IoTeX AMA Livestream — Mar 1, 2019


Hello IoTeX community!
My name is Larry.
We have Jing Sun here and Raullen Chain is
hard at work on tech but he will be here for
a short session soon.
We are doing this live AMA today to share
more about our Delegates Program.
So the way this is going to work is that we’re
going to start by kind of summarizing the
events of the last couple of weeks, Raullen
is going to talk about the future testnet
release candidates and kind of the plan for
mining of the testnet and then mainnet rehearsal
and then Mainnet and then finally we are going
to answer your pre-filled questions, and if
you are watching live you can ask us questions
in the YouTube chat and we will answer those
at the end of the session.
So, Jing you want to start with a little summary
of what’s been going on lately?
Sure, very exciting!
Very tiring.
The whole team is working day and night, no
kidding.
So my name is Jing, co-founder of IoTeX.
Finally, this is a very important month and
a very important milestone for IoTeX and the
entire IoTeX network and community.
So Larry will elaborate on the details later
but I just want to say that there are several
important days ahead of us and we have just
launched our member portal, maybe some of
you have already looked at it and the profiles
of our Delegates.
Actually, we have gotten over 100 applications
and we are really impressed by those profiles
and so far we got already about 40 applications
fully submitted and maybe we will have more,
as they are still working on that.
As we can see all of these profiles are from
different countries and very different profiles,
very impressive!
Also, starting from next week, everyone will
be able to use our platform to do the self-stake
or stake your tokens.
And within one week, March 11, this will be
the official launch of the voting, so mark
your calendars!
Yeah so these two dates, March 4th is the
self-staking date start and March 11 is when
you will start to be able to vote and that’s
when votes will start to count.
So just to give you an idea of what we have
been up to these past weeks.
We have been launching a lot of announcements,
so maybe there are some that you may have
missed but just to recap, we launched a blog
on the Grand Design of IoTeX, kind of explaining
that staking and voting will be run on Ethereum
until our beacon chain/gravity chain will
be launched in Q3 or so and we have a blog
on that, so if you want the details, please
check that out.
As Jing mentioned, we launched our Delegates
website, over 40 people/Delegates are up there
for you to browse and at the bottom of every
profile we have a DISQUS thread, so you can
start asking delegates questions, you should
join their social media channels and definitely
start engaging and figuring out who they are,
both professionally and personally, because
there are going to be the people that will
help to grow the IoTeX network.
The exciting news is that we have announced
the release of open-testnet v2.0 and it has
a lot of really exciting enhancements; a lot
of security, vulnerability, performance features,
too many to go over right now, please do check
out that blog and also if you are a developer,
you can create a full node now start exploring
the blockchain and getting used to what this
testnet can do and Raullen is going to come
to explain the future versions of the testnet.
And just to go back to the member profile,
we want to really just share some of the people
that have applied so far.
So we have a lot of different groups and you
may have seen blogs that we have written recently
around the different types of investors and
funds, different developer groups, different
Brand Ambassadors, and different tech providers
and finally different ecosystem partners,
that are bringing in different capabilities
to the network.
So we have kind of announced these guys in
the groups and definitely do check out those
blogs!
Anything to add here?
I think just on those groups in general, I
think we are getting a really good mix of
different types of delegates.
Yes, so you will see that these delegates
will not be just maintaining and validating
our node, they will be the key builders of
the community and also the entire ecosystem.
I think as an IoTeX foundation, we will
provide this kind of platform for everyone
so they can have a role to contribute and
be able to build up their own ecosystem, DApps,
followers on top of IoTeX.
It’s really exciting to see all the different
community plans that all these folks have.
So just wot walk down the list, we have Hashedby
is a decentralized marketplace that will be
running on IoTeX; IoTeX LAB, I’m just going
down the randomized list on our website, its
member.iotex.io IoTeX LAB is run by Simone,
one of our Brand Ambassadors; Crypto Lions
is a developer group that got a very reputable
start in EOS and now are joining us and are
really fond of the technology; EON is a staking
organization, InfinityStones is one of our
technical partners; SlowMist is a very talented,
almost kind of a hacker group from China and
they are going to building a lot of cool stuff
and also they helped us with auditing our
smart contract and they have over 10 years
of experience in the security; GameFantasy
is a developer group; Cobo wallet is a great
cloud wallet and hardware; IoTeX Core is a
group from the Russian community led by our
Brand Ambassadors, Sergey and Dobrodel; iotxplorer
is another one of our Brand Ambassadors, Jason,
or you may know him as Kits, he’s going to
be building a great explorer for us; Royal
Land they are an investor group, so they are
based in both Silicon Valley and in Asiaamd
they invest in frontier tech like IOT and
AI companies and some blockchain companies;
Whales Capital are also an investor group,
one of our earliest investors and they have
deep roots in the
projects like Lisk and Arc and have the experience
ein running the node; CoinGecko is one we
are really excited about!
