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.
But first, let me give you an overview of what exactly IoT is.
Internet of Things (IoT)
The Internet of Things (IoT) describes the network of physical objects using sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
In a consumer market, IoT is most synonymous with “Smart Devices” like home security systems and CCTV cameras that are connected to smartphones. Some of the more common examples of IoT devices include smart speakers like Amazons Alexa or Google Home, smartwatches like the Apple Watch, internet-connected baby monitors, video doorbells.
Now that you know exactly what kind of technology IoT is? Let’s dive into the world of IoTeX.
IoTeX aims to connect physical internet devices block by block in both fast and scalable way 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 :
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.
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)
Recently IoTex swapped it’s IOTX-E token for their native coin IOTX. IoTex will 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:
If you are an Indian reader, below is an overview of how you can use WazirX to trade IOTX.
How to Trade IOTX on WazirX- India’s largest Cryptocurrency Exchange?
Trading on WazirX is pretty simple. Infact, it has the simplest UI you can find out there. On WazirX, IOTX is available to trade against USDT. What this means is, you got to have USDT balance on your account to Buy/Sell IOTX.
- To Buy USDT, you need to make an INR Deposit through IMPS (you can view the account details of WazirX by going to INR deposit tab), and then you can buy USDT by selecting USDT/INR pair. (INR Deposits are instant, Fee charged is INR 5.9 per transaction )
- After selecting the pair, you need to fill up the quantity of USDT you want to buy and the price at which you want to buy it. Click on the Buy button and your order will go into the order book.
- Once filled, you can search IOTX like shown in the image above and click on IOTX/USDT pair.
- Again, you just need to fill in how many IOTX you wish to buy and at what price and click on the Buy button. The process of buying is then automated by the exchange.
- To sell your IOTX holdings, you need to perform the same tasks while clicking on the sell button instead of buy button.
- Voila, it’s done.
Now that you know about IOTX and how to trade it on WazirX. Get going, make an account if you haven’t already by clicking here.
To get the latest updates about IoTeX, you can have a look at their community page.
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