Infinito x IOST AMA: “Perfect Blockchain Experience And Mass Adoption” — Youtube Replay Available!
On August 8th, 2019, Infinito and IOST team hosted the first joint AMA on Youtube LIVE to celebrate our official partnership. During the 45 minutes of this AMA, Infinito’s Business Director, Mr. Fedor Bushlanov, Marketing Director, Ms. Ellena Ki and IOST’s Marketing Director, Mr. Mei took turns to answer various questions from the crypto community on the topic: “Perfect Blockchain Experience And Mass Adoption”.
At the end of the AMA, 2 best questions of the day submitted by users with Telegram IDs @hoang9120 and @jame_ng123 was chosen by Mr. Mei to receive $100 in IOST token each!
Two winners for Infinito’s lucky draw was also selected on August 9th with users @MalaMala333 and @Zombie Channel receiving $100 in INFT token each.
View the full AMA via Youtube here: https://www.youtube.com/watch?v=od13ubmeYEY&t=1447s
Below is a text summary of the AMA. Thank you and please enjoy!
Questions Answered LIVE in the AMA
Q1: Can you tell us about the partnership between Infinito and IOST and your current and future plans for the community?
Ellena: Sure. At Infinito, we always look to expand our Ecosystem by integrating with leading players in the blockchain industry, whether they are blockchain platforms or DApp/tech providers. Our partnership goal with IOST is to bring global Infinito users access to all the great benefits IOST infrastructure has to offer such as IOST token, DApps, asset management, staking rewards, & more — on top of our existing ecosystem benefits!
Q2: Can you give us an update on how has things going since IOST Token Mainnet?
Mei: Before officially launching the Mainnet, we already created a rough structure of IOST ecosystem, which includes wallets, exchanges, DApps, development tools etc.
We started from launching node partner program and received support from blockchain teams, investors, developer, media etc from worldwide. Meanwhile we began to launch a series of plans for attracting more DApp developers and help those DApps developed on IOST to grow.
During the second half of this year, we saw IOST gained more and more competitive advantages in the staking economy. This is thanks to IOST’s Proof-of-Believability consensus mechanism, which differentiates us from other blockchain projects by making IOST more decentralized and flexible. Currently IOST is ranked the first on many staking platforms.
Tiffany: Thank you, Ellena and Mei, for your answer. I bet our viewers are eager to see the questions they have submitted so let’s get started with the Google form questions. The first question is for Fedor.
Q3: How does Infinito Ecosystem contributes to globalization and mass adoption of blockchain apps?
Fedor: For app usage, we provide Infinito App Square with DApps of all kinds of categories — exchange, finance, games, utility, compliance, etc — accessible right inside Infinito Wallet app. It has a friendly interface for all users to enjoy blockchain applications conveniently. This DApp store is also where developers can launch their apps to get access to massive global community. DApp creators can also utilize our Infinito Blockchain Platform with ready-made modules & APIs to efficiently build & deliver their innovations to the market. With the introduction of our official utility token, INFT, we can greatly incentivize both users & developers/businesses to adopt blockchain tech through using as well as developing assets & applications.
Additionally, Infinito also actively take part in worldwide events to promote blockchain adoption, both as advocates of blockchain technology via insight sharing panels as well as mentors to help future engineers develop with blockchain through hackathons.
Q4: What is IOST’s plan for real-world applications? How sustainable is the IOST network?
Mei: As IOST aims to have B2C blockchain application developed on our platform, we are focusing on bringing more real applications to users, instead of directly competing with consortium chain projects on B2B business. As a startup, we are more flexible and more experienced in dealing with customers and users.
Developing DApps, DeFi tools and the staking economy can help us to bring more direct benefits to IOST’s communities. Ensuring a quick and stable increase of mainnet users is of vital importance for a blockchain project. No business model could be realized without enough amount of users.
For gaining a sustainable growth, at this initial stage of blockchain industry, we would like to gain massive users to ensure that the mainnet ecosystem is active enough to support all kinds of applications. We are developing tools and incubating platforms such as DApp gaming platforms to lower the barrier of users who want to get access to DApps or other blockchain products on IOST.
Q5: Will Infinito support all the cryptocurrencies around the world and have native exchange features so users can easily swap any coins or tokens?
Fedor: It is our dream to be able to support ALL the cryptocurrencies around the world! Right now, our team prioritizes the most popular cryptos and blockchain platforms on the market as they have the greatest adoption rates. We’re supporting 13 blockchains thus over 2,000 decentralized assets, and we’re always aiming for more!
Regarding a native exchange, it is in our plan for this year as a major feature to bring about a seamless experience for users! Our team is working on this function for Infinito Wallet which will also provide a wide selection of “best-rates”, aggregated from ecosystem exchange partners. Currently, we already have a number of integrated DEX partners such as Changelly, Bancor, Totle, Kyber Network, etc and we’d like to cooperate with them to develop this valuable feature.
Q6: What measures does IOST take to overcome major competitors such as ETH, EOS, ZIL, and TRON?
Mei: IOST is much younger than these projects, we need to admit that the first mover advantage can be found in these projects. However, IOST also avoided many mistakes that these previous projects have made.
In general, we are using simple ways with low cost, establishing long term collaborations with IOST’s partners, to gain a stable growth of IOST’s ecosystem. Our tactics can be: 1. Using more efficient ways to achieve the things that former projects did before 2.Creating new ways to bring new users.
Many projects used to invest a lot on developing their own development tools, organizing hackathons and bounties for developing its mainnet ecosystem. Some of them were not working with enough partners at their initial stage. This could result in lack of users and reliable business models on their mainnets.
