Note: We edited the questions and answers for clarity. Tech AMA from 3/2/18 has been added to the bottom of this list. We will update this post as we add in more AMA related Q&As.
Q: Why did you choose the name IoTeX?
A: IoT = Internet of Things
eX = commonly used in coding for explode, extension, explore, & next generation.
Q: How can we apply IoTeX to real life?
A: We see IoTeX as a platform for others to build DApps for IoT. Each IoT DApp runs within one subchain and can communicate with other subchains via the rootchain. Typical IoT DApps lies in the sectors of sharing economy. For example, a device loans out its computation/ storage/ connectivity capability in exchange for tokens or a device (like a RFID on the bike) can provide certain services in exchange for tokens.
Q: How would you describe IoTeX in simple words?
A: Ethereum for IoT including sidechains with built-in privacy + lightweight computation/storage/communications (kudos to @TheCinfox
Q: What is the max token supply?
A:10 billion IOTX.
Q: How much have you sold in private sale?
A: 24% has been distributed to private investors.
Q: Private sale price?
A: This answer will be disclosed at a later date.
Q: How much money are you planning to raise?
A: We don’t have an official answer for now. We will be releasing this answer when we open our whitelist in a few weeks.
Q: Can you tell us something about your partners?
A: We are still in the process of discussing with our IoT/hardware partners. We will update this with an official answer in the future.
Q: When can I exchange my points to IOTX token?
A: 15 days after our token issuance, you will be able to redeem the points (1:1 points to IOTX ratio). MINIMUM redeem requirements: 100 points. If you have less than 100 points, you cannot redeem to IOTX until our mainnet is released. We have plenty of community reward programs. Most of you will get more than 100 points. Currently we don’t have an exact token issue/on exchange date. Once we have it, we will let you know in the pinned message in this group.
Q: Who can I contact to participate in IoTeX’s community reward program?
A: Please keep tuned to our Telegram Group pin message and PM @IoTeXBountyBot in Telegram to participate.
Q: How do you plan to address the storage issue when the network is overloaded with thousands of transactions on all chains?
A:Great question! This is definitely something we want to address here at IoTeX. Not every device should act as a full node. For devices with extremely limited local storage, they should be assigned as a lightweight node. In order to reduce the storage footprints of a full node, we must
a. Reduce the size of each transaction;
b. Archive historic data and create checkpoint states of the entire blockchain;
c. Categorize subchains based on use cases: For example, one chain for sharing economy and another chain for smart home. This will help reduce the TPS on the rootchain.
Q: Why do you think pure PoS consensus is better?
A: The original PBFT has high communication complexity, e.g., O(N²), and is not scalable. dBFT is much better thanks to delegates. Our RDPoS is a variant of DPoS, which leverages PBFT for voting/endorsing the newly created blocks. The major difference between the two is that RDPoS uses a random committee of delegates every so often, which tries to eliminate centralization (to a certain degree) introduced by delegated schemes.
Q: How will mining work?
A: RDPoS is a variant of DPoS, so one can probably use almost any commodity devices to mine.
Q: Are you developing hardware?
A: Yes, we are actively working with hardware vendors (IoT/smart devices) on this front.
Q: What is your technical progress now?
A: Our developers are working on the testnet development. We will launch the testnet preview in April.
Q: In terms of decentralisation and elasticity within blockchains, how quickly could a blockchain respond with additional nodes in the scenario of overwhelming computational demand?
A: It depends on the design of fast consensus schemes as well as efficient communication protocols in the peer-to-peer network. IoTeX is actively doing research on these topics and various options and improvements are being tested in our testnet now.
Q: Can you give a practical example of why data might be transferred from the subchain to the root chain. And an example of why data might be transferred from a subchain to another subchain on the same root chain?
A: The data transfer between the subchain and root chain involves the interoperability among different IoT device vendors. A simple example could be a use case in the smart home, where multiple IoT devices from different manufactures may communicate and cooperate to complete certain task.
Q: What does interoperability among subchains look like in a practical sense?
