IoTeX Network

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Discover IoTeX Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is IoTeX Network?

IoTeX is a layer 1, open-source, and decentralized blockchain platform designed to provide a secure ecosystem for IoT devices to interact with real-world data. It aims to create a trusted network where users can own and control their data, ensuring privacy and security. The platform uses a unique consensus mechanism called Roll-D PoS and features subchains, edge computing, and cross-network communication to enable scalability and interoperability. The native cryptocurrency, IOTX, serves as the primary incentive for maintaining the network, facilitating transactions, and governing the ecosystem.

How is IoTeX Network used?

IoTeX Network (IOTX) is a decentralized ecosystem designed to connect and integrate IoT (Internet of Things) devices with blockchain technology. Here are the key ways IOTX is used:

  1. Transaction Fees: IOTX is used to pay for transactions within the network, similar to Ethereum's transaction fee structure. These fees are paid in the form of "gas" and are used to compensate nodes for validating and executing transactions.

  2. Rewards and Staking: IOTX is used to reward nodes that propose new blocks and identify fraudulent activities. Validators stake IOTX as collateral to ensure the security of the network. Token holders can also stake IOTX to vote for delegates, maintaining decentralized governance.

  3. Delegate Election: IOTX is crucial for staking by token holders, who use it to vote for delegates. This process is vital for maintaining decentralized governance and overall network security.

  1. Burn-Drop Mechanism: IOTX implements a unique deflationary tactic called the "Burn-Drop" scheme. When a new IoT device is registered, a specified number of tokens are burned, and a corresponding amount is airdropped to stakers, reducing the total supply and rewarding active participants.

  2. Cross-Chain Bridge: IOTX can be bridged from the Ethereum blockchain to the IoTeX blockchain through iotube.org, allowing for seamless interaction between the two networks.

  3. IoT Device Integration: IoTeX simplifies the introduction of new devices to the network, making it easy to add and monitor data from various devices across multiple platforms. This integration provides a clearer overview of business operations.

  1. Smart Contracts: IoTeX connects real-world devices to the blockchain using specially programmed smart contracts, enabling the integration of IoT devices with blockchain technology.

  2. Ecosystem Participation: IOTX is used to participate in the IoTeX ecosystem, which includes over 500 projects in DePIN, NFT, DeFi, GameFi, and more.

In summary, IOTX is the native cryptocurrency of the IoTeX blockchain, facilitating transactions, rewards, staking, and governance within the network while enabling the integration of IoT devices with blockchain technology.

How do I store IoTeX Network?

To store IoTeX Network (IOTX) tokens, you can use the following methods:

  1. ioPay Wallet: This is the official native wallet built by the IoTeX team. It supports token transfers, contract calls, and staking. You can download and install ioPay to manage your IOTX tokens.

  2. Web3 Wallets: Web3 wallets like Metamask can also be used to execute token transfers and contract calls. However, they do not support staking. You can configure Metamask to connect to the IoTeX blockchain by adding a custom RPC network and importing your private keys from ioPay.

  3. Trust Wallet: Trust Wallet is another option for storing IOTX tokens. It provides a secure and user-friendly interface for managing your cryptocurrency. You can download and install Trust Wallet, add IoTeX to your wallet, and access features like buying, selling, and swapping.

Remember to always keep your private keys and secret phrases secure to avoid any potential losses.

How to buy IoTeX Network?

To buy IoTeX Network (IOTX) tokens, you can follow these steps:

  1. Create an Account:

    • Sign up on a reputable cryptocurrency exchange like Cointree, Coinbase, or Binance.
    • Verify your account by providing the required identification documents.
  2. Add a Payment Method:

    • Connect a payment method such as a bank account, debit card, or credit card to your exchange account.
  3. Select IoTeX:

  • Navigate to the exchange's platform and search for IoTeX (IOTX).
  • Select IoTeX from the list of available assets.
  1. Enter the Amount:

    • Enter the amount of your local currency you want to spend on IoTeX.
    • The exchange will automatically convert this amount to the equivalent IoTeX tokens.
  2. Confirm the Purchase:

    • Review the details of your purchase, including the amount and fees.
    • Confirm your order to complete the transaction.
  3. Store Your Tokens:

  • Once the purchase is complete, your IoTeX tokens will be stored in your exchange wallet.
  • You can also transfer them to a personal crypto wallet for added security.

