Thanks to the Internet of Things (IoT), real-world devices are getting smarter. The number of IoT devices connected to the Internet could reach 29 billion worldwide by 2030. The economic value generated by these devices could reach $13 trillion by 2030, accounting for more than half of GDP. of the United States by 2021 ($23 trillion).
The factors that are hindering this potential for realization are the somewhat stagnant IoT devices. Two good examples of this are Alexa not interacting with the Apple Watch and a Tesla being unable to communicate with local Arduino weather stations. There is an inherent design limitation that prevents IoT devices from communicating with each other. IoTeX aspires to bridge this gap by enabling secure communication between different IoT devices.
To demonstrate real-world operation, IoTeX collects raw data from tamper-proof IoT devices through a decentralized network of nodes (W3bStream). W3bStream enables two-way communication between real-world IoT devices and Web 3.0 decentralized applications. In this sense, IoTeX technology serves as a platform for developers to build Dapps more easily. At the same time, with MachineFi, IoTeX provides an incentive layer for owners of IoT devices. That is, device owners are rewarded for sharing real-world activity with the Dapp. This enables a new generation of Dapps powered by real-world data.
At its core, IoTeX is a smart contract platform for launching large-scale real-world computer networks. IoTeX allows Dapps to leverage these computer networks for everyday use. The IoTeX technology layers include the IoTeX blockchain, Middle Layer, and Tools.
To effectively establish consensus and achieve instant accuracy, IoTeX uses a variant of randomly delegated Proof of Stake called Roll-DPoS. Roll-DPoS creates a pool of validator nodes through a community voting process. This consensus delegate creates blocks and validates transactions.
On top of the IoTeX blockchain is an EVM-compatible intermediate protocol layer that facilitates smart contract capabilities. This middle layer includes a decentralized identity (DID) framework and a real-world data framework (W3bStream) optimized for secret computing.
DID is a globally unique, persistent identifier that requires no centralized registration. It verifies and identifies devices registered on the network. With IoTeX DID, device owners can control their identity on the IoTeX network with a private key.
To process large-scale real-time data and reduce the risk of sharing corrupted IoT device data with Dapps, IoTeX developed the W3bStream (formerly Truststream) protocol. W3bStream collects verifiable data from trusted devices with specific tamper-proof hardware requirements, i.e. secure chips. It then uses WASM virtual machines to enable computations on that data. It then emits privacy protection proofs such as zero-knowledge proofs to corroborate certain user behaviors or certain events that happened in the real world.
With Confidential Computing, IoTeX ensures that secure computing takes place on the device, i.e. in the trusted execution environment (TEE) of the user's hardware. This eliminates the need to decrypt data and protects user privacy.
The Middle Layer supports a new generation of IoTeX-enabled hardware devices that are manufactured to order and shipped to end users. As of August 2022, two hardware devices released by IoTeX are Pebble and Ucam:
Legacy IoT devices without blockchain capabilities are supported by IoTeX through additional hardware and software upgrades.
Launched in November 2021, MachineFi allows device owners to connect, share, and monetize IoT device data. With the beta release of the MachineFi gateway in January 2022, device owners are rewarded with IoTeX standard tokens (XRC-20) for connecting their devices and streaming data from real-world activity. This data will unlock new Dapps with real-world use cases.
In addition, the IoTeX technology stack supports IoT-based Dapp development with customization tools, APIs, and decentralized storage.
IoTeX network usage can be assessed by the number of active IoTeX devices, the number of daily active wallets containing IOTX, the number of transactions, and the total value of the IOTX locked.
Pebble and Ucam are two pioneering hardware devices of IoTeX. These devices first need to be registered on the IoTeX network in order to work. Ucam launched in Q4 2020 and since then has been adopted by more and more people. As of August 2022, there are more than 14,500 Ucams in operation. Pebble launches in Q4 2021 and currently has nearly 2,300 active Pebble trackers.
As of August 2022, the number of active cumulative wallets has exceeded 521,000, the number of daily active wallets containing IOTX is around 20,000, matching the number of active IoTeX devices (17,000). As expected, daily transaction amounts follow a similar pattern to active wallets. Notably, an increase in the number of active IoTeX wallets and transactions prior to the launch of the MachineFi initiative in November 2021, marked by development and testing efforts. Compared to other Web 3.0 projects, the active IOTX wallet has strong value. This shows that IoT devices and their integration create permanent usage.
As of August 2022, smart contract functions account for 53% of IOTX transactions, showing good demand from Dapps . Rewards and stakes account for 25% and 22% of IOTX transactions, respectively.
Another proxy for IOTX usage is the value set for network activity through the Dapp and the locked value for bridging assets. As of August 2022, over 86 million IOTX have been locked by dapps and bridges. This adds up to nearly 3.04 billion IOTX staked by validators on the IoTeX network, representing a total of 33% of the total token supply, up 11% year-on-year. While the total value put into network activity via Dapp and locked value for bridged trading assets is growing from a relatively low base, the growth momentum could suggest further development. stability of the IoTeX ecosystem. It's worth noting that there have been some spikes throughout 2022, likely driven by the following events:
June 2020 marks the launch of the IoTeX mainnet and its native token – IOTX. To transact on the network, users must pay a gas fee of IOTX. Developers use IOTX as computing power to launch smart contracts or Dapps. As of August 2022, device owners can also connect and send data to the Dapp by sending IOTX over the MachineFi gateway. Currently, IOTX staking serves administrative purposes. In the future, service providers on the IoTeX network will also need IOTX.
