СhangeNOW AMA with Larry Pang, Head of Business Development @ IoTeX
Hi everyone — this is Larry Pang, Head of Business Development @ IoTeX (iotex.io). Here is some information about me: https://www.linkedin.com/in/larry-pang/
Q: Can you please tell us about your background and how you got involved in IoTeX?
A: I come from a management consulting background — I graduated from MIT in 2013 and spent the next 5 years consulting for some of the largest banks and financial market utilities, mostly in the digital transformation space (i.e., moving them to the Cloud). after ~5 years, I left my company as an engagement manager to join IoTeX, which is building infrastructure to power the future Internet of Trusted Things. here at IoTeX, I managed business development, meaning working with our global network of partners to build really cool and unprecedented products/DApps on IoTeX 👍🏻
Q: What makes IoTeX unique compare to other blockchain available in the market, and how can you promised that it will sustain its vision?
A: IoTeX has a vision for the Internet of Trusted Things (https://medium.com/@iotex/the-internet-of-trusted-things-a29a0e4f169) will undoubtedly change the world for the better. However, the truth is blockchain alone cannot get us all the way there. To build true end-to-end security and trust, we need trusted data from trusted devices managed by a trusted infrastructure with trusted computing resources. This goal involves not only blockchain, but also technologies including secure hardware, decentralized identity (DID), and new connectivity types (e.g., 5G, LoRa). What truly differentiates IoTeX is that we not only have a deep understanding of blockchain, but also IoT and traditional Cloud infrastructure. Creating the Internet of Trusted Things with full end-to-end trust requires using/merging technologies in a “fit for purpose” way.
To my knowledge, IoTeX is the only one that is working on this vision of end-to-end trust!
Q: Can you tell us what IoTeX analytics Playground use cases will be most popular? How can it help developers in that industry?
A: IoTeX playground is not really a use case — rather it is a way to visualize the data on the IoTeX blockchain. basically, it allows you to query various metrics related to IoTeX, ranging from transactions to accounts to contract executions to delegate voting, etc.
It does help developers that want to better understand the infrastructure they are building on. check it out for yourself: https://medium.com/iotex/iotex-analytics-playground-is-live-on-analytics-iotexscan-io-10a7355e921b
Q: What time will you start affecting the reduction in total Iotx supply by burning Iotx due to every additional new device on IoTeX network? @Larry_IoTeX
A: We are designing this right now — ultimately this will not just be a decision by the IoTeX Foundation, but rather a global community vote to determine this new layer of crypto-economics.
For those that are new to IoTeX, what ade is referring to is a new mechanism to utilize IOTX (native token of IoTeX) to register/authenticate devices — creating a decentralized identity (DID) will require the burning or staking (or combination) in the future.
Q: What is the Randomized Delegated Proof of Stake (Roll-DPoS) consensus? What are the benefits of the Roll-DPoS consensus mechanism?
A: Roll-DPoS is our in-house consensus mechanism. It is needed to support the large scalability of requirements on running IoT on blockchain. You can learn more about Roll-DPoS in this video from one of our community members: https://www.youtube.com/watch?v=ysdFgTt70Lw
Q: When exactly are you initiating staking and voting with native IoTeX token?
A: Right now, native staking is active from a code perspective (it was launched during mainnet beta), but we are still working on the front end — in other words, we are adjusting our IoPay wallet and voting website (member.iotex.io) to support native staking. it should be fully live very soon!
Q: Which contain real-world product which end-users can already utilize. Can you tell us a bit more about this shift and the new business model of IoTeX? @Larry_IoTeX
A: The business model of IoTeX is two-fold. at the core of what we do, we are a smart contract platform — we provide tools/capabilities for anyone to build next-gen privacy and IoT focused applications and products. the problem is, even if we give people the tools to build new things, they don’t necessarily know how to use this brand new technology. so the other side of our business is working with enterprises and hardware manufacturers to build the first set of products that others can later use as “templates”.
One example is Ucam, which we developed in partnership with a big enterprise called tenvis. you can learn more about it here: https://www.ces.tech/Innovation-Awards/Honorees/2020/Honorees/U/Ucam-by-IoTeX-Fully-Private-Home-IP-Camera.aspx
Q: How can IoTeX do to help non-crypto use your products and know about blockchain products? @Larry_IoTeX
A: Good question – to be honest, IoTeX does not operate like a traditional crypto project. we do not put too much emphasis on TPS or all of the things people like to speculate about. we are in the business of using our technology for REAL things. our approach will be to deliver amazing IoT products to consumers and then to enterprises with full privacy, this may take a while because privacy is a new concept but undoubtedly it will be huge in the future.
Take a look at some of our products here: https://www.iotex.io/securehardware
Q: Recently many exchanges and projects went out of funds, and paused development. What about the IoTeX project?
What is your strategy to take on the fund crisis in this nuclear winter and how to utilize the funds in the future?
A: It’s important to think about it from a non-crypto perspective. any project that runs out of funds and cannot raise more money to build their vision is dead in the water. IoTeX is neither of those — we raised about $30mm in Jan 2018 and still have 3+ years of runway, but we also intend to raise future funding for new initiatives. it’s important to think bigger picture, just because we didn’t have a billion-dollar ICO does not mean we cannot succeed. it is all about prudent management of your company and resources.
