On December 7th, 2021, we were excited to see great engagement from our community during Community AMA #2 on telegram led by Trym Bruset, algorithm developer, to share the latest updates and answer all product-related questions.
Our primary focus was to discuss specific topics like uncensorability, digital utility, and earning potential of our token ecosystem during the AMA.
Interestingly, we received near 15 questions from community members and a batch of live questions in the chat. It’s was hard to fit the one-hour schedule, but we did it for our valuable iagonauts.
Let’s check the questions we had during the event.
👉 Can you provide us with an exact number of tokens that will be required for $IAG nodes?
0. You won't have to have any $IAG to set up a node. Quite to the contrary, it's going to be a great way to get your hands on a few if you're not an investor but have some spare storage you want to commit!
The rewards for setting up a node will be in a stablecoin, with additional incentives in $IAG.
👉 What will be the specific hardware requirements for running an Iagon node?
Great question. We don't know just yet. We are, however, designing the solution so that you can set up a Raspberry Pi with some additional storage. If you don't want to get into that, you can use older laptops you're not using or similar as well.
We have an internal joke about committing storage from a smart fridge, but we'll have to see. 😅 Suffice to say, the node software will be pretty lightweight.
👉 Do you plan to have node levels/tiers based on some parameters?
To an extent, but this has more to do with entirely voluntary verification processes.
For example, a central use case for our network is to guarantee GDPR compliance. So for us to use your device for this type of storage, we need to know a bit of where it is located, etc., but you will not be required to give up any such information to participate!
In a nutshell, we want to put the bar as low as possible and give you as much freedom of choice as we can. While at the same time ensuring a stable and healthy network.
👉 How secure will Iagon concern data integrity, secrecy, and authenticity?
There are many ways to look at this, but a short answer across the board: Very secure.
Secrecy is ensured through encryption and the way the files are stored. So even if somehow someone got a hold of one of your files, they would not be any closer to gaining access to other files in your storage. Whereas with other data storage solutions, so-called "data lakes," all your files are at risk if there is a breach of security.
With Iagon, the lake is frozen, and the intruder cannot simply swim about grabbing files!
Authenticity is also very secure through our unique sharding model, but more on that later, I assume!
👉 How do you differentiate from the other decentralized storage providers? Will be the storage you provide more secure, more efficient?
In many ways:
- We enable anyone to set up a node and trade their storage in a marketplace for decentralized computing resources.
- GDPR compliance is built into the core of the file distribution scheme.
- Our unique file sharding mechanism enables continuous scaling of file redundancy and guarantees that malicious nodes cannot coordinate attacks on the network targeting single files or users.
👉 How Iagon modern system will be able to scale outwards and support a rapid increase in demand? How will it try to promote its platform so that more adoption is here?
The marketplace for computing resources enables you to commit your storage and earn competitive rewards; the higher demand, the higher the rewards for providing storage.
In addition to this, we are planning to have a 0% fee stake pool with additional $IAG drops and incentives for early network contributors in addition to the rewards.
👉 Any tips to maximize the revenue of nodes once the software for a node comes out?
We published an article about the rewards scheme recently, and you can refer to that for all the details, but essentially to maximize your rewards, I would do the following.
Set up your node with a lot of storage and a stable connection to the internet and power. Commit your storage, and leave your rewards locked with the ADAGIO protocol, which is the Cardano component the node software will be communicating with.
Leaving your rewards locked over time allows ADAGIO to earn you an accumulative yield, effectively increasing the reward way higher than what you get by "cashing out" each month. But it's completely optional, though!
In addition to nodes rewards - give the community some insights)
The last point to mention here is that staking your $IAG in addition to the "connect and forget" of storage maximizes your gains for sure!
👉 Can you give us an example of the potential rewards of a node with a certain amount of storage and a certain amount of processing power?
I cannot give any accurate predictions yet, unfortunately. It will depend on supply/demand in the market and how you choose to handle your rewards (leaving them locked or not)
👉 Will you add the ability to pay for storage with fiat?
