Today we talk with IoT Chain which stands for Internet of Things. IoT Chain aims to create a platform that has impenetrable security that gives control of data back to the rightful owners which at the same time has unparalleled stability and speed for data transfer, and finally be able to promote the development of AI through user data. Let’s talk to Xie Zhuopeng who is the CEO of IoT Chain!
Thank you for putting some time aside for this interview! Could you tell us where you are from, what were you doing prior to being involved in cryptocurrency, and finally what led you to start/join IoT Chain?
"Thank you, I am happy to share information about IoT Chain. Most of our team members including myself are from China and have studied smart hardware and blockchain technology for several years. Previous to starting IoT Chain, I helped design and build smart lighting architecture for companies both at home and abroad. While developing an earlier IoT operating system, we found that adding additional devices to the network caused more and more problems including security vulnerabilities, issues with user data, and high centralized infrastructure costs. We realized that blockchain technology could help resolve these safety and performance issues and that is how IoT Chain (ITC) was born."
With such an extensive team of experts, how did the team come about? Starting a new project and getting people behind a project is quite a task to achieve!
"Our original team members have backgrounds in IoT. Due to our co-founder's excellent relationships, we were also able to recruit senior employees from BAT (Baidu, Alibaba, and Tencent, three companies that dominate China’s tech industry). It is interesting really, as we have grown, the best talent has naturally gravitated towards our project. They share our vision for the Internet of Things and this made recruitment very simple."
Impressive accolades for your team! Consider myself to be an average Joe that you meet at the airport terminal waiting to board the same flight as you. We start having small talk about cryptocurrency and I mention to you that I have invested in bitcoin, Ethereum, and litecoin. However, I am looking to expand my portfolio – how would you explain IoT Chain to an average Joe such as myself who is not too technical?
"It is easy to explain to someone why IoT is the future. There are issues with security and scalability of traditional solutions, and IoT Chain’s safe, lite OS driven by the blockchain solves those issues. Our network will make the interconnection of all things possible. Another important aspect to our project is data sovereignty. By using IoT devices on our network, users can benefit from the sale of the data generated. This is why ITC is valuable, now and in to the future."
IoT implements PBFT, DAG, SPV, and CPS technology – could you give one to two sentences of what they are?
"IoT Chain (ITC) pioneered to combination of two DLT technologies - PBFT consensus and DAG, which ensure higher security, decentralization and enhanced performance. It is difficult to explain the architecture in a few sentences. To learn more, I recommend reading our yellow paper: https://github.com/IoTChainCode/Documents/blob/master/ITC_YELLOW_PAPER_DRAFT.pdf "
IoT has a solution to a decentralized data storage for centralized servers at more than half the cost. It consists of having multiple nodes instead of constant security monitoring and maintenance. Could you discuss how feasible this plan is and if IoT has tested it already?
"Actually, we do not want to be a general purpose distributed storage provider. We are using blockchain technology to protect key information and data assets on-chain. Sensitive data will be protected by cryptography algorithms and consensus mechanisms."
The ITC network will allow people to own their data rather than have a corporation keep their personal data such as name, date of birth etc. How will individuals have access to their secured and private data and how will they be able to choose to share it? Basically, is there a platform to do so?
"Currently, when we interact with corporations, they often store our personal data such as name, date of birth, address and credit card details. There is no universal platform that allows us to control how this data is shared and stored. IoT Chain has the ability to split and abstract user and personal data. Individuals will be able to maintain control of their data and decide how to share it. If they choose to share it, it can be abstracted to hide personal details."
Part of IoT’s business solution is separating personal data from user data therefore making it possible to monetize user data. Corporations can then ask for access to the user’s data by way of seeking authority from the user and in doing so, get rewarded accordingly. Are there limits as to how much a corporation can pay users and why can’t they just go directly to IoT without the user knowing?
"Data is the oil of the digital economy and this data is responsible for the prosperity of the Internet. It is used in countless ways to help drive better business decisions. Users should be rewarded for the data they generate that is consumed by corporations. As such, data generated on the ITC network belongs to the IoT device user and if corporations wish to access this data, they need to acquire permission and reward the user accordingly. This ownership is tokenized on the network which is public, ensuring an open and transparent data marketplace."
Wrapping up here, where does IoT inspire to be in five years and how do you plan on getting there?
"IoT Chain is a public chain. In the future, ITC would be applied to many industries including AI, renewable energy, sharing economies, smart hardware and more. When IoT device manufacturers connect their devices to the ITC network, they can quickly realize smart and secure connectivity to other users and other devices. Our team is working on further enhancements including scaling performance from the current 1,000 TPS to 100,000 TPS by the main net release. Other public DAG networks are not decentralized enough. Our unique use of PBFT consensus and DAG allows us to build a truly decentralized and secure network."
Are there any additional words you would like to tell the Altcoin Community?
I encourage you to join our official Telegram at https://t.me/IoTChain or follow our official channels for updates on our project: Twitter: @IoT_Chain Facebook: @IoTChain Reddit: https://www.reddit.com/r/iotchain
ITC is an acronym for IOT on-chain tokens, which drives the blood of decentralized IOT networking operating systems. ITC is a measure of the value circulation in the ecosystem of IoT Chain. Anything involving the use of smart devices, ownership, and the value of the content ecosystem on smart devices, requires ITC billing. The following two points ensure that the demand for ITC in the ecological environment continues to grow.
1) Every smart device that joins the ecosystem of the universe must have a built-in ITC. As more and more smart devices join the IoT Chain system, the demand for ITC will continue to rise.
2) In the IoT Chain system, data sovereignty belongs to users.
In the era of big data, there will be a steady stream of big data analysis needs, and each big data analysis request will need to consume ITC and be allocated to users according to each user's data contribution. With the sound development of the data ecosystem in IoT Chain, the demand for ITC will continue to grow.
The local alpha test network with dag structure has been accomplished, the main network is supposed to be released by the end of 2018.
Approximately 48,000,000 ITC
FOLLOW IoT CHAIN
JOIN THE IoT COMMUNITY