If you don’t know about them, they are kind
of like, what we think, the better version
of coinmarketcap so definitely check out their
website but they do a lot of APIs and market
data so we will bring that to IoTeX.
What impressed us is that they told us they
have over 100M monthly active views and 10M
community members who are really active users
so they are really dedicated to introducing
IoTeX to their community.
Yes, just one example of our Delegates, you
know, kind of merging communities, whether
they are block producers in other networks,
or just have a big strong hold in the crypto
industry.
Airfoil is one of our technical partners,
and they are taking the enterprise security
kind of approach to block production; IoTeX
Geeks is a Delegate our of South Africa and
he’s going to build IoTeX cryptocurrency wallet;
YouBi Validator is also an investor group
and an interesting part is that they really
have deep roots in the mining and they are
one of the biggest mining pools for bitcoin
and ethereum and others.
I think it’s a good time to take a break and
talk about, we have kind of described so many
different profiles and that’s the vision that
we have had for one Delegate Program all along
and its nice that we have been able to implement
that vision and having a good balance of developer
groups that can really help create new functionality,
open-sourced tools that anyone in the network
can build on, investors getting access to
enterprises, all these different groups, technical
partners to make sure we get all the tech
support that our Delegates need and definitely
the Brand Ambassadors that have been with
us since day one and know our project better
than us sometimes.
Let’s just keep going down the list.
We have the National University of Singapore;
Capital MU one of our researcher affiliates
turned Delegates, yes this is an interesting
as UNofS it’s one of the most popular universities
in Singapore and then we were lucky to get
a group of researchers and professors that
would engage with us from a very early stage,
so we were working on the real problems and
collaborated as a co-lab and also they have
some talented people who are in the crypto
economic and financial sectors, so we have
been working together with them for a while
and they are very passionate about being a
Delegate as well.
BlockBoost based in Silicon Valley and they
are a blockchain media company and have already
hosted several really reputable blockchain
conferences and brought in all those influential
people from the industry to discuss on many
topics and recently they organized academic
panels with professors in cryptography to
come together and discuss the problems.
So I think that they also can bring in a lot
of value to the ecosystem.
Next one is IoTASK its a company our of Brazil,
actually a group of professors from the University
of Fortaleza, so a lot of research and academics,
thinking about how to communicate this to
their students and also very talented at building
technology.
Keys IoTeX is led by Barok, he’s a Systems
and Computer Scientist with a lot of experience
building tools, so from one of our developer
groups.
BlockVC is also one of the premium investor
groups and one of our early investors, they
are in it for the long term and have put together
their own index for the potential investors
to look at.
Then we have IoTeX Team, its a group our of
Italy and they are a part of the staking team
organizations, so they have a lot of experience
running successful block production organizations
in many networks and definitely going to be
bringing that experience to help us do really
great things.
And then we have Super IoTeX, it’s one of
our developer groups led by Kai, and he’s
part of the Lisk community, very well respected
so very glad to be having him on board.
Alpha Coin is also one of our really long-term
holder and investor.
IoTeX hub is also a legacy Losk developer,
led by Mac, so he has a lot of experience
building these long-term open-source tools.
ZH Capital our of Australia, they have been
in this industry for long time and they are
one of a very few SEC registered crypto investors
in Australia and also they have a large community
which is related to blockchain and tech and
they will help us set up the hub in Australia.
Then we have Blue Fox IoT it’s a large IoT
developer organization our of China and they
have a lot of experience with connections
to IoT enterprises so a combination of connections
and building tech, guiding our community.
They have discovered our project in the beginning
and have been a huge fan of the project and
helped us to write articles to educate the
community.
WANodes is another developer group candidate
and they also come from the Lisk community.
So we are starting to see a lot of Delegates
really expanding and getting interested in
a lot of different networks, especially within
the Proof of Stake family.
I think it’s very exciting.
An actually WANodes have been with us from
the early stage and right now they are helping
us to develop some of the tools and some of
them are very useful for Delegates, for example,
the payout tools, so they are really experienced
developers and able to build up a lot of things,
which is very important.
The next one is Longxzu, which means dragon
pig in Chinese.
He’s one of our Brand Ambassadors, very helpful
and been with us since the beginning and very
focused on the development side and helping
people.
IoTeX Mainnet is a team out of Russia and
they plan to help build technology, run a
stable node, and definitely connect us to
the Russian developer community and enterprises.
