Binance IOST Ask Me Anything Session with Jimmy Zhong
Darc intro AMA and IOST + Jimmy.
Jimmy intro himself and IOST.
Segment 1: Darc will ask Jimmy a few questions
Segment 2: Jimmy will ask the chat 5 questions, A link to a google form will be sent into the chat for each question, so total 5 Google forms. Each Google form will open for 120 seconds. Participants must fill in (a) the answer and (b) IOST mainnet wallet address. 50,000 IOST per question to be divided among all the participants who sent in correct answers. So total 250,000 IOST to be given out!
Segment 3: Audience asks Jimmy questions about IOST. Take some time to think up some really good questions. Jimmy will select three of the best questions to receive 2,000 IOST each! This next part is crucial There will be a 256,000 $IOST giveaway.
If you don’t have an IOST wallet Mainnet address you will be unable to claim the airdrop.
Jimmy Zhong: @Darchk Thanks for the intro Darc! Pleasure to be here today to talk to you guys! Let’s get started.
Darc: May you kindly give us a brief introduction of yourself and IOST please?
Jimmy Zhong: Quick introduction about myself & the team: I started my first start-up sophomore year in college, sold it at $40M cap after I graduate. Then started my 2nd start up in 2016 and made it a $10M/yr run rate company. Both are internet related companies. We began to work on IOST in 2017 and went all in since then.IOST got started with an all-star team including NOI/IOI/ACM gold/silver medalists & folks from Princeton/Berkely/Tsinghua and the best universities in U.S & China.
Darc: Awesome! Thank you Jimmy! Lets start with a few questions. It has been 1.5 months since the launch of IOST mainnet, how have things developed since then?
Jimmy Zhong: We’re doing pretty well here, in short IOST has become the 4th biggest dapp platform (in terms of tx/per day) now & the ONLY decentralized & scalable one.
Till today, IOST has over 210,000 mainnet accounts, with more than 230 nodes (still growing & welcome to join!). The mainnet has processed almost 26,000,000 transactions. We would say IOST has better performance compared with other mainnet in the corresponding period.
Actually, before releasing IOST mainnet, we already started working on building a complete IOST ecosystem from the exchange/token swap perspective: we’ve been working with top exchanges including Binance, Bithumb, Huobi, Bittrex, OKex, & more on the IOST token swap.
Our users can get mainnet tokens simply through putting ERC20 tokens in these exchanges.
For wallets, ofc, that’s important too. Many most-used wallets (e.g: TokenPocket) are supporting IOST tokens and DApps already! Our community developers have also helped us on developing an IOST Chrome wallet (iWallet). We are still working with many other wallets like Trust Wallet to get IOST supported everywhere!
With wallets & token swap supported by our partners, new DApps on IOST keep being released every week and more and more DApps are on their way. Many DApp platforms such as DApp Review listed IOST DApps and see IOST as the Big 4 public chain! And to make this even more popular, we are also working on a project called Oasis that IOST used to incubate recently developed a secret weapon for users to easily experience DApps on IOST.
Product will be released soon. Finally there’s a product for people to play with Dapps without being tech savvy! (Yay…)
Let’s move to the next question! I hope that’s a good answer, sorry it was a bit long, we have too many things to talk about…
Darc: How does IOST differentiate itself from other high transaction chains such as ETH, EOS & TRX?
Jimmy Zhong: Haha, this is a sharp question. We will answer this from multiple perspectives I guess. Unread messagesIn short, we are now the 4th biggest dapp platform now(in terms of tx numbers) & the ONLY decentralized & scalable one.
I guess i’ll talk about IOST from the technical side. Different from super nodes based on PoS related mechanism, IOST is using PoB consensus mechanism with lower barrier of becoming node partners.
As a result, since our main net on Feb 25th, in just less than 2 months IOST has become the 4th biggest DAPP platform with Ethereum, TRON and EOS (from time to time, IOST exceeds Ethereum in transactions volume) & the 1st up-and-running scalable & decentralized dapp blockchain out there. (We are 2x faster than EOS in terms of TPS of smart contract while being able to maintain hundreds or thousands of nodes, instead of 21 super nodes).
Now i know that most of the Dapps on ETH/EOS/TRON are mostly games… we want to go further than just that. https://dapp.review/
“We have worked on multiple enterprises/government related projects. Last week we have announced a news about IOST working with a leading drone company to help the Chinese NASA record data. (link removed here) We are still working on multiple cases like this (details will be announced later).”
Darc: What are some Dapps on IOST now and how are they performing?
Jimmy Zhong: I believed the previous 2 questions covered quite a bit on the Dapp side. So far IOST has lots of DApps already listed on DAppReview and other sites like DAppTotal, DAppCC, DAppBirds and ofc we are talking to more dapp info platforms 🙂 Developers on IOST are very active, i believe 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 yes we have other dapps/applications like enterprise solutions (mentioned above). Oh yeah, almost forgot to mention our stablecoin iUSD.
IOST has announced its iUSD stablecoin last week. More moves is down the road! In short, it’s a faster version of TUSD/USDC (USDT will be supported later) that issued on IOST (iRC-20 tokens).
You will be able to transfer your stablecoins safely (in a decentralized network, no super nodes) & fast (way faster confirmation than the ones on ETH or Omni). We’ve also invested in one of the largest payment vendor in Korea (Carry Protocol) and we are exploring multiple ways for people adopt iUSD & IOST.
