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IoTeX IOTX

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IoTeX is an auto-scalable and private “blockchain-within-a-blockchain” infrastructure that is a scalable solution for powering the IoT (Internet of Things). IoT or Internet of trusted things is an open ecosystem where users and machines can interact with guaranteed free will, trust, and total privacy. It connects the physical world, block by block, to bring autonomous device coordination to the masses. 

IoTeX (a private blockchain inside a blockchain solution) has built a decentralized platform that aims to empower the Internet of Trusted Things. This blockchain uses the Roll-DPoS consensus mechanism, which helps its speed and scalability. It also uses a lightweight technique to preserve privacy. 

With a worldwide team of over 40 scientists and engineers, this project aims to combine blockchain, secure hardware, and confidential computing to empower privacy-preserving smart devices and networks.

What is IOTEX?

IoT or Internet of trusted things is an ecosystem where machines and people can work together with trust, free will, and under properly planned economic incentives.

According to a research by Juniper Research Limited, the number of IoT devices will exceed 50 billion by 2022. This massive number of Internet-connected devices will also demand secure ways of communication and automation in real-time; this brings about the following problems that prevent the mass adoption of IoT technology:

  • Scalability;
  • High Operating Costs;
  • Lack of Functional Value.
  • Lack of Privacy;

This is where IoTeX is needed since it aims to solve these problems. It has a privacy-centric blockchain that presents flexibility and scalability by leveraging a fast consensus mechanism based on PoS (Proof-of-Stake). It also uses sidechains.

IoTeX technology

IoTeX has a significant competitor, which is IOTA. IOTA uses DAG (Directed Acyclic Graph) technology to resolve the scalability issues and offer a lightweight platform for devices with low power needs. IoTeX developers do not think it is rational to use DAG since it costs global consensus. They want to have a blockchain that is made of many blockchains. How does that work? There is a base blockchain responsible for the security and governance of the project and then sidechains that execute specific functions.

With a team of over 40 research scientists and engineers worldwide, this open-source project started in 2017. The decentralized platform aims to empower the open economics for machines. This network built the EVM-compatible blockchain from the base by the innovative Roll-DPoS consensus. 

This project has been operating by 100+ delegates globally and has already processed more than 10 million transactions. Furthermore, the team has made the essential blocks of infrastructures to connect with Ethereum, BSC, and Heco blockchains. This network allows EVM-based DApps scale without having to pay expensive gas fees.

 

IOTEX history

Qevan Guo, Jing Sun, Xinxin Fan, and Raullen Chai are the co-founders of IoTeX.

Qevan Guo holds a Ph.D. in Machine Learning and Computer Vision at the National University of Singapore. He is also a co-founder of Hyperconnect Lab. Guo is a research scientist and used to be an engineering manager at Facebook. 

Jing Sun has about 20 jobs, including Founding Member, Angel Investor at Theta Labs, Head of investment and ecosystem at IoTeX, and Investor at Cobalt. She is also a managing partner at Sparkland Capital. 

Xinxin Fan used to be a senior research engineer at Bosch Research and Technology Center before joining this network. He also has experience working as a research associate and project manager at the University of Waterloo.

Raullen Chai is an advisor at BootUP Ventures. Besides being the co-founder of this project, he is a member of the Industrial Distributed Ledger Task Group at Industrial Internet Consortium. He used to work at R&D and as a security engineer at Uber.

IOTEX advantages

This network is the decentralized auto-scalable backbone for machine economics. This network serves machine ranging from smart devices to autonomous vehicles. To do so, it built a quick, high-performance, and EVM-compatible blockchain that presents flexibility and scalability for different applications.

Correspondingly, dApps (decentralized applications) and middlewares are built on the blockchain to bring self-sovereign devices and real-world oracles into reality.

IoTeX coin

This network presents a native coin called IOTX. This coin works as the gas for the blockchain while governing the underlying blockchain protocol.

This native coin has a circulating supply of 9,644,304,442 tokens and a maximum supply of 10,000,000,000 tokens.

iotex IoTeX
$0.056

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FAQs

best way to buy IOTEX in Australia

IOTEX is generally a professional network. Its token is currently one of the best performing cryptocurrencies.

Sometimes people doubt purchasing cryptocurrencies since it does not seem safe. They do not feel safe giving their personal information to a cryptocurrency exchange on the other side of the planet. If you live in Australia and are worried about that, Bitunivex can offer you its services. 

Bitunivex is a reliable global exchange platform in Australia with many years of experience. We provide you with your account and wallet on the exchange platform. 

Is IOTEX real and safe?

To ensure the privacy of its users and transactions, IoTeX applies many mechanisms, including ring signatures and the reliable payment code that hides the transaction receiver’s address.

Delegated PoS (proof-of-stake) performs by having stakeholders vote for the block producers on the platform. There is a fixed number of producers, and once they are elected, they must add new blocks to the blockchain. 

What is in it for the producers? When they do what they are supposed to do, they earn rewards that they can distribute to the stakeholders who elected them, motivating stakeholders to continue voting for block producers and block producers to continue working.  

Can I cash out IOTEX anytime?

To avoid being scammed, there are a few steps to follow: 1- Research the coin or token before purchasing it 2- Make sure you know the risks of investing in crypto 3- Research the exchange platform with which you are sharing your personal information.  

Not all Exchange platforms are secure, so be sure to pick your platform wisely. Furthermore, not all exchange platforms offer the required customer services accordingly to your needs. 

If you want to cash out your investment in IOTX, you check out our exchange’s regulations to see the services we provide you. For instance, here at Bitunivex, we provide you with wallet services and allow you to withdraw and deposit by AUD in a matter of minutes. Bitunivex provides both fiat and crypto, tries to answer the customers in less than 3 minutes. Make your account right here.