IOTX (IoTeX) Token Price & Latest Live Chart
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What is IOTX (IoTeX)?
IoTeX (IOTX) emerges as an open-source Layer-1 blockchain platform, specially designed to bridge the Internet of Things (IoT) with blockchain technology. Conceived in 2017 by a team of experts in cryptography, blockchain, and information security, IoTeX has evolved to address the intrinsic privacy and security challenges of conventional IoT systems. IoTeX is the go-to platform for creators specializing in Decentralized Privacy Infrastructure (DePIN). It seamlessly merges rapid and secure blockchain technology with advancements in the IoT and smart devices. IoTeX's vision is to democratize access to the burgeoning machine economy, projected by McKinsey to reach a staggering $12.6 trillion by 2030. This economy is driven by an array of smart devices and digital assets, offering enhanced value to users through a decentralized network of applications (Dapps), services, and gadgets like UCam and Pebble.
The IoTeX platform stands out with its Ethereum Virtual Machine (EVM) compatibility, ensuring robust and secure blockchain transactions. It empowers developers to create and launch Solidity-based Dapps, tokens, and NFTs while offering users lower gas fees and rapid transaction processing with its unique Roll-DPoS consensus mechanism. A remarkable aspect of IoTeX is its ability to connect real-world data to on-chain Dapps, integrating innovations in blockchain, hardware, data oracles, and identity. This integration creates a comprehensive system linking the physical and digital worlds, paving the way for a decentralized machine economy.
How does IOTX (IoTeX) work?
IoTeX operates as a full-stack solution, combining an EVM-compatible Layer 1 blockchain with IoT-specific protocols and a suite of user-friendly tools. The IoTeX Network's transactions and smart contracts are powered by the IOTX token, which also offers holders the opportunity to participate in network governance through staking.
IoTeX employs a modified Delegated Proof of Stake (DPoS) consensus mechanism to facilitate swift and cost-effective cross-blockchain communication. In this network, verifiers, known as delegates, are elected via stakeholder voting. When a validator successfully generates a valid node, the stakeholders who voted for them also receive rewards. Notably, the delegates are chosen from a global pool, contributing to IoTeX's ability to process millions of transactions. Additionally, IoTeX's DPoS protocol incorporates elements like Practical Byzantine Fault Tolerance (PBFT) and Verifiable Random Functions (VRF), bolstering blockchain decentralization and scalability. This leads to a distinctive consensus protocol termed Random Proof of Delegated Stake (Roll-DPoS). To further enhance scalability, the IoTeX consensus protocol leverages multiple sidechains. Given the diverse range of IoT applications, relying on a single blockchain could lead to network congestion. Hence, sidechains are employed to interface with specific applications as needed, alleviating stress on the primary chain. Each sidechain is tailored to individual devices.
This network architecture also enables interoperability, as these sidechains can connect with various IoT devices. However, a certain level of trust is necessary between the application and the device for such connections to occur on the IoTeX platform. In the event of a sidechain compromise, the main blockchain remains unaffected. Thus, sidechains enhance not only the privacy and scalability of the IoTeX blockchain but also its flexibility. Meanwhile, the main IoTeX blockchain remains focused on maintaining security and overseeing network governance.
The platform’s unique feature is its capability to register IoT devices and their data activities onto the blockchain, creating a verifiable and trustworthy single source of truth. This functionality is crucial for Dapp developers, allowing them to engage directly with device users and generate value through incentive-based models without intermediaries. IoTeX's integration with Web3 tools such as MetaMask, Truffle, and Remix further enhances its accessibility and utility for developers and users alike.
IOTX (IoTeX) market price & tokenomics
The maximum supply of IOTX is 10 billion and the IOTX token is used for transaction fees, staking, governance, and as a utility token in Dapp development. The IOTX token has a burn-drop mechanism which makes it deflationary as the supply decreases with the registration of new devices. As of now, IOTX (IoTeX) is ranked #131 by CoinMarketCap with market capitalization of $401,692,999 USD. The current circulating supply of IOTX coins is 9,441,378,959.
The project opted for a private sale in February 2018, excluding a public sale or ICO, and raised 25,000 ETH. The price was fixed at 0.0000125 ETH per IOTX, with private sale investors receiving a 20% bonus and subjected to a 12-month lock-up period. The distribution is detailed as follows: 24% from the private sale, unlocked gradually from May 2018 to November 2019; 6% for community reward programs, released over three years starting May 2018; 15% allocated to the team, vested over four years with a 6-month cliff and monthly distributions; 30% earmarked for ecosystem development, with an initial 1.5% distributed in May 2018 and the rest over three years; 25% for the foundation, used for technological and research development, with an initial 2.1% released in May 2018 and the rest over three years. Additionally, 12% is locked/reserved for Roll-DPoS mining starting February 2019 after the Mainnet Alpha launch.
IOTX distribution schedule, source: IoTeX FAQs
Why do you invest in IOTX (IoTeX)?
IoTeX hosts a growing ecosystem of over 140 Dapps, tokens, NFTs, and tools that span various sectors like DeFi, MachineFi, and GameFi. It pioneers MachineFi use cases, enabling users to earn digital assets from real-world data and activities. The network's versatility is evident in its partnerships with enterprises and hardware manufacturers, leading to the development of blockchain-enabled devices and IoT systems.
That’s why investing in IoTeX (IOTX) could be considered as its innovative approach to integrating IoT with blockchain technology and its growing ecosystem of applications and partnerships. The platform's focus on creating a decentralized machine economy and empowering users and builders to derive value from smart devices and data is a compelling aspect.
Is IOTX (IoTeX) a good Investment?
Determining whether IoTeX is a good investment depends on individual investment goals, risk tolerance, and market analysis. IoTeX's unique approach to combining IoT with blockchain, its strong governance structure, and the potential growth in the machine economy are factors that might appeal to investors. However, it's important to stay informed about market trends, regulatory changes, and the platform's ongoing development and adoption to make a well-informed decision. As with any investment in the dynamic and evolving world of cryptocurrencies and blockchain technology, it is crucial to conduct thorough research and consider the inherent risks and volatility in the market.