IoTeX on decentralized physical infrastructure networks growth

0:01I'm Ashton Addison from the Crypto Coin Show and today on blockchain interviews we have Jing Sun the co-founder of iotex Jing welcome to the show and thank you for taking the time hi Ashton it's great to be here likewise excited to have iotex back on the show we've done a few episodes with them over the years I know that the platform is continuing to

0:21expand and grow and also today we're going to dive a little bit into the dpin sector which is the physical infrastructure networks I know you guys are tapped into that and there's some reports that have come out that are very promising and I think we're really at the beginning of that part of the sector still so excited to dive into that I would love to start our conversation off

0:42with those who haven't seen our previous interviews or they aren't familiar with iotex on a little bit about what is iotex and the main missions of the platform and then we'll dive into all the rest of the details definitely thank you for asking this question as some of them you already know out has started as a l one blockchain back in 2017 and since you know 2020 we launched

1:07a blockchain platform and we always kind of focus on the mission which is how to connect the real word to webst right and now outex we are a webstream modular infrastructure platform to directly connect the real world devices data and resources to web and specifically in know we are the platform to enable use cases like decentralized physical infrastructure

1:37we call dep great I'm excited to dive into that more but I'm also curious about yourself and your background and what sort of LED you into getting into this side of the physical infrastructure Network part of blockchain yeah I'm a typical kind of investor turned entrepreneur I spent eight years in second Valley as a venture capital list and purely focus on

2:04all the frontier tack know we invested in all the projects like you know cyber security iot Ai and you know also amazing kind of TCH until kind of 2015 and 2016 I realized like some of my AI companies it's very hard for them to have the access open access to AI data as you at that time all the AI data

2:32actually is controlled and owned by all the tech company all the G teag companies like you know as you name it right Facebook Google and big company and at same time I see some of the AI company they start to Pivot and start to find a kind of new model and which is a P2P model so basically they looking for the resources from like the community or

3:00from directly from the users right so we have invested in one company called as a Time called you know SL TV and they are doing the live streaming platform and then they start to kind of work on a P2P platform eventually become a SATA Network right now they doing really good right and we see kind of this model like how you can crowdsource the resources

3:23from the community and make it create you know a text stack which is completely open and composable and you know open access to all the innovators who not only can have the access to the data but also can build on top of open platform really kind of you know a turning point right and then we start to look at what the technology is really kind of do the secure the network and

3:50how can kind of you know get all the resource together and we understand this is called the kind of blockchain and then we see the first PL platform which is programmable platform for blockchain is ethereum eum started to come out and it enabled other use cases and this is like kind of the turning point for me that there's such a huge kind of potential and it's not only

4:16vertical it's horizontal it can enable all type of stch all type of Technologies right so as investor I'm so excited and I started to invest in this sector back in 2015 and until I met you know the co-founders of Alex three of some they are technologist cryptographer and have a huge kind of you know Vision to connect real world and devices into abst and eventually I decided to join

4:45them as a as a co-founder very cool backstory and yeah it's great to see the introduction of blockchain coming into these infrastructure networks to allow it to be more peer-to-peer and decentralize all of the control away from those few social companies which are sort of you know taking everything and hogging it all I feel like blockchain is a great

5:08advancement towards making it more fair honest transparent and that we still really haven't tapped into it yet I'm curious on sort of the early use cases or what are the first things people think of in what iotex was built for in any types of decentralized physical infrastructure networks that you know you could name off definitely first of all Al is a

5:33blockchain platform right so we are enabling the innovators and Builders so they can create all type of the web three applications and the network right so as our early backers you know when we kind of launched the network back in 2020 I think there we attract a lot of the defy defy you know innovators and also nft right but very soon we see there's a much bigger kind of use cases

6:02you know how to connect the devices and then just at that time there's no kind of specific kind of you know concept like dipping so you know we work with like Partners they build the kind of devices like UK can right so we launch the first kind of blockchain based you know camera it's still there and the MJ purpose is to protect the Privacy data privacy for users right mhm

