IoTeX (IOTX) is a decentralized platform for Internet of Things (IoT) devices that ensures privacy, scalability, and secure interactions of devices on the blockchain.

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​In a world where people are increasingly dependent on connected devices, a strong and decentralized Internet of Things (IoT) infrastructure plays a critical role. As we integrate smart devices into our homes, cities, and industrial operations, it is critical to ensure data integrity, privacy, and device interoperability. Centralized systems create the risk of data breaches and lack transparency, undermining the potential benefits of the IoT revolution. Adopting a decentralized approach not only enhances the security of the system, but also improves trust among users.

To this end, IoTeX was founded and has become the preeminent architect of secure and decentralized IoT infrastructure.

What is IoTeX (IOTX)?

IoTeX was founded in 2017 as a decentralized network built for the Internet of Things (IoT). Initially, its founders Raullen Chai, Jing Sun, and Xinxin Fan sought to solve the scalability, privacy, and high operating cost issues associated with existing IoT networks. After months of research and development, IoTeX launched the innovative Roll-DPoS consensus mechanism, which creates favorable conditions for faster transaction speeds and higher security.

In February 2018, IoTeX conducted a private placement sale, allocating 24% of the total supply. The sale raised 25,000 ETH, which is approximately $20 million, and each token was priced at approximately $0.0083. This important fundraising event marks an important milestone in the development of the project.

In 2019, IoTeX launched the mainnet Alpha version, bringing its vision of a decentralized Internet of Things one step closer to reality. From 2020 to 2021, IoTeX formed partnerships with hardware and software providers to enhance the capabilities of its platform. By forging collaborations and introducing breakthrough technologies, IoTeX has consistently demonstrated its determination to revolutionize the IoT industry, making it a more recognized and important player in this growing space.

How IoTeX works: Roll-DPoS and layered structure

IoTeX is committed to optimizing speed and scalability for seamless integration of IoT devices using its innovative Rolling Delegated Proof of Stake (Roll-DPoS) consensus mechanism. Roll-DPoS improves on the traditional Delegated Proof of Stake approach by rotating representatives or block producers to ensure that the network remains alive. In this mechanism, stakeholders elect specific block producers through voting. Once elected, these producers are responsible for building new blocks and appending them to the blockchain. The most important part of this approach is incentives: block producers are rewarded for their contributions, and they subsequently share these rewards with the stakeholders who support them.

Additionally, the algorithm embeds an additional layer of security by making block producers random every epoch, effectively mitigating potential collusion or attack activity. Through this innovative consensus mechanism, IoTeX not only ensures fast finality of transactions, but also lays the foundation for the extensive and demanding scalability needs of future IoT infrastructure.

Hierarchical structure

IoTeX has a unique layered architecture, which is an important component in projects seeking to revolutionize the IoT ecosystem. Built on a newly designed EVM-compatible blockchain and powered by Roll-DPoS consensus, IoTeX has executed over 10 million transactions since its launch in April 2019, with over 100 global representatives overseeing its operations.

IoTeX has developed the necessary infrastructure components on top of its core foundation to enable smooth connectivity with leading blockchains such as Ethereum, BSC, and Polygon.

The core of IoTeX innovation is preparation for building layer 2 chains. This blockchain-within-a-blockchain structure creates a suitable environment for diverse IoT applications, supported by shared trust that uniformly represents a pool of funds. This innovative architecture creates favorable conditions for easily creating sub-chains suitable for different IoT devices. To make it even more complete, IoTeX’s root chain coordinates streamlined communication between all child chains and is supported by a block finality mechanism that ensures immutability and robustness. The speed of blockchain is further enhanced by edge computing, a paradigm that decentralizes computing and optimizes bandwidth and response times. Collectively, these features make IoTeX promising to enable true interoperability, maintain network integrity, and ensure efficient resource allocation, setting a precedent for future IoT-centric blockchain networks.

IoTeX Use Cases

IoTeX is at the forefront of integrating Internet of Things (IoT) and blockchain technologies, creating a seamless link between the physical and digital realms. Its cutting-edge solutions redefine security. It leverages blockchain technology to provide unprecedented protection, bringing new advantages to traditional cameras while maintaining a competitive price.

The platform also revolutionizes the way real-time data is collected from physical environments, providing advantages to a variety of stakeholders including individual citizens, commercial enterprises, and public institutions. Its innovation provides a reliable source of information on real-world events, which is achieved through the use of state-of-the-art blockchain technology.

These breakthroughs have made IoTeX a leader in applications ranging from smart homes and healthcare to industrial IoT. With its secure and decentralized architecture, IoTeX not only makes homes safer, but also enables data-driven decisions in areas ranging from supply chain management to self-driving cars, shaping the future of secure and connected ecosystems.

What is the IOTX token?

The IOTX coin powers decentralized IoT solutions on the IoTeX blockchain. Its maximum supply is capped at 10 billion coins, of which 9.44 (94.4%) are already in circulation (as of October 2023).