Any IOTX token holder can staking IOTX for voting rights. Votes are rewards and will be given to staking with a longer duration. Users can also vote for multiple delegates and increase their voting shares through the admin portal. In return for proxy votes, users receive a delegate reward. As of August 2022, 75 consensus delegates are maintaining the IoTeX network with 32% (3.04 billion IOTX) of the total staking token supply, up 11% year-on-year.
IOTX launched with a maximum supply of 10 billion, released linearly from 2018 to 2025. In 2018, the IoTeX project team privately sold 24% (2.4 billion IOTX) of the total supply to 50 homes. recognized investment. IoTeX raised 20 million USD at a rate of 96,000 IOTX to 1 ETH in February 2018. It then distributed private sale tokens from May 2018 to November 2019.
The team also allocated 18% of the total supply of IOTX to the ecosystem fund and 6% to the community rewards program in August 2019. The team also allocated 25% (2.5 billion IOTX) to the IoTeX Foundation, 265 million of them were burned at the time of mainnet launch in June 2020. Notably, IoTeX has allocated 15% of the total supply to its treasury, which will be completed by August 2022. .Additional 12% Roll-DPoS Mining Bonus will be fully released in December 2025.
As of August 11, 2022, there are over 168 Dapps built on IoTeX. Use cases include MachineFi, DeFi, GameFi , and NFT.
Here are some notable Dapp examples from the past year:
Additionally, the Pebble tracker has driven the release of Dapps on the IoTeX network using real-world data. Notable applications built with Pebble trackers include Proof of Presence (PoP) and Meta-Pebble protocols. PoP allows applications to link verifiable real-world information to a user's Web 3.0 identity while protecting privacy. Meta-Pebble allows users to opt-in to Dapps using geo-location data in exchange for rewards. While PoP connects users' real-world geolocation data to a Web 3.0 Dapp, Meta-Pebble helps users monetize their data.
Another real-world Dapp that leverages Pebble is HealthBlocks, a “live to earn” Dapp that allows to earn rewards by sharing fitness device data with healthcare providers. CityDAO, the first official DAO to own 40 acres of land in Wyoming, is also using Pebble to track sensor data on its land.
The IoTeX Foundation launched the Halo Grants program in October 2021 to accelerate Dapp development across DeFi, NFT, infrastructure, developer tools, and games. It also launched an additional $100 million sustainable ecosystem fund in March 2022 to support Web 3.0 and MachineFi-based projects.
IoTeX launches MachineFi Lab in June 2022, aiming to grow the MachineFi economy. Following its launch, MachineFi Lab raised $10 million in a funding round led by Samsung Next, Draper Dragon Fund, and Jump Crypto. Since the launch of the beta version of the MachineFi gateway in January 2022, seven Dapps have been deployed to its beta.
IoTeX plans to release a cross-chain data bridge to connect real-world data with other blockchains. The data bridge could strengthen IoTeX's position as the common hub for machine intelligence in Web 3.0.
There are currently no other blockchain IoT projects that include IoTeX. While Helium is working towards a related target, it specializes in hotspot (Internet) infrastructure. VeChain is also a related project, as it incentivizes network participants to run a Dapp-enabled distributed network. VeChain enables businesses to collaborate digitally through advanced data transfer and supply chain management solutions. Compared to Helium and VeChain, IoTeX operates on a broader scale, it connects more IoT-enabled machines in the real world.
Another potential competitor could be IOTA, an IoT data transfer and transaction settlement layer. While providing similar services, IOTA uses Directed Acyclic Graph (DAG) to ensure secure data exchange and control. While IOTA initially seemed to thrive in 2017, it fell behind due to a lack of real-world adoption.
IoTeX has to overcome a number of challenges to achieve mass adoption. First, it is difficult to bring customers and partners into its platform due to heterogeneous IoT hardware standards. As a result, the cost of maintaining IoT networks and connecting devices remains relatively high. Second, IoT devices are built to be blockchain compatible. Therefore, IoTeX needs to provide additional support for legacy devices at a reasonable cost. Third, there are privacy concerns for retail uses, such as biometric tracking. Openly addressing these concerns and proactively educating a less tech-savvy audience can encourage more users to adopt the IoTeX platform.
In terms of opportunities, connected devices can mine, collect, and analyze data from daily operations. Enhanced engagement and connectivity can improve productivity while unlocking a wide range of services in the future. Additionally, IoT devices can feed data to DeFi smart contracts. It is IoT devices that can verify recorded data while being leveraged by smart contracts to drive new behavioral incentive models.
Web 3.0 doesn't seem too prominent due to its inability to connect to real-world activity. IoTeX aims to bridge this gap by establishing a single instance that can bring Web 3.0 to real-world operations. Thanks to IoTeX, devices can capture and import what happens in the real world to communicate these events to Web 3.0 Dapps.
IoTeX is poised for increased adoption as it plans to integrate new and legacy IoT devices without rebuilding from the ground up. This can accelerate the development of Dapps with real-world use cases while also rewarding users who generate these proofs through their IoT devices. The upcoming release of the cross-chain data bridge could further strengthen IoTeX's position as a common hub in Web 3.0.
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