A: Interoperability among subchains is the enabler for creating better IoT applications, which involves the communication and cooperation among different DApps running on each individual subchain.
Q: What do you mean by settlement and anchoring of payments and true for subchains?
A: One type of subchains is a plasma-like blockchain where the payments happen in a subchain but the settlement of the payments happens on a rootchain.
Q: What do you mean when you say subchains will be run by operators?A: Some nodes in subchains will act as operators to perform consensus and manage the data transfer and storage.
Q: Why are you allowing subchains to define their own tokens? Doesn’t his reduce the utility of the IoTeX token?
A: We would like to provide high flexibility for the users of our subchains. While allowing subchains to define their own tokens reduces the utility of the IoTeX token on subchains, IoTeX hopes that will encourage more IoT DApps to be built on IoTeX’s platform. We hope IoTeX tokens will be utilized as the underlying cryptocurrency to help bridge the various tokens used on the IoTeX subchains.
Q: Doesn’t allowing subchains to have their own token increase the volatility of the value of the entire IoTeX ecosystem?
A: Probably no, allowing subchians to have their own token is an effective way to attract potential users/communities/companies to build their applications on subchians. With the rapid growth of subchians in the IoTeX ecosystem, people will be more confident about our technology and platform, thereby increasing the value of IoTeX token in the long run. Considering the salient features of IoT system such as interoperability and cooperation, IoTex tokens may become the baseline cryptocurrency to bridge different subchains.
Q: The ability to design subchains is compelling, but who do you envision are the main actors designing subchains? Home owners? Businesses? Etc?
A: IoT related industry sectors and device manufactures which aim to power their applications using blockchain will be the main actors designing subchains with our platform and toolkit.
Q: Designing these subchains requires specialised knowledge, and barriers to enter the IoTeX ecosystem must be as low a possible in order to scale. Are you providing a user-friendly solution?
A: We are designing a user-friendly development toolkit which will lower the barriers for users developing DApps on subchains significantly. In the future, IoTeX will be providing training sessions regarding subchain provisioning.
Q: In what cases will a subchain interact with the public chain?
A: The subchain will interact with the public chain (i.e., root chain) for cross-subchain transactions.
Q: What is the difference between the root chain and public chain?
A: Public chain is the root chain in our system.
Q: What is the on boarding process like for a device onto the IoTeX blockchain?
A: An IoT device pre-installed with the IoTeX blockchain client-side software is able to send a joining request to the operators and complete the boarding process.
Q: What is Lightweight cryptography?
A: Lightweight cryptography makes trade-offs between security and performance, which is designed to meet the security requirements for resource-constrained IoT devices.
Q: Technology wise, who you can compare it to?
A: Both IoTeX and IOTA focus on the IoT domain. However, IoTeX has the different design considerations when we develop our platform. The four essential innovations listed on our website will differentiate us from other IoT+Blockchain projects. The strong research and development team behind IoTeX will guarantee the success of our project.
Q: What are some real world use cases?
A: We have several real life use cases: sharing economy, identity management, smart home, and autonomous cars. We have more detailed description of use cases in our whitepaper ➡️https://iotex.io/white-paper
Q: Will there be a limit on the number of delegates for your DPoS? iirc EOS plans to only use 21 validators which makes it kinda centralized, how about iotex?
A: The number of delegates for our DPoS is also limited to tens of validators and we are doing some research now to improve the DPoS scheme used in EOS. We are also testing different settings to determine an appropriate number of validators for IoT applications.
Q: What’s the biggest risk associated with IoTeX?
A: The architecture of our system is highly complex, which requires expertise in multiple domains such as distributed system, cryptography, and IoT. Fortunately, we have gathered a strong team with complementary skills to mitigate potential risks during the development process.
Q: How do you see 5G help accelerate IOT devices?
A: 5G network is designed to be scalable, versatile, and energy efficient for connecting IoT devices, which aims to solve the challenge of combining communication and computation together for resource-constrained environments.