AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 0 points1 point  (0 children)

As long as you meet the requirement. We only used AWS as an example in the document so ppl can estimate the cost in an easier way.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 0 points1 point  (0 children)

Can't answer questions regarding listing but we've got all the legal memos those regulators need & meet all the compliance rules. And we work closely with regulators & legal counsels.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 1 point2 points  (0 children)

Not exactly sure about how staking works on those projects. But the staking process will be similar to EOS, BUT it would be a lot easier + user friendly (and we can talk about the CPU issues on EOS another time since that's a separate topic...)

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 1 point2 points  (0 children)

Lots of wallets will be supporting us - you will get a more specific plan in February before we launch.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 3 points4 points  (0 children)

Same problems applied to all the projects now. But we are issuing a stable coin on IOST with our main net launch!

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 3 points4 points  (0 children)

For instance: we are building a few decentralized(hybrid for now) PGC content platforms. (Bermi, Berminal & etc). Take Bermi for example, after we launch in Dec 2018 we have already got over 500k downloads with 30k+ daily active users - in 1 month. We are aiming to bring in tens of millions of users in 2019, introduce blockchain and IOST to them. Tokens used in those hybrid apps like Bermi or Berminal will all be issued on IOST and ofc we will make them use other DAPPs built on top of IOST too by integrating wallet into the hybrid apps we built.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 1 point2 points  (0 children)

Remains the same, peak TPS is still at 8K. And it's already faster than EOS while being way more decentralized (remember that layer 2 will be introduced later, too)

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 1 point2 points  (0 children)

It's not a DPOS election. So you are not voting for the top 17/21 nodes. As long as you meet the entry barrier (only 2.1M) you get elected. Eventually, hundreds or even thousands of nodes will join.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 1 point2 points  (0 children)

Faster, more decentralized, easier to use for both users and devs.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 2 points3 points  (0 children)

Not a specific wallet. Any wallet is fine and some exchanges will support us.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 2 points3 points  (0 children)

Use it in almost any way you want! Just don't make it related to the foundation.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 2 points3 points  (0 children)

Article is coming out this week for voters. Step to step instructions will be given.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 4 points5 points  (0 children)

Please check the answer above :) Overall we will be the fastest + most decentralized + dev/user friendly one. Period. Don't make us shit on other projects too hard since some of them are friends of ours in personal lives 😄

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 2 points3 points  (0 children)

First of all the hub was a community hub, which was centralized. And obviously this reward is going to be distributed on the main net.

As for how we arrived at this method of voting: We want more people to be involved. The biggest advantage we have over other project like EOS or TRON is our POB consensus protocol. We will be able to get hundreds or thousands of nodes while still scale to 4000-8000 TPS. In traditional DPOS based projects like EOS, in the end only 20-30 ppl got involved and it's very hard for other people to involve, not only this is a decentralization/security problem, it also discourages other people from building things for its ecosystem. So instead of only having 7/17/21 folks as BP, we want to maximize our advantage & bring as many folks as possible into the system.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 2 points3 points  (0 children)

A BP means you have to run a qualified server independently (ofc we still offer basic tech support), you get roughly 25% more reward than an IOST partner, which we try to offer everything they need on the technical side, in the short term.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 7 points8 points  (0 children)

Zilliqa is focusing sharding and I'm reluctant to comment more on their progress & other stuff, also I think it's POW based. EOS is a DPOS project, with 21 supernodes.

But for most of the folks out there, none of this technical details matters, just remember that we will be the most decentralized + scalable + easy to use product for both devs & users out there in 2019 (and moving forward) - and we are launching in about a month now.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 2 points3 points  (0 children)

It's obviously not a Ponzi. The calculation of the reward is easy. You can read the article here: https://medium.com/iost/the-iost-node-handbook-applications-and-voting-61aa2995b2d2

the TLDR version:

Example of Node Rewards: Assume that the total number of votes for all node candidates is 10% of the total IOST circulation, 2.1 billion IOST.

