The IoTeX cryptocurrency was founded in 2017 as an open-source blockchain platform with the vision of the Internet of Trusted Things, a decentralized ecosystem where people and machines can interact with guaranteed security and trust.
The project’s mission is to ensure that ordinary people and companies can own and control their devices and the data/value they generate. By connecting the physical and digital worlds, IoTeX democratizes access to machine DApps, assets, and services to deliver value to users and fuel the economies of the new machine.
What is IoTeX?
The lack of interoperability, privacy, and security limits the current Internet of Things technology. IoTeX is a decentralized blockchain that aims to address the privacy and scalability issues that can arise with the implementation of the Internet of Things and to bridge the gap between the digital and real world.
IoTeX allows users to access multiple devices, decentralized applications (DApps), and various services. Some existing integrations include Pebbles (smartwatch), Cyclone (DApp), and ioPay (payment service). In addition, the IoTeX blockchain infrastructure is also designed to be compatible with Ethereum (ETH) and the HECO blockchain.
IoTeX has a vision of the Internet of Trust, where people and companies control their data entirely. Thus, the interaction between the two parties will have trust and confidentiality. In addition, IoTeX allows users to take advantage of their devices. Thus, centralized organizations have less power over user data.
The IoTeX blockchain is designed only to support a lightweight architecture and small privacy applications. The lightweight design allows the blockchain to use as little energy, storage, and processing power as possible. For example, the project’s address system does not scan the entire network during transactions. In addition, IoTeX secures your network with mechanisms such as ring signing to protect user privacy and secure transactions.
IoTeX users include people, machines, and devices. IoTeX has an ecosystem that allows for free interaction between humans and machines. To access all the features that IoTeX offers, each user will need a decentralized identity (DID). Users will have to pay in tokens (much like gas in Ethereum) to get the computing power needed for the transaction verification process. Thus, users usually need wallets for payments and data transfer.
Is IoTeX (IOTX) a good investment?
Analyzing the project development roadmap for 2021 and 2022, IoTeX (IOTX) looks promising, with a broad future vision. The project will feature a decentralized autonomous machine (DAM), a framework that allows machine owners to monetize automatically (Figure below). According to IoTeX, DAMs will provide new features such as fractional machine ownership and real-time resource leasing.
In addition, in 2021, IoTeX will include the DID protocol with devices “running on IoTeX.” The protocol will be standardized for future collaboration with organizations such as the Industrial Internet Consortium (IIC). IoTeX will expand the potential of IoTeX devices, where devices will provide not only reliable data to applications but also provide reliable services to consumers.
In addition, IoTeX will develop oracles for smart contracts to access data from off-chain sources. The IoTeX oracle will only allow trusted devices to access verified real data. IoTeX is also the central point for transferring data between the virtual and physical worlds. Thus, the development of Oracle will increase the number of IoT use cases for DeFi. In addition, IoTeX can offer these services for Ethereum (ETH) and Polkadot (DOT), which will increase interoperability.