IOST (Internet Of Services)

Jimmy Zhong the co-founder of one of the largest public chain with scalability and decentralized features answered several questions on their community. Here is a quick highlight of various questions answered by the co-founder during the AMA:

Jimmy Zhong: Nice to see you guys here!

Dimtry: 1. Is there a way to create wallets based on a mnemonic seed? If so, what is IOST’s derivation path and wallet address format?

2. How do the wallet nicknames (eg. “bissiost”) actually work? Since the user can obviously choose them, they cannot be derived from a wallet address, but need to be linked to them. How is this linking achieved? Is it a permanent, never changable link? Where and how is it stored and retrieved?

3. When users want to vote, right now they have to rely on a third party exchange/platform, such as BISS. In contrast to the principle “not your keys, not your coins” we currently have to rely on a third party and would lose our coins if it goes down or away. The same is true with the staked coins, since after staking (ie. voting), they are in the hands of the nodes that you would have to trust as a third party. Is there no way of a truly decentralised way of voting, where you stay in true possession all the time with your own private key or seed?

Jimmy Zhong: To answer Dimitry’s questions

1. Yes you can create wallets based on that. More mobile wallets will start to support this soon. Now we have an account system like EOS.

2. It’s like EOS.

3. You can vote anywhere now. BISS is only a tool. You are welcomed to vote on blockchain and more wallets will be supporting this.

Jimmy Zhong: BISS is not our official voting portal, they are a node and a reliable partner. That’s it. Just like you can vote for EOS nodes on some exchanges.

Kamal Prem: Over 2Billon vote staking, there is still high sell pressure, are you guys selling team’s unlocked tokens in January? :)

Jimmy Zhong: @prem no we are not selling.

Jimmy Zhong: We will announce the new lockup plan soon.

Jimmy Zhong: Voting on Binance won’t be ready soon cause they don’t support voting and are not planning to in the recent future. I’d recommend you guys use wallets to vote if you don’t trust exchanges like Huobi or BISS.

More wallets will support this — in a month

Kamal Prem: When will we see enterprise solutions and executions? #AMA

Jimmy Zhong: Already in progress. Announcements will be made in the next 2 weeks.

Ac: What mobile wallet supports iost dapps, like Endless casino?

Jimmy Zhong: Trust wallet will support IOST.

Jimmy Zhong: TokenPocket, Cobo wallet and a lot more. Just need a bit of time. And our chrome extension wallet is coming soon. (Now under review by google)

Declan Flynn: Have you any plans with major companies?

Jimmy Zhong: Yes. You will see some announcements with big players like AWS soon. enterprise solutions are also in progress. For example we are working with Chinese NASA on their drone solutions now.

HodL 🇵🇭 : About this question sir.

2. How do the wallet nicknames (eg. “bissiost”) actually work? Since the user can obviously choose them, they cannot be derived from a wallet address, but need to be linked to them. How is this linking achieved? Is it a permanent, never changable link? Where and how is it stored and retrieved?

Jimmy Zhong: Please check out how EOS account system works. It’s very similar. (Although we are very different than EOS in other ways…. for example we do not have super nodes)

Alvin: Along with the success of mainnet, do you have other targets like previous roadmap? And can we know about your future step later?

Jimmy Zhong: It seems like we are ahead of our original roadmap. New plans will be announced soon. This year we will primarily working on user adoption. In terms of technology, we are working on layer 2, side chain and more.

Chris: What do you think would be a sweetspot as staking ROI to keep a ecosystem sustainable, and interesting enough for developers and end-users to actually adopt?

Jimmy Zhong: It really depends on multiple things, for example: the price of IOST. So only the market will tell. But now i think we have a good plan to onboard developers and supporters.

Phu Xuan: How many tps maximum?

Jimmy Zhong: A lot faster than EOS. :) cause we have better VM. While being a lot more decentralized. (No super nodes)

F Meijer: For the first Year Iost is giving 840m Iost to build a eco system , How Will the eco system get Funded After that Iram igas 🤷‍♂️

Jimmy Zhong: We are well funded by institutional investors like sequoia Capital China, Matrix Partners and more. Over 100 employees now.