Homotopic & DraperDragon is an interesting
one.
DraperDragon is definitely one of the most
reputable crypto-fund out there and they are
also a private sale investor.
And the portfolio is Homotopic which is very
IoT-specific start-up.
So having that dynamic is very interesting,
combining those two.
Metanyx is one of our technical partners,
they are from the UK and are part of a network
like IOST, really active already by pushing
our release candidates and really active int
he tech.
So we are looking forward to having them on
board.
IOSG is also an investor group, one of our
early investors and they have been extremely
supportive since day one.
They helped us to get a lot of resources from
the industry since they have been previously
a traditional venture capital, and now are
really bullish in blockchain.
So they have actually invested in a lot of
really cool projects, which are also focusing
on the infrastructure layer, so we are with
them for the long-term vision.
And we have a special guest!
Come on in.
We got Raullen.
Hi everyone!
Taking a break from the hardcore development.
So he’s gonna give a little update on the
tech side.
IoTeX Trader is led by Dijoin, he’s the admin
of the IoTeX Trader channel and also one of
our Brand Ambassadors, so he’es been super
helpful in providing transparency to the IoTeX
community regarding trading, as he comes from
the financial background, so great to have
him to be a Delegate!
Consensus Network is a company, Nathan and
Conor, that is a development organization
as well.
I think Nathan comes from the army, navy background
and also lectures at Notre Dame, so very diverse
and helping us with a lot of great things
too!
PreAngel is also an investor group that has
supported us at a very early stage and they
are one of the earliest investors in NEO and
very bullish on the blockchain.
DRoute Capital is a very unique company.
So they are building a layer 0 networking
layer, that blockchain networks can run on
top of.
They basically solve the very difficult network
packing routing puzzle that’s decades old
and are using it and providing to IoTeX network.
So definitely check out their technology,
if you haven’t already.
So a very interesting project they are working
on is trying to integrate their private network
with our P2P layer, so they are experimenting
on that, to see how much performance improvement
they can have.
Looking forward to the results!
And the last one, for now, is Stanford CPC,
its cardinal pitch club, a group of Standford
affiliates that help startups get exposure
and definitely have been with our project
for a very long time, so having to see them
take the next step to be a delegate, Same
thing, you know, with all the delegates, we
just mentioned, they have some kind of affiliation
with the project, some have been with us for
a very long time, some of them are newer,
but everyone has something unique to bring
to the table, which is why we are super excited
and really glad about getting them on board.
The next step is – for you, the community
to participate and research them & vote for
them, when voting starts on March 11.
But now, let’s give Raullen sometime to explain
some of the exciting things on the technical
side.
Yeah, so tech side has been pretty well, everybody
here is super super busy.
I have been actually working with engineers
on specific problems.
So generally speaking, from now on, we will
have a release every Thursday.
So for each release, we will target different
things, for example for next one, we want
to make a client-light utility fully ready
JRPC, SDK/ Javascript, SDK fully ready.
And also, like productivity monitoring, which
we don’t have
as of now, but will add to RC 4, saying that
this BP has missed one block in one epoch,
so his productivity is 3 nice/2nice something
like that.
Basically, internally we have like 3 pipelines
for putting this out, we have set-up the contract
and internal cluster and also front-end to
test how everything works and then we have
this testnet pipeline, which means, we have
some testing contracts on ethereum mainnet,
we have our member-testnet.iotex.io where
people vote, that’s the front and also we
have the blockchain, which is basically run
by you guys and us together.
And then we have like a production, which
is mainnet, so this pipeline is still internal,
but we will make it open once the rehearsal
starts.
So everything is pretty organized here.
So when are we planning the rehearsal to start?
I don’t know.
Im counting on you guys.
So we will open the voting for at least 4
days and then we will start rehearsing.
Yeah, so there are 2 phases there.
In release candidate 3, RC3 next week, we
are possibly going to start mining on the
testnet and that’s open to everyone but the
rehearsal we are discussing is the mainnet
rehearsal, so producing blocks in the mainnet
before the formal launch.
And we are going to be using real-time votes
to determine who is going to be mining those
blocks.
That’s why it’s still up in the air, we still
have to get enough votes to make sure, it’s
representative of what the mainnet would look
like.
Yes, so that’s another factor, it’s very important
to stake & vote early to help us gather enough
data, make sure we can plan accordingly for
the things ahead.
While we still have Raullen here, we just
launched a blog called “The Grand Design of
IoTeX”, which basically outlines the work
and Q2/Q3 and Q4 leading up to the big mainnet
GA launch.
Do you want to kind of explain what we can
expect in the coming quarters?
