“Our vision is impenetrable security in our IoT network, give control of data back to the user, to provide unparalleled stability and speed for data transfer and to promote the development of artificial intelligence through user data.”
Regarding their popularity in China and their impressive roadmap, China Crypto News arranged an interview with the Co-Founder of IoT China Peter Lyu to discuss the latest developments and achievements. Being known in the blockchain and crypto environment and their official step into the market in 2017, Peter Lyu, co-founder of IoT Chain (ITC) reported to China Crypto News that,
“We will conduct a public test of the entire network in October, and the main net will be released in December.”
– Peter Lyu, Co-founder IoT Chain
But what does that mean exactly?
During the Huobi Carnival held in Korea on August 3rd, an event backed by Chinese leading global digital asset exchange Huobi, and especially designed to offer consulting service for Korean blockchain-related projects, Peter Lyu gave a review of ITC. He excitedly announced that all the Ethereum Apps can soon be fully migrated to IoT Chain due to the completion of DAG-based blockchain structure, the PBFT consensus algorithm and Ethereum Virtual Machine.
DAG, short for Directed Acyclic Graph, consists of edges and vertices, with each edge directed from one vertex to another. In simple words, it’s blockchain without the blocks, which means DAG can be more scalable. Practical Byzantine Fault Tolerance (PBFT) was introduced to enhance the original BFT consensus mechanism, a primary component of distributed blockchain systems. Ethereum Virtual Machine (EVM) is designed to work as a runtime environment for smart contracts executed on the Ethereum network.
He also stated that the migration process from the Ethereum DApps to the IoT Chain will be very simple, “IoT Chain (ITC) will provide a technical manual, with barely any technical obstacles. Projects dedicated to IoT applications, when moved to IoT Chain, will be given publicity and marketing support.”
With their vision of being the leading company to combine the Internet of Things and blockchain technology, their cooperation with wireless RFID technology for the IoT and Gizwits IoT Technology Co. Ltd., which has become one of the most advanced IoT technology platforms, while working with Amazon and Microsoft, seems to be very promising.
He strongly believes that the market size of the Internet of Things will grow beyond the size of the existing Internet. At present time, all the data, which is the source of the internet, is handled and kept by large companies to either generate profit or strategic movements. In contrast, in the Internet of Things and the vision of IoT Chain, everybody will own their data and it will not be handled by some large companies.
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According to Goldman Sachs, the IoTs has the potential to connect ten times as many “things” (28 billion) to the Internet by 2020. Mckinsey projected that the IoTs on the global economy might be as high as $6.2 trillion by 2025.
Being seen as China´s IOTA is not a threat for Peter Lyu. He said that “The IoTs blockchain industry is still a blue ocean. The more players in the business, the better. We, IOTA and other IoTs blockchain projects compete against one another, but the competition is not intense and welcome more. Competition is also there to grow and always comes with innovation.” As he is a high believer in the technology itself he even appreciates it.
One of China’s biggest strengths in the blockchain field, the Co-founder claimed, is their outstanding capability in project realization and task delivery. China has a lot of excellent programmers and the number is increasing. However, he also admitted that in terms of theoretical innovation, which includes the ability of developers to generate new hypotheses, discover new phenomena or new ways of thinking regarding blockchain, most Chinese programmers are not as good as their American counterparts and he is looking forward to cooperating with them.
More recently, IoT Chain has built strategic partnerships with a number of companies, including Schonell, an intelligent communications equipment manufacturer from Singapore, Shanghai’s new energy company Adzar Energy and the decentralized trading platform DDEX. As the technical architecture of enterprise-level applications is facing its completion, Peter Lyu said that in the following year, the enterprise use cases around IoT Chain will see more major applications.
In the end, he stated again that the whole team has been working very hard, focusing on the main chain VRF technology and achieve safe and efficient operations with it in the upcoming months.”
To summarize, the tight roadmap and fast implementation of their main chain is very promising, and we are very curious to see how they will deal with the fast pacing competition in their field and the adaption in enterprise-level applications.