ICOSpeaks AMA With IoTeX Recap.

The Agenda of today’s AMA:
1. Start. AMA speaker's self-introduction.
2. Project Introduction by speakers
3. Question from ICO Speaks team
4. AMA with Community.

👨‍💻Larry Pang, Founding Member and Head of Business Development at IoTeX ( TG id: @Larry_IoTeX)

Hello and welcome to ICO Speaks Community 👏
Please drop us a few words about your self!👨‍💻

Larry Pang, [15.09.20 19:02]
hello everyone!!

Jason | Shelby, [15.09.20 19:03]
[In reply to Larry Pang]
hello Larry, welcome to ICO Speaks

Larry Pang, [15.09.20 19:03]
My name is Larry Pang, and I’m a Founding Member and Head of Business Development at IoTeX. I graduated from MIT and spent five years as a Management Consultant at Oliver Wyman before joining IoTeX. I got into crypto after doing a consulting project in 2016 with the World Economic Forum on global payments — I was fascinated by how the financial world could be designed to be human-owned. I had a similar realization when I heard about IoTeX that the Internet of Things (IoT) aka our smart devices can also be trusted, private, and human-owned.

Find/follow me on Twitter (https://twitter.com/larrypang) & LinkedIn (https://www.linkedin.com/in/larry-pang/)!

Jason | Shelby, [15.09.20 19:03]
[In reply to Larry Pang]
thanks for the self introduction, let’s go with the second block of our AMA

💬Give us a few sentences on the following questions, which I will drop in a chat one by one💬

Jason | Shelby, [15.09.20 19:04]

Jason | Shelby, [15.09.20 19:04]
📍Can you please share with us the history of IoTeX? @Larry_IoTeX

Larry Pang, [15.09.20 19:04]
sounds great 👍🏻

Larry Pang, [15.09.20 19:05]
IoTeX began our journey in 2017 as an open-source project. IoTeX is a platform that was built 100% from scratch (no forks) and is tailor fit to support Internet of Things (IoT) use cases and to power the next-generation of human-centered, privacy-preserving smart devices and networks. The IoTeX team consists of 30+ top tier engineers and scientists from Uber, Google, Intel, Facebook, and other top tech companies. Currently, our platform is maintained by 60+ global Delegates (https://member.iotex.io/) including Blockfolio, CoinGecko, DraperDragon, and more.

Larry Pang, [15.09.20 19:05]
IoTeX has a vision for the Internet of Trusted Things — an open ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. Our platform uniquely combines blockchain, secure hardware, and confidential computing to enable trusted data from trusted devices for use in trusted Dapps.

Jason | Shelby, [15.09.20 19:06]
📍What problem is IoTeX trying to solve? How does it affect everyday people and businesses?

Larry Pang, [15.09.20 19:07]
[In reply to Jason | Shelby]
good question — it’s important to always understand the problem before the solution!

Larry Pang, [15.09.20 19:08]
These days, all types of smart devices like cameras, thermostats, and virtual assistants are being installed in our homes and businesses at a blistering rate. Even traditionally “dumb” devices, such as beds, mirrors, and toilets, are now equipped with WiFi and powerful sensors to make them “smart” — this phenomenon is called the Internet of Things (IoT). Whether you know it or not, IoT is part of everyone’s lives and allows people to interact with machines to drive efficiencies and create value.

Larry Pang, [15.09.20 19:09]
HOWEVER, today’s IoT is owned and controlled by institutions (e.g., tech giants, governments) and not users (aka you and me). All of our highly sensitive IoT data, such as the videos from our home cameras, are owned by institutions and manipulated without our consent. Do we really have to accept a future where we are surveilled by institutions that collect our data, make our homes targets for hackers, and manipulate even the way we behave? No — we can build a better future with IoTeX!

Larry Pang, [15.09.20 19:09]
IoTeX’s goal is to enable a future that is connected, empowering and safe — no intrusive ads and surveillance, just privacy and peace of mind without sacrificing usability. The IoTeX platform enables builders to easily launch privacy-preserving IoT devices, apps, and networks. Just like Bitcoin has created a decentralized financial ecosystem, IoTeX is empowering a decentralized ecosystem for our smart devices — the Internet of Trusted Things.

Jason | Shelby, [15.09.20 19:10]
📍What types of devices and Dapps are building on the IoTeX platform?

Larry Pang, [15.09.20 19:12]
Before I dive into the use cases, let me explain a little about the IoTeX platform.

Larry Pang, [15.09.20 19:12]
The IoTeX platform is uniquely designed to support the unique requirements of IoT use cases. Our platform consists of multiple layers, including one of the fastest blockchains in the industry (5 sec blocks w/ instant finality), IoT-oriented middleware, and robust developer tools to bring privacy-IoT use cases to life.