Remember to always use reputable exchanges and follow best practices for securing your cryptocurrency assets.

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History of IoTeX Network

IoTeX Network, commonly referred to as IOTX, was founded in 2017 by Dr. Raullen Chai, Jing Sun, Dr. Xinxin Fan, and Dr. Qevan Guo. The platform is designed to enhance the Internet of Things (IoT) by enabling devices and systems to work autonomously at scale. IoTeX is built from scratch and is tailored to support the IoT ecosystem, focusing on privacy-preserving smart devices and networks.

Founders' Backgrounds
  • Dr. Raullen Chai: Co-founder and CEO, with a background in cryptography, having worked at Google and Uber. He was drawn to Bitcoin during his PhD at the University of Waterloo and later founded IoTeX to create a trusted and privacy-respecting infrastructure for the IoT.
  • Larry Pang: Co-founder and Head of Business Development, with a degree from MIT and experience as a Management Consultant at Oliver Wyman. He got involved in crypto after a project with the World Economic Forum and joined IoTeX to promote the vision of trusted and private IoT devices.
Key Milestones
  • 2017: IoTeX began as an open-source project, aiming to create a dynamic, trusted, and privacy-respecting infrastructure for the IoT ecosystem.
  • 2018: The first code release was made, marking the start of the platform's development.
  • 2019: The native IOTX token was launched, and token holders of the ERC20 IOTX were encouraged to swap their tokens for the native IOTX to take advantage of the new blockchain's features.
  • 2020: IoTeX held an AMA (Ask Me Anything) session on Binance, discussing its vision, history, and future plans.
  • 2024: The IoTeX blockchain underwent a hard fork, updating to Mainnet v1.14.0.
Token Migration

The migration from the ERC20 IOTX to the native IOTX involved a multi-step process. Users first swapped their ERC20 IOTX for CIOTX (CrossChain IOTX) on Ethereum using Uniswap. Then, CIOTX was sent through the ioTube bridge to the IoTeX blockchain, where it was converted into WIOTX (Wrapped IOTX). Finally, users could unwrap WIOTX to receive native IOTX tokens.

Current Status

IoTeX continues to evolve, focusing on building a decentralized ecosystem where humans and machines can interact with free will and privacy. The platform supports various use cases, including asset tracking, healthcare devices, and decentralized exchanges. It also has a developer grants program called Halo to encourage new projects on the IoTeX platform.

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How IoTeX Network works

IoTeX is a decentralized platform designed to connect and manage Internet of Things (IoT) devices securely and efficiently. It uses blockchain technology to ensure privacy, scalability, and secure interactions between devices. Here's how it works:

Connecting Devices

IoTeX connects real-world devices to the blockchain using specially programmed smart contracts. These contracts enable devices to interact with the blockchain, allowing for secure data exchange and validation.

Cross-Chain Data Bridge

IoTeX integrates a cross-chain data bridge to improve usability and functionality across multiple networks. This bridge enables seamless communication between devices and the blockchain, making it easier to manage and interact with IoT devices.

Oracles and Truststream

IoTeX uses off-chain sensors called oracles to monitor device data. These oracles are part of the Truststream protocol, which operates as an L2 Oracle system. They validate and monitor crucial data, ensuring the integrity of the network.

Consensus Mechanism

IoTeX employs a unique consensus mechanism called Roll-DPoS (Delegated Proof-of-Stake). This system combines the benefits of delegated staking networks with randomization to improve performance and reduce centralization. Users can stake their tokens to vote for delegates, and the top 36 delegates are randomly selected to validate transactions and receive rewards.

IOTX Token

The main utility token of the network is IOTX. This token is used to pay for transactions, fees, and interact with network services. It can also be staked to secure passive rewards.

Staking

Staking IOTX is a low-risk way to earn passive rewards. Users lock their tokens into a network smart contract in exchange for rewards, providing a consistent source of income.

MachineFi Economy

IoTeX is creating a new online economy called MachineFi, which focuses on machine-to-machine and person-to-machine transactions. These transactions are automated using smart contracts, enabling a more efficient and secure way of doing business.

Decentralized Identity

IoTeX provides a decentralized identity system for devices, ensuring that each device has a unique and secure identity on the blockchain. This identity is used to manage device interactions and ensure trust within the network.

