Today we continue to deepen the information about those interesting projects that aspire to position themselves at the forefront of the world of cryptocurrencies, this time we will talk about Iotex (IOTX), which is designed to interconnect through the internet with all the objects around us.
According to its developers this project is presented as a window to the Internet of Trusted Things, a concept where we can interact with the smart devices around us taking absolute care of our privacy, considering that during the last decade, governments and companies have blatantly tracked our activities, have collected and sold our data and have violated our fundamental right to privacy on a global scale.
As such, IoTeX aims to enable a borderless ecosystem where humans and machines can interact with assured trust, free will and privacy, envisioning a future where users, not institutions, have full control of their devices and data. No intrusive ads or surveillance, just privacy and peace of mind.
Powered by the IoTeX platform, Internet of Trusted Things is the first open, secure, human-centric ecosystem of autonomous devices and users. With Internet of Trusted Things, we can finally have peace of mind knowing that our data, identity and privacy are owned by us, not by institutions.
IoTeX is designed to connect the physical world of Internet devices on a block-by-block basis, and will be fast and scalable thanks to the unique Roll-DPoS consensus mechanism. IoTeX also provides a lightweight privacy-preserving technique.
However, given the extensive list of privacy currencies and IoT solutions, can they really differentiate themselves?
In this IoTeX review, we will give you a complete overview of the project. We'll delve into the technology, team members and use cases. We'll also take a look at the development roadmap and cases for broader adoption of the IoTeX token.
It all started as an open source project in 2017 and then formed into a decentralized platform that aims to power the trusted Internet of Things by combining blockchain technology, secure hardware and confidential computing to enable privacy-preserving smart devices and networks. It is a private blockchain within a blockchain solution designed to power the Internet of Things ( IoT ). IoTeX was designed to connect the physical world of Internet devices and be fast and scalable by using a unique Roll-DPoS consensus mechanism.
IoTeX is not without competition. One of its biggest competitors is IOTA, which uses directed acyclic graph (DAG) technology to solve scalability issues and provide a lightweight platform for devices with low power requirements. However, IOTA's use of DAG technology comes at a price, and that price is global consensus. The IoTeX developers think this price is too high and seek to design a blockchain solution to move beyond scalability issues. Their vision includes a blockchain that is made of many blockchains. There will be a root blockchain responsible for security and network governance, and then side chains that carry out specific functions.
The founders of IoTeX are Qevan Guo, Jing Sun, Xinxin Fan and Raullen Chai. Qevan Guo is also a co-founder of Hyperconnect Lab. He used to be a research scientist and engineering manager at Facebook. Jing Sun also works as a managing partner at Sparkland Capital. She is an LP investor at Polychain Capital and an angel investor at Rippling.Xinxin Fan was a senior research engineer at Bosch Research and Technology Center, North America. He has also worked as a research associate and project manager at the University of Waterloo. Raullen Chai is also an advisor to BootUP Ventures and is a member of the Industrial Distributed Accounting Task Group at Industrial Internet Consortium.
IoTeX has several mechanisms that ensure user and transaction privacy. Some of these are ring signatures and trusted payment code that hides the address of the transaction recipient. Also through proof-of-stake jobs it is possible to have interested parties vote for block producers in the network. The number of block producers is set and once elected, they are responsible for adding new ones.
IoTeX has several mechanisms that ensure the privacy of users and transactions. Some of these are ring signatures and trusted payment code that hides the address of the transaction recipient. Likewise through delegated proof-of-stake jobs it is possible to have interested parties vote for block producers in the network. The number of block producers is established and once elected, they are responsible for adding new blocks to the blockchain who receive rewards that they can distribute to the stakeholders who voted for them, incentivizing block producers to keep working and stakeholders to keep voting for block producers.
By using the delegated participation test IoTeX aims to have stakeholders vote for block producers in the network. This is a fixed number of block producers, and once they are elected, they remain responsible for adding new blocks to the blockchain who receive rewards for doing so, as well as the stakeholders who voted for them. This process incentivizes block producers to continue producing blocks and incentivizes stakeholders to vote for block producers.
The DPoS consensus mechanism is not without flaws. First, the established static number of block producers means that the network never achieves decentralization. Second, and important for an IoT blockchain like IoTeX, is that it cannot handle complex blockchain architectures or multiple large-scale applications running simultaneously.
The project's native token is IOTX, which is an ERC-20 token and will be mineable for the next 50 years. There are currently 1,331,040,005 IOTX in circulation, and there is a limited total supply of 10 billion tokens. The largest trading volume in the IOTX token is on Binance, with much smaller amounts traded on Kucoin and Gate.io . A small amount is also traded on Bilaxy. As an ERC-20 token, IOTX can be stored in any ERC-20 compliant wallet, however, once it is exchanged for the native IOTX token, it will be necessary to use the system's IoTeX wallet.
It is important to say that the information presented here is not intended to establish any kind of advice or recondation on this project, it is necessary that the interested person assumes the investigation of the same to confirm everything about the project of his desire.
