BiiLabs promotes decentralized ledger technology IOTA
Zhu Yizhen, the founder and co-founder of the decentralized ledger technology BiiLabs, pointed out that the Tangle of the IOTA bottom-end account architecture does not use blocks and chains, but is more suitable for ultra-large-scale IoT applications.
“Blockchain technology is not only synonymous with bitcoin and Ethereum, but its Distributed Ledger Technology (DLT) is even more applicable in many application fields, especially for the Internet of Things, which has a large number of transactions.” Decentralized Yingyi Zhu, CEO and co-founder of the book technology startup, BiiLabs, said in a speech on his own blockchain service.
Zhu Yizhen pointed out that BiiLabs wanted to become the Red Hat of the blockchain era. Just like Red Hat and Linux, BiiLabs designed an infrastructure platform using the decentralized book technology IOTA and used the underlying book. Architecture Tangle, to package out a set of API services, and then provide enterprises with subscription rental, the blockchain microservices into a business.
Chainless, blockless IOTA, better suited for large-scale Internet of Things applications
Why is traditional blockchain not suitable for solving Internet of Things issues? Zhu Yizhen explained that the payment through IoT devices is fast, but the current blockchain mechanism adopts the concept of queuing concepts. Each transaction must be queued and verified after the miners have to pay transaction fees. He metaphorically, like a funnel, when the amount of water is too large, the funnel mouth is so small that it can only slowly drop, the transaction can not be dealt with in time, and even the next day is still dealing with the transaction of the previous day. “This is an order of magnitude problem, and we must choose different technologies to solve it,” Zhu Yizhen added.
The tangent of the underlying account book architecture used by IOTA, instead of using block and chain design, focuses more on decentralized architecture. When the data is placed on the IOTA’s decentralized books, it will be copied and distributed to numerous network nodes, and the data cannot be tampered with. In addition, Tangle does not have a mining mechanism. Instead, it uses IOTA users to verify transactions and therefore does not require transaction fees.
Zhu Yizhen pointed out that the characteristics of the Tangle architecture is that the larger the transaction size, the higher the availability will be. Therefore, compared with the traditional blockchain technology, it is more suitable for the large-scale IoT industry.
Zhu Yizhen believes that the Internet of Things is an inevitable trend. With the increase of mobile phones, notebook computers, and personal wearable devices, he observes that by 2025, the global population will have a total of 50 billion devices, and at least 50 million transactions will be made every day. In addition to the sudden increase in the number of transactions, the current data transmitted from the Internet of Things (IoT) devices to the cloud may also be subject to tremendous financial impact.
In particular, for cloud providers, the greater the amount of cloud-based services provided, the higher the cost of IT management, but Zhu Yizhen believes that although the initial cost of decentralized storage technology for blockchains is high, it will be used after a long period of time. The cost of IT management is constant. He believes that in the future, the IoT industry will favor the use of decentralized storage technologies using blockchain instead of storing data using cloud services. Therefore, the object that BiiLabs wants to serve is the enterprise. In particular, it wants to attract those B2B companies that originally adopted the cloud service architecture to transfer to the blockchain technology platform.
Judging from the world view of the Internet of Things, Zhu Yizhen pointed out that regardless of whether people or things are objects, the Internet of Things fields or cases with small quantity characteristics and trust issues all apply to decentralized book technology, and BiiLabs is the first experimental field. The domain locks the air box. Currently, the cost of returning data from the air box to the cloud is provided by the Academia Sinica. However, as more and more people use the air box, the cost of cloud shipping is also higher. Later, BiiLabs assisted the Academia Sinica to transfer all the information of the air box from the cloud to the cloud. The IOTA’s decentralized book is recorded on the Tangle, which not only ensures that the data cannot be tampered with, but also reduces costs.
In January of this year, with the help of BiiLabs, the Taipei Municipal Government and the decentralized book IOTA Foundation announced the launch of IoT technology cooperation. The two parties also signed a MOU cooperation memorandum to adopt IOTA’s decentralized book technology to create a more secure environment. The Internet of Things application field for exchange of data will be first applied to digital citizen cards to strengthen identity data protection and prevent malicious tampering.
Taiwan’s AI Labs, founded by Du Fu, the father of PTT, also announced BiiLabs and cooperation in April this year, officially launching the PTT.ai project, based on the IOTA decentralized book technology, based on the original PTT. The centralized system is upgraded to a decentralized, decentralized social media platform. Through decentralized user identity system authentication and account management, users will be able to reconstruct and protect their own resources and use the rights of their own resources. Return it to the user for decision.
In addition, Zhu Yizhen believes that in the blockchain era, it is a golden age for entrepreneurs with in-depth technological capabilities. Because what entrepreneurs do will be the promoter of blockchain technology in the future, adding value to the blockchain. Even if the entrepreneurial project fails, the entrepreneur can still safely exit. However, he also bluntly stated that it is not just a blockchain to start a business or provide services, but can actually make applications to solve pain points for users.
He provided four blockchain startups. First, we need to consider the global nature of universality and choose the most versatile products or services possible. Second, we must select technologies that can continue to develop for a period of 10 years, instead of using the technology that may last for 10 years and possibly reaching the end of the life cycle, avoiding major changes in product development, or being eliminated by competitive technologies. Third, we must understand in detail the development blueprint for the use of blockchain technology. This affects the overall development and maintenance costs and quality of the startup products. If the direction of the product is different from that of the blockchain technology, a large amount of front-end costs will be wasted. Fourth, we must also pay attention to whether there are technical organizations behind blockchain technology that can help solve problems.