IoTeX (IOTX) Research

IoTeX (IOTX) Research Details

IoTeX (IOTX) IoTeX

INTRODUCTION

IoTeX is a layer one blockchain that allows IoT devices and humans to communicate in a safe and trusted way. It desires to develop a platform that will be the backbone of the IoT ecosystem and let users access data safely. At the moment, its ecosystem is made up of a decentralised network of users, developers, and businesses that run the whole ecosystem. The IoTeX blockchain drives real products like blockchain-powered cameras, supply chain optimization gadgets, etc. It is one of the fastest, safer, and most scalable blockchains that works with Ethereum Virtual Machine (EVM).

HISTORY AND FOUNDER

IOTX cryptocurrency was introduced in April of 2019, and its co-founders include Qevan Guo, Raullen Chai, Jing Sun, and Xinxi Fan.

In addition to being a co-founder of IoTeX, Raullen Chai is a member of the Industrial Internet Consortium's Industrial Distributed Ledger Task Group and a consultant for BootUP Ventures. He used to be the head of crypto research and development and engineering security at Uber.

Qevan Guo is also one of the Hyperconnect Lab co-founders. He was once a research scientist and engineering manager at Facebook.

Prior to co-founding IoTeX, Xinxin Fan served as a senior research engineer at the Bosch Research and Technology Center, North America. Additionally, he has served as a research assistant and project manager at the University of Waterloo.

Jing Sun also serves as a managing partner at Sparkland Capital. She is an LP investor for Polychain Capital and an angel investor for Rippling.


REASON TO BUILD THE PROJECT

IoTeX was created with the goal of powering the Internet of Trusted Things, an ecosystem of secure data, devices, and users. Supporting the protocol's goal of driving end-to-end trust in IoT with deep and wide knowledge of cryptography, blockchain technology, and information security. From designing the platform and raising money through a private sale to launching self-sovereign and trusted devices like the Pebble Tracker, the IoTeX ecosystem has grown to solve the inherent security and privacy problems in traditional IoT systems and give users and developers the power to get more value out of the data and devices they own.


BASE OF PROJECT

  • Roll-DPoS- Roll-DPoS consensus works by choosing a certain number of delegates/block producers for a blockchain network. Stakeholders vote for the block producers, who are then responsible for making more blocks and adding them to the network. The delegates are rewarded for adding additional blocks and distribute the incentives they earn to the stakeholders who voted for them.

  • Layer 2 Chain- Layer 2 chains make it possible for IoTeX's blockchain-in-blockchain network to work. It offers an open architecture for adding diverse use cases and applications based on different cryptocurrencies.

  • Edge Computing- Using Layer 2 chains, IoTeX blockchain lets edge computing share an economy of trust for building privacy-focused DApps.

  • Cross-Network Communication- IoTeX's root chain can make it easier for all of the subchains to talk to each other, which makes it possible for interactions and governance to happen across chains. This is made possible by the block finality mechanism.


USE CASE

IOTX is the project's own token. IOTX can be used in the following ways:

  • Transaction Fees: Users spend IOTX to pay transaction fees, access Dapps, register devices, and engage with the network.

  • Staking: Users can stake IOTX to participate in network consensus and receive IOTX in return as rewards. These incentives are derived from gas fees and given to network participants.

  • Governance: By staking, IOTX holders can participate in network governance and exercise voting rights.

  • Native dApp Development: Developers can use IOTX to run their smart contracts, build dApps, and make new tokens on the IoTeX multi-chain platform.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

11/11/2021

IOTX price reaches a new all-time high after the project shifts its attention to "MachineFi," NFTs, and decentralised finance

+62% Increase

 

03/11/2021

IoTeX announced its partnership with Travala.com and NOWPayments

+111% Increase


CONCLUSION

IoTeX is a blockchain that brings blockchain technology to the IoT industry by connecting devices, DApps, and services. IoTeX wants to make it possible for trusted interactions between the real world and the virtual world. IoTeX also lets devices automatically make money for users by letting users share or sell the data collected by these devices and earn IOTX as rewards. The Roll-DPoS consensus protocol is used to make sure that the IoTeX blockchain is scalable and not controlled by a single organisation. The blockchain also uses sidechains to support the different IoT devices and applications. This helps the main blockchain scale better. IOTA, on the other hand, is a major competitor of IoTeX in the IoT market because it is a well-established project that provides similar solutions with no costs. Despite this, IoTeX has numerous development plans, including decentralised autonomous machines for fractional ownership of machines and oracles for DeFi services, to help bridge the gap.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.