IOST (Internet Of Services)

Jimmy Zhong the co-founder of one of the largest public chain with scalability and decentralized features answered several questions on their community. Here is a quick highlight of various questions answered by the co-founder during the AMA:

Jimmy Zhong: Nice to see you guys here!

Dimtry: 1. Is there a way to create wallets based on a mnemonic seed? If so, what is IOST’s derivation path and wallet address format?

2. How do the wallet nicknames (eg. “bissiost”) actually work? Since the user can obviously choose them, they cannot be derived from a wallet address, but need to be linked to them. How is this linking achieved? Is it a permanent, never changeable  link? Where and how is it stored and retrieved?

3. When users want to vote, right now they have to rely on a third party exchange/platform, such as BISS. In contrast to the principle “not your keys, not your coins” we currently have to rely on a third party and would lose our coins if it goes down or away. The same is true with the staked coins, since after staking (ie. voting), they are in the hands of the nodes that you would have to trust as a third party. Is there no way of a truly decentralised way of voting, where you stay in true possession all the time with your own private key or seed?

Jimmy Zhong: To answer Dimitry’s questions

1. Yes you can create wallets based on that. More mobile wallets will start to support this soon. Now we have an account system like EOS.

2. It’s like EOS.

3. You can vote anywhere now. BISS is only a tool. You are welcomed to vote on blockchain and more wallets will be supporting this.

Jimmy Zhong: BISS is not our official voting portal, they are a node and a reliable partner. That’s it. Just like you can vote for EOS nodes on some exchanges.

Kamal Prem: Over 2Billon vote staking, there is still high sell pressure, are you guys selling team’s unlocked tokens in January? 🙂

Jimmy Zhong: @prem no we are not selling.

Jimmy Zhong: We will announce the new lockup plan soon.

Jimmy Zhong: Voting on Binance won’t be ready soon cause they don’t support voting and are not planning to in the recent future. I’d recommend you guys use wallets to vote if you don’t trust exchanges like Huobi or BISS.

More wallets will support this — in a month

Kamal Prem: When will we see enterprise solutions and executions? #AMA

Jimmy Zhong: Already in progress. Announcements will be made in the next 2 weeks.

Ac: What mobile wallet supports iost dapps, like Endless casino?

Jimmy Zhong: Trust wallet will support IOST.

Jimmy Zhong: TokenPocket, Cobo wallet and a lot more. Just need a bit of time. And our chrome extension wallet is coming soon. (Now under review by google)

Declan Flynn: Have you any plans with major companies?

Jimmy Zhong: Yes. You will see some announcements with big players like AWS soon. enterprise solutions are also in progress. For example we are working with Chinese NASA on their drone solutions now.

HodL 🇵🇭 : About this question sir.

2. How do the wallet nicknames (eg. “bissiost”) actually work? Since the user can obviously choose them, they cannot be derived from a wallet address, but need to be linked to them. How is this linking achieved? Is it a permanent, never changable link? Where and how is it stored and retrieved?

Jimmy Zhong: Please check out how EOS account system works. It’s very similar. (Although we are very different than EOS in other ways…. for example we do not have super nodes)

Alvin: Along with the success of mainnet, do you have other targets like previous roadmap? And can we know about your future step later?

Jimmy Zhong: It seems like we are ahead of our original roadmap. New plans will be announced soon. This year we will primarily working on user adoption. In terms of technology, we are working on layer 2, side chain and more.

Chris: What do you think would be a sweetspot as staking ROI to keep a ecosystem sustainable, and interesting enough for developers and end-users to actually adopt?

Jimmy Zhong: It really depends on multiple things, for example: the price of IOST. So only the market will tell. But now i think we have a good plan to onboard developers and supporters.

Phu Xuan: How many tps maximum?

Jimmy Zhong: A lot faster than EOS. 🙂 cause we have better VM. While being a lot more decentralized. (No super nodes)

F Meijer: For the first Year Iost is giving 840m Iost to build a eco system , How Will the eco system get Funded After that Iram igas 🤷‍♂️

Jimmy Zhong: We are well funded by institutional investors like sequoia Capital China, Matrix Partners and more. Over 100 employees now.