Yes, so as of now, we have this operation
chain, orchestry chain which is the root chain
of the IoTeX network really, and the governance
layer of the IoTeX blockchain, that’s where
we have all the voting and staking.
But as now we have this on the Ethereum mainnet.
But in the next two quarters, we will have
our own governance for blockchain.
From what I understand the integration between
our blockchain and reading from Ethereum and
kind if updating the Delegates that’s kind
of unprecedented, right?
Yeah, that’s a very important feature we have
implemented, so as a voter/staker you work
with the smart-contract and also audited by
3rd parties on the ethereum mainnet.
But we will have IoTeX blockchain, which has
an ethereum client, to read the states of
those contracts of the ethereum mainnet to
instruct all creations in the IoTeX world.
Basically, it says, so here’s the data from
the contract and these are the BPs which will
do the block production work in our IoTeX
network.
So this is a very impressive work that I didn’t
see anyone do before.
Yes that’s the separation of power, basically,
we don’t want to put everything in one network.
For example, EOS, here’s their design.
So say, if you are a delegate, you are elected
in the top 24 then there’s no incentive for
these 24 folks to receive any peoples votes
anymore.
They can just turn down all the transactions,
or purposely miss transactions and there’s
no mechanism to make them stop.
So that’s a very strange design to us, and
that why we will have this governance layer,
operation layer, and business logic and subchain,
which are also coming in Q2-Q3.
That’s a great overview!SO check out that
blog, it has a lot more detail.
It’s called “The Grand Design of IoTeX: Separation
of Powers” or it might have changed the title
to staking and voting on ethereum 😉 Ok now
I’m going back to work.
Let’s all work harder and make it happen and
we need your support!
Thank you!
Cool, so we just went over the past 2 weeks
of work and the delegate program and just
heard from Raullen about tech update.
So now we are going to go through some of
the pre-asked questions, that we got from
you guys.
We received 4 or 5 questions, so we’ll just
run through those.
The first one is let’s say a delegate is promoting
himself, saying he will distribute 80% of
the block rewards to the voters.
Are there any locking rules that assure he
will actually have to do that or is this still
optional to him at the end?
This is kind of a question of how do we make
sure that delegates follow their promises.
This doesn’t just stop at the rewards distribution,
it involved community plans, we want to make
sure that people are campaigning and following
through what they a promising.
As IoTeX, it’s ultimately the job of all of
us to make sure that Delegates are held accountable.
I think from experience and discussions, we
do think they will be but from our perspective,
we are here just to add transparency to the
process.
Any kind of changes to the profile, any changes
to the voting structure, rewards structure,
we are going to make sure that they communicate
that effectively to their voters.
But specifically on this question, around
whether they have to do it.
You know, we are going to provide tools for
payout, that they can use.
The good thing about it is that all the rewards
are paid on the blockchain, so it’s completely
transparent, who has done what and who hasn’t
done what.
There’s no way to technically enforce the
payment, but the beauty of the blockchain
kind of makes it all transparent.
So are your thoughts on how delegates are
campaigning and what they promise vs. what
we expect them to deliver?
Sure, that’s a good question.
We will see that the beauty of the blockchain
is decentralized.
As a foundation, we can provide that transparency
to the community, so that they can make their
decisions and vote for delegates.
We want to set the rules, for example, we
have the minimal self-stake requirement, to
add the security part into our network.
And from our foundation perspective, for the
sustainable growth of the ecosystem, we want
those delegates to cover their costs and provide
a very professional and very responsive service
to maintain and validate the blocks.
That’s the number one thing.
And we also want them to have other contributions,
depends on their capabilities and capacity.
So for those kinds of things, they will have
their own community plan to campaign.
And also the reputation is also important,
its a long term goal, you can’t get it in
one day.
It’s hard to win all of the support even if
you provide very high rewards and if the productivity
rate is low, they will also not qualify to
be a delegate.
And from our perspective, it’s still up to
the delegates to design their structure or
the community rewards plan.
But we can only suggest for them to have a
good combination and provide a stable and
quality delegate service to the network.
I mean, if you think about IoTeX, it’s kind
of digital democracy.
So
it really depends on the community, they can
help us to monitor the performance of delegates
and also their behavior.
If they have bad behavior, definitely, they
will lose a lot of the votes from our community
and be voted out.
Yes, so that’s the first question.
The second question is – as the block producers
change every epoch, how are block verified
during the time the transition happens.
Are new delegates actually elected and waiting
in line before the start to not stop the blockchain
from running?
It’s definitely designed so that it’s going
to be completely continuous, so there’s no
stopping of block production.
The way it works is that the ranking of the
delegates are updated in real time throughout
the day.
Right now 1 epoch is 1 day.