However, IOST chose a more efficient way to develop its ecosystem. For example, we first invited teams who made good performance on EOS, ETH, Tron to migrate their DApps on IOST. And now we are working with more professional gaming teams and companies on helping them to develop those more classical games with higher quality on blockchain.
Q7: There are so many strong crypto wallets on the market such as Trust Wallet, Midas. As users tend to lean towards products that they are familiar with, what are the advantages of Infinito Wallet compare to the rest?
Ellena: Indeed, the crypto wallet market right now is more competitive than ever, which is why our team is continuously working to meet and exceed the demands of the community. We’re continually expanding the functionality of Infinito Wallet via in-house engineering as well as collaborating with industry-leading tech providers. We work with DApp builders and blockchain builders to not only bring more innovative features to our wallet but also make its user experience as seamless as possible. We believe that the versatility & great usability of our product makes it stand out from the rest.
Q8: How do both Projects plan to enable blockchain adoption in daily life to transactions in the Commerce online and offline?
Mei: For IOST, payment can be one of the applications that mainnet has. We are working with crowdfunding platforms, charity organizations, art galleries, etc. Their users now can use IOST as a payment method.
Ellena: We are releasing INFT Token and InfinitoPAY. A first of its kind payment platform that is compatible with both fiat and cryptocurrency with advance payment feature to let users easily make, receive and schedule payments anytime, anywhere.
At the same time, our Universal Infinito Wallet is also welcoming hardware wallet feature, Sugi NFC card. This lets you conveniently pay for daily needs with your crypto funds, similar to how you are using an everyday credit/ debit card.
We hope to announce these new developments to you soon!
Q9: With the mission of promoting and applying Blockchain technology. Are Blockchain start-ups one of the objects that Infinito aims for? If so, what will Infinito support them?
Fedor: Yes, we believe that blockchain startups are also one of the key drivers of blockchain innovation, which is why we are always open to collaboration opportunities. However, a major difficulty they usually face is user base building — how to attract consumers to their little-known products.
Infinito has been providing our Infinito App Square as the portal for DApps to reach out to global user communities. With the introduction of our official utility token, INFT, we will also launch a “DApp incubation” program where startups & independent developers are funded by the community for creating high-quality applications that are well-rated by users.
Q10: How do you think, generally, did the market accept an absolutely new consensus algorithm by IOST: Proof-of-Believability?
Mei: Yes, and very well.
PoB is similar to PoS but with a series of improvements. In comparison with DPoS and other PoS projects, IOST can be more decentralized with more reasonable allocation of mainnet resources.
In IOST’s consensus, every node partner has equal possibility of producing blocks. Although some of the teams are not technical enough to become a real block producer who can run servers, many of them became node partners through voting, as we lower the standard of being a node partner.
Meanwhile IOST’s mainnet resources can be cheaper and avoid price manipulations. Both users and developers could find they cost not much on running a DApp or launch transactions on IOST.
Apart from that, IOST’s node partner ecosystem helped us to gain help from blockchainers worldwide, every quarter these node partners submit their contribution reports and in turn they can get rewarded by IOST foundation. We can even find that there are new projects who are following us on building similar PoS mechanisms, but we will move forward and faster.
Q11: Infinito solve the big challenges for “Blockchain Adoption”. What benefit does it have for the Infinito ecosystem? What about users who understand Blockchain technology promoted by Infinito but use other ecosystems?
Ellena: By solving the big challenges for blockchain adoption, we help more people realize and benefit from this technology through our Infinito Ecosystem either via using its products or developing applications. In return, of course, our product ecosystem can gain more users and partners, which make it become stronger so that it can promote adoption more effectively.
If the user already adopts blockchain through a network ecosystem, I believe they will still find Infinito Ecosystem interesting as we support multiple blockchains! As for users of other product ecosystems, we always try our best to make Infinito ecosystem more inclusive & competitive by having the best, most demanded utility & services.
Q12: What is your future plan to make IOST one of the top projects in Coinmarketcap?
Mei: Apart from sharing updates of Mainnet’s progress, I think the community may be more interested in ranking on CoinMarketCap. A good ranking can help the project get more exposures, also can be a benchmark to evaluate our progress in a certain period. But the project itself cannot have direct interference on price or market cap.
Q13: Can you explain how Infinito token works in your platform and your economic model?
Fedor: Infinito Ecosystem is open for everyone to join including users, applications, services, and developers. We want to provide benefits to our members and give them incentives to collaborate and grow our Ecosystem together. We want our user community to be able to give feedback to services and business inside the Ecosystem and help us understands how to make it better for everyone.
Infinito Token (INFT) will be the fuel of our payment platform, InfinitoPAY with advanced financial services that have not yet existed in the world of cryptocurrency such as automatic currency conversion so you can easily pay with any crypto of your choice. Infinito PAY will also allow users to subscribe for periodic or automatic payments which are a big convenience for both users and business.
With InfinitoPAY and Infinito Token, our Ecosystem will be the pioneer in implementing advanced financial services that users enjoy very much.
Q14: Can we stake our IOST token within Infinito wallet?
Fedor: Definitely possible. Staking features of tokens and coins is what we are looking forward to. We also mention that users can stake INFT Token and open access to Premium functions and earn extra income. And staking IOST Tokens will open access to all the beneficial features that IOST blockchain designed in their model. Infinito is looking forward to supporting IOST token staking model as well as other coins and we hope the community can tell us what you would like to see!