On Monday, the 13th, IOST Korea Branch held an offline meetup to kickstart 2020! Despite the cold weather, numerous people attended the meetup with community members, journalists, KOLs, industry leaders, investors, and many others all joining the event.
This event was a meaningful opportunity to share the achievements and future plans of IOST. We would like to thank all attendees once again for your participation!
The following Youtube video is created by KOL D.Go of D.Street, IOST Korea Node. You can feel the atmosphere of IOST Korea Meetup briefly through the video.
The event was held in Monaco Space, Gangnam, Korea. A total of 150 people registered in less than a week, and about 130 people participated braved the cold weather of Seoul to turn up that day.
The itinerary of this meetup was as follows:
- Opening introduction
- Why I chose IOST Platform as a developer
- QED: Speech by a Tier-1 servi node
- Past achievements of IOST and 2020 plan
- Terry: IOST CTO address
- Blake: IOST Korea country manager presentation
- Live Q&A: QED & Blake
- IOST Hoodie lucky draw
QED: Why I chose IOST over other platforms as a developer
Most blockchain projects always paint a grand vision to the public about their technology. However, apart from the testnet results, very few projects are successful in the time frame promised to the actual mainnet launch. Also, if you actually pick out the platform on which your Dapp runs, that number must be decreased. Among them, IOST, ETH, EOS, and TRON are the platforms on which continuous user inflow and DAPP ecosystem are expanded. IOST is clearly a latecomer if compared to the other 3 platforms. However, IOST has a huge advantage compared to ETH, EOS and TRON. QED, which is 1st tier servi node, explained in detail the benefits of the IOST platform.
The three most important elements of the platform that QED considered for development were:
- Fast Block Finality time
- Stable and low resource fees
- Ease of development
Fast Block Finality time
In general, you might think that if the response time is fast, everything would be okay. However, there are more things to consider. If you compare IOST to EOS on block time, you can think of it as 0.5s, and you might think that IOST doesn’t have benefit to use.
But if you count the time considering Block Finality, which is recorded as a completely immutable block, the IOST is the fastest 29.5s among four public chains. In other words, IOST is the platform that provides the fastest Block Finality Time.
Stable and low resource fees
In case of Ethereum, there is a fee per transaction, and user needs to pay the fee. It can be very expensive if the developer supports all of them. Because of this, QED decided to use the staking model. TRON was not suitable because of its slow block time (3 second), which leaves only EOS and IOST remaining.
As many blockchain developers know, EOS was excluded because there were too many cases where DAPPs could not play due to EOS CPU & resource problems. If we look closer at the fee model of IOST:
The fees incurred by a blockchain are divided into 3 main things
- the operations costs of processing, such as plus, subtract, multiply,
- the network costs incurred when a transaction is hit on a node,
- the storage costs of storing a value.
In case of Ethereum, those three are just called GAS. In case of EOS, the contract operation cost is CPU, network cost is NET, and storage cost is RAM. IOST combines contract operation cost and network cost and called iGAS, and contract storage cost is called iRAM.
As long as you stake, iRam will charge itself and you will not pay any fee. Therefore, the user doesn’t have to care about Resources, not like EOS.
If the transaction stores a value in the blockchain, you will need to pay storage costs. If you delete the saved value on the blockchain, you can refund the storage cost that you paid. Also, if the transaction does not store a value, it is available for free.
Also, developer could pay user’s storage cost instead of user. Comparing IOST and EOS, IOST is 7 times cheaper. Therefore, QED concluded that IOST has the most attractive resources model for developers. QED thought that IOST is really well developed platform with lots of consideration for many potential cases.
Easy to develop
QED thought it shouldn’t be difficult to develop blockchain services. People say that it is difficult to develop unless they are familiar with the language. When this happens,people need to find a solution. However, if there are not enough information, it’s hard to figure the problem out.
When QED thought it was well developed but he got an error and he doesn’t know why. One of the good example is Solidity.
The above statements are very popular code. However, when used in Solidity, an error occurs.
Since the development language is a familiar language, there is an advantage of IOST when writing smart contracts. But there is one more advantage of the IOST platform. Ethereum is in principle impossible to upgrade contracts. (This part is a controversial part among blockchain developers. Smart contracts should / should not be upgradeable)
IOST, on the other hand, can upgrade smart contract, allowing contract owners to enable or disable upgrades.Based on the three points above, QED chose the IOST platform. If you would like to check the full PowerPoint, please refer to the following link.
At the end of the presentation, QED demonstrated a game his team developed, showing how fast the actual IOST is.
After the announcement of the QED, a video of CTO Terry, who supposed to visit Korea, was played. Unfortunately, Terry can’t visit Korea this time.
IOST CTO Terry regretted not being able to attend the Korea Meetup. In this video, Terry explained in detail to the Korean IOST community what IOST is aiming for in the first half of 2020. Since then, Korean country manager Blake has delivered more details on IOST’s business results and plans for 2020.
Public blockchain project first invited to CCTV and China’s Great Hall Of The People
IOST CTO Terry was invited to CGTN, the global channel of CCTV in the last quarter, to discuss with Huang Zhen, director of the Financial Research Institute of China University of Finance. Terry was also invited to the 17th China ’s Enterprise Development & Blockchain Forum, held at China’s Great Hall Of The People. IOST is the only public blockchain project invited to both parties. These track records exposed IOST to various high level decision makers in China. Based on this, IOST has created the cornerstone for meetings with various governments and companies.
Expansion of B2B and B2G projects through AIOU Technology, a subsidiary of IOST
We will expand the use of consortium chains based on the public blockchain IOST. In addition, discussions are underway with 10 MNCs in China for collaboration in 2020. We will also work with local governments, starting with the Shanghai Police Blockchain Standardization in China. Through this, 2020 IOST intends to achieve two things.
- We will create sustainable revenue for ourselves and reinvest it in IOST to expand the ecosystem.
- Through the cooperation of B2B and B2G, we will make a practical use case and achieve mass adoption.
Live Q & A took place after the speech by Korean country manager Blake.
Participants asked about various contents such as development environment, benefits of participating as a node, business background, and plan for the first half of 2020.
The official schedule was finished after a photo shoot, a IOST hoodie lucky-draw, and a networking event. For more than two hours, most participants stayed and listened to the presentation. We would like to thank you again.
IOST was able to hear various suggestions from the IOST community through the meetup. IOST will always listen to community opinions and try to reflect them. In the future, we will expand our contact with the community through various methods in Korea as well as in other countries.
Thank you for your support of IOST!