So delegates are swapped every day, so every
day, the top 36 are selected as consensus
delegates and 24 of those 36 are randomly
selected to produce blocks one by one, while
others verify throughout the day.
Every day there is 8640 blocks, meaning those
24 randomly selected will be doing 360 blocks
each.
And this is all completely continuous so right
when the epoch ends, rewards are paid to the
delegates and a new top 36 are swapped in.
Yes, we are doing everything systematically.
Ye, so all nodes know they got elected for
a new epoch at least a few hours before, so
it gives them time to prepare.
But great question!
This is a very important part of consensus
around not only how you reach consensus but
the smoothness, so the user experience for
delegates is definitely something we think
about a lot.
That’s also the reasons why we roll in those
delegates in phases.
We consider for Phase 1 its still kind of
unstable, so we allow the top 12 to get in
first and allow others to get ready and we
are going to provide and do testnet rehearsal
with them.
Even if that are not in the top 12, they will
be already engaged and know what to do and
get their tech and hardware setup.
So when the times comes, they can go in very
very fast.
Yes, so just for some clarification, I think
either these delegates, especially some of
them producing blocks in other networks, it’s
kind of like learning a new program language,
there are certain nuances of the software.
The hardware maybe the same, but the software
to configure and optimize it takes some rehearsal
so that’s why we are doing mining on the testnet
first and then rehearsal on the mainnet before
the formal launch.
This next one is around, it says – IoTeX seems
to have a magnificent fleet of delegates (Iike
the way you said that) even during this bear
market, what kind of delegates that are currently
absent does the team think would be great
to be great additions to diversify the scope
of the delegates?
You want to start with this one?
Yes, we are impressed regarding the applications,
some of them we didn’t know them before, but
we know that they have been looking at our
project for a long time.
Right now, I think we have a very good mix
of profiles, but what if we see we really
want more from the developer side.
So we want kind of developer community, especially
those that are working on the IoT related
and privacy related applications
I think we will provide a very innovative
starting platform for you to build the applications
on top of us very soon.
And we are taking a different approach by
launching the mainnet step-by-step so that
we can engage with the community early, even
if some certain features are not ready, we
ill have very close communication with a developer
group to understand what their feedback and
give their archives, data and dev kits for
them to play with first and start to build
up those interesting applications.
So that when our GA is launching we can really
expect some amazing applications to be ready
on top of us.
I think that IoTeX’s goal from day one has
been to build this open-source network and
2018 was really a year where the IoteX core
team did most of the development in addition
to some of the core contributors outside of
the core team,
2019 is going to be different, since that,
now that the infrastructure and the protocol
is there, now its time to add more open-source
tooling where everyone can use, different
SDKs, oracles, APIs, really all these things
will make it easier for people to build applications
and once we have those applications, having
delegates that have large user bases, connections
to enterprises, so its kind of cyclical, across
developers, investors, community-focused nodes
and Brand Ambassadors, technical partners,
its really a team effort across all those
different profiles.
Yes, and also from our developer side, we
are coming up with a list of those tool, applications,
features, we want our community developers
to work on and we are also preparing huge
bounty offers for development.
And those, maybe they don’t have enough self-staked
tokens to be a delegate, don’t worry, actually,
you can start to work on our tools and applications
to earn the bounties so that you can accumulate
tokens and apply to be our delegate later.
So we are open to everyone.
I think Mainnet Alpha is going to be the start
of a very important transition for our project,
from kind of internal development, we already
have around 12 out of 40 for our developer
community delegates and we hope to see that
number grow and along with it we hope to see
investors and Ambassadors, community folks,
all those grow and kind of grow at the pace
of our project, Yes, another group would be
those from the business side, those that are
connected to enterprises, or big platforms
which also provide IoT related dev kits to
community.
So we are looking forward to even more delegates
in the future.
So this is the last pre-filled question – from
the technical point of view, will there be
an automated process of distribution of the
rewards or will block producers will have
to do it manually?
So I think Raullen, covered this a bit earlier
but there are certain steps involved in the
process.
Just to add some clarity to this.
The rewards will go from IoTeX protocol to
the delegates and then from delegates to the
voters to whatever wallet they have committed
to.
That first step around protocol to delegates,
is fully automated, at the end of every epoch,
on time, rewards will be sent and that’s built
into the protocol, the rewarding from delegates
to voters and other buckets is not being enforced
by the protocol, so its not built on-chain,
these are the things that will be managed
by the delegates while we will provide different
types of tools that will make this process
easy, so if you break down the process its
basically calculating who voted for you and
how many times they voted for you, calculating
the resulting rewards, based on the defined
% and reward plan, and then finally distributing
the rewards to all the various wallets.
