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Home > News > Altcoin
Published: 12/04/2024
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Author: Kane
What is IoTeX? Information about IOTX Coin
IoTeX is considered a Layer-1 platform tailored for DePin projects. So, what is IoTeX? What makes this project special? Is the IOTX coin worth investing in? Let's find out!
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Table of Contents
What is IoTeX?
IoTeX (IOTX) is a blockchain platform designed for the Internet of Things (IoT), aiming to establish an open, secure, and private ecosystem for IoT devices and data. Known for its concept of the “Internet of Trusted Things,” IoTeX empowers users and devices to have full control over their information, free from surveillance or interference by third parties.
IoTeX provides a comprehensive blockchain solution integrated with Ethereum and other EVM-compatible chains, thanks to its decentralized bridge. Through W3bstream, it enables verifiable off-chain computation using zero-knowledge proofs, connecting off-chain data sources to on-chain dApp applications.
What Is Iotex
What Is Iotex
With a user-centric philosophy, IoTeX is committed to protecting the privacy and data ownership of participants within its ecosystem. The future of IoTeX is shaped by the community, rather than being dominated by any third-party entities.
What is IoTeX Technology?
What Is Iotex Technology
What Is Iotex Technology
Task Separation in the Network: IoTeX employs a task separation approach, creating separate sidechains for specific functions to maximize the efficiency of the blockchain and privacy.
Integrated Privacy: IoTeX utilizes Ring Signature to conceal transaction recipients, ensuring maximum privacy for users.
Occam’s Razor: IoTeX applies the principle that the simplest solution is often the most accurate, providing necessary features to each device through its own sidechain.
Fast Consensus: IoTeX uses RDPoS (Randomized Delegated Proof of Stake) technology to achieve fast, accurate, and environmentally friendly consensus.
Coordination of Different Devices: IoTeX establishes a DAO (Decentralized Autonomous Organization) specifically for IoT, enabling the creation of rules for the “world of robots” and allowing the community to agree on rules across various IoT device networks.
Root Blockchain and Sidechains: IoTeX has a Root Chain that supports cross-chain interoperability and other blockchains, while separating sidechains from the Root Chain for independent processing, enhancing privacy, scalability, and interaction between IoTeX and users.
Cross-chain Communication: IoTeX provides a protocol for fast, efficient, and cost-effective communication between blockchains in the system, ensuring data immutability.
Key Features of IoTeX
Key Features Of Iotex
Key Features Of Iotex
IoTeX is not merely a conventional blockchain; it is a full-stack platform enabling reliable data provision for dApps. Designed by a team of leading cryptographers and research scientists, IoTeX leads technology standards bodies such as IIC, IEEE, and CCC.
In terms of architecture, IoTeX is similar to Ethereum but does not aim to replace it. Instead, IoTeX serves as the hub for decentralized, trustless IoT data and collaborates with Ethereum and other Layer 1 platforms.
The IoTeX platform comprises the following technology layers:
Blockchain: EVM virtual machine, Roll-DPoS consensus mechanism with a speed of 5s/block, operated by 60+ Delegates.
Decentralized Identity (DID): On-chain identification framework, allowing users/devices to own data, identity, and login information.
Real World Data Oracles: Converting real-world information into verifiable data, ready for the blockchain.
Secure Hardware: Anti-counterfeit devices using Trusted Execution Environment (TEE) integrated with IoTeX.
Development Team
Team
Team
Raullen Chai – CEO: PhD, cryptographic research scientist at the University of Waterloo. Former security engineer at Google and head of cryptographic R&D at Uber. Over 8 years of experience in blockchain and cryptography.
Qevan Guo – CTO: Former technical director and research scientist at Facebook. PhD in Machine Learning & Computer Vision from the National University of Singapore.
Jing Sun – COO: Experienced in directing over 40 investments and innovations in blockchain, security, and IoT.
The leadership team includes top experts in fields such as cryptography, machine learning, cybersecurity, and blockchain, ensuring IoTeX has a solid technical foundation and the right development direction.
Investors
IoTeX is supported by major investment funds such as Kenetic, Hashed, LinkVC, Neo Global Capital, and BlockVC, indicating high potential and prospects for IoTeX.
The IoTeX platform is viewed as a unique and reliable blockchain. It offers a diverse ecosystem, including devices (Ucam, Pebble), dApps (mimo, Cyclone), and services (ioPay, ioTube).
Despite having a similar architecture to Ethereum, IoTeX still attracts significant attention from the community, thanks to its provision of modern technology applications, enhancing user experience.
IoTeX Ecosystem
Investor
Investor
Currently, IoTeX supports over 200 projects across various fields such as DeFi, NFT, GameFi, Wallet, Exchange, etc. However, the area IoTeX focuses on and supports most strongly is DePIN (Decentralized Personal Information Network). IoTeX serves as the infrastructure platform, enabling DePIN projects to deploy or integrate modules into their ecosystem.
Recently, IoTeX received $50 million from various investment sources, demonstrating interest and expectations for the potential of the DePIN sector within the IoTeX ecosystem.
This indicates that IoTeX is strongly focused on developing security and personal data privacy in IoT, through supporting DePIN projects on its platform. This is an important strategic direction for IoTeX.
Related: What is an NFT and how does it work?
What is IOTX Coin
Basic Information IOTX Coin
Ticker: IOTX.
Blockchain: IoTeX.
Consensus: Roll-Delegated Proof of Stake (Roll-DPoS).
Token Type: Coin.
Total Supply: 10,000,000,000 IOTX.
Circulating Supply: 2,525,040,005 IOTX.
Allocation IOTX Coin
Allocation
Allocation
Private Sale: 24%.
IoTeX Team: 15%.
IoTeX Foundation: 25%.
Roll-DPoS Mining: 12%.
Ecosystem Development: 18%.
Community Development: 6%.
Utility IOTX Coin
IOTX is used for users to pay for dApps, services on IoTeX, as well as to stake/vote for Delegates.
IOTX is used to incentivize developers to create new dApps and devices on the IoTeX platform.
Delegators stake IOTX to participate in the block production process.
Services developed on IoTeX can charge users in IOTX.
Release Vesting IOTX Coin
Vesting
Vesting
Buying and Selling IOTX Coin
You can buy and sell IOTX coin on famous CEX exchanges such as Binance, Gate, Coinbase, Kucoin, etc.
Project Information
Website
Twitter
Conclusion
Through the article “What is IoTeX? Learn about IOTX Coin,” you have gained an understanding of IoTeX. If you still have questions, please leave a comment below for clarification.
Note: This article is for informational purposes only and does not constitute investment advice!
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