Recap of IOST AMA on Binance Nigeria
Binance Nigeria telegram group had an Ask-Me-Anything session with IOST International Marketing Manager Jade Wang courtesy of IOST.AFRICA node and IOST Watch, the session was anchored by Shola (Binance Nigeria Angel). Here is the highlight of the discussions.
Shola: I am sure the community is looking forward to this before we get down to the order of the day, can you briefly introduce yourself to the community. Kindly also give an insight into the IOST project and what it aims to achieve.
Jade: sure hey guys, I’m Jade, the international marketing manager from IOST. Really glad to join you in the AMA today. I’m in charge of market expansion and node ecosystem management in IOST.IOST is a blockchain application platform developed for online service providers, supported world-class investors. IOST achieves scalability and high TPS through POB consensus algorithm and the design of the second-layer scaling scheme. Through developing an effective community-owned network, it provides a platform for third-party developers, creators, and enterprises to realize greater value. IOST can improve transaction performance without sacrificing decentralization, i.e. protecting privacy, public participation and protecting communities from malicious attacks. IOST is more decentralized than EOS which is based on DPoS mechanism and more scalable than ETH smart contract platform and here is our 2020 Q1 roadmap we have finished most of the aims and look forward to a more successful Q2. thanks
Shola: Okay Ladies & Gents, let’s get down to business we will kick start with segment 1 of the AMA where I’ll be asking our guest of today 5 questions segment 1, Question No 1:
Kindly explain how distributed sharding, node-to-shard protocol and Proof of Believability consensus verification differentiates the IOST technology apart from other blockchain platforms.
Jade: IOST has a great advantage in decentralization compared to other public chains. Thanks to its unique PoB mechanism, every node partner, no matter big or small in terms of the amount of IOST they own, all enjoy a chance to produce blocks. IOST doesn’t set a cap for node number but does set the limit of the maximum reward a node can get, and can avoid “the big gets bigger”, which is actually a common situation in many other projects.Our tech team is still working on sharding solutions and will update our users once significant progress is achieved.
Shola: One of the major problems facing blockchain technology is that it tends to slow down with mass adoption. What measures has IOST put in place to ensure they don’t fall prey to this issue bearing in mind that the IOST mainnet has grown rapidly in all significant facets?
Jade: IOST has made great progress in mass adoption. Since the launch of mainnet, we’ve introduced IOSTPay, integrated it with WooCommerce, and soon another upcoming platform. Big shout out to our partner node, Metaynx. We have around 60 Dapps running on the chain, with thousands of players. We have nearly 350K mainnet accounts and processed nearly 250M transactions in total since the mainnet launch. But we’ve never experienced any malfunction or even lag of transaction since the very beginning. These are all thanks to our unique PoB mechanism and high TPS. Unlike Bitcoin or ETH, which spend even minutes to verify one block, it only takes IOST 500 millisecond to produce one block and 30 seconds to make it irreversible. So I guess IOST is not slowed down by mass adoption, at least for now, haha.
Shola: You recently announced the one-click token launch that allows users to launch their own IRC-20 token on the IOST platform. What was the reason behind this and can you explain how it works?
Jade: There is a couple of reasons why one-click toke launch is important, with the major one being engaging more non-technical users. A huge barrier that is stopping people from interacting and using blockchain is technical requirements. You will probably have to spend a couple of days or even hire a tech guy to just launch a token on other blockchains. But here, on IOST, as we said, it literally just takes one click. And when the technical barrier is gone, a lot more people would be able to create their own tokens and add value to them. here is an article on how to launch your token by one click https://medium.com/iost/quick-guide-on-iosts-one-click-token-launch-launch-your-tokens-now-6eba6a7ff58c
Shola: Can you tell us about existing IOST partnerships and if you have any specific product targeting the African crypto space?
Jade: We don’t currently have a product specifically targeted at the African market. However, we do have node partners, like the organizer for this event, that is based in Africa and work to contribute to the IOST ecosystem. big shout to @IOST.Africa for their support, We also welcome potential partnerships, please do contact me if you have any idea.
Shola: IOST announced entering into technical cooperation with INT chain, can you describe how you intend using blockchain technology to empower the internet of things application?
Jade: Although it is not IOST’s first attempt in the IoT field, IOST X INT partnership is quite recent, and detailed technical cooperation is still under talks. The cooperation with INT will focus on the exchange of knowledge in the application Blockchain + IoT and joint research of its integration, the development of related applications, and the active deploy of IoT in the blockchain ecosystem. I believe that we will soon see tests or prototypes of INT projects deployed on IOST chain, so make sure you follow IOST on social media!
