Terry Wang discusses IOST development in AMA
IOST Co-founder Terry Wang had a long and interesting Ask-Me-Anything Session on IOST Official International Telegram Group to answer some burning questions by the community. Here is the recap of the AMA.
Let’s start with the first part of answering top 10 questions from the Google Form
What are the planned changes for Q2 roadmap and can you give an update on Q1 objectives?
It’s a pretty special Q1 and most of the objectives in Q1 have been met such as Node program 2.0, cross-chain technology, new Staking mechanism to shorten 7 days to 3 days of unstaking period with a completely new governance framework coming up: )
And also we have rolled out the NFT feature also with a secret NFT year-long collection campaign coming and moreover, we have entered 3 government-backed blockchain park which will support us on enterprise solutions.
In terms of launching top quality Dapp, unfortunately, our plan was severely disrupted by the COVID-19 as our partner dapps teams were not allowed to go back to work for quite some time thus events were canceled/rescheduled
With the similar reason, offline meetups in various countries have to be delayed.
In such a situation, Q2 roadmap will be affected with the addition of a Q1 item- launching top 3 high quality dapps.
I should have been in Japan twice in Q1
We cannot promise offline events in view of the current COVID-19 situation but more online events will be held and I was doing more AMAs than ever these days
As an addition: for more info please check https://medium.com/iost/iost-2020-roadmap-now-unveiled-c95066c96ed0
Question 2: “What is the nature of your partnership with INT Chain?”
Authoritative agencies predict that the number of IoT connections will exceed 50 billion in 2020 and may exceed 100 billion in 2025. With our focus on blockchain technology, IOST has to explore all the possibilities for blockchain adoption and as so, we have entered into technical cooperation with INT
INT Chain has accumulated vast application experience and enterprise resources in the field of IoT in the last 3 years. We work together to develop and accelerate the application of blockchain in IoT up till now, the local food&grocery vendors in Guizhou and Hunan have expressed huge interests in this will become IOST’s establishment in the field of the Internet of Things
“Does IOST still want to be the top public blockchain for dapps? “
short answer is yes High quality & top dapps are really good for new users entering blockchain world & adoption of a blockchain
including gaming, gambling, useful dapps and DeFi and so on. Also, a cross-platform interoperability solution is being developed by the joint efforts of Liebi team and our team to create avenues for further outreach to the new users outside the IOST ecosystem
For Q1, in the dapps space, according to dappradar IOST ranks #5 along with EOS, ETH, TRON & WAX. However, IOST has the most diverse dapps and lowest percent of gambling dapps (less than 20%)
I believe we should house more sustainable applications/games than short-aged dapps(most are some gambling dapps or dapps with pyramid schemes)
As we have revealed in our roadmap, the top quality dapps actually comes from Large traditional gaming companies (IPOed companies). And you will see some familiar large&famous gaming IP gets onto IOST!
“IOST has gone mainnet. Why am I still seeing ERC20 tokens in circulation? What’s your token swap plans for them? “
IOST was first launched as an ERC20 token back in Jan 2018 after the launch of our mainnet on Feb 2019 we have been actively tracing and swapping ERC20 IOST with many exchanges and wallets.
As of today, about over 90.8% of the total ERC-20 tokens have been swapped except for some exchanges and users who have not taken the initiative to swap and destroy tokens.
We will keep reminding the community members to do token swap in a timely manner in the future and for all of you are in this group don’t forget to swap old ERC20 tokens to new IOST mainnet tokens you could do this in Binance/Huobi etc.
“With the releases of the IOST NFT Standard, how will it benefit IOST in the field of gaming to create a high-circulation and high-value IOST blockchain gaming ecosystem?”
because NFT will create a completely new interaction DApp experience. The main goal of NFT is to move all kinds of collectibles and game props to the blockchain the interesting thing here is that when items are “NFTized”, they can be freely moved through compatible blockchains making your assets reusable and eternal. Having a standard protocol will make it easier and attract developers to deploy games on the IOST chain, and users to join the gaming ecosystem
as all your efforts and items won’t be gone and wasted after you leave the game. and let me give you a sneak peek in our Big NFT Game 2020
so in 2020 our IOST foundation will send out 9 NFT tokens to our community
each NFT token will be limited to issue only 1000 for these of you who collected all 9 NFT tokens we will give you a large prize in the end of 2020
this is a hint for the first NFT token and more news about our NFT year-long game will come
For the users! To know more about the IOST NFT standard, please visit
“What is the main focus of IOST for mass adoption? So we can see a movement in price of the coin”
Mass adoption doesn’t happen overnight.IOST is running the road mass adoption from various fronts:
1) Compliance the mass adoption to happen, we must at first make our tech compliant to all relevant regulations so that IOST technology can be deployed worldwide for this purpose, we are partnering with local experts, establishing partnerships with governments and recently as you all know, with AWS, which has an excellent infrastructure worldwide and has been a promoter of cloud computing with a comprehensive compliance program
2) dApps- we are making a diversified portfolio which includes top gaming dapps, gambling dapps, DeFi and useful dapps to draw & retain active users
3) Point of Sales & e-commerce on top of the existing integration with Oscommerce, Woocommerce & upcoming Shopify by Metanyx node as well as the IOST-Square One Shop we are working on a few initiatives to bring blockchain to Point of Sales in KoreaStay tuned!
