IoTeX AMA with FilDA Finance
In Telegram today, 10th December 2021, we welcomed IoTeX to speak with us as we prepare to launch on their mainnet
We were pleased to welcome Art, Head of Growth for IoTeX, to our chat group where he answered the following questions:
- The whole community is very excited about FilDA coming to IoTeX. Can you give us a brief introduction about IoTeX?
IoTeX is a fully decentralized project but our core team is primarily based in Silicon Valley. So you can say the United States is the country of origin. We are a decentralized team of about 50 people with members across the United States, China, Italy, Ukraine, the Middle East, and more.
Iotex is building the connected world. We are 4 years into our journey, and we are just getting started. We already have live devices, a live blockchain, an ecosystem of DApps, major partnerships with some of the world’s top enterprises and standards setting organizations, and a large pipeline of new initiatives in development. Here is our roadmap:
IoT is a multi-trillion dollar industry that is plagued by security, privacy, and interoperability issues; all things IoTeX is solving. Just capturing a fraction of the IoT industry makes this a multi-billion dollar project, but we have even bigger objectives than that.
Learn more about IoTeX here >>Get Started With IoTeX
- What are the advantages or differences of IoTeX compared to other chains?
Currently, IOTEX’s blockchain is the leading IoT blockchain network with live devices and hundreds of projects in the ecosystem. IoTeX is fully decentralized, and our blockchain has never been hacked nor have we had to take it offline. It offers extremely low fees and 5 second finality for transactions.
In DeFi, it is crucial for us to offer users the utmost security and trust when borrowing, lending, and staking their tokens. The best proof of security and reliability is not using words, it is actions. Since launching in 2019, the IoTeX Mainnet has always functioned amazingly and has never gone down after more than 25 million transactions.
It is fully decentralized and lighting fast. The technology is established, tested and demonstrably safe. This positions IOTEX as a leading blockchain when it comes to the fusion of IoT and blockchain.
To give a real world comparison. You’ve probably heard about hundreds of dollars per transaction on BTC or ETH. With IoTeX for $1 dollar you can make ~5000 transactions on the IoTeX blockchain. Yes, that comes out to 50 transactions (buying,staking,etc) for 1 cent.
See full research on IoTeX here >>> iotex.io/research
IoTeX launched a fully decentralized Mainnet with DPoS (Delegated Proof of Stake) staking maintained by 70+ global Delegates (https://member.iotex.io/), including Blockfolio, CoinGecko, DraperDragon, and more.
In fact our Ucam — Privacy security camera, recently won a Consumer Electronics Awards (CES) the biggest consumer electronics show in the world with over 180,000 attendees.
We also have our latest device Pebble Tracker which is already being shipped to users worldwide. Pebble Tracker is the first-ever device that uses IoTeX technology to bring verifiable, real world data (e.g., GPS, climate, motion, light) to blockchain DApps, unleashing an entirely new category of use cases for the blockchain industry where users’ real world data/actions can be used to earn digital assets.
- Can you tell us about the MachineFi that IoTeX has launched recently? How will it affect the ecology of IoTeX?
MachineFi is the emerging space that has over $12 trillion USD up for grabs for newcomers according to McKinsey & Co. It’s a decentralized world where machines, companies, and people do business using smart contracts and not central authority or intermediaries.
Where secure, connected machines / smart devices, standards-based data protocols, and human centered, decentralized financial applications all come together to deliver new value to more people.
Check out this MachineFi article on Forbes
It starts with creating identity standards for both people and machines, Digital Identities (DID) Add in trusted devices that are hardened against hacking at the physical and the software levels and you can create Trusted Data.
Now design a transmission protocol that is fast and inexpensive enough to work at the billion device scale AND cross-chain compatible. Provide all of the above to companies working in data, AI, machine learning, DeFi, and a new economy will begin to flourish where people and machines are earning and retaining the value that each creates. To learn more, visit https://MachineFi.com and watch this MachineFi explainer video.
Our 2022 MachineFi roadmap shows the scope and ambition of what IoTeX is well underway in building, and we can’t wait for you all to participate. Check out our exclusive NFT that sold out within hours during our MachineFi KickOff event! If you missed it, you can watch it here.
- We all know that liquidity is very important to loan agreements, so what will IoTeX do to help FilDA, which has just joined the chain?
IoTeX wants to help FilDA provide users the most inexpensive, fast, and secure platform for handling their digital assets and completing transactions. IoTeX is one of the top 100 blockchain projects with over 900 developers building projects on it this year. This includes DEXs, yield farms, and money markets.
The decentralized IoTeX blockchain acts as an incredible foundation for DeFi thanks to its low transaction fees (often for <$0.01) and lightning-fast speeds (5 sec finality). IoTeX’s cross-chain bridge ioTube enables the bidirectional exchange of cryptocurrencies between IoTeX and other blockchain networks. There’s also mimo DEX, a cross-chain decentralized exchange (DEX) with automated liquidity and 5-sec trade. With over $60 million in Total Value Locked, this is a record-breaking moment for IoTeX.
Two yield farms recently launched on IoTeX have already seen massive success:
- Magic Land reached $8M TVL within 2 days of launch
- ZoomSwap has a TVL of $14.9M as of today
- Read more here: DeFi on IoTeX 101: DEXs, Yield Farms, and Money Markets
We are excited to see the DeFi space continue to grow within the IoTeX ecosystem as more projects continue to onboard. IoTeX and FilDA are a powerful pair!
