Recap of the Dec 20th Telegram AMA
Co-Founder Lyu Xinhao answered top questions from the community.
On Dec 20th the ITC team held a live AMA on Telegram and answered top questions from the community. For those who missed the live event, we have summarized those questions and answers for you below.
@deviationl77
I heard that many blockchain project teams have quit their project due to the recent decline in ETH prices. How much did the ITC team suffer from the decline in crypto currency? I am worried that bad news will come about, such as a layoff or downsizing or an extension of the roadmap.
We have reserved sufficient R&D funding to support the project for two years. Our team is working very hard to achieve our goals and are currently on track to meet our roadmap’s objectives. In terms of technology advancements and its application, we have made good progress in technology and applications so far. Please stay tuned to any further updates.
@Therik
1)What kind of server is necessary to set up a node, should it be a dedicated server or is a virtual private server enough? 2)What will happen in case more than 21 persons would like to setup a node? How is determined who is allowed to set up a node? 3) How will staking be arranged for people who are not able te set up a node (because they own < 100k ITC or more than 21 people would like to have a node). 4) What is minimum staking periode for people with node and for people without node (who join a node)? 5) How to setup / configurate the node? What software is necessary? Should the OS be Linux or Windows?
1) A server should satisfy the basic hardware configuration, you could choose the proper server by AWS or AliCloud
2) The Foundation will select 21 nodes in total. In principle, there are four conditions:
① Influential in the IoT and blockchain domain; ② Holding more than 100,000 ITCs; ③ Ability to help IoT Chain public chain ecological development; ④ Sufficient technical strength
3) They can contact and communicate with the selected node.
4) The node is selected once a year, and the node pledge time is also one year. 5) Recommended configuration
> 8 cores and 32G RAM
> 50 mb Bandwidth
@CatShark
Will ITC be able to fork out private blockchains for corporations, and will these corporations have to pay some sort of fee in ITC tokens for this?
Technically IoT Chain can be used as a private chain, like Ethereum. However, we will try our best to promote the IoT Public chain.
@CatShark
Will there be any sort of staking pool or leasing where smaller holders can benifit from staking by putting all their holdings together to pay for a node.
After the nodes are announced, you can choose to contact one of them. IoT Chain shall not be liable for any between the Node and Participates cooperation details or contract.
@madnezz1985
Only the top 49 can have a node setup because of the 100k holdings. Would it be possible to create a smart contract to create a pool with others members where cost and the percentage are set in the contract. So there is no cheating and everything divided equally.
Considering the security and practicality of this complex operating process, we will not use smart contracts for the operation. Regarding the operation of the node, we will keep it publicly open to the community.
@madnezz1985
What are the hardware specs to have a node set up?
Recommended configuration (in the beginning stage)
> 8 Cores and 32G RAM
> 50MB Bandwidth
Hardware and network upgrades will vary with the actual transaction volume. If there is a change, our team will communicate with consensus nodes. More details will announce later.
@Madnezz1985
You have an node ecruitment. They are 21 nodes. So make this IOT Chain not centralised ?
We need to ensure the security and decentralization of the blockchain while pursuing high performance, and finally determine the number of 21 nodes. Consensus nodes will satisfy BFT (Byzantine fault tolerance)
@YumeYang
Some blockchain is using two token system (token & gas toke) , but now ITC uses only on token system , my question is does it will limit the development of ITC in the future ?? Thanks for your reply .
Two token-based projects tend to dilute the value of one of the tokens, and we believe that adding a new token all of sudden to projects is not appropriate. Although ITC has only one type of token, however there are a variety of possible applications for ITC, in addition to being a value stream, ITC will also be used as a GAS for trading.
@davyxyz
IOT Chain will have many smart devices on its blockchain. What if however, I were to go somewhere with my smart device and there is no internet connection at all. Will I remain connected in a way and still generate data when I’m offline or will it not be compatible?
In this case, the data is stored locally first. After restoring the network environment, the data is automatically uploaded on the blockchain.
@sundaysane
Currently, it has been establishing IoT environment through short-range wireless communication such as Bluetooth, Wi-Fi, and NFC technology. I wonder why Iotchain is connected to these technologies and why Iotchain should be used.
The iotchain is compatible with various communication protocols, including NB-IOT, wifi, etc. Valuable data or assets are linked through various communication protocols to iotchain.
@LVL_UP_I0T
Does this current bear market have a negative effect on the progression of ITC development?
The bear market did not affect our R&D progress, and everything is going well.
@Rasool
100K ITC for running a node is before or after split?
ITC will not split.
@LVL_UP_I0T
Will the ITC native coin evolve into being classified as a cryptocurrency, utility coin, or security token?
ITC is an utility coin.
@LVL_UP_I0T
With the ITC native coin; if I were to transfer to an ITC address more than once would it void/disappear?
When we designed the consensus mechanism, we considered avoiding the double-spending problem. The balance of an address will change after the transfer operation and cannot be spent twice.
@EricSchneider
What are the biggest challenges for IOT Chain in the near future?
Development of the public blockchain is a relatively complicated task. Many problems have not be solved before and sometimes research enters into unchartered territory, requiring multiple iterations to obtain the best solution. Thankfully we have a capable R&D team that do not only solve issues, but produce high-quality solutions.
@EricSchneider
What does the IOT Chain team think about the current crypto market situation?
We believe that the current market is in a downward channel — the bubble is gradually disappearing and the applicability of blockchain in real world is becoming clearer. But as the bubble fades away, quality projects that remain will achieve greater success. Now is the time to transform traditional industries with blockchain technology. It is worthwhile to be a part of this project in these exciting times.
@lucky07944164122
When iot chain will launch there chips for devices and when can be avaible to purchas online and how much cost? Love to try it.
We are expected that the chip using IoT Chain will be in 2019, it is likely that the enterprise is using it, and it will be synchronized with everyone. As for the scenario for end users, we are still exploring.
@Hspanget
Why did you decide to keep the total supply of tokens rather than doing the original split?
We believe that the addition of a new token all of sudden to projects is not appropriate. Although ITC has only one type of token, however there are a variety of possible applications for ITC. In addition to being a value stream, it will also be used as a GAS for trading.
@KRYPTOtyp
How was the requirement of 21 nodes obtained?
There are four conditions, 1. Influential in the IoT and blockchain domain; 2. Holding more than 10,000 ITCs; 3. Ability to help IoT Chain public chain ecological development; 4. Sufficient technical strength
@KRYPTOtyp
Why have you decided not to increase the supply of coins with the mainnet swap?
After considering the opinions of the exchange and the community, we have decided not to increase the supply of tokens. This is also because of our initial commitment to the community. In specific applications, the token can be divisible and traded in units after the decimal point. In a digital Internet environment, the decimal point does not increase the complexity of use.
@chriscbb
On what basis did you come up with only requiring 21 nodes?
We need to ensure the security and decentralization of the blockchain while pursuing high performance, and finally determine the number of 21 nodes. Consensus nodes will satisfy Byzantine Fault Tolerance (BFT).
