On September 18th 2020,Larry Pang – Head of Business Development IOTEX join a live Ask Me Anything session in Forum Crypto Moonlight Indonesia.
The AMA had 3 Segment which are the following:
- Twitter Question
- Free Asking
MOD: Hello Mr Larry Welcome to our community
Mr. Larry Pang: pleasure to be here 🙂
MOD: Are you ready to start AMA?
MOD: Hi everyone and welcome to the AMA on Forum Crypto Moonlight Official Group. We’re honored to host an Ask-Me-Anything session with IOTEX.
MOD: Hi Mr. Larry Pang from IOTEX, thank you for having AMA in here.
MOD: We will have 3 segment in this AMA today
Segment 1: project introduction
Segment 2: Question from Twitter
Segment 3: Free asking
Mr. Larry Pang: okay!
SESSION INTRODUCTION PROJECT
MOD: Q1. Can you tell us a little about your background and what your role was in IOTEX?
Mr. Larry Pang: Hi everyone, my name is Larry and I’m a Founding Member and Head of Business Development at IoTeX. I graduated from MIT in 2013 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 and learned about Bitcoin. After two years at IoTeX, my belief in our vision has only grown!
Mr. Larry Pang: At IoTeX, I work with our global partners to build new privacy-protecting smart devices like Ucam (http://ucam.iotex.io/)!
MOD: Next Question
MOD: Q2. What is your advantage over other projects? Is it from the security side? Or in terms of transaction speed? Or the technology you use? Or are there other advantages? What makes you believe that your project is worth choosing?
Mr. Larry Pang: IoTeX is a unique project, we combine blockchain, secure hardware, and privacy to create new types of smart devices where users own their data and privacy.
Our blockchain is built from scratch and tailor-fit to support IoT devices. We are already powering many types of devices like Ucam, Pebble Tracker, and soon wearable health devices will all be powered by IoTeX.
MOD: Q3. Many tokens appear with high prices before they are known to the public. However, when it was known by the public, the token price immediately fell. How do you solve this problem and keep your token price stable?
Mr. Larry Pang: I don’t know if I agree — I think having more people know your project should bring the price up. Especially if you are a real project like IoTeX, the more people that learn about our project and see our real use cases and products, they start to realize that blockchain + IoT is REAL.
Our token has grown 3x over the past four months and is still steadily climbing. But token price is never our focus, we just try to deliver real products. We let the products do the talking.
MOD: Q4. Many good projects are caused because there are communities that support them. Do you think community is important? If so, how do you build a strong community?
Mr. Larry Pang: Yes community is very important but there are different types of community members. Some think that being the loudest or being always online is the way to show you support a project, but many of the most important community are behind the scenes. We have found great community members from all over the world that love IoTeX and we always think about how Ucam is now being used by over 20 countries around the world. I think we even have a few users already in Indonesia!
I think strong community comes from alignment of vision. If you believe in IoTeX’s vision for privacy-protecting smart devices, then join us! We are happy to have you.
MOD: Okay last Question from me
MOD: Q5. What are your plans for the future to make your project more widely known to the public? Is it by expanding the market? Or by increasing the number of partners to work with?
Mr. Larry Pang: I think partnerships are important to get the word out about IoTeX. Luckily, we are partnering with more and more types of companies these days — from device manufacturers, to chip manufacturers, to service providers like Filecoin. Everyone is interested in building on IoTeX because we have real products with real users and that is very rare in today’s industry.
in the future, we are focused on expanding the use cases in our ecosystem. right now, we are focused on building smart devices that let you own your data privately. next, we will build applications and infrastructure that let you use your data privately, as well as sell your data through data marketplaces to earn extra income.
SESSION QUESTION FROM TWITTER
MOD: Q1. From @BangBagus18
As we know, every successful project has a few stories behind the scenes, what’s the story behind IOTEX success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming IOTEX updates that you want to show/share with us?
Mr. Larry Pang: That is three questions in one!
Let me answer each with some short thoughts:
The story behind IoTeX success is perseverance. More than other projects, IoTeX had a long period where we were working on very advanced technology that nobody has built before — the intersection of blockchain & IoT. It took a while but now it’s finally here!
We always had the original vision for blockchain + IoT + privacy. When we started two years ago, this concept was not as popular as it is today. We are fortunate people are starting to care about privacy more today, but we always knew IoTeX’s mission was important for the world.
MOD: Q2. From @cantikamaliaaa
Investors seem to only care about the price of the token instead of the real value of the project, how does $IOTX attract newcomers and keep members long-term with the project? What is the real value of $IOTX?
Mr. Larry Pang: We attract our community by launching product after product after product. Not just whitepapers or small code releases, we launch major products on a monthly basis.
For example, yesterday we just launched the first cross-chain decentralized exchange (DEX) on IoTeX — it is called mimo.exchange
and next week, we are launching Ucam on Amazon US, which will bring IoTeX to the mass market for the first time: ucam.iotex.io
Mr. Larry Pang: Our community loves our products as they blend sophisticated technology with great user experience. You can learn more about Ucam in this unboxing video: https://www.youtube.com/watch?v=sErLTqYXj8g
MOD: Q3. From @grande917_
How does $IOTX generate revenue to support your project? Why this can be profitable for investors and your project?