Larry Pang, [15.09.20 19:12]
The IoTeX platform is already supporting REAL IoT products that are “Powered by IoTeX” and provide users full data ownership and privacy! #OwnYourData

Larry Pang, [15.09.20 19:13]
Ucam (https://ucam.iotex.io/) is the world’s first private security camera built in partnership with Tenvis (https://www.tenvis.com/), a hardware giant that is currently Amazon’s Choice (https://www.amazon.com/TENVIS-Wireless-Surveillance-Security-Auto-Cruise/dp/B071DDBT7M) for cameras. Ucam is already in the hands of the IoTeX community and they LOVE it!

Ucam is launching on Amazon US this month — the first mass-market, blockchain-powered product! 🙌🏼

Larry Pang, [15.09.20 19:14]
Pebble Tracker (https://www.nordicsemi.com/News/2020/02/IoTeXs-Cellular-IoT-based-tracker-delivers-environmental-and-condition-data-for-assets-in-transit) is a decentralized asset tracking device developed in partnership with Nordic Semiconductor (https://www.nordicsemi.com/), one of the largest chip manufacturers in the world. Paired with our Edge Oracle, Pebble Tracker writes verifiable, real-world IoT data (e.g., location, motion, climate) to the blockchain for use in smart contracts.

Larry Pang, [15.09.20 19:15]
These are just a couple of examples of “Powered by IoTeX” smart devices that allow us to own our data. We are also working on applications on TOP of these trusted devices/data to make IoT data tradable, usable, and monetize-able!

💬Give us a few sentences on the following questions, which I will drop in a chat one by one💬

Jason | Shelby, [15.09.20 19:20]
📍 Ucam, the first “Powered by IoTeX” device, is coming to Amazon this month. Tell us about it!

Larry Pang, [15.09.20 19:21]
Ucam is the first “Powered by IoTeX” product, built in partnership with a security camera manufacturer named Tenvis. Ucam is the world’s first 100% private home security data — we use blockchain + end-to-end encryption to make sure NOBODY can see your videos except you!

Larry Pang, [15.09.20 19:22]
Don’t just take my word for it — Newsweek loves Ucam too! You can learn more about Ucam below:

➡️ Newsweek Review of Ucam: https://www.newsweek.com/new-iotex-ucam-looks-provide-unrivaled-privacy-security-1517040

Larry Pang, [15.09.20 19:22]
And here is an unboxing video to show you how Ucam actually works: https://www.youtube.com/watch?v=sErLTqYXj8g

Larry Pang, [15.09.20 19:25]
^^ recommend everyone watch this video to see the first blockchain-powered device, coming soon to Amazon!

Jason | Shelby, [15.09.20 19:25]
📍 IoTeX recently announced #DeFIoT to unlock the trillion dollar IoT data market. What is #DeFIoT?

Larry Pang, [15.09.20 19:26]
[In reply to Jason | Shelby]
Great question!

Larry Pang, [15.09.20 19:27]

Larry Pang, [15.09.20 19:28]
#DeFIoT is a new concept by IoTeX to own, tokenize, and monetize the data from our smart devices. We want to give everyday people and businesses the chance to realize the massive value that their data holds, especially our IoT data!

Larry Pang, [15.09.20 19:29]
Starting with #OwnYourData IoTeX devices like Ucam and Pebble, you have options on HOW you want to use your data once you own it.

1) Keep your data 100% private
2) Use/Analyze your data privately
3) Tokenize + Trade your data

#3 above is what we call #DeFIoT

Larry Pang, [15.09.20 19:31]
To facilitate this vision, IoTeX is launching new infrastructures like cross-chain DEX, IoT data oracle, and much more. Get ready for DeFIoT!

September is official #DeFIoT month for IoTeX! We have five exciting launches this month, and we already announce 2 of the 5. We announced youtube

(http://tube.iotex.io/), a cross-chain interoperability bridge, and also announced a partnership with Binance to bring $BUSD to IoTeX.

Jason | Shelby, [15.09.20 19:32]
📍 What can we expect from IoTeX for the rest of the year and beyond?

Larry Pang, [15.09.20 19:33]
IoTeX is just getting started — as of today, IoTeX is already powering smart devices that allow users to own and control their data, but we have much bigger long-term goals. Our next steps are to enable privacy-preserving Dapps that leverage the trusted data and trusted devices enabled by IoTeX, and eventually form diverse human-machine economies that will power new decentralized ecosystems where humans and machines can interact with guaranteed trust, free will, and privacy.

