IoTeX is an auto-scalable and private “blockchain-within-a-blockchain” infrastructure that is a scalable solution for powering the IoT (Internet of Things). IoT or Internet of trusted things is an open ecosystem where users and machines can interact with guaranteed free will, trust, and total privacy. It connects the physical world, block by block, to bring autonomous device coordination to the masses.
IoTeX (a private blockchain inside a blockchain solution) has built a decentralized platform that aims to empower the Internet of Trusted Things. This blockchain uses the Roll-DPoS consensus mechanism, which helps its speed and scalability. It also uses a lightweight technique to preserve privacy.
With a worldwide team of over 40 scientists and engineers, this project aims to combine blockchain, secure hardware, and confidential computing to empower privacy-preserving smart devices and networks.
What is IOTEX?
IoT or Internet of trusted things is an ecosystem where machines and people can work together with trust, free will, and under properly planned economic incentives.
According to a research by Juniper Research Limited, the number of IoT devices will exceed 50 billion by 2022. This massive number of Internet-connected devices will also demand secure ways of communication and automation in real-time; this brings about the following problems that prevent the mass adoption of IoT technology:
- Scalability;
- High Operating Costs;
- Lack of Functional Value.
- Lack of Privacy;
This is where IoTeX is needed since it aims to solve these problems. It has a privacy-centric blockchain that presents flexibility and scalability by leveraging a fast consensus mechanism based on PoS (Proof-of-Stake). It also uses sidechains.
IoTeX technology
IoTeX has a significant competitor, which is IOTA. IOTA uses DAG (Directed Acyclic Graph) technology to resolve the scalability issues and offer a lightweight platform for devices with low power needs. IoTeX developers do not think it is rational to use DAG since it costs global consensus. They want to have a blockchain that is made of many blockchains. How does that work? There is a base blockchain responsible for the security and governance of the project and then sidechains that execute specific functions.
With a team of over 40 research scientists and engineers worldwide, this open-source project started in 2017. The decentralized platform aims to empower the open economics for machines. This network built the EVM-compatible blockchain from the base by the innovative Roll-DPoS consensus.
This project has been operating by 100+ delegates globally and has already processed more than 10 million transactions. Furthermore, the team has made the essential blocks of infrastructures to connect with Ethereum, BSC, and Heco blockchains. This network allows EVM-based DApps scale without having to pay expensive gas fees.
IOTEX history
Qevan Guo, Jing Sun, Xinxin Fan, and Raullen Chai are the co-founders of IoTeX.
Qevan Guo holds a Ph.D. in Machine Learning and Computer Vision at the National University of Singapore. He is also a co-founder of Hyperconnect Lab. Guo is a research scientist and used to be an engineering manager at Facebook.
Jing Sun has about 20 jobs, including Founding Member, Angel Investor at Theta Labs, Head of investment and ecosystem at IoTeX, and Investor at Cobalt. She is also a managing partner at Sparkland Capital.
Xinxin Fan used to be a senior research engineer at Bosch Research and Technology Center before joining this network. He also has experience working as a research associate and project manager at the University of Waterloo.
Raullen Chai is an advisor at BootUP Ventures. Besides being the co-founder of this project, he is a member of the Industrial Distributed Ledger Task Group at Industrial Internet Consortium. He used to work at R&D and as a security engineer at Uber.
IOTEX advantages
This network is the decentralized auto-scalable backbone for machine economics. This network serves machine ranging from smart devices to autonomous vehicles. To do so, it built a quick, high-performance, and EVM-compatible blockchain that presents flexibility and scalability for different applications.
Correspondingly, dApps (decentralized applications) and middlewares are built on the blockchain to bring self-sovereign devices and real-world oracles into reality.
IoTeX coin
This network presents a native coin called IOTX. This coin works as the gas for the blockchain while governing the underlying blockchain protocol.
This native coin has a circulating supply of 9,644,304,442 tokens and a maximum supply of 10,000,000,000 tokens.
