Social encounters

Terrence Wang, Co-founder and CTO of IOST, which is one of the largest public blockchain with scalability and decentralized features answered questions from the Binance Korean community.

Q1: What exactly going to happen to non-swapped ERC-20 tokens when 2019 ends? Will it be burned from the total supply at mainnet?

A1: We are encouraging IOST token holders to do the token swap as soon as possible and we have provided plenty of time — through the whole year of 2019. Right now most of the tokens have already been swapped which is pretty good. I believe by 2019 there will hardly be any unswapped tokens. If there are people who haven’t done the swap then, I think we can still give them a chance for the swap.

Q2: Is it difficult to increase the credibility and participation by making it possible to capitalize Servi tokens ( which are given to reliable nodes)?

A2: We want people to use the network as easy as possible, and we don’t destabilize the token economics of the IOST ecosystem. Servi is by design not a token — it is not tradable and has a clearing mechanism. However we will have other rewards given to all IOST stakeholders — Bermi, and it will come out soon :)

Q3: Sometimes people seem to be more interested in trading profits than voting. Can PoB solve this bias here? Or does the IOST team have plan to cooperate with the major exchanges to integrate voting function? That would be a wonderful scenario for traders and users.

A3: According to https://stakingrewards.com/ and https://theblockbeats.com/pos, IOST is ranked NO.1 on the return rate of staking, we have provided a lot rewards from our foundation to all voters and nodes. and we have been encouraging people to stake their tokens — they can get a lot of extra rewards. And yes we are working with many exchanges to add the voting functions. Two of the world’s largest exchanges will support the voting function. Stay tuned!

Q4: Is it possible to perform verification at atomic level through Atomix protocol? does it cause a problem in some part? Or should have some recovery?

A4: Atomix hasn’t been deployed to mainnet yet as state sharding is still premature and unstable. We are more close to release results from layer 2 rather atomic.

Q5: IOST said that the partnership with Origo was to improve the privacy of dApps on IOST. Is that because IOST did not have a department in charge of the existing protection program until you had a partnership? What is the proportion of Origo’s security role in the future?

A5: IOST has been focused on security from day 1 when we started building the network. we have done 9 months intense security tests and analysis and we achieved really well from security audit by Chatin, one of the largest security company. Origo is exploring its new technologies with us and we are leading some research efforts, not too much to do with the current state of the dApps.

Q6: Do you have any other information about Bermi to give to IOST holders? I want to know the details, such as which blockchain to use. I do not have detailed information.

A6: We will release more information about Bermi/Berminal within a month, so please watch for our news. The Berm token will be issued on IOST, and will go to all major exchanges in the world, similar to IOST. And we will give all IOST token holders BERM airdrops.

Q7: Can Olympus 2.0 be released this month?

A7: We already updated the mainnet several times after the mainnet launch, including a hard fork. We just haven’t given it a name. We will update our road map soon and give you guys some clear guidance on what is expected after Olympus version.

Q8: Most of the major coins expressed a decentralization value, but the rich people get richer and poor people are becoming worse and the nodes are becoming centralized. I wonder how IOST achieves decentralization compared to coins and is decentralized sufficiently.

A8: Our blockchain design principle is keeping decentralization level sufficient while make blockchain scalable, and the key part here is “keeping decentralization level”. We value decentralization more than any other properties, and that’s the way we have designed POB consensus, I encourage you to read this — https://medium.com/iost/introducing-pob-how-to-design-a-more-decentralized-consensus-bfe2ff82b485, which tells how we are making the blockchain scalable while keeping it decentralized. And in reality, the servi node partner amount on IOST has reached 122 and there is no cap for this number. In comparison, these figures for TRON, ONT, and EOS are 27, 22 and 21 respectively. IOST maximizes the decentralization while scaling transactions.

Q9: Many coins are partnering with companies these days. Does IOST have plans for that?

A9: We do have. We have already partnered with Amazon AWS and Singapore Government on many initiatives, we are actively working on many corporate partnerships in Korea now. Stay tuned!

Q10: When introducing IOST, you introduced IOST as the big4 network with ETH, EOS, TRX. Is there any difference in terms of dApps? please compare dApps on IOST and other networks mentioned above. Is there any DAPP, IOST thinks to be the coolest to introduce?

A10: IOST has more indie games/casual games rather than gambling games. Please try out CryptoNinja, IOSTJoy, Cell Evolution, etc from — https://dappradar.com/rankings/protocol/iost.

In 2019, IOST became the fourth most playable public chain thanks to the scalability and quality gaming ecosystem.

BEPAL is a comprehensive blockchain service provider focusing on blockchain aggregation access, multi-chain data management and private key security technology. Last month, BEPAL became a new Partner Node of IOST. Since then, the two parties have worked closely together to promote the development of blockchain industry.