Larry Pang, [15.09.20 19:33]
Our near-term goal for the rest of the year is to welcome the world to build amazing things on the IoTeX platform. With Mainnet GA, the IoTeX platform is now ready to support a wide variety of use cases across blockchain, IoT, and privacy. Our goal is to build our ecosystem of builders and contributors that will bring great network effects to IoTeX. Join us!

📍 The community can ask any question about Your project and your speaker would answer them.

ms orpa, [15.09.20 19:37]
STAKING is very popular topic recently. Please tell us in detail about the $IoTeX Staking plan and the benefits of adding staking ?

Larry Pang, [15.09.20 20:08]
[In reply to ms orpa]
Good question! I love talking about staking :)

IoTeX uses Roll-DPoS, a consensus mechanism we built in-house that is a variant of DPoS. This means our community will elect Delegates that mine blocks on behalf of the network. Our staking is actually very unique — when we launched our consensus in 2018, we were the only project to utilize the concept of “stake durations” (locking tokens for predetermined time to get some benefit), and our staking has now been live for 2+ years! Our community is earning ~8% ROI on their staked tokens, which is a lot!

Recently we moved from a hybrid staking system on both Ethereum/IoTeX to a fully native staking system on IoTeX. You can see this link (https://medium.com/@iotex/native-staking-on-iotex-mainnet-ga-machina-is-live-5ab572a22d57) for staking instructions to learn see here (http://member.iotex.io/)all of our Delegates!

Jack, [15.09.20 19:37]
Staking over ethereum through own wallet is being costly day by day due to network congestion and high fees of ethereum transactions so do you think $IOTX is the final solution for this problem?

Larry Pang, [15.09.20 20:04]
[In reply to Jack]
I think we will start to see many Dapps being ported over to IoTeX in the next 6 months. IoTeX is EVM-compatible and much faster/cheaper than Ethereum. Our chain does 5-sec block times with instant finality, which is very valuable for the IoT space but also the DeFi space. It’s interesting to see that the chain we designed specifically for IoT to handle large volumes of transactions at very high pace also has applicability for DeFi use cases. I guess if you think about it, the two are not too different … #DeFIoT

Alisa, [15.09.20 19:37]
I heard a lot about UCAM but didn’t heard anything about “pebbles” ? What kinds of device is this? When it will available or is it already available?

Larry Pang, [15.09.20 20:02]
[In reply to Alisa]
Ucam and Pebble are both “Powered by IoTeX” devices but meant for different audiences!

Ucam (http://ucam.iotex.io/) is our first consumer-facing product, designed so even people that do not know about crypto/blockchain can enjoy the product. On the other hand, Pebble Tracker (https://www.nordicsemi.com/News/2020/02/IoTeXs-Cellular-IoT-based-tracker-delivers-environmental-and-condition-data-for-assets-in-transit) is a developer-facing product, which allows devs to bring real world IoT data to the blockchain for us in smart contracts. We built Pebble in partnership with Nordic Semiconductor, a massive billion-dollar chip company from Sweden.

FF Dior, [15.09.20 19:37]
IoTeX is a bit unique because it use Cosmos/Tendermint. While other DeFi use Ethereum — why you. guys choose Cosmos?

Larry Pang, [15.09.20 19:59]
[In reply to FF Dior]
We do NOT use Cosmos. IoTeX is build 100% from scratch. We are a native blockchain/network.

Alejandro Urich, [15.09.20 19:37]
• From the IoTeX point of view, what is the future of the Internet of things? Do you think there could be mass adoption worldwide?

Larry Pang, [15.09.20 19:59]
[In reply to Alejandro Urich]
For me the future of the Internet of Things is all about PRIVACY and #OwnYourData. I like this saying:

If data is the new gold, then our IoT devices are the goldmines.

Basically this means our IoT data has value that we currently do not own. All of it is being funneled to tech giants that sell/manipulate our data. I don’t think privacy is 100% mainstream yet, but the world’s recognition of security/privacy as major issues will definitely support IoTeX’s mission to bring privacy to people’s devices, whether is it their house/vehicle/business/etc.

Martin Douglas, [15.09.20 19:37]
You can be compared with Apple in the world of blockchain, you build a blockchain and release a product (Ucam) a private camera. Why did you choose such a business model? Is selling a Ucam camera a separate business?

Larry Pang, [15.09.20 19:55]
[In reply to Martin Douglas]
Yes, we are like Apple in the sense that we work on both hardware and software side of things. But for hardware, we partner closely with device/chip manufacturers to build our products. This is an attractive business model because device/chip manufacturers these days do not know about building apps and software, they are good at building hardware. So IoTeX brings a very special value to them by making their hardware private, which is a huge feature for users these days.

