The Internet of Things (IoT) has been around for a decade. But the lack of scalability of IoT networks and users’ concerns about privacy have restricted its growth.
Despite the tech being revolutionary, it has not been able to reach its fullest potential. This is what IoTeX wants to change. It is trying to do this by plugging the loopholes of existing IoT systems.
Read below to learn about all about the changes its implementing.
- Coin Rank: #101
- Coin Market Capitalization (as of 25 May 2022): $372 million
- Coin Economics: Fixed
- Coin Total Supply: 10 billion IOTX
- Coin Circulating Supply: 9.54 billion IOTX
What is IoTeX?
IoTeX is a scalable blockchain network that powers the Internet of Things (IoT).
At present, IoT networks are all centralized. Meaning, the network providers have full control over the data shared by millions of devices. The providers use or monetize the network data as per their business requirements. This amounts to an unauthorized use of data, which violates the privacy rights of users—a fundamental right.
That’s where IoTeX differs.
IoTeX is a unique, decentralized blockchain network that connects physical IoT devices to the blockchain. At the same time, it helps these networks to become faster and more scalable through the usage of a unique Roll-DPoS consensus mechanism.
The IoTeX platform also allows businesses and individuals to own the devices and data, and create value from their data. This is what eliminates the practice of unauthorized use of users’ data by networks and secures user privacy.
IoTeX consists of two main technological layers—blockchain and decentralized identity.
Blockchain: IoTeX claims that its blockchain is one of the fastest in the industry. Reportedly, it has an the average block finality time of under 5 seconds, compared to the industry average of 17.49. The speed makes real-time transactions between devices possible.
Decentralized Identity (DID): IoTeX creates a digital identity for every device and person associated with the network. The identities are interoperable and standardized across the network. Essentially, this enables the seamlessness of interactions between humans and devices.
Its system also allows them to earn from the services rendered. (The services are governed by smart contracts.) Users can determine, whether to provide access to their data or not to businesses.
The IoTeX blockchain is compatible with the Ethereum Virtual Machine (EVM) and can also connect with the Binance Smart Chain and Heco blockchains. The compatibility empowers it to serve tens of millions of users simultaneously.
What is IOTX?
IOTX is the utility token of IoTeX blockchain. Token holders can access the IoTeX network, stake their coins on it and vote on governance proposals to improve the network’s functionality. The coin is also used to incentivize participants.
Stakers can earn return of up 10% on the staked tokens, depending on the duration of staking (0–1,050 days). The longer you stake, the higher the reward.
IOTX has a fixed supply of 10 billion tokens and a circulating supply of 9.54 billion.
IoTeX Future Growth Potential
According to GlobalNewswire, the global IoT market size is expected to reach $1.8 trillion by 2028. The market size for IoT was at $310 billion in 2020, so that means a CAGR of 24.5% is anticipated. A significant contribution toward this is likely to come from enterprise IoT.
Additionally, with the rapid transition to a Web 3.0 ecosystem, IoT will also migrate to decentralized platforms. This will give users greater control over their data and devices.
So, if the trend persists, IoTeX is likely to have tremendous growth potential in the long run. Furthermore, over the years, it seems to have built a strong community. The 200K+ participants and 40 million plus transactions make that pretty evident.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Table of content
Subscribe to Our Newsletter with exclusive content.