IoTeX

IoTeX

IOTX
$0.07469121%-1.48

Key Metrics

Price$0.07469121
Real Volume (24H)$18,735,213.28
Marketcap$705,188,015.09
Fully Diluted Valuation$100,000,000
ATH$0.255593
ATH Date11/13/2021, 7:54:18 PM
ATL$0.00121576
ATL Date3/13/2020, 5:29:47 AM
Circulating Supply9.4B
Total Supply9.5B
Popularity Rank123
Chart
What is IoTeX?

IoTeX, or IOTX, is an open-source blockchain network that is designed to provide a secure and decentralized platform for the Internet of Things (IoT) devices. The network is built on the Ethereum virtual machine (EVM) and allows for safe interactions between people and machines. The IoTeX ecosystem includes a variety of dapps, smart gadgets, services, and digital assets that provide higher value to end-users by developing a platform for the Internet of Trusted Things (IoTT).

IoTeX was founded in 2017 with the goal of powering the IoTT, an ecosystem of safe data, devices, and people. The founding team of Jing Sun, Qevan Guo, and Raullen Chai have extensive experience in cryptography, blockchain technology, and information security that supports the protocol's objective to achieve end-to-end trust in IoT. The native token of the IoTeX blockchain, IOTX, has been on the market since 2019.

Since its inception, the IoTeX ecosystem has grown to solve inherent security and privacy issues in traditional IoT systems. The platform design and private sale fundraising in 2018, and launching self-sovereign and trusted devices like Pebble Tracker in 2021 are the major milestones of IoTeX.

IoTeX uses specially developed smart contracts to link real-world devices to the blockchain. The system incorporates a cross-chain data bridge to increase usability and usefulness across multiple networks, and leverages off-chain sensors, known as oracles, to monitor device data. The Truststream protocol functions as an oracle Layer-2 system. Oracles are off-chain sensors that can send and receive data from a decentralized network, and they are critical in verifying and monitoring critical data.

IoTeX has also introduced roll-DPoS, a new delegated proof of stake (DPoS) version. This solution combines the greatest features of delegated staking networks with randomisation to boost efficiency and decrease centralization. As part of this plan, the system allows users to stake their tokens in order to vote for delegates. On top of this, the MachineFi protocol enables users to transform machine resources and intelligence into revenues, meaning that anyone using the system may monetize their smart gadgets and other digital assets.

IoTeX leverages these smart devices to build a new kind of IoT-powered blockchain. The protocol enables users to conduct quick, safe, and transparent transactions, and users may easily add and monitor data from new devices across many platforms. This information, when combined, gives a complete picture of corporate activities. The system makes adding new devices to the network easier. It takes just a few minutes to add a sensor to the IoTeX system. Currently, the protocol is used by 9,366 smart devices.

IoTeX is designed to be the backbone of the Internet of Things (IoT) ecosystem, providing a secure and decentralized platform for connecting devices, services and people. The IoTeX network is built on a layer-1 blockchain, which is compatible with the Ethereum virtual machine (EVM) and allows for safe interactions between people and machines. The IoTeX ecosystem includes a variety of decentralized applications (dapps), smart gadgets, services and digital assets that provide higher value to end-users by developing a platform for the Internet of Trusted Things (IoTT).

One of the key features of IoTeX is its use of smart contracts to link real-world devices to the blockchain. This allows for the secure and transparent tracking of device data, making it easier to manage and monitor device activity. Additionally, IoTeX incorporates a cross-chain data bridge to increase usability and usefulness across multiple networks, and leverages off-chain sensors, known as oracles, to monitor device data. The Truststream protocol functions as an oracle Layer-2 system, providing a secure and reliable way to verify and monitor critical data.

Another important aspect of IoTeX is its use of roll-DPoS, a new version of delegated proof of stake (DPoS) that combines the best features of delegated staking networks with randomization to boost efficiency and decrease centralization. This allows users to stake their tokens in order to vote for delegates, and gives them more control over the network. In addition, the MachineFi protocol enables users to transform machine resources and intelligence into revenues, making it possible for anyone using the system to monetize their smart gadgets and other digital assets.

IoTeX is designed to be highly scalable and able to handle large amounts of data and a large number of devices. This is achieved by using a novel burn-drop tokenomics architecture, in which the overall supply of IOTX decreases in perpetuity as more devices are registered. Of the 1 billion IOTX tokens allocated to burn-drop, 900 million (90%) will be burned and 100 million (10%) will be dropped to long-term stakers. This burn-drop process will finish once 1 million "Powered by IoTeX" devices have been onboarded.

In conclusion, IoTeX is a powerful and innovative blockchain network that is designed to provide a secure and decentralized platform for the Internet of Things. With its use of smart contracts, cross-chain data bridge, oracles and roll-DPoS, IoTeX is able to provide users with a high degree of security and transparency, making it easier to manage and monitor device activity. Additionally, the platform's scalability, tokenomics, and monetization features make it a highly attractive option for anyone looking to develop and launch IoT applications.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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