Q: What is the IoTeX token used for? What gives it value? Why is it necessary, and why should be internet of trusted things? @Larry_IoTeX
A: The IoTeX token (IOTX) serves multiple functions within the IoTeX Network. It is a utility token that is used for staking/governance, gas fees for transactions/contracts, and also registration of IoT device identities. The first two are things most blockchain-educated people are familiar with — the native token balances incentives between users and miners/Delegates and also represents “bandwidth” in the network. Although we have unique designs for our crypto-economics, the overall structure is similar to other public blockchain platforms like Ethereum. One thing that is truly unique is that an amount of IOTX will be burned every time a new IoT device is registered to the IoTeX Network. This means IOTX is a deflationary token, where the more devices (i.e., decentralized identities) are registered to the network, the less supply of IOTX there will be. This provides incentives for the community to encourage more devices are added to the network, as well as ensures there is “something at stake” for businesses.
Q: 1) What are the top 3 utilities of #IoTex, do you believe utilities of #IoTex increasing in the future?
2) How IoTeX handles these issues: 1) Security 2) scalability and 3) interoperability?
A: 1) Top 3 = trusted data, trusted devices, trusted computing. in other words, we focus on full end-to-end trust!
2) we don’t rely on blockchain to do everything, rather we have a multi-layer architecture. you can read more about it here: https://community.iotex.io/t/layer-1-sharding-pros-vs-cons/325/6
Q: What advantages does IoTeX provide for DApps builders?
A: To put it simply, we have tech that no other platform has. we are the only project that combines blockchain, secure hardware, and decentralized identity to enable unique products and DApps. one big thing is we give DApp developers the capability to give full data ownership to their end-users. this is a huge advantage, especially as privacy becomes more and more important in the next couple of years.
Q: if you were to pitch IoTex/IOTX to anyone, who that would be? e.g. people who are well aware of crypto or not?
A: right now we are very focused on pitching IoTeX to hardware manufacturers that are amazing at building/distributing hardware but do not have great software resources. we are pitching them “don’t fight the old system, join the new system” — our new system is one that is focused on privacy and security first! you can read more about our vision here: https://www.ibtimes.com/why-world-needs-internet-trusted-things-2821883
Q: How IoTeX can make “The Internet of Trusted Things” when there is less security, high volatility, and less awareness of blockchain? Well, Trusted things is much buzz word but less project really means it. What about IoTeX?
A: we write about this topic a lot. the truth is blockchain alone cannot solve all of the problems in IoT. you need to combine lots of different concepts to build full end-to-end trust. you can see more about our vision here: https://www.ibtimes.com/true-trust-internet-things-calls-end-end-rethink-2850473
Q: If your ecosystem is hacked, user data and money are hacked, how will you deal? @Larry_IoTeX
A: the point of blockchain is for this NOT to happen, but we have mechanisms in place to reign things back if this happens. many other networks like Ethereum have gone through similar issues but they resolve it with community vote — that is the important part, it is not IoTeX Foundation that will drive action but the entire community.
Q: Sharding, layered, and cross-chain are the three future solutions for high-performance blockchains. IoTeX is currently in which direction? And what are the main reasons for taking this direction?
A: IoTeX is focused on layer 2 for scalability and horizontal expandability. our cofounder Raullen just wrote a great piece on this — check it out here: https://community.iotex.io/t/layer-1-sharding-pros-vs-cons/325/6
Q: Since almost all companies are a bit hesitant in trying out new technology how is IoTeX removing those inhibitions and getting them to sign up?
A: You need to give them something they NEED not something they WANT. what hardware companies need right now is privacy and security. they no longer need new features, that is already saturated. but they are desperately looking for new ways to provide privacy for themselves and their end-users.
Q: What’s your outlook on the future of cryptocurrencies in the next two years and What can we do to keep increasing adoption?
A: My future outlook on cryptocurrencies is that many of them will fail, not because their tech is not interesting but because they have not carved out a big enough category for themselves. all of the “scalability focused” projects look the same — even if there are 2-3 winners that means more than 50+ projects will die because they have not taught enough about how to USE their platform. this is something that differentiates IoTeX — we build our platform and the use cases in parallel so that we can understand how/why our platform will actually be used in the future.
Q: How can developers & technical people contribute and how does IoTeX plan to get them involved?
A: Good question — right now there are many opportunities to start using IoTeX for your own projects. we have a great set of CodeLabs (tutorials) and also community contribution videos that teach you how to combine blockchain and hardware.
Codelab here: https://codelabs.iotex.io/codelabs/iotex-on-arm/index.html?index=..%2F..index#0, also feel free to check other videos by IoTeX Lab Delegate, like this one: https://www.youtube.com/watch?v=xWD4UhGGCyo – Which explains how to build the node if you want to learn more.
We have a small developer chat group here if you want to join: https://t.me/IoTeXDev
Q: What is IoTeX vision and what are your biggest challenges?
A: our vision is the INTERNET OF TRUSTED THINGS
Thanks for joining everyone! unfortunately, I have to go to a meeting (busy times!) — for those that are interested in IoTeX, make sure to follow our channels:
➡️ Twitter: https://twitter.com/iotex_io
➡️ Telegram: https://t.me/IoTeXGroup