Trust Scores and Tim Draper-Backed Blockchain IoTeX to Build the ‘Internet of Trusted Things’

IoTeX is a platform that focuses on the power of the internet of trusted things. And today, the platform launched its mainnet.

The platform’s Head of Growth, Larry Pang, had an exclusive interview with CCN, in which he stated

“Our vision is much more than just adding trust to today’s IoT devices. We’re creating a decentralized trust fabric for all of these different types of physical and virtual things to exchange value and exchange information. […] Some of the things we’re thinking about are humans transacting with machines directly, the sharing economy, machines interacting with other machines, which forms the basis for a lot of automation and decentralized autonomous organizations.”

He continued

“Businesses can collaborate with other businesses, humans can collaborate with businesses, and all of them can access dApps. And in those dApps we really focus on privacy. What we’re really trying to do is create this end-to-end trust throughout the entire information life cycle.”

The platform has introduced trust scores. Those who use the platform will earn a trust score, which can be used to develop algorithms for more efficient business models. Borrowing and lending are other actions that can be conducted with the integration of trust scores. Even though the platform had considered Ethereum and IOTA for its blockchain, it ultimately decided to design its blockchain on its own because it saw limitations in existing architecture two years ago and the protocols were not efficient enough for the project. Raullen Chai shared with CCN,

“It was quite disappointing, especially when looking at IOTA. It doesn’t work. […] We have top engineers from companies in Silicon Valley who helped us build this blockchain from scratch. […] We looked at Ethereum and EOS – those things worked pretty good, but they’re pretty slow, and also lack privacy. So we looked at privacy coins, but they’re not scalable for this kind of thing. What we needed was something that was IoT friendly but also privacy friendly.”

The platform also implemented a delegated proof-of-stake called Roll-DpoS, which according to Chai, helps maintain the decentralized quality of the blockchain architecture and at the same time, it maintains speed and efficiency. IoTeX is founded by the platform’s founders, Tim Draper, and other interested parties. Jing Sun, the platform’s co-founder, shared with CCN concerning the platform’s progress

“End of 2017, we released our whitepaper. And then we start to raise a fund. After considering all the regulations, we decided to only go through the private round. At the time, we raised 25,000 Ether, from over 50 private investors and VC funds. Draper Dragon and others are not only investing in us in the private round but now they’re participating as delegates – which is great because it shows a commitment going forward.”