IoTeX (IOTX) is a decentralized network for the Internet of Things (IoT) industry backed by a centralized private blockchain. The purpose of IoTeX is to solve all problems related to IoT industry such as not attracting many people interested, low scalability … by using blockchain technology.
IoTeX believes that the IoT industry has a great potential, but now for everyone to use it extensively is a long way off. One of the key issues for today’s IoT industry is the lack of “quality applications” to attract users to adopt IoT technology into their lives. IoTeX considers itself to be a platform used to develop that quality application.
IOTX Token is the main cryptocurrency in the IoTeX ecosystem and is used as a “virtual encryption fuel” to use certain functions on the IoTeX network. It includes making transactions and running distributed applications or rewarding people who make quality contributions to the ecosystem.
Features of IoTeX
Quick consensus: IoTeX reaches consensus quickly by using RDPoS technology. This consensus system will support work on millions of nodes with high accuracy and low latency in an environmentally friendly manner. It is specially designed for IoT.
Security integration: IoTeX has integrated privacy technologies with the aim of “maximizing privacy” with features such as using anonymous addresses and ring signatures of constant size.
Automated device coordination: IoTeX creates a decentralized autonomous organization (DAO) dedicated to IoTs to create separate laws for the “robot world”, which is the most important part of the IoT industry. And using this DAO, the community can create unified rules for use on networks of different IoT devices.
Blockchain in Blockchains: Like Plasma, IoTeX will separate the substring from the original chain for private processing. The goal is to increase privacy, scalability and interoperability. IoTeX describes this as “blockchain in blockchains” or “cross-transfer of the value of data.”
Team
IoTeX project was founded in 2017, based in Menlo Park, California. IoTeX’s development team are all leading experts in the field of blockchain and IoT. Here are the outstanding members of the project, including:
Raullen Chai (Co-Founder): Chai is a PhD and research scientist in cryptography at the University of Waterloo. He has held positions as head of encryption R&D at Uber and as a security engineer at Google. He has over 8 years of experience in blockchain and cryptography.
Qevan Guo (Co-Founder): Guo holds a Ph.D. in machine learning technology and computer vision from National University. Previously, he held the position of Technical Director and Research Scientist at Facebook.
Jing Sun (Co-Founder): Sun is also a co-founder at Sparkland Capital. She has directed over 40 investments and innovations in blockchain, security and IoT. Sun has also served as a director of many companies and has extensive start-up experience.
Xinxin Fan (Head of Encoder): Fan is a PhD in Cryptography at UWaterloo. He is a research engineer at Bosch Research. He has over 14 years of research and experience in the field of information security and cryptography and has more than 40 publications/patents.
Conclusion
IoTeX believes that the internet (IoT) industry has great potential – but it is still a long way from achieving mass adoption.
One of the problems with today’s IoT industry is that it lacks a “killer application” to lure new users into the ecosystem. Users really don’t have a good reason to deploy IoT into their lives. Especially when the current field is facing other issues such as low scalability, high operating costs, privacy concerns and lack of functional value.
IoTeX aims to solve all these problems using blockchain technology and cryptocurrency tokens.
You can check IOTX price here.
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