Read more: IOST x BEPAL | BEPAL Joins IOST as A New Partner Node

On June 28th, IOST and BEPAL hosted an Ask Me Anything (AMA) event to share more about IOST with its community members. IOST Marketing Director Mei joined the AMA as the representative of IOST. Together with BEPAL Product Director Li Han and moderator YiBao, Mei reviewed the work done by IOST in the past half year and revealed the objectives in the future, while having talks with community members.

Q1: Welcome Mei! First, let’s take some time to review IOST’s journey during the past half year.

A1: In early 2019, we published our last version of testnet. Then, in February, the IOST mainnet was officially released. Actually, from late 2018 to February 2019, we did well-around preparation work regarding to wallets, DApps, token swap and all kinds of development tools, so we already had a public chain ecosystem in embryo when the mainnet was ready. Turned out that our effort is worth it since IOST demonstrated clear advantages compared to other projects when pushing forward.

We’ve always had clear focuses since the very first quarter. They include: creating a powerful nodes ecosystem; attracting more developers to build useful and entertaining DApps; and mass adoption.

Nodes ecosystem building wise, IOST greatly decrease the barriers becoming a partner node, attracting various media, developers, investors to become IOST partner nodes. So far, there have been 300 plus institutional and individual partner candidates and 100 plus official partners worldwide. IOST partner rewards include daily voter rewards and quarterly contribution rewards. We have already finished contribution evaluation and rewards distribution for Q1 and will start the evaluation work for Q2 shortly.

DApp ecosystem wise, there are more than 30 DApps available for use on IOST, including Defi, gaming and staking DApps. We have created groups on social media for most of the DApps and they are showing a high level of engagement. This is only one of the means we are taking to support our DApp teams and we will continue to strengthen this support to assist them in operations and profit-making.

In terms of collaboration with businesses, we are trying tirelessly to work with traditional sectors and have started the adoption of blockchain in real world.

Q2: Great! Can you tell us more about IOST Partner Program, DApp ecosystem and stablecoin?

A2: They are all indispensable components of mainnet ecosystem, contributing to the smooth operation of IOST. Partner Program helps us with mainnet development, community building and commercialization. DApp ecosystem assists us in mainnet technology adoption. And stablecoin is a crucial media facilitating currency circulation. IOST has its own features in all these aspects, separating it from other projects.

Our Partners Program has attracted IOST enthusiasts all around the world to build the ecosystem in a joint manner. The majority of our partners are highly engaged and have positive competition and cooperation with each other. This is something differs IOST from its competitors.

For DApps, apart from mere bounties, IOST gives assistance in technical development, promotional campaigns, operations and marketing to DApp teams and share ecosystem resources with them, as we realized that profits rely more on operations and commercialization.

Q3: What is IOST’s plan in the next half year as Q3 is around the corner?

A3: To put it simply: IOST users are going to see something big in the near future. The first two quarters are more like an experimental stage for the innovative IOST partner nodes mechanism. Facts speak louder than theory. We are now ensured that IOST mechanism is not only practical but also advantageous.

We plan to have regular communications with IOST Node Partners around the world, thus to explore more resources which are helpful for IOST ecosystem. We also plan to specify monthly, quarterly and annual targets to let every IOST partner better understand our vision, so that they can better contribute to our ecosystem.

Furthermore, we will further cement our position as one of the Big 4 public chains and gain more industrial recognition.

In order to make iUSD the best media in crypto asset circulation in IOST and a different stablecoin with the best technology immediately after being released, we intentionally scheduled abundant developing time for it. Users can expect to see iUSD on more platforms and scenarios. With IOST’s excellent performance, iUSD is believed to have optimized user experience. In addition, iUSD is integrated with mainstream stablecoins like USDT, TUSD and USDC. We are looking forward to its future application and development. Please keep yourself updated by checking our announcements.

Q4: Our last question is for Li Han from BEPAL. So, Li Han, can you tell us how BEPAl has contributed to the IOST ecosystem and what plans can we see in the near future?

А4: BEPAL’s contribution to IOST can be divided into four sections.

Community

We have built a community together with IOST to promote IOST consensus.

2. Public Relationship

We have spread the article about our partnership with IOST in our own channels. We plan to assist IOST in promoting DApps in the future.

3. Wallet

BEPAL wallet will support IOST shortly, offering more choices for community members.

4. Ecosystem

We will make our efforts in mainnet maintenance, DApp development and stablecoin. We will try our best to assist in IOST ecosystem construction.

See also:

AIt’s time for 101 Series episode on the @IOStoken project. Today you can learn about a new PROOF — The proof of believeability . Join @Brentity with special guest @terrence_iost as they discuss this unique project from the ground up.

Past events: