What Is IoTeX? All You Need to Know About IOTX

In a world increasingly reliant on interconnected devices, a robust and decentralized infrastructure for the Internet of Things (IoT) is paramount. As we integrate smart devices into our homes, cities, and industries, ensuring data integrity, privacy, and device interoperability is paramount. Centralized systems pose risks of data breaches and lack transparency, undermining the potential benefits of the IoT revolution. Embracing a decentralized approach not only enhances security but fosters trust among users.

Consequently, IoTeX emerges as a prominent architect in the realm of a secure and decentralized IoT infrastructure.

What Is IoTeX (IOTX)?

Founded in 2017, IoTeX is a decentralized network designed specifically for the Internet of Things (IoT). Initially, its founders, Raullen Chai, Jing Sun, and Xinxin Fan, sought to address the scalability, privacy, and high operational costs associated with existing IoT networks. After months of research and development, IoTeX unveiled its innovative Roll-DPoS consensus mechanism, paving the way for faster transaction speeds and improved security.

IoTeX had a private sale in February 2018 and distributed 24% of its total supply. This sale raised 25,000 ETH, approximately $20M, pricing each token at roughly $0.0083. This pivotal fundraising event marked a significant milestone in the project’s evolution.

In 2019, IoTeX launched its mainnet alpha, bringing its vision of a decentralized IoT closer to fruition. Throughout 2020 and into 2021, IoTeX forged partnerships with hardware and software providers, enhancing the capabilities of its platform. By establishing collaborations and introducing groundbreaking technologies, IoTeX has consistently demonstrated its commitment to revolutionizing the IoT industry, solidifying its reputation as a key player in this ever-evolving space.

How Does IoTeX Work? Roll-DPoS and Layered structure

IoTeX harnesses its innovative Roll-Delegated Proof of Stake (Roll-DPoS) consensus mechanism, designed to optimize speed and scalability for the seamless integration of IoT devices. Roll-DPoS elevates traditional Delegated Proof of Stake methods by rotating delegates or block producers, ensuring continuous network dynamism. In this mechanism, stakeholders cast their votes to elect specific block producers. Once elected, these producers are tasked with constructing and appending new blocks to the blockchain. The cornerstone of this method lies in the incentives: block producers receive rewards for their contributions, which they subsequently share with the stakeholders who endorsed them.

Additionally, the algorithm’s design, where block producers are randomized for every epoch, embeds an additional layer of security, effectively mitigating potential collusion or attacks. Through this innovative consensus mechanism, IoTeX not only ensures rapid transaction finality but also lays the groundwork for the expansive and demanding scalability needs of the future IoT infrastructure.

Source: iotex.io

Layered structure

IoTeX’s unique layered architecture emerges as an instrumental component in its quest to revolutionize the IoT ecosystem. Established on a freshly designed EVM-compatible blockchain and powered by the Roll-DPoS consensus, IoTeX has impressively executed over 10 million transactions since its launch in April 2019, with 100+ global delegates overseeing its operation.

Atop its core foundation, IoTeX develops essential infrastructure components that enable smooth connectivity with leading blockchains such as Ethereum, BSC, and Polygon.

Central to IoTeX’s innovation is its embrace of Layer 2 chains. This blockchain-in-blockchain structure fosters an environment ripe for diverse IoT applications, supported by a shared trust from a unified pool of delegates. This novel architecture paves the way for the effortless creation of subchains tailored to diverse IoT devices. Complementing this, IoTeX’s root chain orchestrates streamlined communication across all subchains, bolstered by its block finality mechanism that ensures immutability and robustness. The blockchains are further accelerated by Edge computing, a paradigm that decentralizes computation, optimizing both bandwidth and response times. Collectively, these features render IoTeX a beacon in achieving true interoperability, maintaining network integrity, and ensuring efficient resource distribution, setting a precedent for future IoT-focused blockchain networks.

IoTeX Use Cases

IoTeX is at the forefront of integrating the Internet of Things (IoT) and blockchain technology, crafting a seamless link between the physical and digital realms. Its cutting-edge solutions redefine security, giving a new edge to conventional cameras by leveraging blockchain technology for unparalleled protection, all while remaining competitively priced.

The platform additionally revolutionizes the collection of real-time data from the physical environment, offering advantages to various stakeholders such as individual citizens, commercial enterprises, and public institutions. Its innovations offer a trustworthy source of information about real-world events, made possible by state-of-the-art blockchain technology.

These groundbreaking developments position IoTeX as a leader in various applications, from smart homes and healthcare to industrial IoT. With its secure and decentralized architecture, IoTeX is not only making homes safer but is also enabling data-driven decisions across different sectors, from supply chain management to autonomous vehicles, thus shaping the future of secure and interconnected ecosystems.

What Is the IOTX Coin?

IOTX coin powers decentralized IoT solutions on the IoTeX blockchain. Its maximum supply is capped at 10 billion units, of which 9.44 (94.4%) are already in circulation (October 2023).

The IOTX coin serves as the lifeblood of the IoTeX network, fulfilling a multitude of functions critical to its decentralized architecture. IOTX not only facilitates cheap and fast transactions, but also powers smart contracts and decentralized applications (DApps) on the IoTeX blockchain. The coin enables a participatory governance model, allowing holders to stake their IOTX, vote for delegates, and even earn rewards for their contributions to the network’s development.

But the coin’s utility does not end there. It is also used for paying transaction gas fees, contributing to network governance, and even registering IoT devices via staking and burning mechanisms. This multi-functionality ensures that various network participants, from delegates and stakeholders to service providers, have a role in maintaining the network’s health and functionality.

