Hello everyone, welcome to my blog, today I would be discussing about IoTeX future of the IoT-oriented blockchain platform.
Today I will talk about a venture called IoTeX, IoT = Internet of Things, eX = commonly used in coding for explode, extension, explore, & next generation. IoTeX is dedicated to create the next generation of the IoT-oriented blockchain platform. The cutting edge blockchain-in-blockchain architecture will address the scalability, privacy, isolatability, and developability issues relating to the IoT DApps and ecosystem growth. By combining token incentives with our vibrant global community, we believe we can crowdsource top industry and community talents to push the frontier of blockchain 3.0.
IoTeX as a platform for others to build DApps for IoT. Each IoT DApp runs within one subchain and can communicate with other subchains via the rootchain. Typical IoT DApps lies in the sectors of sharing economy. For example, a device loans out its computation/ storage/ connectivity capability in exchange for tokens or a device (like a RFID on the bike) can provide certain services in exchange for tokens.
Their focus:
Their focus isn't simply a platform for others to build DApps for IoT. There are four major innovations
- Blockchains in blockchain for a well balanced distributed network that maximises scalability and privacy in a cost-effective way
- True privacy on blockhain based on relayable payment code, constant-size ring signature without trusted setup, and first implementation of bulletproof
- Flexible and lightweight IoTeX-based system architectures dedicatedly designed for key IoT applications across multiple industry sectors.
- Fast consensus with instant finality greatly improving the throughput of the network and reducing transactional cost
In spite of its rapid growth and evolution, the Internet of Things (IoT) lacks “killer apps” to reach mass adoption and draw more users into the ecosystem. The main issues associated with the IoT are scalability, privacy concerns, high operational costs, and lack of functional value.
The decentralized nature of blockchain could provide a solution, preventing data being stolen when uploaded to the cloud. Another benefit would be smart contract implementation, which enables autonomous device coordination for creating functional values.
But blockchains have limitations, and this is where IoTeX comes in. Powered by a privacy-centric blockchain, the new project aims to become a decentralized network for the IoT, leveraging several core innovations, including its own fast consensus mechanism based on delegated proof-of-stake, somewhat like NEO.
However, it uses randomized proof-of-stake to make it more secure and finalized. Every time a block is produced, that block is final; it doesn’t need to wait for confirmations which make things a lot easier in the IoT scenario.
Although the concept is viable, IoTeX has a direct competitor, namely IOTA which uses the DAG-based system to solves the scalability problem. However, the main challenges with IOTA is security – the network can be attacked fairly easily with one powerful computer.
IoTeX doesn’t use DAG. It leverages traditional Blockchain technology to solve the scalability problem with subchains. Another innovative aspect is the use of ring signatures, similar to Monero and zero protocol, similar to ZeroCash. But they’ve written their own lightweight privacy algorithm that is quicker to use.
Unlike IOTA, IoTeX has smart contracts, which they claim is important for IoT if you want to program certain devices to do certain tasks, without the device managing the processing part.
What is IoTeX Built for?
The IoTeX blockchain supports a variety of IoT ecosystems such as the sharing economy, smart home, supply chain management, and device identity management. IoTeX supports a diverse developer community including IoT hardware manufacturers, IoT device control systems, smart home apps, supply chain data integrator, data crowdsourcing vendors, and autonomous cars manufacturers.
IoTeX will be the foundation of the technology, economy and ecosystems of the IoT world. IoT organizations will construct or reconstruct their business models and ecosystems using IoTeX blockchain. In this system, users are not only the consumer of IoT devices but also the advocates, marketers, and even service providers. The key tenet is their decentralized network in which users own their own data.
Like any evolving ecosystem, those that continually provide value to users will last forever, those that don’t will naturally diminish as users and miners move to more lucrative subchains. Early adopters stand to benefit the most due to token appreciation, since they’ve held the tokens the longest, they stand to gain the most from its success and can contribute computing resources if they think it’s a project that will succeed.
Token issuance.
They plan to address inflation by fixing the total supply of IoTeX tokens at the start. There will be 10 billion IoTeX tokens. Prior to the launch of IoTeX mainnet, the circulated IoTeX token will be an ERC20 token (ticker: IOTX) on Ethereum, which is not minable. Immediately after the launch of IoTeX mainnet, they will work with exchanges to help IoTeX token holders redeem their native IoTeX coins (ticker: IOX). A native coin will be mineable, similar to PoS, for 50 years. Rewards of the mining will reduce over time based on a linear gradient reduction model. They are not planning for an ICO/public sale. They believe in growing together with the community and connecting the physical world block by block.
They want our community to have a deeper understanding of IoTeX by participating in different campaigns. they believe the only way to build a better community is to have everyone involved, which is the reason why they hosted many campaigns and gave away points for the last few months. they always want to reward our early supporters and believers who have helped pave their road every single step of the way.
The token distribution according to their website
30%: Community & Ecosystem
25%: Foundation
15%: Team
24%: Token Sale
6%: Community Reward Program
Team, Advisors and Investors
The team behind IoTeX is top-notch. The co-founders have PhDs in cryptography and machine learning, meaning they’re all well-versed in cryptocurrency and Blockchain technology. The project also includes all-star advisors specialized in cryptography, venture capital, and finance. They have a great panel of investors featured on their website, including NEO, the 6th most valuable cryptocurrency in the market. IoTeX Team has a great background. I would encourage you to take a look at their profiles individually.
Roadmap:
My review
Why I think this project is a good one and you should be a part of it. The IoTex project seems to have several clearly-established goals in mind, considering the team behind the IoTeX project is highly experienced in cryptocurrency and cryptography. They have roadmap to 2019 and have testnet preview, this is good.
Their project can apply to real life: sharing economy, identity management, smart home, and autonomous cars. this is good point.
IoT is difficult, base its on Blockchain to connect the virtual world to the physical world, to block the world more difficult but the team managed to gather different characteristics from other blockchains, and put it into the development of a super-blockchain and with community efforts can address these technical challenges in developing.
I could go on and go about this project.
For more information check:
IoTeX Website: https://iotex.io/
IoTeX Whitepaper: https://iotex.io/white-paper
IoTeX Telegram: https://t.me/IoTeXGroup
IoTeX Reddit: https://www.reddit.com/user/IoTex_io
IoTeX Github: https://github.com/iotexproject/iotex-core
IoTeX Bounty: https://iotex.io/community-reward
Hash id is LimbJ