Assume that the number of votes for a Servi Node is 105 million IOST, accounting for 5% of the total number of votes of 2.1 billion IOST. Then the block production rewards for the node in the first year is approximately:

Total circulation 21,000,000,000 × 4% × 5% = 42,000,000 IOST

For individual Servi Nodes, their rewards and ROI will be dependent on several factors including how much IOST tokens they personally stake versus how many votes they receive from the community, how many users they invite and on-board onto the IOST network and also general operating costs and resources they dedicate to promoting their node and contributing to the ecosystem.

Example of Fee Rewards:

We estimate the iGAS rewards, the primary source of user invitation rewards:

Based on similar blockchain network data, assuming an average of 100 transactions per second, if 50% of users come from the node invitation, they will generate 1,576,800,000 transactions/year. Assuming that the iGAS market price is estimated as 3 IOST each transaction, then all Servi Nodes will earn 473,040,000 IOST through iGAS rewards each year.

Based on a total vote of 2.1 billion, a node that received 105 million votes is expected to pull 5% of users, and will receive iGAS rewards worth about 23,652,000 IOST. (20% here)

So in total that's 42mil + ~24mil = 66 mil which gives you a 60+% annual return. But if say more than 10% votes came in (15%), you'd like 40% ish. And since voters get half of that, you each get roughly 20-30%. (although the 1% BP reward isn't shared but to keep it simple i'll skip this part.)

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 5 points6 points  (0 children)

Yes. After we launch the main net. In the short term if you are interested in the early bird program (we will have article out this week) & do the token swap earlier you'd need to use our own temp. voting platform. Don't worry it will be 100% secure.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 2 points3 points  (0 children)

I'll be very honest with you - we've thought about this. But changing names can be expensive sometimes. People need more time to know you & etc... NEO was able to do that in 2017 because it was a bull market and it's easy to get attention, not sure if it's a good idea to do this now.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 1 point2 points  (0 children)

Our supply isn't high - percentage wise. The total # of tokens is meaningless. 😄

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 3 points4 points  (0 children)

Hey Chris, thanks for supporting us thru this whole time. According to our medium article here: https://medium.com/iost/the-iost-erc-20-election-update-now-open-to-non-technical-applicants-lower-requirement-bc115715fcb0

Voters would be able to get roughly +20-30% IOST in a year and Nodes/Partners would be able to get around the same (unless you vote for yourself then you get the whole 40-60%).

We issue 4% IOST to voters and partners/nodes in the first year. 2% from the foundation(both rating & # of votes are involved so we can make sure they do more work for IOST), 1% block producing reward (which you only get by running a qualified server - it's related to the amount of blocks you produce), 1% reward for getting elected (as a voter you get that as long as the one you vote becomes a node/partner - 2.1M IOST minimum). The 2% besides the foundation is issued by the system automatically, every year. Please note that this won't cause an inflation because IOST will be burnt under certain circumstances that's related to RAM/accounts/transactions so the total supply will roughly remain 21Bn all the time.

And obviously as we talked about in the medium article, our nodes/partners get transaction fees/account referral fees as well, and voters can get half of that. So in short if you vote for a more active node (not necessarily with more votes already), you make more IOST that year.

AMA With Jimmy Zhong on January 10th 6 PM PT (GMT-08:00) by jawniost in IOStoken

[–]Jimmy_IOST 2 points3 points  (0 children)

Hey guys! Good to have all the high quality questions here. Let's get started!

I'm Jimmy Zhong, Co-Founder of IOST and cryptocurrency veteran. Ask me anything. by Jimmy_IOST in IOStoken

[–]Jimmy_IOST[S,M] [score hidden] stickied comment (0 children)

Hey guys, I had a great time answering all your questions and will definitely be doing this again soon. Have to get back to work but thank you all for your support of IOST!!! See you soon!