W3bstream

IoTeX's W3bstream is a blockchain-agnostic platform that accelerates development timelines for IoT devices. It offers tools and middleware to empower users to monetize their data, taking control back from big corporations. W3bstream supports various blockchain integrations, including Ethereum and IoTeX, and aims for full community-driven decentralization.

Applications

IoTeX has various applications, including telehealth care, decentralized advertising, and more. It supports the native token of Drop Wireless, a global LoRaWAN network, and facilitates decentralized data storage and transfer through W3bstream.

In summary, IoTeX is a decentralized platform that connects IoT devices to the blockchain, ensuring privacy, scalability, and secure interactions. It uses advanced technologies like oracles, Roll-DPoS consensus, and smart contracts to create a robust and efficient network for IoT devices.

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IoTeX Network's strengths

IoTeX Network (IOTX) has several strengths that make it a promising solution for the Internet of Things (IoT):

  1. Scalability: IoTeX uses a unique Roll-DPoS consensus mechanism, which allows it to be both fast and scalable, making it suitable for handling the vast number of IoT devices expected to be connected in the future.

  2. Privacy: IoTeX incorporates lightweight techniques for preserving privacy, ensuring that data remains secure and private within the network.

  3. Flexibility: The platform allows for the development of various applications, including websites, DApps, Dev Tools, tokens, and hardware solutions, giving developers a high degree of freedom in coding.

  1. Interoperability: IoTeX supports interoperability between its blockchains, enabling seamless communication and coordination between different IoT devices and ecosystems.

  2. Autonomous Coordination: The network includes a decentralized autonomous organization (DAO) for IoT, which codifies regulatory laws across IoT networks, ensuring efficient and decentralized governance.

  3. Innovative Tokenomics: IoTeX has a unique "Burn-Drop" mechanism, where tokens are burned and airdropped to stakers when new IoT devices are registered, reducing the total supply and rewarding active participants.

These strengths position IoTeX as a robust and innovative solution for the IoT industry, addressing key challenges such as scalability, privacy, and interoperability.

IoTeX Network's risks

IoTeX Network (IOTX) faces several risks that could impact its adoption and success. Here are some of the key risks associated with IoTeX:

  1. Competition from Other IoT Solutions: IoTeX operates in a competitive landscape, with other projects like IOTA also focusing on IoT applications. This competition could make it challenging for IoTeX to differentiate itself and gain widespread adoption.

  2. Scalability and Performance: IoTeX's ability to scale efficiently and handle a large number of IoT devices is crucial. If it fails to deliver on its promises of scalability and performance, it could lose ground to competitors.

  3. Security Risks: As a decentralized network, IoTeX is vulnerable to security breaches and data breaches. Ensuring the integrity of its blockchain and protecting user data is essential to maintaining trust in the network.

  1. Regulatory Uncertainty: The regulatory environment for blockchain and IoT projects is still evolving. IoTeX may face challenges in navigating these regulations, which could impact its growth and adoption.

  2. Market Volatility: As with any cryptocurrency, the value of IOTX tokens can be highly volatile. This volatility can make it difficult for investors to predict returns and may lead to significant losses if the market moves against them.

  3. Dependence on Partnerships and Collaborations: IoTeX's success is closely tied to its ability to form and maintain partnerships with hardware and software providers. If these partnerships falter, it could hinder the project's progress.

  1. Global Consensus and Sidechain Integration: IoTeX's use of sidechains and its vision of a blockchain made up of many blockchains may pose technical challenges. Ensuring seamless integration and global consensus across these sidechains is critical to the network's success.

These risks highlight the importance of thorough research and careful consideration before investing in IoTeX or any other cryptocurrency.

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IoTeX Network’s team

  • Raullen Chai: Co-founder and CEO of IoTeX, with a PhD in cryptography from the University of Waterloo. He was previously the head of cryptography research and development at Uber and a security engineer at Google.
  • Qevan Guo: Co-founder of IoTeX, holding a PhD in machine learning and computer vision from the National University of Singapore. He was a research scientist and engineering manager at Facebook.
  • Jing Sun: Co-founder of IoTeX, bringing business experience with over 40 investments in security, blockchain, and IoT. She was a founding partner of Sparkland Capital, a venture capital firm connecting Asia with Silicon Valley.

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