IOST CTO Terry Wang participated in an AMA session hosted by Blockcloud Telegram group on April 28, 2019. CEOs from five Blockchain projects (APRA, MultiVAC, BlockCloud, Ankr and IOST) discussed how the blockchain underlying protocol, public chain and service protocol will change the real world.
Captured below are answers given by Wang during the session.
Q1: Now more and more projects start to work together to build the ecosystem, but we also understand in the field of public chains, many blockchain projects are competitors and everyone’s trying to replace each other. So do you think this kind of cooperation is necessary? Is it possible to be realized? cWhat values can it bring to the projects?
Terry: In the spirit of open-source and everything-as-a-service technology, every project should focus on a specific problem to solve (i.e. BlockCloud provides the next-generation network TCP/IP infrastructure to provide better credibility, incentive and security for the public network layer. ARPA provides privacy protection and security for public blockchains, such as IOST, as a Layer 2 solution). These functions, which provide IOST To-C and To-B users with a private data security solution based on cryptographic operations and network layer, greatly advances IOST and other public blockchain development and ecological globalization.
Q2: Here is a question for Ankr, MultiVAC and IOST – what are the key points in order to establish a public chain of high quality? What factors are confining the development of public chain?
Terry: The public chain is a very complex platform. Infrastructure, consensus, storage, network layer, user interface, and tokenomics are all important. Just like building an operating system, various components are very important and blockchain construction is even more complicated than the operating system. I think if any of these components are not well-developed, it will severely impact the blockchain.
Q3: We understand that projects here are actively exploring the development of industries that blend the Internet with more traditional industries. Could you please tell us what industries we have combined? How to combine? And what is the progress of application realization?
Terry: There are many. I would give some enterprise use cases using IOST Blockchain.
IOST x Internet of Things (IoT)
The Civil Aviation Administration in China recently issued a “Regulations for the Trial Operations of Specific Types of UAVs (Provisional)”. The project requirements stated that in order to ensure the authenticity and effectiveness of operating system data, technical methods such as digital signatures or blockchains must be used. These technologies are used to make sure operational data cannot be tampered with after encryption and authentication by third-party technology.
IOST has started collaborations with many unmanned aircraft companies in the aerospace industry. IOST’s strong technical advantages can significantly improve flight data integrity and the effectiveness of data analysis.
At the same time, the National Aeronautics and Space Administration (NASA) of the United States is publicly soliciting for blockchain technology solutions to address the challenges of model system engineering in aerospace. IOST designed and proposed a Product Management System (PMS) built on the IOST network, which supports the automatic creation, execution and complete verification of important data. Relying on IOST’s tech advantages, we believe NASA could significantly improve the efficiency of aerospace activities and reduce risks. Not only that, the PMS allows all authorized parties to verify data and improve operational efficiency through automated reporting and reliable verification.
IOST x Charity
Trust in charitable activities has always been an issue of social concern, due to donation scandals in the past. The openness, transparency and immutability enabled by blockchain technology can help the charity industry build a tamper-resistant information query system, enhance the transparency and rebuild people’s trust.
At the moment, IOST is in cooperation with multiple charities. For example, IOST has partnered with one social enterprise, Mantra, to help them record donation data onto the blockchain. By recording this data on an immutable ledger open to the public for supervision, it increases transparency in Mantra’s operations.
IOST will continue to explore similar charity partnerships and we are positive that the technology provided by IOST will help to rebuild the trust and confidence of the public in the charitable sector.
IOST x Supply Chain
More governments around the world are calling for the application of blockchain technology to solve issues facing their countries, in particular around food security and provenance tracking. IOST is in the process of consulting with multiple government agencies aiming to use blockchain-based solutions to trace agricultural production.
IOST x Finance
It is widely reported by financial analysts that blockchain technology has a huge potential to transform finance and enterprise services. IOST is currently consulting with multiple finance companies and institutions for blockchain transformation projects.
This year, IOST will carry out in-depth cooperation with relevant institutions in terms of solutions development in clearing, settlement, auditing, and payment transfer.
Q4: Blockcloud, MultiVAC, Ankr and ARPA have all gone through token swaps on exchanges, in which people can subscribe new tokens by holding tokens of exchanges. What pros and cons do you think it could bring to exchanges and projects? We know IOST has a longer and richer experience in secondary markets, and do you have any suggestions for these new projects?
Terry: This is a hard one. Whew! The token swap in exchanges… I would say
with more security and regulation, there are less fraudulent projects which is the good side. But there is also the potential for centralized manipulations, so it’s pretty two-sided.
Q6: The market is filled with projects of different quality, so what is the logic of value behind your tokens? And what do you think of the prospects?
- Mass adoption is key.
- The most important factors are users and transactions.
- Projects need to get more users and more applications.
- The blockchain should be designed to have a rational incentive scheme for users and applications for sustainability.
Q7: Last question of this topic that concerns people most, what plans and progress have you made regarding market development, including token application, community building, market expansion and exchanges?
Terry: IOST has already listed in major exchanges, and so the focus for IOST now is mass adoption.
In short, we want to bring 100M users into the IOST network and get 500+ nodes/partners for the network. This involves stablecoin, partnership with internet giants & startups, project incubation, BD, marketing and IOST infrastructure improvements.
Mass adoption is key. We have incubated a project called Berm in NYC. They built 2 products already to help us with adoption. The first one, called Berminal is a hybrid crypto news app. The source of the news is decentralized and the front end is centralized for now. It has acquired millions of users. The second product is called Bermi, which is a short video/news distribution app in South America, which acquired 2M+ signups with 150k+ DAUs in just 2 months. Both apps are rapidly growing and will issue their tokens on IOST (yes, there will be an AIRDROP!) and support IOST wallet natively. This year we are confident about bringing in over 20M users to the IOST ecosystem from sources like this. And, of course, we are constantly working with other small/big internet companies to explore opportunities.
So far, IOST has 15 dApps already listed on dAppReview(https://dapp.review/) and other sites like dAppTotal, dAppCC, dAppBirds (we are talking to more dapp info platforms). Developers on IOST are very active. We have over 50 of them under development now. As for how they have performed, some of our gaming related dApps have become top 5 dApps among the whole network (including ETH/EOS/TRX), and of course we have other dApps/applications like enterprise solutions (https://medium.com/iost/iost-ehang-civil-aviation-administration-of-china-strategic-public-private-partnership-takes-flight-a4d50086977f). We even make gift cards for artists (https://medium.com/iost/cao-jun-digital-gift-cards-collaboration-ibank-xpass-powered-by-pundi-x-and-iost-blockchain-467c6d89aa1b), lol.
Terry Wang is a Cofounder/CTO @ IOST
Software Engineer @ Microsoft, Uber
M.S., Princeton University, Distributed Systems
B.S., University of Chicago & University of Minnesota, Distributed Systems
Three years of research experience in cryptocurrency and distributed algorithms
Developed CoinLang at Princeton, a higher-level functional language for bitcoin
Developed CoinJoin, which largely enhances anonymity security of bitcoin