Segment 2 Questions by a community member
Abisola Lawal: As the community manager for IOST, how do you handle FUD’s (Fear, Uncertainty and Doubts) being spread among some members of the common especially when the price of IOST is down?
Do you take feedback from your users seriously?
Jade: we can’t really control the price nor how people feel, but we can reassure the community by fulfilling our responsibilities, by treating every article, campaign, and user seriously.
Dalmasca Blockchain: What makes you believe IOST staking economy program gonna bring new atmosphere to IOST project?
As an investor I may consider that ROI is very important, that’s why we call it to invest.
How do you ensure user that staking program is good product for IOST?
Jade: we have the No.1 staking economy globally, evaluated by many blockchain institutes and by voting to some certain nodes, you even enjoy an annual yield of more than 100%, if you choose the right person https://iost.watch/iost-tops-other-cryptocurrencies-in-digital-asset-staking-rewards-dividends/
Jade: a good developer community with more than 2000 people and helpful technical support
Noob Girl: In what ways will IOST gain more advantages amid fierce competition between PoS projects?
Jade: we are more decentralized
Jerry Anggara | Alisha Kanya Ahalya•√: What is IOST goal in 2020?
Jade: we aim to achieve more partnerships with businesses and government
God Is Not Dead: I am a big investor and only care how to make residual income, please explain how IOST NODES/STAKING WORKS, WHAT ARE THE MINIMUM AND MAXIMUM REQUIREMENT AS WELL AS APR?
Jade: We have partner nodes and Servi nodes, who earn rewards by contributing to the ecosystem and producing blocks. They must have at least 2.1M and 10M IOST respectively to get elected. They split at least half of their rewards with their voters and that’s how voters get returns.
Jade: IOST provides promo and sometimes financial support for our DApps so that they can have better quality and last longer.
EllKay: Congratulations on IOST mainnet clocking 1 year old yesterday. What successes have you achieved so far, and do you think the mainnet has been of any advantage??
Jade: thanks. our big user base, node ecosystem and good DApp system are what we are the most proud of
Sicxa: Do you plan to create new use cases for the #IOST token to increase its value?
Jade: absolutely. new DApp are coming out soon and IOSTPay will be more widely used
Jade: we created it because we believe in Defi. and you can join our staking economy by voting or be a node
Yong Tyc: EASE OF ENTRANCE/ADOPTION BARRIER is always tricky for onboarding new entrants to BLOCKCHAIN, how easy and INTERACTIVE is your UX/UI?
Jade: I would say very. can try our latest wallet, Jetstream
G4M3R: AMA is the one of best way to advertise your project but to improve IOST recognition in crypto and non-crypto space, what other community activities do you do other than AMAs?
Jade: we have a treasure hunt, tweeting campaign, please join our intl TG group for more first-hand news and campaigns
Sarung Khan: What was your Motivation to build #IOST? and
What is your Mission now?
Jade: we plan to have more tools like explorer and wallets join the ecosystem
Jade: we now have offices in China, Singapore, Korea, Japan, New York and we sure aim at a global market
EllKay: IOST ranks #6 among 37 crypto projects by the Chinese Government-Backed Institute China’s Center for Information and Industry Development. How have you been able to achieve so much tremendous success?? What are the contributing factors??
Jade: Our DApps, nodes, and community member are all incredible contributors
Erven James Sato: Do you agree that Use of a “Dapp” over an app is essential for market disruption or value creation for a good starting point. And Dapp also is the solution of the issue of decentralization vs. centralization that is very challenging?
Jade: not necessarily, cuz DApp can not be applied to the scale as Apps do as for current tech level
Sicxa: What do you think is the biggest problem #IOST will solve which is not solved by other projects and why is the problem important to solve?
Jade: keeping decentralization while not sacrificing speed
zafer metin: Recently BAPPEBTI, the Commodity and Futures Trade Regulatory Agency in Indonesia, visited the IOST Beijing office. What was discussed during that visit? How do you evaluate the Indonesian crypto market? Can the visit of the agency open new opportunities for IOST in Indonesia?
Jade: sure, entering Indo market is something under discussion now, and we were quite thrilled that Indo gov visited us in person and invited IOST to be their national blockchain consultant
Please join the iostafrica telegram group, let’s build and develop together…
Also some recent IOST articles for your reading….
- IOST to Lead the Digital Currency Transformation October 19, 2020
- Interview with RAMP DeFI’s CEO Lawrence Lim October 12, 2020
- Building on IOST with IOST .NET SDK by Sonata September 8, 2020
- Recap of IOST AMA with Aegis CTO Christopher Holm September 1, 2020
- IOST Blockchain ranked Top 3 in CCID latest Index August 26, 2020