The IOTX coin is the source of life for the IoTeX network, performing a variety of functions critical to its decentralized architecture. IOTX not only facilitates cheap, fast transactions but also powers smart contracts and decentralized applications (DApps) on the IoTeX blockchain. The token implements a participatory governance model, allowing holders to stake their IOTX, vote for representatives, and even receive rewards for their contributions to the development of the network.

But the coin’s uses don’t end there. It is also used to pay transaction gas fees, contribute to network governance, and can even be used to register IoT devices through staking and burning mechanisms. This versatility ensures that various network actors, from representatives and stakeholders to service providers, play a role in maintaining the health and functionality of the network.

The IOTX token distribution is designed to enable the long-term stability and growth of the IoTeX network. The project raised 25,000 ETH in a private sale in February 2018, representing 24% of the total supply. Community Development receives 6% to provide resources for community engagement. 15% is allocated to the IoTeX team to align their interests with the success of the project. Ecosystem development accounts for 18% to promote partnerships and collaboration. Roll-DPoS mining earns 12% to incentivize network security and efficiency. Finally, 25% is reserved for the Foundation to guide the strategic direction and governance of the project. The distribution structure is designed to create a balanced, sustainable ecosystem.

IoTeX’s Burn-Drop v2 token economics strategy encourages stakeholder participation and drives network expansion. It involves burning and distributing IOTX tokens to incentivize users to sign up and use the device. The airdrop of mimo LP tokens is beneficial to long-term stakeholders and ecosystem projects. The ratio of Burn to Drop is adjusted to 50% Burn, 25% Drop and 25% Drip, increasing IOTX rewards for stakers. Through decentralized governance, Burn-Drop qualified stakeholders have the power to influence the development of IOTX. The program has burned over 180 million IOTX and issued over 20 million IOTX to token holders, and is expected to continue growing.

IoTeX main functions

The IoTeX ecosystem marks a breakthrough convergence of IoT (Internet of Things) and blockchain technologies, providing creative solutions that bridge the gap between the real and digital worlds. Two standout products in this ecosystem, Ucam and Pebble, exemplify the transformative potential of this convergence.

Ucam: The world’s first blockchain home security camera

Powered by IoTeX innovation, Ucam revolutionizes home security. Winner of the 2020 CES Cybersecurity and Privacy Innovation Award, this award-winning camera embodies the possibilities of IoT and blockchain. At just $50, Ucam is affordable and offers unmatched security, addressing previous vulnerabilities of traditional cameras. Blockchain-based login, end-to-end encryption, and edge computing ensure that its users have exclusive control over their videos and data, setting a new standard for privacy and security.

Pebble: real-time trusted data

Pebble is a breakthrough blockchain-powered device that captures real-world data in real time, providing reliable information on location, climate, movement, and more. Pebble's versatility is matched by its reliability, with features designed for individuals, businesses, organizations and governments. Powered by the state-of-the-art IoTeX blockchain and developed in partnership with Nordic Semiconductor, Pebble ushers in a new era of secure, tamper-proof hardware and software integration, taking trust to unprecedented levels. This dynamic combination enables Pebble to cater to a wide range of applications, from supply chain management to remote monitoring, setting the stage for a path forward into a connected and secure world.

In addition to these two products, the IoTeX ecosystem has established a wide range of products and united various partners. From blockchain payment solutions like TabbyPOS to cutting-edge DeFi platforms like Frontier Wallet, it serves as a thriving innovation hub. Partnerships with entities such as Alchemy Pay and collaborations with projects such as LaunchZone demonstrate IoTeX’s determination to expand the horizons of IoT and blockchain technology.

W3bstream

IoTeX’s W3bstream is a blockchain-agnostic platform that aims to revolutionize the Internet of Things (IoT) and the machine economy. It has a variety of tools and middleware that greatly accelerate development time. W3bstream enables users to monetize their data and take back control from large companies. Its two phases - Devnet Seed and Mainnet Sprout - cover features such as decentralized identity for devices and support for various blockchain integrations (including Ethereum and IoTeX). With features for data verification and decentralized storage, it aims to achieve full community-driven decentralization by Q4 2023. W3bstream not only enhances privacy but also scales efficiently, laying the foundation for a more equitable and user-centric digital world.

Is IoTeX worth investing in?

In a world of IoT-focused initiatives, IoTeX truly stands out for its significant progress and determination to achieve its core goals. While this article does not provide any investment advice, it is important to note that IoTeX is clearly fully committed to bridging the IoT and blockchain technology landscape. The project’s broad line-up of pioneering solutions and strategic collaborations, as well as its rapidly expanding ecosystem, have established an unbreakable position for IoTeX to become a serious player in this specialized field.

IoTeX's continued expansion and determination to improve the security and efficiency of IoT devices shows its huge potential. Nevertheless, it is important to remember that the world of cryptocurrency and blockchain will be unpredictable. Therefore, investment decisions should be carefully considered based on in-depth research and should be made in accordance with personal financial situation and goals.