IoTeX AMA Livestream for Delegates Program — Mar 26, 2019

IoTeX
IoTeX
Mar 22 · 11 min read

Session participants

Our co-founders Raullen and Jing, and Head of BD Larry hosted the livestream to communicate with our supporters and to let you know more about the IoTeX recent updates!

Livestream Video

Livestream Recap/Highlights

  1. Overview of the Mainnet Rehearsal
  2. Q1 — On Delegates’ contributions
  3. Q2 — Delegates changing rewards
  4. Q3 — Reputation system for Delegates
  5. Q4 — Voting for the Delegates in the top
  6. Q5 — The Current state of the IoT industry
  7. Q6 — Becoming IoTeX’s Delegate
  8. Q7 — On funding
  9. Q8 — IoTeX’s business model
  10. Q9 — On marketing

1. Overview of the Mainnet Rehearsal

We have launched the staking and voting program around one month ago, and up to today, we already have around 25% of the circulating IOTX tokens staked & voted. Also, we have some very decent Delegates that are currently listed in the top 12, they all come from different backgrounds, including tech, fund/investor, community and it’s great to have such diversity.

Q1 — On Delegates’ contributions

This really depends on the type of a delegate, for example, for tech delegates, contributions to the core code are really welcomed! Now, we have a few tech delegates that are trying to build things around the repo, because they don’t have to dive that deep into the code and can still build something really useful and cool, for example, explorers, tools for distributing rewards to voters, calculators and more. Since our delegates have very diversified profiles, they are welcome to contribute different resources and can help us to build communities in their countries, translate & post information/articles in different languages, organize meetups, attend events, etc.

Q2 — Delegates changing rewards

One thing that our Brand Ambassadors are doing right now is creating a spreadsheet and we are going to assign a number of delegates per BA, who they are going to vote for and track the rewards received. This spreadsheet will be very transparent and have different metrics, that we will be able to provide to the community, such as: delegate’s payout %, payout frequency, history of when delegates have changed their rewards in the past and also when they actually paid out those rewards. All of this is going to be open to the public and we encourage the public to contribute! The team’s job here is to maintain the decentralized approach as we don’t want to be the police, and all we are trying to do is to provide very transparent information so that voters can make the best decisions.

Q3 — Reputation system for Delegates

We don’t plan to penalize Delegates, but if they pretend to be doing things and not actually doing them or lie we will take action, even though we respect anonymity and freedom, we disincentivize misinformation. We will provide all the tools and metrics available for our voters to make the decision. For example, in the Delegate portal, we are developing a feature with different performance indicators, so that you can see if they are online, their productivity rate, what kind of machines they are using and if they meet all the criteria’s, the bar will be green, if not, red. We also want to highlight that it’s really about community efforts to make all the information transparent and we are not going to be the ones who will chase delegates for information, rather, we want to build a very autonomous kind of ecosystem, where delegates feel very welcomed to contribute in many ways and we are able to spread the news fairly and transparently.

Q4 — Voting for the Delegates in the top

Are they any measures that would disincentivize people from voting for a top delegate to increase their chances of getting rewards because it’s not necessarily beneficial for the network in the long-run?

Q5 — The Current state of the IoT industry

So we know that IoT has been there for many years but with no rapid development but recently we have been hearing about this new wave coming of the 5G technology (that we got to see at CES this year) and its being deployed rapidly in China, US and other areas around the world. As more devices get connected to the Internet and the network, we are foreseeing that 5G will largely solve the problem of connectivity of the IoT devices and impact the identity of these devices. That’s why we think that blockchain has a very large potential here to provide these objects some type of identity. For those of you who have been following our updates during these months, you know that we get a lot of interest from IoT companies and recently we have started discussions around partnerships with Theta — decentralized streaming platform utilizing the blockchain and right now working on the TV box. We are currently working with some of the hardware companies to facilitate hardware development, which will launch very soon, maybe in April or May, so everything is on the way and Mainnet is going to be just the beginning and lots of real use cases are under development. But as Raullen said, the blockchain and hardware, have a very important relationship in the future, in terms of id, authentication, sharing economy, all these devices are not just consumer products, but actual revenue generators and blockchain can provide the fundamental payment and protocols for such kind of information exchange and transactions. Also, very soon we will launch the member portal to introduce the hardware products to our members.

Q6 — Becoming IoTeX’s Delegate

Because we have built the whole thing with the decentralization in the DNA, a delegate can join us at any time if he has enough tokens, the process of joining or leaving is fully up to you, you don’t need our permission to do it. And also if a delegate wants to leave, meaning if he loses interest in us, or wants to do something different, the unstaking process will take 3 days to be effective and that should be enough time for the voters to notified. Once this candidate has unstaked, we will have some kind of a warning bar at the top of their name in the portal, so that everyone is aware that this delegate is opting-out and voters can transfer their tokens.

Q7 — On funding

We will definitely have more blockchain partners joining us and from the investor side, this past year, we got a lot of interest from different tech investors, they want to invest in our token or have interest in the equity. Just to be transparent, at this moment, we don’t have any kind of equity round and we are still in discussions. So far, we have enough money to support the entire IoTeX blockchain development.

Q8 — IoTeX’s business model

Since IoTeX is a non-profit foundation, how is the project sustained over time without the focus on revenue?

Q9 — On marketing

How would you rate your current marketing efforts and what do you think can be improved on the promotion and marketing side?


About IoTeX

Founded as an open-source project in 2017, IoTeX is building the world’s leading privacy-centric blockchain platform for the Internet of Things (IoT). Their mission is to build a decentralized trust fabric for a new era of collaboration and data exchange among devices, applications and people. Backed by a global team of research scientists and top engineers, IoTeX combines blockchain, trusted hardware and edge computing to realize the full potential of IoT.

@iotex

IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX is bringing autonomous device coordination to the masses by "connecting the physical world, block by block".

IoTeX

Written by

IoTeX

The Privacy-Centric Blockchain Platform for IoT

@iotex

@iotex

IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX is bringing autonomous device coordination to the masses by "connecting the physical world, block by block".