Cryptopedia

IoTeX | Internet of Trusted Things

IoTeX is an open source project providing privacy centric blockchain scalable solutions to power the Internet of Things (IoT) or “Internet of Trusted Things” as they say it. In this blog, we’re going to learn about IoTeX vision, the utility of IOTX Coin and some of the exchanges it is listed upon.

IoTeX Vision

IoTeX aims to connect physical internet devices block by block in both fast and scalable ways thanks to the unique Roll-DPoS consensus mechanism. 

The number of IoT devices is expected to exceed 83 billion by 2024 according to research conducted by Juniper Research. Also, a report from the McKinsey Global Institute estimates that the IoT could have an annual economic impact of $3.9 trillion to $11.1 trillion by 2025.

That’s some huge numbers and they will need secure and private methods of communication to work more efficiently. 

Here are some Problems IoT technology is facing :

  • Compatibility
  • Security
  • Privacy
  • Connectivity

IoTeX plans on solving these problems using it’s privacy centric blockchain infrastructure tailor fit for IoT which provides flexibility and scalability by leveraging proof of stake consensus mechanisms.

Source: iotex.io

One of the largest competitors of IoTeX is IOTA, which uses Directed Acyclic Graph (DAG) technology to solve scalability issues and provide a lightweight platform for devices with low power requirements. IOTA has some big partnerships but that has not resulted in any commercial products by now.

On the other hand, Iotex is a working blockchain with real life products. Latest on being the world’s first blockchain powered security camera. 

As of today, IoTex is winning this competition very clearly. 

IoTex Coin (IOTX)

IoTeX has swapped it’s IOTX-E token for their native coin IOTX. It’ll have following utility categories:

  • Decentralized governance: staking/voting for Delegates, Delegate rewards and slashing, and network-wide votes (i.e., changes to rules, parameters, protocols).
  • Fees for storage and compute: running transactions and executing smart contracts on the IoTeX Network cost fees. These fees are collected by the blockchain as a “tax” which will be used to reward future block producing delegates
  • Bond/operation costs for L2 components: to provision and operate a Layer 2 component (e.g., subchains, identity providers, trust computing unites), one must stake IOTX on the chain as bond and pay for operational costs and will be slashed if proved to misconduct layer 2 components.

After reading all the technical stuff above, you must be thinking okay, the project is good and all but where can we trade IOTX and earn some profits? 

Exchanges supporting IOTX

IOTX is listed on some of the world’s biggest crypto exchanges providing excellent liquidity and trading options. Below is the list of top exchanges where you can trade IOTX: 

  1. Binance
  2. WazirX
  3. Uniswap
  4. Bittrex
  5. KuCoin

To get the latest updates about IoTeX, you can have a look at their community page.

I hope you found what you were looking for in this post, If you’ve any other query, you can let me know in the comment section below.

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