What is IOTEX (IOTEX)?

Many people are focused on DeFi projects right now because they see finance as a huge industry — finance is a multi-trillion dollar industry, but so is IoT! IoT is growing at a much faster rate than most industries. Today, there are 25 billion IoT devices around the world and there will be 100 billion IoT devices by 2025. 

IoTeX is a decentralized organization that started in 2017 as an open-source project. It was built completely from scratch (no forks) and is tailor fit to support Internet of Things (IoT) use cases. Its mission is to create an open ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. The IOTEX platform uniquely combines blockchain, secure hardware, and confidential computing to enable trusted data from trusted devices for use in trusted Dapps.

IoTeX has developed its consensus mechanism called Roll-DPoS, which is an efficient–yet-decentralized variant of DPoS. It allows the IoTeX blockchain to handle 2K+ Txs per second and at the same time have many delegates to operate the chain. For now, over 70 delegates are running the chain, and the top 36 are selected as delegates where 24 out of these 36 are randomly selected to produce blocks. 

They have big goals to power all types of devices in the future and be the decentralized infrastructure to enable the future of privacy and IoT. The tech pillars of IoTeX are confidential computing systems that compute over encrypted data which has tremendous uses. It makes data useful without leaking them at all. IOTEX DID is another pillar that ensures devices and people enjoy self-sovereign identity/data.

Confidential computing and decentralized identity are core middleware components of the IoTeX platform. The platform utilizes a unique architecture to meet the unique demands of the Internet of Things (IoT) use cases and the multi-layer architecture combines smart devices, IoT Cloud, decentralized storage, and blockchain.

Here’s a brief description of these layers:

Device Layer: IoTeX is all about generating trusted data from trusted devices to enable trusted applications. A critical piece of this is the device layer. To trust a device, it must have a verifiable identity and its actions must be verifiable by others, which is exactly what IoTeX enables by combining secure hardware and blockchain, two tamper-proof technologies.

Storage Layer: IoT devices generate a lot of data, and not all of that can be stored on the blockchain due to cost/scalability reasons. But today, more and more data validation and processing are performed “on the edge” or on the device itself, reducing the need to store large amounts of unfiltered data on servers. A scalable and flexible approach is to store/index pre-processed data on the IoT Cloud (e.g., AWS) or decentralized storage (e.g., IPFS, Sia) and “hash” them to the blockchain, which provides timestamped verifiability and data provenance. When needed, this data can be written to the blockchain for use in smart contracts

Blockchain Layer: the root of trust for the entire IoTeX Network. Our blockchain is open source and one of the fastest in the entire industry — not only does it enable standard P2P transactions and smart contracts, but it is also used to register device identities and “hash” data (stored on Cloud/decentralized storage) to the blockchain.

The combination of these three layers provides great flexibility for developers and builders. For more information, please see our Blockchain & IoT Reference Architecture.

IOTX has multiple uses (or “utility”) to enable trusted and transparent interactions between various entities in the IoTeX Network, including Delegates, stakeholders, product builders, service providers, and consumers. Ultimately, the IOTX coin and complementary tokenomics establish economic and reputational incentives that ensure the IoTeX Network is maintained in a decentralized fashion and “Powered by IoTeX” products are effectively serviced. 


Who are the founders of IOTEX (IOTEX)?

IOTEX is backed by a global team of research scientists and top engineers, IoTeX combines blockchain, trusted hardware, and edge computing to realize the full potential of IoT. 

Raullen Chai is a strategy and blockchain professional. He is a cryptography research scientist at UWaterloo. He is also the lead of Crypto R&D at Uber and the security engineering lead at Google.

Jing Sun is the founding partner of Sparkland Capital. He led 40+ investments and innovations in blockchain, security, and IoT.

Simone Romano is the dev community growth professional. He has an MSc. in industrial automation at U of Naples Federico II and is also a machine vision specialist.


What is IOTEX (IOTEX) used for?

Real machines 

The IoTeX platform is already supporting REAL IoT products that are “Powered by IoTeX” and provide users full data ownership and privacy.

Security 

Ucam is the world’s first private security camera built in partnership with Tenvis, a hardware giant that is currently Amazon’s Choice for cameras. 

Tracking 

Pebble Tracker is a decentralized asset tracking device developed in partnership with Nordic Semiconductor, one of the largest chip manufacturers in the world. Pebble Tracker writes verifiable, real-world IoT data (e.g., location, motion, climate) to the blockchain for use in smart contracts.

Power smart technologies 

IoTeX is already powering smart devices that allow users to own and control their data, but we have much greater long-term goals.

Promote machine-human relationship 

They want to enable privacy-preserving Dapps that leverage the trusted data and trusted devices enabled by IoTeX and eventually form diverse human-machine economies that will power new decentralized ecosystems where humans and machines can interact with guaranteed trust, free will, and privacy.

Staking 

IoTeX has an open & fully decentralized Delegates Program, anyone who meets the minimum requirements is welcome to join. Delegates are elected by token holders to represent the entire IoTeX network by maintaining consensus, spreading project awareness, organizing community-wide initiatives, and more.


How is IOTEX (IOTEX) unique?

IOTEX’s biggest strength is that it has one of the strongest and most technical teams in the entire industry. They are at the forefront of cutting-edge tech in the blockchain space and are also equally involved in the IoT space, including hardware, connectivity, and large-scale architecture.

IoTeX was recently selected as the Co-Chair of the Industrial Internet Consortium (IIC) Blockchain Group along with Amazon and Huawei. They built an entire blockchain and IoT middleware from scratch and launched several blockchain-powered IoT products in only two years. 

IoTeX’s decentralized identity (DID) framework is very unique as it focuses on identity for devices/machines. The “users” of IoTeX will be both people and machines, which will interoperate and form human-machine economies. IoTeX works closely with major IoT manufacturers, research/standards institutions, and other blockchain companies, some of which include the Industrial Internet Consortium.


How many IOTEX (IOTEX) coins are in circulation?

The total token supply (gradually will reduce): 9.7 billion IOTX {as of August 2020}

Private Sale – 24% of the total supply

Community Reward Programs – 6% of the total supply

Team – 15% of the total supply

Ecosystem – 30% of the total supply

Foundation – 25% of the total supply


How is the IOTEX network secured?

IOTEX employs one of the most advanced security systems that safeguard the data of its users properly.


How do I buy IOTEX (IOTEX)?

The IOTEX token can be used for a wide range of uses, like staking and governance.

IOTEX tokens can be easily purchased by the following steps. 

* Open an account with the crypto trading platform.

* Transfer the specific amount of your fiat currency to your account.

* Wait for your deposit to be confirmed and buy IOTEX through your trading account.


Which Cryptocurrency Wallet Supports IOTEX (IOTEX)?

The PTPWallet platform supports many cryptocurrencies simultaneously, such as IOTEX (IOTEX). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their IOTEX wallet because it offers a simple interactive interface, making it easy for people to navigate.

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