4) Blockchain education educating & the next generation on blockchain & spark their interests in the technology are a key to growth & sustainability. I myself will be lecturing (online, due to the COVID-19 situation, unfortunately), to the students at the University of Zurich of Switzerland for their Summer School program. Hackathons & offline events will resume when the COVID-19 pandemic is over. you are all invited to attend the summer school:)
5) Real-life applications of course!
Discussions are underway with 10 MNCs in China for collaboration in 2020We will also work with local governments, starting with the Shanghai Police Blockchain Standardization in China. With B2G & B2B through the BaaS platform, more public and private organizations are to adopt IOST blockchain solutions to accelerate their business! The value of a blockchain project is on its usability and adoption!
General Community Questions
IOST has a lot of initiatives in Japan. Any plan to list IOST on Japan exchange platforms?
this is a big one. We are getting there in Japan 🙃 We are taking initiative to promote its DApp compliance progress in Japan& we have witnessed a number of concrete results: in casino dapps percentage, casino dapps user volume as a result of our DApp governance efforts. We are getting there in entering Japan, and it’s also with the top exchanges in Japan
Will Binance pool support IOST for staking?
As you guys may know, we cannot give any details at the moment as it can affect our listing process IOST is having a good relationship with Binance. Today Binance Savings adds IOST into Flexible Deposits & yes, something is brewing! (you should all try Binance Savings as it serves first 400M IOST)
Binance Savings adds IOST to Flexible Deposits
Any opportunities for developers? Why should I choose IOST platform as a developer?
There are a number of advantages to develop on IOST:
– Fast Block Finality time: IOST is the platform that provides the fastest Block Finality Time amongst ETH TRON EOS
– Stable and low resource fees
– large and sound node ecosystem
As announced by Jimmy yesterday, we just launched a new bounty programme called IOST Plan X. The goal is to encourage & support talented developers & community members across the world to bring forth your most robust ideas to develop practical tools on the IOST blockchain!!! This is a good opportunity forget your ideas spread & built.
Terry – will you be more active promoting IOST in the future? You can be lIke CZ for Binance? IOST needs a more visible leader!
haha Being aware that the community would like to see more visible leadership take this first step to chat with you guys for the first time on IOST TelegramYes, i may have been a more quiet guy, and now stepping up my game to actively promote IOST in the future joining more AMA, interviews & start being more active on Twitter too. Don’t forget to follow me on Twitter
What year was 2019 for IOST? And what year is 2020 going to be? Please tell us about your business, development, and issues you need to overcome
2019 was a fruitful year for IOST with many milestones achieved, we successfully launched our mainnet, reached 8000 TPS, forged partnership with key industry players and attracted 400+ nodes in one year. Here is a short 2019 recap video:
2020 has been busier as we are heading to a more mature blockchain ecosystem.
We see update and improvement in our Partner and Staking program as well as the release of NFT standardand we are expecting the cross-chain bridge to be brought into effective by Q3 this yearWe will release more information regarding development and mechanism in the due time.
How does the following differ from themselves: PoW, PoS, and PoB?? And what makes PoB that you chose better??
in short POW is very decentralized and secure but not scalable
POS is scaleable but not very decentralized and secure
POB is to be decentralized as possible while being scalable and secure
According to you how much time will it take for IOST into mainstream adoption and execute all the plans set for this project?
about 1-2 years we will see IOST and extensions in toB mainstream applications and 2-3 years in toC mainstream applications. We are working hard on this
Are you thinking of something unique with NFT?
yes you should try participating in the IOST year-long game I mentioned above to collect all 9 IOST NFTS in 2020
1) Are BlueHill funds still valid? Can a team like Jetstream apply to the BlueHill Fund?
2) IOST recently partnered with AWS. Can nodes running IOST receive AWS credits or discounts?
