Developing Internet of Vehicles (IoV) with ROAD, an AMA with CEO Aaron Li

Coin Crunch India’s telegram Group was buzzing with activity last week when ROAD Project’s founder and CEO Aaron Li did an AMA with the Indian Crypto Community.

ROAD targets to build an auto-ledger that covers full life-cycle interaction and accounting system for automobile based on blockchain technology. The auto-ledger is an internet-of-vehicles and intelligent transportation system built on individual interaction and cluster intelligence.  The project completed its token sale on OK Jumpstart (OKex exchange) in November 2019.

Here is the full summary of the Ask Me Anything (AMA) with Aaron Li, the founder and CEO of ROAD Project.

Note: The answers are edited only for typographical or grammatical errors. 

Q1: Can you tell us a little about yourself and the ROAD project?

Aaron: I am Aaron Li, I worked for Alibaba for more than six years, then I started my own business, mostly in e-commerce and auto industry.

ROAD is an IoV blockchain project, first to come up with auto-ledger, to build a blockchain product that can reconstruct IoV industry. We will integrate more auto repair shops, car owners and other related partners to build an ecosystem.

Q2: How and why did you come up with the idea of ROAD?

Aaron: I am an early investor in blockchain industry. And I know blockchain can make a difference. I have many years of experience in the auto industry, mainly about auto repair shops, and aftermarket of cars. I find blockchain can help this industry by providing a secure solution for cars, like secure the data and incentivize the auto ecosystem and blockchain can help Internet of Vehicle industry to break the bottle neck (in scaling and security).

Q3: How’s ROAD as a business doing? How’s been the response so far?

Aaron: ROAD is a business-driven project, we have developed prime plus card with ROAD token integrated into several cities in China

On one hand, it helps users get service at a lower price such as car washing, maintenance, repairing, driving, and parking; on the other hand, it brings a large number of new customers to car maintenance shops, repair shops, etc.

Q4: Does it work outside China also?

Aaron: We will seek an opportunity to expand these to the global market.

Q5: In the crypto field, it’s very hard for projects to generate revenue/profits, some projects have a 10% dev share (10% from transaction fees taken by the project), and can you explain to us in what way that ROAD creates revenue/profits?

Aaron: ROAD is a project that focuses on the construction of the application layer of the blockchain and has very strong commercial operational attributes. ROAD achieves profitability by continuously expanding business scenarios, and uses part of the profit to buyback ROAD in the secondary market.

Q6: Why did ROAD choose to adopt the IPBFT consensus algorithm of INT Chain as its Consensus mechanism? Unique features do it have over other consensus mechanisms? How does the IPBFT consensus algorithm guarantee a higher speed of the block when more nodes are participating in the block? Why not ERC20, or existing stable coins?

Aaron: IPBFT is a consensus algorithm specifically for internet of things (IoT), and Internet of Vehicle(IOV) is a typical application of IoT. Therefore, IPBFT is the consensus algorithm most suitable for ROAD.

●More nodes participating in block generation: nodes are randomly selected according to the ratio of the votes, and after more than 2/3 verification nodes verify, the block can be generated. Therefore, it can guarantee a higher speed of the block when more nodes are participating in the blockchain.

●Governance is more efficient: the consensus algorithm adds multiple governance parameters and penalty mechanisms. Each parameter supports online referendum adjustments, so it is more efficient in community governance.

●Strong consistency: It can generate block after more than 2/3 verification nodes verified, so the consensus algorithm has strong consistency and the blockchain will not be forked.

●Fast and high performance: In the current network environment, the speed of the generated block can reach 3 seconds, and the performance reaches 3000 TPS. In a 5G low-latency network, performance will greatly improve.

Because it depends on the specific industry, IoV industry is one of specific industry of IoT industry, it related to trusted devices and multi-smart contracts. Besides INT Chain, we didn’t find any other blockchain is more suitable.

Q7: How are the plans shaping up for marketing and building a strong, core community for ROAD?

Aaron: A variety of hardware and software developed by ROAD had been used in the market. And we also have a special product for ROAD project which can leverage the market, by using this product, which can be called as a mining machine, at the beginning of ROAD, the team has designed a scientific economic mode for the entire token system. 70% of the total ROAD token will be mined or distributed to the people who contribute by using this product, these peoples can be the owner of the product, and auto repair shop, and then they will become token holders, this opens up incremental markets for ROAD. In addition to trading on the exchange, ROAD token can be used directly in Car washing and maintenance, insurance, rescue, and other scenarios to truly realize the value of the token.

Q8: How will your project impact the connection between Humans, Cars and traffic infrastructure?

Aaron: We are building a bottom-up system for human-human, human-car, car – traffic interactions, in which our system can influence auto manufacturer, government regulator. By using ROAD, which can make that reality for no obstacle for connection to all these aspects( human, car, and traffic).

Q9: What do I stand to gain as a long term holder of ROAD?

Aaron: First, the business of ROAD is evolving, every customer for ROAD product will increase the holder of ROAD. In the future, maybe you will use ROAD product or system somehow.

Q10: If somethings required a stablecoin, why didn’t they just use something like USDT which is available on multiple chains including Bitcoin (Omni), Ethereum (ERC20), Liquid (Sidechain), LN (Layer 2), etc.

Aaron: First of all, ROAD has great demand, and ROAD is generated like BTC, it has a limited amount. No institution can issue more amount. If we use ROAD coin in a long-tern it will lead to a deflation, so the price should be determined by market supply and demand, that’s the best solution. As a stable coin is quite important in ROAD ecosystem, we will decide to issue another stable coin in INT Chain to solve the demand of the stable coin.

Q11: Hey Aaron, what are your thoughts on the future for ROAD project?

Aaron: I wish ROAD can be a system that can use in every internet of vehicle, that can serve all peoples in the world.

Q12: When your project is implemented, what would be the first applications that should be fully operational?

Aaron: The first application is auto-ledger 1.0, it is based on OBD device. Because we need to develop IoV, we need enough data for Artificial intelligence to learn.

Q13: According to you how much time will it take for ROAD into mainstream adoption and execute all the plans set for this project?

Aaron: It depends on how our business development, we will develop 100,000 users this year. But to execute, all our plan needs a great effort, and we have faith to make all the wishes come true.

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AMA AirDrop Winners

Along with the AMA, Coin Crunch and ROAD ran a contest. Five best questions chosen by the team will each win $20 worth of ROAD token airdrop.

The twitter/telegram handles of the winners are listed below. If you’re a winner, please check your DM for further instructions.

Twitter / @crypto_tbt
Twitter/ @cryptonomy12
Telegram / @JoxesXIII
Telegram / @pr4y4nk_backupx2
Telegram / @Airdropgarden2

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We at Coin Crunch will be conducting several AMAs on our telegram group. Feel free to join by clicking here or searching @CoinCrunchin on telegram.