Anyway, we are exploring all different types of DApps & use cases for IOST, we even make gift cards for artist https://medium.com/iost/cao-jun-digital-gift-cards-collaboration-ibank-xpass-powered-by-pundi-x-and-iost-blockchain-467c6d89aa1b
Darc: I understand that IOST has a very unique and simple staking program. How does this work and What do people stand to gain from staking IOST?
Jimmy Zhong: Yes, the voting/staking program. Let me explain the mechanism of this firstTo become a node at IOST, you need to stake 2.1M IOST or get voted for 2.1M IOST. The more votes/stake you have, the higher reward you can get. In the first year, 4% of IOST will be distributed (3% based on the votes you have and 1% based on contribution).
On top of this, becoming an IOST node can also make you iGAS. Combining these 2 rewards, yearly ROI right now is roughly 40% for nodes and 15% for voters, meaning that if you stake 100 IOST today you can get 40 extra IOST in 1 year. Your reward is distributed daily (3%) & quarterly (the 1% contribution reward).
We have got hundred of nodes in just less than 2 months since the main net and we look forward to having more people join IOST as a node/partner — we have also made it easy for none-technical folks, as long as you want to contribute, join us! I’ll post a tutorial here https://medium.com/iost/the-iost-erc-20-election-update-now-open-to-non-technical-applicants-lower-requirement-bc115715fcb0
Darc: What are your growth plans for 2019?
Jimmy Zhong: Haha that’s a big question. In short, we want to bring tens of millions of users into the IOST network and get 500+ nodes/partners for the IOST network.
This involves stablecoin, partnership with internet giants & startups, incubating/investing in related projects, BD, marketing and keep making the tech of IOST better.
I’ve already talked about stablecoin & some partnerships. For funding, we’ve previously raised $35M from Sequoia Cap China, Matrix, Zhenfund & over 30 institutional investors. In 2018/2019 we have also started a $50M fund (Bluehill) with our partners & LPs to support the IOST ecosystem. So we will have enough resource to support the IOST ecosystem to grow.
As for incubation, besides Oasis, we have incubated a project called Berm in NYC. They built 2 products already to help us with adoption.
The first one called Berminal (it’s a hybrid crypto news app, the source of the news is decentralized & the front end is centralized for now) and has acquired millions of users.
The 2nd product is called Bermi, which is a short video/news distribution app in South America. It has acquired 2M+ signups with 150k+ DAUs in just 2 months.
Both apps are rapidly growing and will issue their tokens on IOST (Yes there might be an AIRDROP!) & support IOST wallet natively. This year we are confident to bring 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. Overall, this year we will accomplish a lot of things with you guys together, thanks for the support! That’s it for this question:) @Darchk
QUESTIONS & ANSWERS
- How much IOST are we giving out every year for our Partners and Voters, in total? haha, it’s 840 million, 4% is right too.
- What is the name of IOST consensus mechanism? Proof Of Believability (PoB)
- Date of IOST mainnet launch? (Yes we have launched our Main net and we are no longer an ERC-20 token haha) 25th February, 2019
- Which are the Big4 public chains (in terms of transaction numbers per day from Dapps+transactions)? It’s IOST Ethereum EOS Tron but I’ll consider that as a right answer as well
Jimmy picks random question in the community and answers 3. Picked questions also gets 2,000 IOST
- Why is iGAS/iRAM model on IOST better than CPU/NET/RAM on EOS?
Kiritsugu Thanks for asking a technical question: Why is iGAS/iRAM model on IOST better than CPU/NET/RAM on EOS? EOS, yes. Not only we are faster, more decentralized, we also have a model that makes sense but in short Instead of unstable prices of resources, IOST’s iGas can be generated through pledging tokens. With 128G of storage, iRam fee is cheaper. This can help saving a considerable amount of cost for both DApp developers and users. If you actually experienced the EOS RAM problem, you’d know why this is awesome.
2. Some folks asked questions asked by @Darchk already, but i’d like to copy & paste the answer again to a question, before i pick the winner for this lot (why is IOST better than its competitors? what makes it unique?) This is copied from the answer I had above, just to organize them into one paragraph:
In short, we are the 4th biggest dapp platform now & the ONLY decentralized & scalable one. Different from super nodes based on PoS related mechanism, IOST is using PoB consensus mechanism with lower barrier of becoming node partners. This makes the mainnet more decentralized and have equal opportunities of producing blocks. More node partners also means stronger support from communities.
As a result, since our main net on Feb 25th, in just less than 2 months IOST has become the 4th biggest DAPP platform with Ethereum, TRON and EOS (from time to time, IOST exceeds Ethereum in transactions volume) & the 1st up-and-running scalable & decentralized dapp blockchain out there. (We are 2x faster than EOS in terms of tps of smart contract while being able to maintain hundreds or thousands of nodes, instead of 21 super nodes).
I have to admit IOST looks like a bit like LOST but I realized this too late..
Don’t get LOST, get IOST…. 🙂
IOST stands for Internet of Services token. Blockchain, for the first time, has enabled us to transfer value safely & smoothly like the way we transfer information using the internet.
I’ve been a huge fan, early miner & adopter of Ethereum since 2015. But during the process we’ve realized that layer 1 solutions can be & should be faster to support different types of applications / transactions in the future (while maintaining decentralization).
3. On which platform is OASIS gonna launch, eg. as a mobile app?
Oasis is for users to easily experience DApps on IOST & will support more features like stablecoins, DeFi & more.
It will be launched on mobile & desktop (web).
We will launch the web version of it first end of this month/early next month.
It will be developed and updated throughout this year… you will see tremendous growth on this. we are very excited.
Thanks for all the questions guys! It’s been 93 min since we started the AMA haha appreciate the folks who stayed all the way.
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