The Recap of INT Chain 2nd Anniversary — First YouTube AMA
Hello everyone, time flies very quickly. In the twinkling of an eye, INT Chain has been two years old. During these two years, I have received enthusiastic help from INT investors and many friends around the world. Thank you, thank you so much.
We want to hold an AMA on the occasion of 2nd anniversary, to communicate on some of the issues that everyone is most concerned about. I hope that everyone will continue to support us. Said Mr. Yin Xiangyu, Head of INT Chain China.
1. Technology
Q1: The rewards of the storage of INT tokens are distributed until 2023 by the INT Chain team. If INT is financially independent of the network fees before that date, what happens to undistributed rewards? Conversely, if in 2023 INT is not independent, the project will have failed (which I do not want)?
A1: 2023 is the milestone of first phase, in this first phase we will upgrade our mainnet several times. Meanwhile, we will adopt some suggestions from community to improve currently mainnet. The optimization of economic mode and incentive mechanism will also be conducted. We believe by the year 2023 we will have a more perfect mainnet. If we do not change the incentive mechanism by the year 2023, we will consider continuing with current node plan with half incentive reward.
Q2: When will the nodeplan/ number of nodes be updated?
A2: The development of new mainnet is ongoing, after the new mainnet released we will update the new node plan. We expect it will be updated from the end of 2019 to 2020, it will depend on the situation of development.
Q3: What’s being built on INT? Only projects/Dapps by the INT team or are other developer teams working on INT apps? And if so, can you give some examples? BTW: is there an official INT SDK?
A3: In the past several months, INT team and more and more developers have jointly developed Dapps based on INT Chain; INT Team has completed Smart Wallet, Referendum system, Smart wallet game, and optimized router App. Meanwhile, an IoT and Staking product is in progress. the developers are getting more and more active, currently, there are many teams that have contacted INT Chain, the projects cover Internet of Vehicle, smart traffic, smart home, Hydrological monitoring, Welfare and etc. We will host Dapp development competition to promote Ecosystem of Dapp development. INT Chain has official SDK, for more information, please refer to the official documentation: https://docs.INT Chain.io/
Q4: How the IPBFT consensus does work? And what will be the TPS per chain with it?
A4: IPBFT consensus algorithm has many optimizations based on current mainnet’s consensus algorithm, the optimization covers performance and security, and the node number will be increased, meanwhile, incentive mechanism will be improved.
Current mainnet’s tps is 2000, in the coming future the tps will be increased profoundly.
Q5: Regarding interoperability, do you think some subchains could be connected to other networks such as Binancechain, tomo or ethereum?
A5: Cross-chain and sub-chain are one of the most important technology research directions. In the roadmap we have described very clear, we had made big progress, and I think making our sub-chain connected to other networks is possible. But the technology required some time to achieve.
Q6: Why do you need our private key’s to “check” that these are our coins if we want to migrate from the eth blockchain?
A6: It is necessary to have ETH private key. 1. It requires private key to burn ERC 20 token in Ethereum. 2. The private key also demonstrates the ownership of the tokens. Just one reminder, the mapping process which uses Private key to do signature is executed offline, INT Chain doesn’t get or hold any private key from users.
Q7: If your project fails in your roadmap or whitepaper, what should you do it to make it right?
A7: Blockchain technology is developed rapidly, INT Chain team also very aware of this, most blockchain projects will not exist in the future. So we have to keep optimizing and improving, our tech will also be improved according to development of Blockchain industry. Keep upgrading and keep moving forward.
Q8: The tests of the new mainnet are validated, do you have an official release date?
A8: The research and development of the main chain have always been the primary work of the INT Chain. After the mainnet was released on January 16th, 2019, we did not have a moment to stop. While maintaining the original mainnet code, the research and development work of the new mainnet is also continuing. So far, the expected results have been achieved. The new mainnet code is being debugged, and the blockchain explorer and wallet of the testnet are also being developed and tested, due to the large amount of testing work, the specific release time is not defined. We are waiting for the technology to be ready, will inform the community as soon as possible if there is any update.
2. Application
Q9: What type of devices (apart from the router) do you think will be the first to use INT CHAIN? Home devices? Smartphones? Smart city devices？
A9: Currently, from the perspective of our cooperation and technology research and development. Proof Data Storage and Desensitization Data should be the most used case, like smart city device, included. In the project of the Hubei Smart construction site that we disclosed earlier, INT Chain related technology is applied. Including the smart parking project that we are still in contact with and explore, it is a scenario where INT Chain related technology can be prioritized.
Q10: What is the capability/use of IoV device?
A10: The functions of IoV mainly include: driving data analysis, remote diagnosis, security alarm, location tracking, driving analysis, etc.
After INT integrated, it will mainly cover big data sharing of desensitization data, as well as token incentive and privacy protection.
@龚翔宇
Q11: What’s the R&D and promotion plan for the Internet of Vehicles device, how will the partner promote the device, and is there any connection between the Internet of Vehicles device and the INT token?
A11: At present, the research and development of IoV device are proceeding according to the plan. Our original plan is to launch physical products in the third quarter of this year. The cooperation of promotion and sales is also in progress. Once the products are mature, the promotion will be fully launched. Keep an eye on our official news.