For the camera market specifically, this is already an industry worth hundreds of billions of dollars. The best part about UCam is that the software we have built can now be applied to ANY type of camera. Although IoTeX is not a camera company, we are a platform for cameras and other types of IoT devices. By 2025, there will be ~100 billion IOT devices around the world, and we want to make sure IoTeX is powering as many of those devices as possible!

Oggy P, [15.09.20 19:37]
What the price of U-Cam?

Larry Pang, [15.09.20 19:51]
[In reply to Oggy P]
Ucam is $45 — you can buy it at ucam.iotex.io and international shipping is available!

Vicky, [15.09.20 19:38]
Given the amount of IoT devices out there in the world and their lack of security and privacy how hard would it be to retrofit various devices to make use of IoTeX?

Larry Pang, [15.09.20 19:51]
[In reply to Vicky]
Great question — it really depends on the “open-ness” of the hardware itself. A good analogy for this is people that jailbreak their phones. What they are actually doing is removing the pre-installed firmware/software so they can run a “jailbroken” OS that is more customizable. Yes, it is more custom but that also means you lose the normal features an iPhone would have. So there are benefits and tradeoffs, but overall using older devices as “shells” to place IoTeX technology into is something we are very excited about!

Nikol, [15.09.20 19:37]
💙What about the security of Iopay mobile / desktop wallet? is there any security features incorporated to make it safe?

Larry Pang, [15.09.20 19:48]
[In reply to Nikol]
ioPay (http://iopay.iotex.io/) is the official wallet for the IoTeX Network, developed by the IoTeX Foundation. we have been building and improving ioPay for more than a year now and we are proud to report both the desktop and mobile versions of ioPay are extremely stable and packed with features!

you can download ioPay now for Android/iOS and Desktop/Mobile at iopay.iotex.io

Cosmo, [15.09.20 19:37]
♦️As a beginner, which are the easiest steps to start building Dapps on Iotex? Which conditions and requirement does it need? What knowledge should this developer have?

Larry Pang, [15.09.20 19:46]
[In reply to Cosmo]
IoTeX is a very flexible platform, useful for both advanced and beginner developers. You can learn more about getting started with IoTeX platform on our new dev docs website: docs.iotex.io and also our github: http://github.com/iotexproject

if you are interested in building something on IoTeX, we have a grants program called Halo (http://halo.iotex.io/) — feel free to apply!

Диего | Diego | ディエゴ | Satoshi Club, [15.09.20 19:36]
I’m interested in contributing to IoTex, Do you have any Global Ambassador Program, if yes, how do I apply ?

Larry Pang, [15.09.20 19:44]
[In reply to Диего | Diego | ディエゴ | Satoshi Club]
Yes! Please complete this form: https://alinab.typeform.com/to/aZwhsk

You can also PM me if you are interested in being an Ambassador :)

Para Bellum, [15.09.20 19:36]
Hi @Larry_IoTeX

You stated team focus is to attract device users and manufacturers to IoTeX platform. What’s the progress made so far?

Larry Pang, [15.09.20 19:43]
[In reply to Para Bellum]
On the manufacturer side, we are doing great! We are partnering with both device manufacturers and chip manufacturers, both to add IoTeX technology into existing products, but also to create brand new products with special chips.

On the user side, we are also doing great — we plan to get Ucam into the hands of thousands of people globally by end of this year, and have big plans for Ucam in 2021 to get mass adoption! We will also be looking into different versions of UCam like doorbell camera, outdoor camera, dash camera, and more.

Диего | Diego | ディエゴ | Satoshi Club, [15.09.20 19:36]
What is the utility of IoTeX ? What does determine the value/price for it, is there
anything within your ecosystem that increases the demand for the IoTeX ?


Larry Pang, [15.09.20 19:41]
[In reply to Диего | Diego | ディエゴ | Satoshi Club]
The IoTeX native coin is called $IOTX — it is used for a variety of purposes in the IoTeX Network, including gas fees, governance, device registrations, and service provider registrations. Learn more here: https://medium.com/@iotex/iotex-tokenomics-part-1-utility-of-the-iotx-token-781ff9c866e3

Larry Pang, [15.09.20 20:10]
that’s all of the time i have for today! thanks for all of the amazing questions guys, hope you enjoyed the AMA!

Larry Pang, [15.09.20 20:10]
that’s all of the time i have for today! thanks for all of the amazing questions guys, hope you enjoyed the AMA!

Official Website: https://iotex.io
Telegram: https://t.me/IoTeXGroup
Twitter: https://twitter.com/iotex_io
Medium: https://medium.com/iotex
YouTube: https://www.youtube.com/channel/UCdj3xY3LCktuamvuFusWOZw
Ucam: https://ucam.iotex.io
IoTeX Staking: https://member.iotex.io



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