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What Is the IOTX Platform (IOTX)?

2023-06-09 06:29:12

You may have heard about IoT or the Internet of Things and its numerous applications. IOTX is a blockchain platform that links IoT devices with its users. It allows users to access their data safely.

Let’s learn more about IOTX.

IoTeX (IOTX)

What Is the IOTX Platform?

IoTeX is a layer one blockchain that offers a safe and reliable interaction between Internet of Things devices and people. 

Currently, its ecosystem is run by a decentralized network of users, businesses, and software developers. The IoTeX blockchain is the engine behind real-world products such as blockchain-powered cameras, supply chain optimization tools, and similar devices. It is compatible with Ethereum Virtual Machine. This compatibility with EVM makes the IOTX network one of the fastest, most secure and most reliable platforms out there.

The platform released two new products onto the market in 2020 to enhance trust and privacy while simultaneously processing real-world data. Below, we have added some info about these two products:

  • Ucam is a security camera device. It is end-to-end encrypted and decentralized. Ucam was created by the company Logitech. And it grants complete control over the data of the users. Ucam is primarily used in homes, offices, restaurants, etc.  
  • Pebble Tracker is a sensor gadget that turns real-time data like location, climate, motion, and other data into a format blockchains can use. From here, users can access the data and make correct predictions about the weather, etc.

What Is the IOTX Token?

The IoTeX platform uses the IOTX token, the platform's native token. The IOTX coin can be staked and used to participate in the on-chain governance of the network. In addition, the IOTX token can be used to pay transactions. 

In addition to this, it may be utilized to administer networks, acquire a decentralized identity, and add new devices to a blockchain. Users can also use IOTX tokens as a form of payment for the petrol fees required to conduct transactions and smart contracts. 

To get a "Powered by IoTeX (PBI)" accreditation, participating device manufacturers on the platform must burn IOTX. PBI devices are provided with a monthly allotment, while other devices must pay for each transaction individually. The supply of IOTX is reduced due to this deflationary mechanism, which is the burn-to-certify model's function.

Current price: $0.02305

Market Cap: 229.56 million

Total Supply of $IOTX: 10 billion

History of IOTX

IoTeX was founded in 2017 by Jing Sun, Raullen Chai, Qevan Guo, and Xinxin Fan. IoTeX employs a blockchain-in-blockchain mechanism consisting of a single root block and numerous sidechains connected to it. 

According to the team who developed it, "[e]veryday people and businesses can own and control their devices" with the help of this system. It is a one-of-a-kind roll-delegated proof of stake (Roll-DPoS) consensus method. It provides the speed and scalability to connect Internet of Things devices one block at a time.

Features of IOTX

Auto-Scalable

IoTeX can scale automatically thanks to the technological base it was built on. Using Internet of Things devices leads to a more diverse and decentralized network. The protocol can include or exclude certain devices depending on the specific criteria and performance needs.

Roll-D PoS

This is the only means for reaching a consensus within the network. Using this particular iteration of the Delegated Proof of Stake protocol, a blockchain has the potential to achieve immediate finality as well as scalability. Each time the procedure starts, the block producers responsible for generating blocks for the next period are selected randomly.

Layer-2 Subchains

These subchains are malleable and can be adjusted to meet the requirements of various IoT devices.

Edge Computing

It is a type of computing that places data processing and storage near the data sources. This results in a faster blockchain by lowering the bandwidth and improving response times.

Cross-network communication

Because of the strength provided by the root blockchain, IoTeX can support communication and interoperability across all of its subchains.

User’s Privacy

The IoTeX development team placed a high priority on protecting users' privacy. As a consequence, compared to many of its competitors, the platform possesses more comprehensive privacy management options. In addition, users of cryptocurrencies who value their privacy will find that the transparency and decentralization of the platform make it an excellent choice.

What Makes IOTX Unique?

The company was established in 2017 as an open-source platform to produce a decentralized environment with the capability for humans and machines to communicate safely and reliably. 

IoTeX, in contrast to many other coins currently available on the market, has a substantial value offering and a mission behind it. Its goal is to make it possible for regular people and businesses to own and operate their devices and the data and value they produce. By connecting the physical and digital worlds, offering value to users, and powering the emerging machine economy, IoTeX hopes to democratize access to machine-backed decentralized applications (dApps), assets, and services. 

How to Buy IOTX Tokens?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including IOTX, users can now trade easily and seamlessly.

To buy $IOTX, first, you need to create an account on CoinEx and proceed as follows.

If you already have a CoinEx account, this is how to purchase and sell IOTX on CoinEx:

  1. To access your CoinEx account, visit the website or launch the app and enter your email and password.
  2. Put funds in your account to make IOTX purchases. You can deposit the funds via bank transfer, credit card, etc.
  3. Once you have funds in your account, you may buy IOTX by going to the IOTX trading page and choosing the trading pair you wish to use.
  4. Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for IOTX. Put in your order and the quantity you want to buy.
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