OBD is related to INT. Users can get certain Token benefits by sharing data such as driving data and car condition data. We are also discussing with our smart transportation team to upgrade our products to an IOV/ITS INT ecological project.
Q12: The new version of the router (in partnership with China Telecom) will be compatible beyond the Chinese territory? For example: in Monaco (France) because the 5G is already deployed.
A12: Currently the Esurfing Blockchain router version i1 had been released, it doesn’t support to the market outside of China. We are working on the second development phase of the router, it will integrate the function of Smart home, and we are testing INTFS system.
We will release new version of Router for market outside of China.
Q13: Is the blockchain router going to be connected to the new mainnet and be part of the network as a node?
A13: In our initial tech design, router is being a light node to connect to mainnet.
Q14: Do you think the router could be a path to interoperability if it can allow all blockchains and smart contracts to communicate with each other (including oracle)?
A14: This is a good question. Router is a gateway device, which can be a hub of communication between many IoT devices. In the future, with cross-chain system become more perfect, and the router’s performance increase. The router can play a very important routing role throughout the blockchain ecosystem.
Q15: I would like to have more information about the construction of the connected school in Quzhou. Where is the construction? Which equipments equipped with INT technology?
A15: INT participated in smart city project of Quzhou City, Zhejiang province, including Smart Campus, Smart Prison. Regarding the Smart Campus project, this involves multiple systems: IoT system for intelligent classroom,
Anti-theft system for Campus, Student behavior monitoring system, Video proof storage system. INT Chain technology is mainly for distributed data storage and encryption.
Q16: Can you put some light on your partnerships? How are they helping you out in your project?
A16: Currently partners like China Telecom, ZTE CLAATEK. On the one hand, INT Chain has carried out research and development and application in the IoT blockchain field; in addition, partners provide us with a large number of end users and sales channels.
Q17：In 2018 report was stated, that in December 2018 JIC Capital invested an additional 1 million US dollars for promoting the development and ecological layout of INT Chain in the IoT field. Could you elaborate in more detail what are the main parts of marketing budget and what were your goals, how you measure them? For example, we saw a few really nice initiatives on twitter to build a larger community and awareness, but community size in TA groups still the same as it was at the beginning of 2019. So do you feel that your marketing strategy is doing ok, or maybe you have plans to expand it, make radical changes, or maybe hire PR and marketing professionals?
A17: Most of our investment, include JIC Capital, are invested in R&D of Mainnet and development of blockchain products. To build an industry ecosystem for IoT blockchain requires a lot of cost money.
We are not doing well enough in PR. We are working hard to improve, and we are looking for more excellent PR and operational talents. We have also increased the budget for this aspect since the beginning of this year. I believe we will achieve better results.
We also welcome our community investors to give us more advice and let us work together to achieve this goal.
Q18：INT completed project for prison, won project for primary school, made partnerships or negotiated with businesses in different fields (gaming platforms, logistics, bus stations, blasting factory and etc.). It looks like the team wants to participate and achieve everything. Don’t say it’s a bad thing, but it definitely has its weaknesses because all these projects need resources — time, labor, negotiating. Is it part of a major strategy or INT just need the money so badly that they have to chase every opportunity to earn it instead of focusing on making a platform for Internet of Everything?
A18: As we all know, INT is practicing the engineering route. The core of INT is to focus on building a platform for all things. We need to verify our technology and products through some projects. Through these projects, we have accumulated valuable practical experience. At the same time, gradually build the application ecology of INT, and these projects also provide us with some money, which is undoubtedly a very good thing for INT.
Of course, these projects are all handled by the specific executive team. INT’s core development team has always focused on the development of the INT main chain, they will not take time for these projects.
3. Partnership
Q19: In February 2018, for your first meeting, Dr. Xiang said you were developing a blockchain OS kernel with your partners such as HUAWEI. Do you think this OS kernel can be included in a blockchain mobile in the future? Maybe link to Harmony OS?
A19: At present, the blockchain operating system developed by INT and Huawei has made initial progress. The basic block platform is under construction. As for whether it is applied to the mobile phone operating system, it is not yet available, but I believe that access to the mobile phone system is possible in the future.
@Energy
Q20: Why does INT Chain disclose partnerships?
A20: At present, we have posted some cooperation announcement, such as China Telecom, Hubei construction, etc. For those partners who are not been announced, mainly because of the commercial confidentiality of the cooperation, we are not allowed to post official announcements before the cooperation is determined. We will post the latest cooperation announcement as soon as possible.
4. Team and prospects
@Energy
Q21: Can you explain the role of INT in the IoT and why the IoT needs to be combined with blockchain?
A21: The answer is yes! With the convergence of technologies such as 5G, blockchain, AI and edge computing, the era of the Internet of Everything will soon come, and the data economy and the machine economy in the era of Internet of Everything need blockchains.