6:30but very soon we see actually the biggest value for blockchain is about incentive model it's about you know how you can fairly transparently distribute the reward to different contributor in the network and then this same model and principle can be applied to physical world as well right and then just like there's a dipping and you see right now we are

6:56enabling all type of the deeping use cases and you know different type of the devices like you know vehicle devices like you know tracking devices like even just like as more as your smartphone right it really not about you know what type of devices but it's about what type of use cases you are working on and including like Ai and AI you know Computing resources live stream

7:21resources yeah so far so forth that's really interesting and one thing you said there I'm interested in diving in a little bit more because you're talking about you know this the transition as it moves to more decentralized then people can actually contribute to the network and earn and I feel like that's where the blockchain comes in to sort of allow them to hey I

7:43can contribute you know 1% of this network I'm actually going to get 1% of the rewards as well is are those kinds of use cases already live for people yes exactly I feel just like you were surprised Sal model come a long way right when you imagine just like think about Bitcoin after Bitcoin is DP right this is the first time we kind of using the crowdsource

8:13you know way to really kind of create money and in this way is like how you use the machines and to do the mass and then just like you know to really kind of come up with a hash and it's has to prove you know who and which which kind of machines know really create this money right so this is so cool it's a it's a dipping right and now like a lot of the user cases is real you know for

8:38example you know in our Network there's one project called demo right so what they do is to connect all the vehicles data so for each kind of drivers you can directly connect their devices into your vehicle and you know online directly they can kind of capture the data about your driving data your safety data data a lot of the kind of your you know

9:02kind of environment data happened in your Vehicles right and then they start to kind of you know put those data in a network of course you know leverage our Technologies they can proove and shareed with different like you know parties like for example insurance companies and insurance companies they based on those data they can directly give the rewards to the drivers based on

9:26like you know how much sa safe driving you have done right you know and then just like you should kind of be rewarded as certain kind of discount of insurance right but at the same time you know when they are kind of scale the devices right so they leverage on those type of the rewards to very fast kind of you know deploy the devices and make kind of a scalable Network much

9:53faster much faster than a traditional way oh that's that's really good to hear and I feel like that makes the market so big it's like almost like every device in the entire world if you're if you're saying okay if we can make cars smart and put them into infrastructure Network or smartphones or routers is there any way to quantify what the scope of dpin could be

10:23in the future that's a very a good question that's also just like because we as infrastructure company we are also doing the research it's very hard to really estimate you know how big is the market but actually just like you know you will see previously you know as a kind of the entire web stre industry they only focus on Virtual right defi andp they all

10:51virtual they never have a way to inject the value which happened in the real world directly get into the web stre right when we look at kind of the real world you know Market is itself it's 100 you know times much bigger than you know the virtual world right and based on some of the kind of forecast like masui which is a research fir even just like you know without a lot of

11:20Irrelevant real world asset real world data just based on the ding Market they already for forecast kind of over two 2.2 trillion Market yeah dollar you know Market is happening now and if we include like AI Computing and then it will become 10 times bigger you know in one decade so I think right now we are still in a very very beginning when

11:48you look at what currently You Know What's the total market value you know the entire web is and what's a tiny like Bill only billions dollar for the ding specifically that's such a kind of biger potential for all the builders all the innovators early backer early users to tap on wow that's very cool great insights and the 2.2 trillion as a

12:12start I know crypto is not even at that size yet and when you introduce real world assets I feel like it's it's it's going to might take a while won't happen overnight but it is something that I'm excited for because I know that these functionalities will come into physical infrastructure networks eventually I'm curious on what you see as the next steps in getting there

12:37is it making the devices like upgrading physical devices so that they can integrate the blockchain make them more smart or is it something on the software side to make it more scalable you know what do we need to get those smart cars or smarter phones that are connected into deepend very very good question I would say you know we see the potential there and we

13:02understand we will get get there because actually the blockchain is really kind of build for machines and devices you know even in the very beginning right but the problem is how you know we can really unlock this entire Market the problem is still the technical kind of barrier is still too high and especially if we add in kind of the device element right the good