Mr. Larry Pang: We make revenue by licensing our technology to corporations. For example, Ucam is a partnership between IoTeX and Tenvis, a security camera manufacturer since 2005. They sell security cameras to governments, enterprise, and consumers and their last product on Amazon sold over 2 million units: https://www.amazon.com/TENVIS-Wireless-Surveillance-Security-Auto-Cruise/dp/B071DDBT7M/
even with this success, they came to IoTeX for the next big feature for their security cameras: privacy and security. they know IoTeX has unparalleled security and trusted IoTeX to launch their next product. we use this model and apply our unique tokenomics to drive value back to token holders and the ecosystem. you can read more about our tokenomics here: https://medium.com/@iotex/iotex-tokenomics-part-1-utility-of-the-iotx-token-781ff9c866e3
MOD: Q4. From @Hifni40
Security is a major concern, So what is so special about your security? What make you confident is safe? Please tell us about IOTEX security?
Mr. Larry Pang: IoTeX has a philosophy to combine tamper-proof hardware with tamper-proof software (blockchain) in order to make tamper-products. Extending the properties of blockchain to our devices can also make them decentralized and user-centric. Just like we 100% own the cryptocurrency in our wallets, we can also 100% own the data from our devices using blockchain.
IoTeX takes security very seriously — our blockchain is currently protected by 50+ delegates from around the world including CoinGecko, Blockfolio, and other major crypto companies.
MOD: Last Question from Twitter
MOD: Q5. From @MainKimi
What role do you think IoTeX plays in increasing the adaptability of the blockchain on the global stage?
Mr. Larry Pang: I think IoTeX will be the ones to bring blockchain to the mass market. With products like Ucam, where the use of blockchain is not as important as the result of privacy, these are the types of products that normal people that do not know aobut blockchain will still use.
In the future, just like Chainlink serves financial data to the entire blockchain industry, I see IoTeX as providing trusted IoT data to the entire blockchain industry!
SESSION FREE ASKING
Q1 From @Spott: What exact problem is IOTX trying to solve in the blockchain industry that other project can not solve ?
Mr. Larry Pang: The Internet of Things (IoT) has added billions of IoT devices to our world that generate valuable IoT data. 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.
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.
Q2 From @KevSalom: When does he talk about a private internet network, should we remove Google and chrome from the formula? Or not necessarily?
Mr. Larry Pang: When we think about which services and products we want to use in the future, I think it’s important to think about the sensitivity of data that will be used by the product. Personally, I am okay with corporations knowing things like what music I like to listen to or what types of things I look at on social media, especially if it provides me a better user experience. But what I am not okay with is corporations having videos from my home and access to my health information. We need to be smart about what products we welcome into our lives!
Q3 From @trader0fficial: How does the IOTEX team evaluate the community through AMA? After this AMA, what kind of progress or expectations does team want the community to make?
Mr. Larry Pang: I want everyone in this AMA to check out this video to see what Ucam is and what it can do: https://www.youtube.com/watch?v=sErLTqYXj8g
after you see the camera and how easy it is to set up and use, you will start to realize that IoTeX is building the most incredible products in the entire blockchain industry, nobody is doing what we are doing!
Mr. Larry Pang: ^^ you can buy a Ucam now on ucam.iotex.io with international shipping options!
Q4 From @iam12312: As IOTEX & IOTA are both working in IOT space, What are the similarities & Difference between both of this?
What has Iotex Done better then IOTA in the field of IOT space?
Mr. Larry Pang: Regarding IOTA, IoTeX and IOTA are not enemies. Yes we are both working in the blockchain+IoT space, but we are actually working on different things. IOTA prides itself on enabling feeless M2M payments, while IoTeX is building a network for privacy-preserving, human-centered smart devices. Rather than debate IOTA vs. IoTeX technology, what I will say is that IoTeX in only two years vs. five years for IOTA has done things that IOTA has not:
1) Launched a fully decentralized Mainnet with DPoS staking maintained by 60+ global Delegates (http://member.iotex.io/), including Blockfolio, CoinGecko, DraperDragon, and more
2) Launched REAL IoT products like Ucam (https://ucam.iotex.io/), the world’s first private security camera built in partnership with Tenvis and Pebble Tracker (https://www.nordicsemi.com/News/2020/02/IoTeXs-Cellular-IoT-based-tracker-delivers-environmental-and-condition-data-for-assets-in-transit), a decentralized asset tracker built in partnership with Nordic Semiconductor.
Q5 From @julioceazar: DeFi is the new frontier and already buzzing in 2020, what roles do you play in innovativeness of DeFi and what’s your approach to DeFi and ultimate DeFi solutions?
Mr. Larry Pang: IoTeX is working on a similar concept to DeFi called DeFIoT — decentralized finance for the Internet of Things (IoT). this is all about allowing people to tokenize and monetize their IoT data by trading on data marketplaces and investing in other financial use cases. September is actually #DeFIoT month for IoTeX, and we have already launched 1) ioTube (http://tube.iotex.io/), a cross-chain bridge to Ethereum, 2) BUSD stablecoin integration, and 3) mimo cross-chain DEX. We will have two more phases to announce this month — the most exciting ones yet!
Read more about DeFIoT here: https://medium.com/@iotex/defiot-unlocking-the-trillion-dollar-iot-data-market-c76a5204cb0e
- Website : iotex.io
- Twitter : https://twitter.com/iotex_io
- Telegram group : https://t.me/IoTeXGroup
- Telegram Channel : https://t.me/iotexchannel
- Iopay wallet : https://play.google.com/store/apps/details?id=io.iotex.iopay.gp
- Dekstop Wallet : https://github.com/iotexproject/iotex-explorer/releases