The blockchain can not be falsified, value transmission, and the characteristics of smart contracts. It is very important to the Internet of Things economy. On the one hand, it can solve the problem of identification and privacy protection of Internet of Things data very well. Second, the micro-transaction between IoT machines can guarantee the authenticity of the transaction through the blockchain. The third is in the era of the machine economy in the Internet of Things industry; the number of connected people will be ten times or even 100 times that of the number of people currently connected. In a large amount of resources, data, energy, and machines, only based on smart contracts can automatic implementation. transaction.
Q22: We are in a period of uncertainty when there is a possibility that we are going into recession. China had its weakest industrial growth since 2002, the industrial war with Huawei can have long term impacts in China. How is INT Chain team prepared to succeed in that environment?
A22: First of all, we still have confidence in the Chinese market. China’s GDP has reached the second place in the world, and it can still maintain a growth rate of 6.7% in 2018. This speed is still in a fast-growing economy around the world. Moreover, China has the largest middle-class group in the world, and it is a huge market that cannot be ignored in the world.
Despite the global volatility of the economy, we are still optimistic about the blockchain technology and the reference of blockchain technology in all walks of life, and it is precise because of this that it is a huge opportunity for us.
INT Chain is a blockchain public chain project with nodes all over the world and will not be affected by a single market or territory. Of course, we also see Huawei’s technical warfare, but we are very much in recognition of Huawei’s efforts in application and technology. This is where INT Chain continues to explore and ultimately guide INT Chain to success.
Q23: Can the INT compete with existing tokens? If the answer is YES, What’s the main advantages of INT that will have a positive impact on the crypto industry?
A23: INT’s competitiveness can refer to feixiaohao.com. Among 1000 crypto projects in the world, INT can be ranked within 150 for a long time, which explains the competitiveness of INT project. The main advantages are three major pillars: technology (INT mainnet, wallet financial ecology, DAPP), community (global community), landing application (Esurfing blockchain router, OBD equipment, enterprise application solutions), the value and advantages of INT, are also reflected in these three cores.
@Energy
Q24: Can INT break through and lead the development of IoT?
A24: INT Chain is a project which focuses on building blockchain related IoT application, but Rome was not built in a day. Only by making each small achievement, and we will reach to the success.
@Energy
Q25: Is INT’s next plan handed over to the community? The founder left? Is it really maintained for the community? How to ensure that it will not be a bad ending?
A25: We need to understand two concepts: community and communityization. The communityization of INT is based on the INT team, gradually bringing more community governance and other work, so that investors can participate in it. Participate in the construction and development of INT like a partner, but we will not leave, we can do a separate AMA for communityization, and everyone will talk about how to make the INT Chain community better.
@烟雨随风
Q26: What is the company size? And how many employees? Is the company currently profitable or losing money? If it is profitable, what is the major income source?
A26: There are nearly 60 people on our team. The main source of income has two parts: one is the To C business, the sales of routers and other devices; the other is the To B business, providing blockchain application system for the enterprise and the blockchain technology solution.
We will release the INT Chain 2019 half year’s digital asset report in September.
5. Exchange and price
@Energy
Q27: Is there a big investment institution to support INT? Will INT be the second NEO?
A27: Actually, I think community and INT Chain team are our powerful and secure backing, both of them to support INT development. As for the institution, it is an auxiliary role.
In fact, regarding of genetics, development, and future planning, it is different from other projects.
@Energy
Q28: Why are the institutions that invest in INT very small, and why are there no institutional investments such as Danhua Capital, Node Capital, Liaode Capital, and INBlockchain? Is that because INT is not strong enough?
A28: When INT started private sale in May 2017, these institutions did not exist. After listing on the several exchanges in the second half of 2017, the need to raise funds is not an urgent need.
In the following cooperation with some institutions, we mainly look for institutions that are helpful to the development and ecological development of INT Chain.
Q29: How soon will there be a new exchange? US citizens still cannot legally purchase INT and volume on OKex is quite low…
A29: The layout of INT Global Exchange has been initially completed (OKEX, Bitfinex, Coinegg, Fcoin, Yex, Coolcoin), and we also contact with different major exchanges. Our community, R&D, ecosystem, etc. have been recognized by them. The specific time for the online launch is still uncertain. This is a complicated process involving the docking between the team and the exchange. We will share our news on the official channel.
@晴天
Q30: What do you think the price of some coins has risen a hundred times? Does INT have the potential to the 100-fold increase in price?
A30: From the perspective of the market, a 100-fold increase in price indicates that the bull market has arrived, which is very good for the overall market; from the perspective of the project, it shows that egt was seriously underestimated in the early stage. At this point, we believe that INT is the same.
IN 2017, INT rose in price from 0.28 to 7.3 yuan, up to the 20-fold increase in price, which showed INT has the potential to the 100-fold increase in price.
@Energy
Q31: Can INT break the historically high price?
A31: With the hard work of the int team and its loyal community we believe we can become the world standard for the blockchain of things. The INT price has been affected badly by the bear market and we hope that the price of INT can better reflect our real-world progress in 2020.
This AMA is complete, and Let’s look forward to the next time AMA, Thank you all for reading! We can create more opportunities for AMA in the future. Thank you again! I hope we can move forward together. To make INT better!