13:28thing is not all the project they have to build the network from the hardware from the chip firmware you know hardware and like the middleware software and web stre by themselves you know we believe a modular building that's why you know we position ourself as a modular infrastructure Network we believe all the innovators they should focus on what they are really good at

13:57which is maybe one use case focus on how to onboard the users and how to make kind of the use cases you know accessible and how to drive the real demand side right and all the technical can can be you know like either like abstract way or leverage on infrastructure which are already built by you know other builders like us so I think there's some missing piece

14:26you know right now very important one is about the device side just like you mentioned we don't really need to kind of rebuild all the devices so what we need to do is we can leverage on all the existing devices it could be as handy as your smart you know kind of smart home devices like trackers like your you know your your smart kind of you know watch and all the smartphones

14:52and all the existing devices right or you can also kind of you know have some handy new devices but those devices already have existing board for example Rasberry piie you know they lot of kind of board companies and they already provide the core component what you do and what we provide is you know a very simple device SDK which can connect those devices to

15:19web to blockchain or to Smart contract directly and taiway maybe wallet taiway all like you know web component right so that's one thing they don't really need to build by themselves and second part is you know we already have so many high performance Leo one blockchain they can leverage to build their own applications but what is

15:44missing here specific for the dping network is about middleware so what does it mean right not all the device kind of you know data has to be processed on chain and set on chain on chain is all about the avable things the variable proof right and most of the kind of the Computing can be conducted offchain right so we position ourself as like you know the middle layer middleware you

16:11know providers so we provide the opin Computing platform so that they can easily connect the devices and most of the work can be do opan Computing and only send the proof to the smart contract on various layer ones right and that part can dramatic Ally you know accelerate you know all the network process right they don't really need to kind of build such a kind of

16:39a big bunky you know like middleware at same time you know how they can manage and operate that right so I think you know that's a big part and all the other part is about the surface part right say each kind of D Network they also need need to have kind of accessibility to like storage like all other things and then actually they don't really need

17:04to kind of create a story by themselves right so we already have existing kind of service providers like Fon AWA you know a lot of other kind of providers which are already exist in the web stre industry right they are all kind of provide specific resources on chain for them to use so I think just like that's the beauty of the web it's all about the

17:25composability yeah know that's a great perspective and when I think about you know the storage and all the functionality needed for these smart devices it makes me think how big the blockchain part of the industry will become you know right now there's yeah few tens of millions of people that have wallets but if we make cars for example smart device each one

17:52of them will have a wallet and be doing transactions and I'm not sure how far to look into into the future but you know if these cars are self-driving and they have ai probably managing their own wallet or doing transactions you know they are the Uber driver themselves and they're the manager of the wallet and they're probably pretty efficient at it

18:16does after the GPT right release we just feel this future is so near it's so close to us right now yeah no I have a feeling it's it's coming very soon is iotex prepared for example in that case of smart cars where they have a wallet they're doing transfers they're driving people around and in self-driving cars I feel like in the few short years this is going to be a

18:42major reality is iotex in that use case prepared to handle you know the functionality of what is all needed for smart devices to drive us around yes I would say technology is a take times right and they evolve based on the demand so we don't really need to kind of say hey you know what if you know it happened how much can capacity we can take right now and there

19:11is such a kind of huge gap you can you know just like you know 10 years ago Tesla is really like a toy right actually just like and the technology will be kind of evolve much faster than you imagine as far as there is a kind of clear problem here and there is a clear demand here right so you know I would say you know we definitely 100% prepared for all the use case and the scalability

19:35but not now now what we are we still have so many kind of you know other kind of you know basic models you know in focus to make it work and then just like you know you need to understand more about what US case it can work what US case cannot work right and solve the most critical problems and to kind of make it really useful and you know for end users right

20:03just like you mentioned you know right now how we can really make you know like normal people to use I think there are still kind of a complicated process you know we need to simplify right and once we can open this door say even just our grandmom and at least our parents are very comfortable to use and you know join this economy right be part