IOST Offices

We have offices in Beijing, NYC and in other locations

HodL 🇵🇭: About the huobi node with billion votes locking the 1st spot. will this affect other nodes or the decentralization?

Jimmy Zhong: No. Think of that as BTC mining pools. Those votes belongs to tens of thousands of users.

Jim O’Quinn: My question is this and correct me if I’m wrong, but ICO money raised during a public sell has little restrictions. You raised some mony through VC firms. I assume you were required to form a board, participate on the board, the VCs have seats, they expect a ROI, etc.

Can you explain to us the additional accountability that VC firms bring that is absent from projects funded with ICO money?

Jimmy Zhong: Meaning we are more legit and can’t fool around 🙂

F Meijer: How Will the voting reward get funded

Jimmy Zhong: Please read our medium article on this. We have a very long article taking about the voting reward and benefit of becoming a node. This part is included.

F Meijer: This Will count for more years or Just first year?

Jimmy Zhong: First year. Starting second year foundation will give out a bit less. But the price would be higher then (I think? Lol)

Q | @thatdappguy | Sutler Ventures: Jimmy, any update on the “Secret Weapon” you referred to in an interview a couple weeks ago ?

Jimmy Zhong: Yes. Coming in April

Basically it’s a tool to lower barriers for Dapps & their users.

Daniel: Why do you think a seven day blocking period is a good idea?

Jimmy Zhong: It’s just a date we set. Not too long, not too short.

Dimitry: It will stay 7 days in the future?

Jimmy Zhong: Yes

Chris: Is there any devopment on the Alibaba Cloud (Japan) front?

Jimmy Zhong: Yeah. Enterprise solutions take time to develop tho. If anyone has done it before you’d know what I meant.

Heaterville Crypto: is there a list of servi nodes somewhere? how can i find if a node is a servi node?

Jimmy Zhong: You can check out BISS or the block explorer. Now there aren’t many but we are planning to get 500 this year.

Daniel: Have you talked to Trezor wallet and can tell if they will support IOST?

Jimmy Zhong: Will do

Ac: Will IOST eventually be easily enough to use for normal people, like my family members?

Jimmy Zhong: Yes that’s the goal. And will be achieved this year.

NoMeat: So Jimmy, We asked a lot from you, but what can we do as a community to serve adoption and awareness?

Jimmy Zhong: thanks so much for your support. I truly appreciate it. I think this year we are trying to accomplish a few things: 1) adoption 2) branding 3) nodes/votes for more 1+2

1) is mainly on us, but if you know any devs, introduce IOST to them 🙂

2) this one we can use a lot of help. IOST is the first decentralized & scalable solution (layer 1) and we will be the 4th public chain that has a great ecosystem after ETH, EOS and TRX.

Now it’s still early, but in a month or 2 you will know what I meant.

3) we always want more nodes. No matter you are a supporter, developer, investor, marketer or really, anyone. As long as you want to help, you can become a node and start to make some $ by getting votes. Your voters will get rewarded too.

To become a node you can fill out a form now. This will be a open process soon (so no form needs to be filled out) but now lots of folks don’t know how to get the node set up technically, so filling out the form help us to help you set it up correctly.

Daniel: Since mainnet launch, did the network run smoothly so far as expected or did you encounter any technical problems or ran into unforseen difficulties?

Jimmy Zhong: Very Smooth

NoMeat: Are there plans to integrate a payment app on IOST, directy linked to retail-payments? RATE3?

Jimmy Zhong: More than RTE3, but stablecoins support is our first step.

Daniel: Is there a tool or website that tells in real-time how many of the circulating tokens are staked for voting?

Jimmy Zhong: Check our A node made this for us.

Jimmy Zhong also used the opportunity to thank the community, he also iterated that the next few months will be very exciting.

Jimmy Zhong: Don’t get lost, get $IOST…. lol

Anyways. Gotta go. Thanks guys. I’will talk to you guys again soon.

When Binance? When lambo? Actually I miss the old days.

Anyway. It’s a lot of fun talking to you guys. I hope that’s moon is not too far away haha

No worries I’ll come a lot more often. I think every week actually.