So part A we will be providing a daily report
of who voted and how many times and subsequent
reards and part C around distributing these
rewards to various wallets, as Raullnen mentioned
we are working on that along with some of
our contributors and delegates.
You know ultimately trying to get all this
ready when Mainnet Alpha launches, probably
later at the end of this month as we are targeting,
and trying to make it easy on delegates and
voters.
Yes, to make it more intuitive, from the foundation
side we provide this very clear information
in a spreadsheet to all delegates every day,
it’s built in.
SOme fo the delegates are already working
on the tools that are automatic payot tools
and they are willing to open-source to other
delegates but it really depends on themselves.
So we will make sure once Alpha is ready they
will have enough tools for payout or you can
also create yours that will make your payout
process even more smooth and this is also
your benefit to the community.
And just for voters clarity, we have done
a lot of research they way things generally
work, and kind of decisions that block producers
make.
For example, in Tezos, rewards are paid every
three days, once a cycle in Tezos is three
days, and other delegates in other networks
will pay weekly so these are kind of things
to expect.
Having everyone kind of distribute rewards
every single day, its a lot of work to manage
from the delegates side, so just to set the
expectation from the voters perspective, be
kind to your delegates, vote for them as it
supporting them, build a good relationship
with them and if they are doing something
wrong its important to make transparent to
the community, but definitely give them some
slack, as a lot of them do have day jobs at
some very established organizations and this
is all kind of the community effort.
So we should work together.
And we are also happy to know that some of
the delegates allocated some for the rewards
to fund those developers or as a budget to
host those meetups.
So we encourage all those voters to read through
their community plan and to understand what
their contributions.
And we also, maybe bi-weekly or monthly basis,
we will let our community know their contributions
during that period so that you can make your
decision, some of them, maybe they cannot
provide the maximum kind of rewards but they
are in it for the long term and they are making
some really amazing contributions to the network
and this is great for the sustainable growth
of the network.
And just to add a little bit to that piece,
it’s really important to vote not based on
rewards but based on the ultimate value that
they will bring to the network and it’s hard
to do that in practice, as its very attractive
to see oh 80% vs. 95% but when you do the
math, it really isn’t that much difference
so you should think about that and you should
be conscious of who you vote for, really dig
into what they have done in the past, what
they plan to do in the future, and vote based
on the best outcome for the IoTeX network.
But we will try to make this process as transparent
for you as possible, so you can make right
decisions, and elect folks that are not the
only kind of giving back to the community
and voters but also are really high-quality
delegates.
This last question is around any working projects?
assuming you mean partnerships and things
like that.
This is actually something very interesting,
we are excited to talk about in Q2 we are
working specifically one-on-one with several
enterprises, for example, a very large device
manufacturer in China, working on supply-chain
finance and supply-chain track and trace platform,
that goes 10 levels deep it every complex
but ultimately IoTeX was really built for.
Also working a lot on privacy-preserving things
but one of the things we want to mention is
the focus on products.
Do you want to chat about that?
Apart from the blockchain side, 2019, we are
committed to delivery and shirt the network
products, so that’s our kind of our goal but
a little bit different from other chains like
EOS and Tron, they are really working on the
theme of those social things, and for IoTeX,
our focus is different.
Our product which will be related to hardware
and privacy, we will have our very unique
value proposition and unique developer profile
to bring those new kinds of products to the
blockchain industry and that something we
are working on.
Stay tuned!
I think Q2 or Q3 you will see a lot of focus
on that.
yeah, a lot of cool, not only DApps, but also
hardware and a lot of physical products that
will interact with the blockchain.
Not sure how much we can share right now as
we want to keep it wrapped but look out for
a lot of exciting announcements soon.
This next question is around kind of multiple
nodes per delegate, 1 node-1 delegate, or
can one delegate run more than 1 node?
It’s definitely possible for 1 group of people
to operate multiple delegate nodes but ultimately
its difficult to gather that many voted to
eventually have two delegates get to the top
36 or top 12 or however many will be mining
in different phases of the mainnet in 2019.
This is not necessarily something that we
really want to happen, if a huge whale is
taking up 10 slots then it’s not the best
for a number of things so we are going to
make that transparent which goes back to really
understanding who these people are that you’re
voting for and why you are voting for them
and whether they are benefiting the network.
And actually in our design 1 token is 1 vote,
show our philosophy we want to make the entire
process as fair as possible, so if you want
to stake more, you definitely can be a more
influential delegate but still, it really
depends on your votes.
Next question, one node in 1 epoch creates
how many blocks, min, and max?
