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HomeCrypto BasicsWhat is IoTeX (IOTX)?‍

What is IoTeX (IOTX)?‍

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IoTeX (IOTX) is an open-source blockchain platform that provides developers and businesses with advanced technologies, tools, and services for building the next generation of secure, privacy-preserving, and scalable blockchain applications and services. 

The platform aims to provide a secure, private, and scalable blockchain infrastructure for decentralized applications (Dapps) and smart contracts and enable businesses to implement blockchain-based solutions. In addition, IoTeX (IOTX) has a strong focus on action, making it an ideal platform for developing secure and private applications.

IoTeX (IOTX) Features and Updates

IoTeX (IOTX) is a high-performance blockchain platform that provides developers with an advanced stack of features and tools that are designed with a focus on scalability and interoperability and provides developers with the ability to build and deploy Dapps quickly and easily. The platform offers various features, including cross-chain interoperability, advanced privacy protection, high throughput, and low latency.

The IoTeX blockchain powers genuine products, such as the Pebble Geo device and the blockchain-powered cameras showcased at the Consumer Electronics Show (CES). This technology is perfect for supply chain optimization in any industry.

Furthermore, IoTeX network has four key features that have allowed it to meet its goals well. Here then, are the features of IoTeX:

  • Roll-D PoS: This is the network’s unique consensus mechanism. With this Delegated Proof of Stake variant, a blockchain can achieve instant finality and scalability. For each epoch, block producers are randomly selected; however, this happens every time. 
  • Layer Two Subchains: These subchains are flexible and allow for diverse requirements of IoT devices. 
  • Edge Computing: is a way of computing that brings data storage and computation close to the data sources. Blockchains become faster due to reduced bandwidth usage and improved response times. 
  • Cross-Network Communication: IoTeX’s root blockchain facilitates interoperability between all subchains and facilitates communication between them.

In addition to the core features, IoTeX (IOTX) is constantly evolving. The platform continually releases updates and features, such as the new Web3-enabled launchpad and the MachineFi builders, that enhance the platform and enable developers and businesses to build and deploy Dapps more easily.

Who are the Founders of IoTeX (IOTX)?

IoTeX (IOTX) was founded in 2017 by two experienced technology entrepreneurs, Raullen Chai and Jing Sun. Raullen Chai is the co-founder and CEO of IoTeX (IOTX) and is a serial entrepreneur with a background in blockchain, robotics, and machine learning. Chai was the Lead of Cryptography R&D and Engineering Security at Uber and was a Senior Software Engineer and Tech Lead at Google. Jing Sun is the co-founder and COO of IoTeX (IOTX) and is a seasoned blockchain engineer with a wealth of experience in distributed systems and cryptography.

What Makes IoTeX (IOTX) Unique?

IoTeX (IOTX) is a unique blockchain platform designed to enable the development of secure, privacy-preserving, and scalable blockchain applications and services. The platform is focused on providing developers and businesses with a safe, private, and scalable platform and allows developers to build and deploy dApps quickly and easily.

The platform also provides developers with advanced tools for building and deploying decentralized applications. These tools include a smart contract editor, a development framework, and a deployment platform. The platform also provides developers access to various APIs and SDKs for building and deploying Dapps.

Read more: What is Waves? How to buy and use it

How Many IoTeX (IOTX) Coins Are The in Circulation?

At the time of writing, there are 10,000,000,000 IOTX max supply and a circulating supply of 9.54 Billion. IOTX tokens are distributed to network users such as miners, node operators, and others who are rewarded for their participation.

Read also: What is Balancer (BAL)?

How Secured is IoTeX (IOTX)?

IoTeX (IOTX) is a highly secure and private blockchain platform. The platform utilizes its privacy-preserving protocol, Roll-DPoS, to ensure that user data is kept secure and confidential. The protocol also ensures that transactions are fast and secure while giving users a high degree of control over their data.

Additionally, the mechanism works by randomly selecting a group of node operators to validate transactions, ensuring the network is secure and resistant to attack.

How Can Crypto Investors Use IoTeX (IOTX)?

IoTeX (IOTX) is a decentralized blockchain platform that utilizes its native token, IOTX. Crypto investors can use IOTX to purchase tokens, participate in the network, and be rewarded for it.

IOTX tokens can be used for various purposes, such as paying transaction fees, participating in decentralized applications (Dapps), and using the platform’s services. In addition, IOTX tokens can be used as collateral for staking and other DeFi activities.

Read article: What is Bitcoin Gold (BTG)? 

Where Can an Investor Buy IoTeX (IOTX)?

Investors can purchase IoTeX (IOTX) tokens on various cryptocurrency exchanges, such as:

 Investors should research the exchanges and ensure they are secure and reputable before making any purchases.

Furthermore, investors can also purchase IOTX tokens directly from the IoTeX (IOTX) platform. The platform allows users to buy IOTX tokens directly from their wallets, enabling investors to purchase at a discounted rate.

 

FAQ

Is IOTX a Good Investment?

Yes, IOTX is a good investment.

Does IoTeX (IOTX) have a future? 

According to a review of past price trends, the minimum price expectation of IoTeX should be roughly $0.0739966 in 2023. The IOTX pricing could go as high as $0.0909959, and the typical trade price in 2023 might be $0.069965.

Is IoTeX (IOTX) a good cryptocurrency?

IoteX (IOTX) is taking advantage of its tools, technologies, and services to power the next wave of the Internet of Things (IoT) era. With all these, the sky is the only limit.

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