- Additionally, in what ways will IoTeX help and support FilDA?
One of the most exciting things about creating tools and a workshop (the IoTeX ecosystem) is that you don’t really know what creative people will do. It’s amazing! Not only do we have our hardware devices, UCam and Pebble, but we support an entire ecosystem of Dapps. We have partnerships with companies doing crypto wallets, smart contracts, DeFi, blockchain analytics, blockchain games, HealthTech and so much more. You could lose a lot of time reading about all the companies and projects you’ll find here:
But equally important, as we explain above, we’re building not just for ourselves but for the worldwide community. By setting standards early, including privacy safeguards and systems that decentralize who reaps the economic benefits, we are helping to lay the groundwork for a more equitable internet. We believe it’s past time to move away from a winner-take-all model.
With the launch of FilDA on IoTeX, we are best equipped to provide FilDA users with a seamless experience that unlocks the power of DeFi in a user-friendly, secure, and safe way. Every single member of our team knows the importance of our mission to ensure everyday people and businesses have control of their lives, as well as the massive prize once we fulfill our mission to become the top blockchain for IoT globally.
- The goal of IoTeX is to “achieve a trusted Internet of everything and connect the world with blockchains”. What role do you think FilDA can play in this process?
Above all, IoTeX wants to empower users to take ownership of their data and devices. DeFi is a core component to this mission, and FilDA demonstrates the power of such platforms. FilDA is opening a whole new world of possibilities for individuals to conduct borderless, accessible, digital financial transactions.
Whether it’s lending, borrowing, or staking your digital assets, IoTeX and FilDA give users the freedom and ability to do so. IoTeX wants to connect the world with blockchains, without the need for any intermediaries or centralized identities. FilDA provides this opportunity by granting users access to many asset options, instant and unlimited loans, 24% average APY, and over 28M total deposits in the platform. Clearly, FilDA stands by IoTeX’s user-centric model of bringing the most benefits and rewards to users as possible.
With IoTeX’s vision of the Internet of Trusted Things, this means powering smart devices to connect and operate without compromising security or privacy. IoTeX’s MachineFi will financially reward users thanks to these IoTeX-powered devices. This opens an entirely new economy to interact with DeFi platforms and give users the freedom to control their data and rewards. We are thrilled to have FilDA onboard for this journey that is only getting started and growing everyday!
- What are your major goals to achieve in the next 2 years? What are your plans to expand and grow?
After such a successful year of growth, it is exciting to think about what lies ahead! Our community is bigger than ever, more projects and devices are being added to the network daily, and more partners are collaborating with IoTeX. As always, IoTeX is working towards our mission to power billions of devices globally. Following the recent announcement of MachineFi, our major goals are focused on fulfilling the elements of that roadmap. IoTeX is leading the way for this new multi-trillion dollar machine economy, and that involves great expansion into nearly every industry you can think of. Healthcare, mobility, automation, supply chain asset tracking, and so much more can benefit from this technology.
IoTeX is ready to take this technology and put it into the hands of billions of everyday people. The future of Web3 is brighter than ever, and the next two years will hopefully see massive adoption and education for people in every corner of the world.
- Could you explain how IoTeX stands out from its competitors in the non-blockchain space. How would it attract more market share?
For any ecosystem based on technology, there must be standards that allow for many stakeholders to operate with the same technical rules. Think, how we came to use direct current vs. alternating current or VHS vs. Betamax. For all of us to create conditions where each participant has a chance to thrive we must agree to standards. Iotex has taken leadership positions in three of the world’s premier technology consortiums, where we work alongside the world’s largest enterprises to develop the future standards and operating frameworks for blockchain and IoT.
Here is a quick glimpse of what’s coming:
Mobi is a nonprofit alliance of the world’s largest vehicle manufacturers, insurers, NGOs, and startups working to accelerate adoption of blockchain across the automotive and mobility industries. MOBI addresses the needs of the emerging multi-modal transportation ecosystems through collaborative efforts with diverse entities including:
- Auto Manufacturers: BMW, Ford, GM, Renault, Honda, Hyundai, Toyota
- Enterprises: Accenture, AWS, Bosch, Hitachi, IBM, PG&E, SwissRe
- NGOs & Universities: World Economic Forum (WEF), USC, Texas A&M
ICC (Industrial Internet Consortium)
IoTeX Head of Cryptography, Dr. Xinxin Fan, is the Co-chair of the IIC’s Blockchain Task Group alongside Amazon and Huawei with the goal of integrating blockchain technology to the legacy IoT systems that power much of our world today.
Iotex is the Vice Chair of the IEEE P2418.1 Standards Working Group whose goal is to create a universal standard for the “Framework for Blockchain Usage in IoT” across both permissioned and permissionless blockchains. As Vice Chair, IoTeX drives forward this standard with participation from global corporations like IBM, GE, Dell, Huawei, and the IEEE.
CCC (Confidential Computing Consortium)
IoTeX will work closely with Facebook, Accenture, Nvidia and six other companies to agree on standards relating to confidential computing. For example — the consortium will bring developers together to accelerate the use of privacy-preserving technologies and standards.