Min is 0 if you miss every block they can
do that, but then they will not be producing
blocks after that epoch but the good thing
is if they miss a block, some of it is hot
swapped in so no effect on consensus, its
definitely built-into the protocol and if
you want to understand the technical side
of that, you can read the Roll-DPoS Yellow
paper, which I think is still on our website.
But if they have successfully mined every
block there 8640 blocks in one epoch, and
24 out of 36 consensus delegates will be mining
blocks every epoch so that means those 24
delegates will mine 360 blocks each per epoch.
This next question is around the supervisory
board, I am assuming that means, IoTeX Foundation,
will they monitor the implementation of commitments
and the distribution of rewards from the delegates
to its members?
So you know, this is something that we will
want to provide transparency for.
As far as the implementation of commitments,
the wishlist that Jing mentioned earlier,
around different developer tasks, what our
plan is to create a very transparent, where
delegates can claim tasks and once they complete
it, we want them to be peer-reviewed by the
community and once its peer-reviewed, push
it into production, and then kind of have
a kind of an indicator that this delegate
has completed this task.
So making it very transparent about who has
done what and it’s going to be verified less
by the supervisory board but more by the community.
If the delegates change their community reward
plan, they need to let us know if they want
to do that and then we will definitely inform
all those community, that they have such a
change of their commitment.
We will also build tools to help to monitor
if they really distribute or implement properly,
and if you find that there’s something wrong,
you can contact the foundation to report it
and you can also change your votes at any
time if this delegate is not delivering on
their commitment.
The groups around the local storage requirement
of 4 TB solid-state drive, we listened to
you guys and we actually defined those requirements
kind of forwarding-looking way, but definitely
for the first year at least, a 1 TB solid-state
drive of storage is more than enough, so we
have updated that in both the consensus delegate
handbook that we provided to delegates and
on the previous blog post, so we heard your
request and thank you so much for bringing
that up to us.
This next question is around – in 2-4 many
have said that data created by IoT will be
measured in yottabytes, I’m assuming that
is a lot of data.
Is the delegates program robust and scalable
enough to handle that well?
Do you want to talk about the future plan
once we add more subchains and you know the
delegate pools?
During the first years, many if not all the
transactions will be on the root chain, and
a certain number of delegates will be enough
but in the future, definitely, when all the
ecosystem grows, we will have more and more
subchains.
Another thing is for the data, we definitely
believe that IoT will be booming very soon,
in 2020 will be a remarkable year because
IoT will be in production worldwide.
But we considered the blockchain itself, its
major function is not the storage, it’s more
on the consensus and also providing this trust
layer, so for the entire IoT this is one layer,
so for the storage part, we have a lot of
different ways.
The data storage on the chains is
not effective, but the critical information,
such as ID information and the payment layers
can be on the blockchain.
This next question is around – will the demo
version be for the election of delegates?
I’m wondering if that means the testnet?
So, just to give you an idea of the next steps
from the voter’s perspectives.
As we mentioned March 4 is the first day when
you can start self-staking tokens and we are
going to be announcing a campaign where the
earlier you stake, and if you stake until
the mainnet, then you will be getting some
great rewards.
And if you also commit to a stake duration
of more than 1 month or 1 month, you will
get even more rewards on that day one.
We are using the APR model but we will have
more specific announcements on that soon.
But also on the same day, March 4 we are going
to be opening up voting for test tokens.
Ss we are going to be using Kovan ethereum
test tokens so you can use the web tool end
to end and start using some test votes in
preparation for March 11 which is the date
when the actual voting with the real tokens
will start.
I hope that answered your question.
As you have mentioned about the start on March
4 all the community members can start to stake
or self-stake and we will start to give the
rewards.
Yes, definitely.
Those rewards are actually from the foundation
side, so we want to encourage all the early
voters and participants to join this program
as early as possible and we will provide the
reward to you before the mainnet launch and
after the mainnet launches, delegates will
be providing rewards to you.
So just based on some voter calculators, we
have seen around 20-25% ROI or APR as kind
of the estimate and you can take a look at
some of our delegates who are producing very
cool calculators that can help you to use
certain different assumptions to estimate
your rewards as a voter.
You know I think, sometimes this is taken
out of context, but sometimes from a delegate’s
perspective charging a service fee for staking
the voter’s tokens, that kind of the way that
Tezos has it.
They have this very specific service fee,
but for some reason when it flipped around,
it sounds a little different.
So just wanted to clear that out.
The next question is around the road map,
we have one for current 2019, when can we
see the official plan for 2020?
That is very forward looking!
I think its dependant on a lot of things that
will happen this year, so just to give you
an idea of what’s going to happen this year.
