What Is the IoTeX (IOTX) Blockchain?
IoTeX is a decentralized network that aims to support the rapidly expanding world of the Internet of Things (IoT). The platform seamlessly blends blockchain technology with confidential computing to facilitate secure data exchange among IoT devices.
IoTeX founders
In 2017, a team of experienced blockchain developers and researchers launched an open-source project.
The co-founders of this project possess extensive academic expertise and industry experience in the blockchain field, making them a formidable force in the space.
1. Raullen Chai, the CEO of IoTeX, holds a Ph.D. in cryptography and has over a decade of experience in distributed ledger security research. He previously served as the Head of Cryptography Research at Uber.
2. Jing Sun, the Chief Operating Officer of IoTeX holds a Master's degree in radio-electronics and has worked on several large-scale IoT projects, including the MachineFi Lab.
3. Qevan Guo, the Technical Director and co-founder of Hyperconnect Lab, brings extensive experience to the IoTeX team, with a background as a software engineer at Facebook.
4. Xinxin Fan, a senior engineer at IoTeX with a Ph.D. in computer science. With extensive experience in distributed ledgers, he has published several scientific articles on the subject. Xinxin is also the developer behind the Roll-DPoS consensus mechanism used by the IoTeX blockchain.
Since the project's inception, the team of founders has been heavily involved not only as primary investors but also in the active development of the platform. In addition, the team includes approximately 40 other individuals who are dedicated to advancing the project.
Unique features of the IoTeX platform
The IoTeX network is built on the exotic Roll-DPoS consensus algorithm, which ensures ultra-fast information processing and low transaction fees. Additionally, the protocol boasts several unique features, including:
- secondary chain architecture that enables confidential transactions;
- interoperability with other blockchain networks, facilitating seamless device-to-device communication in the IoT ecosystem;
- EVM (Ethereum) compatibility;
- decentralized bridge called ioTube, which enables the exchange of assets between different blockchains;
- ring signatures and one-time address codes that hide the recipient's address;
- proprietary wallet ioPay.
The IoTeX network is supported by its native token, IOTX, which ensures the network's functionality.
IOTX cryptocurrency
The native cryptocurrency of the IoTeX blockchain is called IOTX. It was launched during the ICO in 2018, when the team offered coins to the project's initial participants in exchange for ETH. The IOTX token is used within the IoTeX network for various purposes, including:
1. Transaction fees. It is used as a commission that is charged for processing and verifying transactions.
2. Staking. Investors can also lock their IOTX tokens in liquidity pools to participate in the network's consensus mechanism and earn rewards.
3. Governance. IOTX tokens can be used to vote for validators who play a crucial role in ensuring the network runs smoothly.
4. Network Management. IOTX holders have the right to vote on proposals for amendments to the network's protocol and management framework.
The total supply of IOTX tokens is limited to 10 billion, with approximately 95% already in circulation. On November 14, 2021, the all-time high was recorded at $0.22.
The IOTX coin is not widely recognized among the most well-known cryptocurrencies, as it currently holds a market share of just 0.02% and has not exceeded a daily trading volume of $10 million in quite some time.
However, despite this, the project has managed to build a strong community of individuals who are invested in the platform's future. In the eyes of its supporters, the true potential of IoTeX will be revealed once the Internet of Things expands beyond individual households and small commercial establishments to become a global phenomenon.
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