20:28of it I think just like it's time for us to really work on the scalability and the capacity issues MH yeah no that's I would I would hope that my grandparents would be able to get a crypto wallet before my car does we'll see what happens well just like that's interesting I would say I never have a way to really convince my parents to use def5 because it's too complicated

20:57and it's too kind of you know intangible right but I do kind of you know convince my dad to use dipping why because because it's too it's so tangible right dipping is about the devices and then you know everyone now is comfortable with devices and we just like you know plug into one devices into their car and then still can drive

21:25it as a normal but at the same time they say okay so actually you know I they realize they are kind of creating the value and they got rewarded so this is such a kind of a simple and you know direct way for them to be part of the economy I think that's something you know really magical you know which happened from in the Dain sector definitely Jing and when you have that

21:49physical part I think it's a lot easier to understand and that was a bit of a barrier to entry with Bitcoin because people are used to holding paper money money and even though most of the paper money is also digital people just had that relation to I'm holding paper money and Bitcoin is it in the blockchain is it in my wallet I don't really get it

22:10but with physical infrastructure it's like here's the device you know I have it in my hand and I can see that there's some added value when it's plugged into the network definitely MH so looking forward into 2024 it's a big year for the Bitcoin Network and hopefully for dpin as well what are some of the main things on the road map that iotex is

22:36looking to introduce into the market and to grow the platform definitely 2024 is very huge year when we can look back 2023 you know we at the year year you know the beginning of the year we set like dipping first as our strategy for the whole network and I think this strategy has been proved to them to be very successful because when

23:04we look back you know in the beginning of the year there are only kind of a very few kind of Dipping project and we are probably the only kind of infrastructure player we are kind of you know enable all type of the deing use cases but you know when you look at the landscape they are very small amount of the Builder but now you know we just kind of release our deeping

23:27landscape map you know this color and you will see the dramatic kind of growth in the host sector there is over hundreds of the dipping Builders and you know really serious can dipping projects in different verticals including like of course like 5G in know H body you know storage Computing AI energy station you know Automotive like

23:55you know mobile like vehicle companies and all type of the user case even like some of the virtual like you know based on your mobile phone to create a location navigation you know map all type of user case are coming up and this kind of you know enhance our belief in the deep in future and we also see next year 2024 will be the biggest year

24:23for dipping and you will see a lot of project they will kind of really can achieve the momentum and start to launch their network you know connect device the device number will be will grow very fast and you know the network will be you know achieving kind of the launch phase and token issu in Phase all the things right so I think for next

24:48year you know our overall strategy will be deep in depping right so we will be kind of really deep in the deeping and you know ourself we have several Milestone out 2.0 out 2.0 is coming right with a lot of you know it's kind of multif face launch and specifically we just mentioned you know we you know last this year we launched the webstream you know middleware beta

25:17right which is defnet and you know 2024 we will launch the main at that's a very big kind of M Stone and at same time we will kind of launch a huge kind of you know developer tools and the hub for users not only for the builders right also for the deeping users and you know we are launching the kind of liquidity hub for all the

25:46deeping asset to come to you know come to the hub so that they can have initial liquidity there so there are so many kind of things but you know there's one key word is so about dipping that's very exciting and I can leave the link to the dpin report that iotex was working on as well in the show notes what are what is the best way to

26:11follow along for the lead up to iotex 2.0 and other information about dpin and what the iotex platform is capable of definitely follow our social network you know out has. which is our Twitter Twitter handle and you know join our community on TG and also you know always look for old updates you know on our website as well but right

26:40now we are still we are working on a new version very soon I think in one month we will launch a new outest website and so that you will be more excited you know about what's happening you know for the whole Community the whole category and also for our test as well very cool thank you so much Jing I leave those in the show notes below as well I appreciate your insights into dpin I

27:03have high hopes for 2024 in expanding the blockchain side of it and the physical side all the best with everything leading up to iotex 2.0 and let's definitely follow up in the near future thank you so much Ashen looking forward to it