Recap of the Jan 15th Telegram AMA
Co-Founder Lyu Xinhao answered top questions from the community.
On Jan 15th 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.
@Huy Hoang
What IoT Chain have designed ?What is next for IoT Chain?
We are continuously striving to deliver the best service and product, we are making progress in accordance with our roadmap. Next step on our roadmap is to settle everything for our token swap, which is planned for Q1 2019. The second step on our roadmap is to release our complete and easy-to-use developer tool, this will take place in Q2 2019. Finally, we will optimize our Main network performance in Q3 2019.
@Andoran3
How do you plan to increase adoption in a market that already has many competitors in IoT services?
First of all, we are always focusing to deliver the best product in terms of quality and service! The Internet of Things is a huge market and rapidly evolving. At this point, there is still many possibilities and combinations related to the blockchain technology. We believe that in the long run, competitiveness will have a positive impact on technology, we embrace a highly competitive environment. We believe in our key objectives and core purpose, we are unique and we will make a difference with our MainNet and performance of the IoT Chain, also we have a very strong developer-friendly developer tool, those aspects will distinguish our project. In 2019, one of our main objectives is to offer a comprehensive business application, this application will fit in many industries with a broad spectrum. We have a dedicated and hardworking business development team, we will focus on this objective and deliver an excellent product as always!
@juancok
I know that the CHAIN IoT uses DAG technology and I am very impressed with DAG technology, maybe in the future it can change bitcoin because with the speed of transactions, and this year’s IoT chain will change from ERC 20 to DAG technology, what is the big break after changing the system?
The IoT Chain has much better performance than the ERC20 based performance. At this point, we have a higher transaction confirmation time and the number of transactions. We will still optimize our performance, this is one of our main objectives for 2019.
@hspanget
When the public chain is ready to onboard companies, will the private chain still exist?
We will give the possibility to build a private chain based on the IoT Chain open source code, similar to Ethereum or Bitcoin, but we will still recommend a public chain solution when communicating with any company. There are multiple reasons to use our public chain, one of them is the fact that cost is much lower and it’s more friendly to use for businesses. In order to make use of the private chain solution, companies need to pay extra server costs and network maintenance costs for multiple nodes, they also need some technical support related to the blockchain technology. Any organization that uses the IoT public chain, don’t have to worry about the network operation costs, this is very beneficial for those organizations.
@VAUVAU1
What is the maximum network bandwidth and what are the measures to increase it?
Currently, bandwidth does not form any bottleneck. We assume that a transaction is about 1KB, and 1MB of bandwidth will lead to 1000 transactions. To reflect on the current demand, we are doing a great job and don’t have any bottlenecks, If your question is related on how to improve the throughput of the network, our entire design is focused on the needs of the Internet of Things. In the future, we will obtain enough throughput, including the choice of consensus, performance optimization of each module.
@chazlupo
While the market is still not stable, does your development team now have a new direction ?? Does team feel they will be able to roadmap / time frame milestones ? Any foreseen problems / roadblocks ? if so how to resolve ? Any new company partnerships/collaborations in the working ??
We are still on track with everything as stated on our roadmap, we have not changed any direction and still progressing in an excellent way! We keep on promised and we deliver what we promise, as we already proved in the past. At this point, one of the biggest challenges is the multiple tasks related to R&D. We have a very strong and experienced technical team with strong R&D capabilities. We also maintain a high-intensity and high-output R&D pace and strive to complete R&D goals on time. A piece of very excited news is about the new target customers for business promotion, unfortunately, we can’t announce specific details yet, but please keep an eye on our official channel and stay tuned!
@YumeYang
For long term the AI Aplication will make good use of data producted from IOT to optimiz the application performance and product the better data for big data to use in the future . Now any future plan for ITC to integrate the AI application with Iot chain ?? Besides how to storage the huge big data in the future any plan for that ?
We have always been focused on the combination of IoT data and AI, blockchain technology can help to achieve this goal. Blockchain technology can assert data and track the path of data usage. Blockchain technology will not only improve data quality that is required by AI, but it will also protect the value of data. The blockchain itself does not have to store any data, only the index of the data, it can be stored in other databases or distributed databases such as IPFS.
@YumeYang
Does ITC has any plan for cross chain solution in the futrue ?
We are not developing any cross-chain at the moment, however, we will consider the mature cross-chain solution in the market to complete the cross-chain function.
@EricSchneider
Will IOT Chain release an updated whitepaper in the future?
We will consider update whitepaper in the future
@Madnezz1985
You have a blockchain. You are using nb-iot chips, rfid, are you gonna use lpwan. What else are you going to use to extend the Iotchain ?. Because not other blockchain project is going to use al these feature together. This is al possible ?
We are quite unique in multiple ways, our modular design architecture allows deconstruction, upgrade, and replacement of each module at a low cost. RFID, NBIOT, and IPWAN that you mentioned, those are the different communication protocols which the device communicated with the IoT Chain. We define the data standard of the device and IoT Chain, so different communication protocols can use IoT Chain as long as they use the same data standard.
@LVL_UP_I0T
I currently have a Cobo Vault cold storage wallet which accepts all ERC20 tokens; so once this token swap occurs is there any way of knowing how/when the ITC native coin will be supported by cold storage wallets like the Cobo Vault or Nano Ledger?
At the moment we are talking with major exchanges that are listed on our website, for the upcoming token swap we will not focus on the cold storage wallet. We will inform everyone in a detailed manner, once we have successfully agreed every step with those major exchanges, at that point, we will inform our community in a detailed and best way.
Thank you for your support! Be sure to follow our official channels to participate in our next AMA!
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