The IOTX token distribution was designed for long-term stability and growth of the IoTeX network. A private sale in February 2018 raised 25,000 ETH, accounting for 24% of total supply. Community development receives 6%, ensuring resources for community engagement. The IoTeX team is allocated 15%, aligning their interests with the project’s success. Ecosystem development has 18%, fostering partnerships and collaborations. Roll-DPoS Mining is given 12%, incentivizing network security and efficiency. Lastly, 25% is reserved for the Foundation to guide the project’s strategic direction and governance. This structure aims for a balanced, sustainable ecosystem.

Source: iotex.io

IoTeX’s Burn-Drop v2 tokenomics strategy encourages stakeholder engagement and drives network expansion. It involves burning and distributing IOTX tokens to incentivize device registration and participation. Airdrips of mimo LP tokens benefit long-term stakers and ecosystem projects. The Burn vs. Drop ratio adjusts to 50% Burn, 25% Drop, and 25% Drip, increasing IOTX rewards for stakers. Decentralized governance empowers Burn-Drop eligible stakers to influence its evolution. The initiative has already burned 180M+ IOTX and dropped 20M+ IOTX to token holders, with continued growth expected.

IoTeX Main Features

The IoTeX ecosystem signifies a groundbreaking convergence of IoT (Internet of Things) and blockchain technologies, offering inventive solutions that bridge the divide between the physical and digital worlds. Two standout products within this ecosystem, Ucam and Pebble, exemplify the transformative potential of this convergence.

Ucam: The World’s First Blockchain Home Security Camera

Ucam, powered by IoTeX innovation, revolutionizes home security. This award-winning camera, recipient of the CES Innovation Award 2020 for Cybersecurity & Privacy, embodies the possibilities when IoT and blockchain unite. Priced affordably at just $50, Ucam boasts unparalleled security, addressing previous vulnerabilities in conventional cameras. Blockchain-based login, end-to-end encryption, and edge computing ensure that users maintain exclusive control over their videos and data, setting a new standard for privacy and security.

Source: iotex.io

Pebble: Real-Time Trustworthy Data

Pebble, a groundbreaking blockchain-powered device, captures real-world data in real-time, offering dependable insights into various aspects such as location, climate, motion, and more. Designed for individuals, businesses, organizations, and governments, Pebble’s versatility is matched by its reliability. Powered by the state-of-the-art IoTeX blockchain and developed in collaboration with Nordic Semiconductor, Pebble pioneers a new era of secure and tamper-proof hardware and software integration, elevating trust to unprecedented heights. This dynamic combination allows Pebble to cater to a wide range of applications, from supply chain management to remote monitoring and beyond, forging the path toward a connected and secure world.

Source: iotex.com

Aside from these two products, the IoTeX ecosystem boasts a diverse range of products and partners. From blockchain payment solutions like TabbyPOS to cutting-edge DeFi platforms like Frontier Wallet, it’s a thriving innovation hub. Partnerships with entities like Alchemy Pay and collaborations with projects such as LaunchZone showcase IoTeX’s commitment to expanding the horizons of IoT and blockchain technology.

W3bstream

IoTeX’s W3bstream is a blockchain-agnostic platform set to revolutionize the Internet of Things (IoT) and machine economy. Offering a range of tools and middleware, it dramatically accelerates development timelines. W3bstream empowers users to monetize their data, taking control back from big corporations. Its phases—Devnet Seed and Mainnet Sprout—cover functionalities like decentralized identity for devices and support for various blockchain integrations, including Ethereum and IoTeX. With capabilities for data validation and decentralized storage, it aims for full community-driven decentralization by Q4 2023. W3bstream not only enhances privacy but also scales efficiently, setting the stage for a more equitable, user-centric digital world.

Is IoTeX a Good Investment?

In the realm of IoT-focused initiatives, IoTeX truly stands out for its remarkable progress and unwavering commitment to its core objectives. While refraining from providing financial advice, it is evident that IoTeX has wholeheartedly committed itself to bridging the realms of IoT and blockchain technology. The project’s extensive lineup of pioneering solutions, strategic collaborations, and the rapid expansion of its ecosystem has firmly established IoTeX as a significant contender in this specialized arena.

IoTeX’s ongoing expansion and unwavering commitment to improving the security and efficiency of IoT devices highlight its promising potential. Nonetheless, it is crucial to remember that the world of cryptocurrency and blockchain can be unpredictable. Investment decisions should be approached thoughtfully, based on thorough research, and should align with everyone’s individual financial situation and goals.

How to Own IOTX?

To own IOTX, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy IOTX.

News on IoTeX

According to what was reported in the IoTeX blog dated 28 September 2023, the transition of Drop Wireless (formerly Nesten) to IoTeX’s DePIN infrastructure represents a significant advancement. Drop Wireless operates a global LoRaWAN network with over 1,000 nodes across seventeen countries. The company’s focus extends to offering telehealth care in India, with plans for expansion into Africa, addressing critical healthcare needs.

Moreover, Drop Wireless is actively decentralizing the display advertising sector to enhance equity in global ad markets. IoTeX’s infrastructure supports Drop Wireless’s native token, launched as an XRC20 on the IoTeX chain, and facilitates decentralized data storage and transfer through W3bstream. This transition highlights IoTeX’s role as a hub for DePINs seeking to bring real-world decentralized applications to fruition, making it a transformative move for both entities.

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