3) What do “Theseus” team do currently?
1) Bluehill is not quite active now but I will pass the application to them
2) yes, nodes can receive IOST credits with AWS China
3) Theseus in developing consortium tools
Do you have DApp swap program for developers. It is good way to increase cool DApps for IOST and number of users.
yes, and as I mentioned above we believe we should house more sustainbale applications/games than short-aged dapps (most are some gambling dapps or dapps with pyramid schemes). As we have revealed in our roadmap, the top quality dapps actually comes from Large traditional gaming companies(IPOed companies). And you will see some familiar large&famous gaming IP gets onto IOST.
Do you see your community as a contributing factor to your success?? Also, what incentives and reward programmes do you in place for the community??
Yes I do think it’s a big support. From Hub to Hub2.0 (will be revealed soon) are all initiatives for rewarding active participants. And also staking IOST is a big part of the contribution and people could already receive reward from voting. this Q2, we will roll out our Governance program and we could all get involved!
What will happen to all remaining iost that won’t be swapped ?
Or will the swap program last for ever ?
we want it to last forever and exchanges probably won’t so if one day all exchanges closed this, it will be really hard for you to swap iost. Maybe do a manual swap with us but it’s inconvenient for both of us
IOST Has top1 DApp by transaction per day on all chains. “IPirates” has 500k-900k tx per day, but only 60-100 users. If IOST increase users, we will be #1 DApp blockchain in world. What will you do to increase users?
as I mentioned, to “steal” users from traditional games and make more large IP and traditional games “blockchainized”.
Many blockchain projects have donated to COVID-19 already but I didn’t hear news from IOST. How will you help to contribute to the COVID-19?
we already donated and we didn’t spread the news. This is not meant for PR. I have personally sent 3000 masks to my friend in the Bay Area in America and also I have organized trucks to send vegies back to Wuhan.many of our family members are in Wuhan and I have so many friends suffering during the outbreak.
Terry can you talk about IOST role in China and how the community benefits?
the revenue generated from enterprise cooperations in China is to make the team running. And more revenue we have, the more budget we have to grow IOST
Terry, IOST is now at 45 sats, is there a plan to support the price to help devs and nodes stay with IOST?
Yes, we have, with big plans coming this year. That’s why we are trying to get listing in Japan (and also the rest of the large exchanges in the world). and also establish the partnerships actively recently with Government and MNCs
About iost in China aiou , the interview on China tv why didn’t u promote iost more ?
you mean CCTV? because there are regulations on CCTV to prevent ppl talking about coins/tokens, but IOST apprerred in the subtitles
Terry pls is there anything you can do to simplify IOST account opening? i believe it is slowing down adoption. Thanks
currently there are free account giveaways events with Jetstream and Tokenpocket and etc. and this is always going on. our plan is to make every wallet have a simple way to make users create IOST account
1. You said IOST is still interested in being a strong hold in Public blockchain for Dapp but until yesterday’s ann there has been very little publicity or incentives(named price) to attract developers from other chains/network to IOST. Why?
2. Also based on your answer on leadership does it means you are taking up Jimmy’s position since we don’t have any official details about him?
1. our Node program gives out 840M IOST a year to our node and this is our largest incentive plan for Dapps teams, with Dapp team plays a huge part in contributions
2. I am taking up his as he is working mostly on Investor relations and large partnerships. And I am working on ecosystem and developers
Thanks for answering but as you know not all nodes are into Dapp development so I think as much as possible certain funds should be set aside for members outside the node operators to build on IOST. This will entice more devs from out IOST too.
and we also have IOST Plan X, with flexible rewards giving out. I think this is what you are thinking about. The goal of IOST plan X is to encourage & support talented developers & community members across the world to bring forth your most robust ideas to develop practical tools on the IOST blockchain.
I have another question that I have been asking the group this week. There was big news in China this week. Is IOST involved with this, or just through Hyperledger? https://www.coindesk.com/inside-chinas-plan-to-power-global-blockchain-adoption
I think the big news you mentioned is DE/CP and BSN?
we are in the process of negotiating with BSN
and regarding DE/CP it’s still in testing phase and pretty mystic.
Terry I’m a newbie (2months) in CRYPTOCURRENCY, and I want to attend any beginner to expert course, what will you recommend and why?
I recommend “Bitcoin and Crypto technologies” on Coursera
this course is taught by my advisor at Princeton University
I hope we get to know about each other & IOST better after this AMA. Look forward to another fruitful discussion with you guys in the near future! Stay tuned for our awesome upcoming news!
- 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