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IoTeX (IOTX) Things You Need To Know Before Investing

What Is IoTeX (IOTX)?

IoTeX (IOTX) Starting as an open-source project in 2017, IoTX has built a decentralized platform whose aim is to empower the open economics for machines — an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives.

With a global team of over 40 research scientists and engineers, IoTX has built their EVM-compatible blockchain from scratch using the innovative Roll-DPoS consensus and launched in April 2019, which has been running by 100+ delegates worldwide and has processed more than 10 million transactions already. On top of the IoTX blockchain, the team has built the essential blocks of infrastructures to connect with Ethereum, BSC, and Heco blockchains, such as ioPay wallet (https://iopay-wallet.iotex.io/) and youtube bridge (https://tube.iotex.io/), which serve ten thousands of users. IoTeX helps EVM-based DApps scale without concerning expensive gas fees!

Besides, middleware such as Decentralized Identity, Confidential Computing, and Secure Hardware has been built on top of the IoTX blockchain to enable self-sovereign devices such as Ucam and real-world oracles such as Pebble. The former (https://ucam.iotex.io/) has been deployed to 3000+ households (http://iott.network/) and still proliferates. In contrast, the latter was initially launched by 300+ developers and enables innovative Dapps that connect the physical world with the crypto world, such as real-world NFTs, weather derivatives, and machine learning-as-mining.

Who Are the Founders of IoTeX?

The founders of IoTeX are Raullen Chai, Kevan Guo, Xinxin Fan, and Jing Sun.

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

Qevan Guo is also a co-founder of Hyperconnect Lab. He used to be a research scientist and engineering manager at Facebook.

Before co-founding IoTX, Xinxin Fan was a senior research engineer at Bosch Research and Technology Center, North America. He has also worked as a research associate and project manager at the University of Waterloo.

Jing Sun also works as a managing partner at Sparkland Capital. She is an LP investor at Polychain Capital and an angel investor at Rippling.

What Makes IoTeX Unique?

IoTeX is the decentralized backbone for machine economics which serves machines ranging from smart home devices to autonomous vehicles. To this end, IoTX has built and launched a fast, high-performance, and EVM-compatible blockchain that provides flexibility and scalability for various applications. Also, middlewares and Dapps are built on the blockchain to bring self-sovereign devices and real-world oracles into reality.

IOTX is the native coin that governs the underlying blockchain protocol while being used as the gas for the blockchain protocol. Burndrop (http://burndrop.iotex.io/) is a unique economical design that leads to deflation of IOTX while the number of devices orchestrated by IoTX increases.

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

As of March 2021, IOTX has a circulating supply of 9,644,304,442 tokens and a maximum supply of 10,000,000,000 IOTX.

How Is the IoTeX Network Secured?

IoTX has several mechanisms that ensure the privacy of users and transactions. These are ring signatures and the reliable payment code that hides the transaction receiver’s address.

Delegated proof-of-stake works by having stakeholders vote for the block producers on the network. The number of block producers is set, and once elected, they are responsible for adding new blocks to the blockchain.

For doing it, they receive rewards that they can distribute to the stakeholders who voted for them, incentivizing block producers to continue working and stakeholders to continue voting for block producers.

Where Can You Buy IoTeX (IOTX)?

IoTeX (IOTX) can be bought and sold on many exchanges, including:

  • Binance
  • Huobi Global
  • HBTC
  • Xtheta Global
  • VCC Exchange

Also Read: ICON Network (ICX) Things You Need To Know Before Investing

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