gateways, and of course the hardware. Our goal here is to make our products have the perfect market fit and make it successful in terms of sending it to lots of homes in the US, Europe, and other parts of the world. So once there’s a huge amount of users onboard part of their activity will be converted to the chain and another part, like their revenue will be tied to the success of the IOTX token.

Investors - retail investors, institutional investors - there are a couple of initiatives around this such as the onboarding pack that introduces everything that IoTeX has done since it started two and a half years ago and where we are headed to. This will serve as a guide for new investors, especially retail investors, who are trying to understand us, trying to understand our vision and mission and
want to join us on this journey.

Larry: IoTeX is at a point now where a lot of the things that we’ve been working on were at the platform level and very technical but now we’re starting to see the first wave of products being
launched on IoTeX both on the application side and on the device side. This also made us understand what our role in the ecosystem is. Ucam, for example, is a full-stack solution all the way
from the hardware the firmware to the software to the front-end app. That’s something that we took on with our partner to really take end-to-end but you know through that process it allowed us to understand how to do the entire end-to-end solution so we can help builders like you do the same with
other types of devices. We’ve also seen a lot of interesting use cases with Pebble Tracker already, one of our community members kits, and the London blockchain labs team built a really cool asset tracking vehicle concept. We’ve also gotten a lot of interest from healthcare device manufacturers who are doing glucose monitors and other types of sensitive data devices. So this model that we’ve used for Ucam can be applied to other types of devices. So many many more Own Your Data devices will be coming.

What advanced features are available for Ucam cameras and what are the multiple benefits of using it at home?

Jing: For Ucam, our goal has been to always go mainstream and not only serve the crypto world but the entire world of people who care about their privacy. Our sales target number is very big and it’s based on a lot of our surveys based on which over 70% of people in the US really care about protecting their privacy. Before we shipped out the first batch of our product, we did a lot of testing with real users. We chose over 100 households in Silicon Valley, in different cities and gave users one week to test and provide us detailed feedback in order for us to see what features and functionalities are important for them, what problems they care about and what problems Ucam can solve. The major
thing that concerned them with the physical devices in their house was the privacy, #1 priority.

Since last year, there were a lot of leaks involving the account system management of the devices and with Ucam, we were the first ones to introduce the blockchain-based private key, which means only users will own their account and have access to their video content. No more email and password for the account needed, which was super vulnerable. Another important selling factor was the end-to-end
encryption, which means that no intermediary can have access to the data, not manufacturers, not developers or IoTeX.

Also, we are working very closely with our blockchain partner like IPFS on the decentralized storage, which will be applied in our future product versions and it’s already on our roadmap.

After launching Ucam and showing it to our partners, we already have a lot of product partners in our pipeline that are interested in extending this indoor camera to other categories like an outdoor camera, a doorbell camera, a dash camera for vehicles, and other devices.

What are the security and safety measures put in place to ensure that users’ data stored in the cloud and on decentralized storage like IPFS or Filecoin or other options are saved secured and easily accessible by their owners at any time?

Raullen: So you know in the past, there were two layers for protection of the data. The first layer is authentication, meaning you put your data in a place using the cloud provider and the cloud provider will have authentication to gather the data so that you can access your data but not anyone else. On top of comes encryption, when you want your data to be encrypted. In terms of IPFs and other decentralized cloud storage, you don’t have this layer, we were talking with the IPFS guys to see how it can. be done and still have a perfect encryption scheme that is very solid. But the decentralized storage systems don’t have this layer, so some ideas are floating around with the founder of IPFS like trying to do some permissioned layer on top of the totally permissionless decentralized storage for example. I think for now no one has an answer yet as this a totally new type of scenario, like Larry said, one of its kind use case for the personal home video sitting on top of the decentralized storage. So we’re exploring different options here but for now, I can give you a 100 % guarantee of your data privacy from the encryption side.

What’s the difference between native staking v1 with this new transaction-based design and how does it improve the flexibility security and scalability of IoTeX?

Larry: Native staking v2 is not just a new native staking design it’s kind of the combination of all the past history on Ethereum and all the current history onIoTeX in a brand new contract that we’re gonna cut specifically from Mainnet GA and that’s gonna really establish independence.

Raullen: A system should evolve as time goes by and as the system builders we’re learning all the time so the first version of the staking has been implemented on Ethereum, which has been going great. But as we learned new things, we wanted to improve the existing design as there’s always room for that, that’s why we want to kill the Ethereum contract and put all of the new ideas, designs, implementations, and architecture into Native Staking v2. So that people can enjoy an up-to-date design and token economics.

We are improving the token economics around DPoS and it’s relatively conservative, we’re not changing dramatically but we are trying to inject some of the minor improvements here and there to improve and incentivize more nodes come into the ecosystem and contribute. So this could incentivize users to stake more and increase the staking ratio.

But under the hood, the technology is basically a re-implementation of the Ethereum staking and since we want staking to be combined with some new features, underneath everything is new and implemented natively but the user will not feel it because everything will remain very familiar, including the interface and the concept of buckets.

Is Ucam available for Amazon EU customers?

Jing: We’re already selling to international markets on our website. And actually and Innovation Department at Amazon has already approached us and they want to have it listed on their platform, so we are expecting good traction here. Before we start shipping globally though, we need to make sure that all of the bugs are fixed and several rounds of testing internationally are completed successfully and for this part, we would need another 1-2 months.

Larry: Another thing to note is that a lot of the things that we communicate with you guys is because you are the IoTeX community right. But you know this product is also Tenvis’ product and Tenvis has sold a lot of cameras and they’re currently Amazon’s choice for cameras with their latest product. They have over 6,000+ 4star reviews on Amazon so it’s not their first rodeo and they know how to sell on Amazon and the requirements to expand in a good way.

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TOP 5 Selected Questions {TG ID}



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