IoTeX, found online at IoTeX.io, aims to connect the physical world block by block. Find out what that means today in our review.
What Is IoTeX?
IoTeX is a decentralized network for the internet of things. The network is powered by a privacy-centric blockchain.
IoTeX was founded with the goal of encouraging mass adoption in the cryptocurrency industry. The company believes the IoT industry lacks a “killer app” that would encourage the average person to adopt IoT technology into their lives. Until that killer app is released, users have little incentive to spend money, time, or effort implementing IoT.
IoTeX doesn’t see itself as the killer app; instead, IoTeX sees itself as the development platform for that killer app. IoTeX wants to encourage innovation in the IoT space.
What Problems Does IoTeX Seek To Solve?
IoTeX believes the internet of things (IoT) industry has enormous potential – but it’s still a long way away from reaching mass adoption.
One of the problems with today’s IoT industry is that it lacks “killer apps” that would draw new users to the ecosystem. Users don’t really have a good reason to implement IoT into their lives – especially since the industry has other issues like low scalability, high operating costs, privacy concerns, and a lack of functional values.
IoTeX aims to solve all of these problems using blockchain technology and cryptocurrency tokens.
How Does IoTeX Work?
IoTeX aims to encourage innovation in the IoT space. They want to encourage innovation by focusing on two core functions, including:
- Crypto incentives
- Community effort
These, according to the official IoTeX website, “are the two key forces to propel innovations in IoT space.”
With that in mind, IoTeX wants to create a next-generation IoT-oriented, blockchain platform with strong scalability, privacy, “isolatability”, and “developability” for incubating new IoT applications and ecosystems.
IoTeX Blockchain Internet of Things Coin Features
Core features of the IoTeX platform include:
IoTeX achieves consensus quickly using RDPoS. This consensus system supports millions of nodes with instant finality and low latency in an environmentally-friendly way. It’s specially designed for IoT.
IoTeX has built-in privacy preserving techniques that aim to “maximize privacy” using features like lightweight stealth addresses and constant size ring signatures.
Autonomous Device Coordination:
IoTeX has a decentralized autonomous organization (DAO) for IoT that codifies law for “the robot world.” Using this DAO, the community can create unified governing laws across networks of different IoT devices.
“Blockchain in Blockchains”:
IoTeX, like Plasma, will pull states off the root chain to further boost privacy, scalability, and interoperability. IoTeX’s describes this as “blockchain in blockchains” or “innovated cross-chain transferring of value and data.”
Who’s Behind IoTeX?
IoTeX was co-founded by Raullen Chai, Qevan Guo, and Jing Sun.
Chai is a Ph.D and Research Scientist in cryptography at the University of Waterloo. He’s also held positions as the head of crypto R&D at Uber and as a Security Engineer at Google. He has 8+ years of experience in blockchain and cryptography.
Guo, meanwhile, has a Ph.D in machine learning and computer vision from the National University of . He previously held a position as Engineering Manager and Research Scientist at Facebook.
Sun is a founding partner at Sparkland Capital, which has led 40+ investments and innovations in blockchain, security and IoT. Sun has also served as a board director on numerous companies and has extensive startup experience.
The company formed in 2017. They’re headquartered in Menlo Park, California.
IoTeX IOTX ICO Details
IoTeX will have a native digital cryptographically-secured token called IOTX. This token will be a major component of the IoTeX ecosystem and is designed to be used solely on the network.
Before launching the IoTeX mainnet, the token will exist as an ERC20 compatible token on the Ethereum blockchain. Eventually, this token will be migrated to the IoTeX mainnet.
IOTX will be used as “virtual crypto fuel” for using certain functions on the IoTeX network, including executing transactions and running distributed applications.
IoTeX also provides economic incentives that can be used to encourage participants to contribute and maintain the ecosystem on the IoTeX network.
IOTX will be mineable for 50 years, with mining rewards decreasing over time.
IoTeX aims to create an IoT ecosystem that allows IoT devices – like smart devices – to interact with each other over consistent governing rules. The platform “connects the physical world block by block” with a digital currency called IOTX, which allows for seamless transactions over the IoTeX network.
To learn more about IoTeX and how it works, visit online today at IoTeX.io. The project is in active development by a Silicon Valley-based team.