Yes. Technically you will be paying for storage in a stablecoin. Still, we will look to have on-ramps on behalf of the users to pay in fiat if they don't want to worry about all the blockchain business underneath the hood and instead enjoy the secure, decentralized, GDPR compliant storage solution. 😅
👉 How is AI utilized in Iagon?
There will be some AI elements in the shard distribution algorithm, essentially determining which nodes to send the shards for each file.
It will consider the performance and history of each node, the user's requirements, etc. Important to note that receiving shards does not increase the rewards a node gets. The commitment of storage is the determining factor (and the delivery on that commitment)
👉 For individuals and businesses, will Iagon be a one-stop solution where file-sharing meets both security and efficiency requirements?
For file sharing, we are working on a solution for multi-user access, enabled by the EUTXO model of Cardano, and our own "data plot" storage subscription model, so we will cover a lot of use cases for most people and businesses.
👉 The focus of Agora is NFT for now. How can a creator do genuine marketing of their NFT here? How will this platform reward its early adopters?
Regarding Agora, it is an "independent" DApp developed by our team to make use of our public storage solution, where everyone can upload and view each other's files.
It will operate much like a social platform and/or message board, and NFT creators can set up portfolio pages showcasing their work.
The work is still in early development, but there will likely be a feature akin to other platforms' "hot" and "trending" within the category you're browsing.
But the use cases are not limited to NFTs. it will be possible to publish articles, blogs, non-crypto photos, music, news, and much much more
👉 Is there the ability in the future for you to add services as google drive has? For example, something similar to google docs?
For sure, in the future. It is not available at launch, but it is absolutely on the agenda.
However, developing such a product as a secondary service making use of Iagon's storage solution will be a rapid deployment if anyone's up for making a DApp 😅
👉 How do you plan to advertise Iagon to the masses?
Organic growth is a baseline for our marketing.
Our primary marketing strategy goal is organic audience development and brand awareness.
We are focused on high-quality and mindful content creation to describe our solution in detail and highlight industry challenges and trends.
Also, we will start our Ambassador program soon.
We are working on expanding our partnerships - more announcements will be released soon as well - the main feature is the need/importance for both parties, not for the sake of hype.
We have started to test internally our new MVP on Cardano, and soon it will be available for selected partners to test, later for our Testers Campaign participants.
The great road ahead, but we will rock it together with our community.
Community Live Questions
👉 What is the ambassador program?
Once we have finalized it, we will release more information, but we will generally accept a selected number of ambassadors in each stage that fill the different roles.
Once you become an IAGON ambassador, you will access our reward program. It will be open to everyone.
Ambassadors of IAGON are the engines of change across the globe.🚀
👉 Do you have in mind any ideas to be useful for Metaverse projects? It's rather hyped now.
Yes, absolutely. We have a few partnerships in the works and will announce them as soon as contracts are finished!
👉 How can Iagon be useful for the NFTs industry? Store data or secure NFT tokens?
Currently, NFTs are not really stored securely, usually through a central service or an IPFS network. However, with our file sharding system and decentralized storage network, the NFTs are much more secure. Furthermore, with the public storage platform Agora, NFT makers and appreciators will have a place to connect and flaunt their stuff.
👉 How many developers do you currently have?
We have quite a few. We have Trym on system design in our Oslo office, Talha as a junior full-stack, and our guys in Australia Kang and Andrew. We are also opening another development office in Poland, employing front-end and full-stack developers. Although some work is currently outsourced, we have partnered with Metalamp for the Cardano-specific implementation.
👉 Has there been any talks with the IOHK side about the proof of burn solution? Are we getting our lobster?
We have talked to them, and they are aware of the article and GitHub repo, but they have been very busy with the Summit, Africa tour, and PAB launch.
👉 Based on your Token Utility Model - how will ADAGIO work? Will the community manage it? Or how will rewards be distributed?
Good question. We want to empower the resource providers with a degree of choice, but making it completely open will most likely make it too complex for most people. We are still exploring options but will most likely have many choices and a voting mechanism for including selections in that list.
We want to thank you one more time to our community. We are thrilled you guys are so excited about the project. It's a great addition to the Cardano ecosystem and has enormous potential going into web 3.0 and metaverse applications. So let's keep track!