Q2 we are going to be launching a privacy-preserving
subchain, which will allow sending private
transactions with private smart-contracts,
and its a really big deal for us and something
we have been working on behind the scenes
a lot, but when its ready to be shown we will
definitely show that Trusted IoT developer
kits, and various different types of hardware,
also coming in Q2.
Q3 is going to be our Gravity Chain, Ethereum
calls it beacon chain, it’s basically the
mechanism that is used to kind of define the
governance for the entire system and Q4 is
going to be the time when we launch the full
mainnet.
So, the orchestration layer which is the root
chain, the governance layer, which is the
beacon chain and multiple subchains which
is kind of the execution layer.
So if you think of that as the next kind of
milestone for us, right now we are able to
provide developers with the opportunity to
build on our root chain and eventually, build
on our privacy-preserving subchain.
I think 2020 is going to be about really adding
more types of subchains.
So subchains will be configured to specific
use cases and things like that.
Once we have this full-stack of layers its
really going to start to bring subchains together,
so no concrete roadmap available yet but I
imagine 2020 is really going to be about creating
those subchains, using them to power DApps
and really focus on bringing more users into
the IoTeX community.
This last question here says – I am a delegate,
and I have already launched a node, 2 million
have voted for me but I didn’t get into the
top 36 and didn’t become a consensus delegate,
can I turn off the node for this time?
Yes, you can.
So just to give you an idea of the different
mainnet phases, sp Phase 1 is going to be
the kick off when the mainnet launches.
There is going to be 12 elected delegates
that will be running consensus along with
24 robots and the reason why we have these
robo-delegates is because we want to be able
to make sure we use thшы thing called PBFT
(Practical Byzantine Fault Tolerance) and
its basically 2/3 of the delegates have to
agree on the states of the block for it to
be published.
Once 2/3 have it, you can successfully publish
that block.
So we want to maintain at least 2/3 of that
in the beginning while the blockchain is kind
of fragile, so we are going to incrementally
wrap up, maybe every 1 or 2 weeks, we are
going to add 1 delegate, so it’s going to
be 12-13-14-15-16.. all the way until 36.
Until that time, delegates #13-36 will not
technically be producing blocks on the mainnet.
But one thing we do want them to do is to
produce blocks in the testnet, so we are going
to be keeping both the testnet and the mainnet
open so that new delegates that come in even,
they can try it out on testnet first, configure
their node, pretty much its a duplicate environment
but without the real token.
The short answer is you can if you are not
in the top 36, meaning you are not a consensus
delegate, and you don’t have a chance to mine
blocks so you can turn off your hardware in
that meantime, but we encourage you not to
give up.
In the beginning, voting will not be representative
of what’s going to happen in the long term.
There are a lot of delegates doing cool promotions
and short term campaigns, rest assured we
are really confident and will do everything
in our power to make sure that in the long
term, the ones that are adding value, will
remain.
Yes, I agree with what Larry said.
This is a long-term project, and we do have
a lot of things to do at least in the next
5 years.
We also want to have a very long-term relationship
with our delegates, and also understand that
the ecosystem can evolve very fast so that
gradually we will be adding more delegates,
more candidates will be on board from very
different profiles, which is good.
These delegates can even build up their own
business on top of us so that they can be
really a part of the ecosystem and we can
grow together.
So that was the last question.
Just to recap what we have talked about today,
we have introduced some key dates, for voters
especially, some things to keep in mind – March
4 is the self-staking start-date and we are
going to be running testnet voting or test
token voting on March 4.
Also going to be doing kind of like a daily
lucky draw and also giving you rewards for
creating test portfolios, so definitely will
try to educate you on that process and also
get people excited for voting kick off, which
is on March 11.
So those are the big two dates, for now, we
are going to be coming out with some materials
very soon.
One of them is going to be step-by-step voters
handbook and clickthrough video, and step-by-step
blog, so we will tech you all the different
ways you can vote in the IoTeX network.
And we are also working closely with delegates,
over these next few weeks, leading up to mainnet,
making sure their nodes are set-up, they have
evrything they need.
Busy times for the IoTeX team and we hope
you are super excited too!
Yes, please remember that IoTex is run by
the community and for community so this is
extremely important milestone to have, so
we need all of your support to vote for delegates,
thats the most important thing.
So make sure your network and friends are
aware of this event coming so that we will
get enough votes to successfully release the
Mainnet Alpha.
Awesome, so stay tuned to our official channels
for more anouncements and we are probably
going to be doing more livestreams in the
coming weeks, definitely leading up to Mainnet,
which is huge!
Stay tuned and thank you so much for your
support!
We will see you next time!

1 thought on “IoTeX AMA Livestream — Mar 1, 2019

Leave a Reply

Your email address will not be published. Required fields are marked *