What is IoTeX (IOTX)? Detailed introduction of IoTeX project and IOTX token

• IoTeX project overview
• What is IoTeX?
• IoTeX project highlights
• IoTeX Ecosystem
• Products of the project
• Project development roadmap
• IoTeX project developers and investors
• General information about the IOTX token token
• What is IOTX token?
• What is the IOTX token used for?
• IOTX Token Allocation
• Where to buy, sell and store IOTX tokens
• Should invest in IoTeX or not?
• summary

The IOTX token is likened to a "virtual cryptographic fuel" used on the IoTeX platform for the purpose of conducting transactions and allowing it to run on decentralized applications. Since its launch, IOTX has received a lot of attention from the Crypto community. So what is IOTX and what is so special about this project?

IoTeX project overview

What is IoTeX?

IoTeX launched in 2017 with the vision of the Internet of Trusted Things – a decentralized ecosystem that makes it easy for people and technological devices to interact with each other. The project's mission is to ensure that users and businesses can own and control their devices.

IoTeX project highlights

IoTeX is known as a full stack platform that provides reliable and important data for Dapps . The project is designed by a team of developers who are cryptographic experts and award-winning research scientists.

IoTeX is not an “Ethereum killer” (a platform that has ambitions to take the place of Ethereum) although it has a similar architecture to Ethereum. It is the hub for IoT decentralized data and collaborates with Ethereum. The platform uses a modular architecture that includes special layers of technology:

• Blockchain: The decentralized IoTeX blockchain is compatible with EVM making it the perfect platform for decentralized applications and products. It is supported by the Roll-DPoS consensus mechanism and maintained by more than 60 decentralized delegates. It also became one of the fastest blockchains in the industry (blocks around 5 seconds) and has been running successfully since 2019.
• Decentralized Identity (DID): DID is a core component of the IoTeX platform. Unlike other blockchain platforms that only focus on DID for users, IoTeX has developed a single DID system for both people and devices. This means that users and devices can transact directly with each other through IoTeX, as their identities are interoperable and standardized across the platform. Furthermore, IoTeX's DID allows users and devices to own or control their data and identities.
• Real-world data oracles: Helps transform real-world information into verifiable data.
• Secure hardware: Anti-tamper appliance using Trusted Execution Environment – ​​TEE (Trusted Execution Environment).

IoTeX Ecosystem

IoTeX is a decentralized network of developers, users, and businesses that jointly manage using the IoTeX platform. IoTeX is a Layer 1 blockchain compatible with EVM and currently supporting the development of the ecosystem of smart devices, Dapps, and digital assets. The IoTeX mainnet successfully launched in April 2019 and is maintained in a decentralized manner by over 60 delegates, including Blockfolio, CoinGecko, and Draper Dragon. To date, the project has more than 100,000 participants across more than 100 countries connected by a common vision of the Internet of Trusted Things.

Products of the project

The IoTeX platform currently hosts a growing number of Dapps and products developed by the IoTeX community. Notable projects include:

• ioPay: The official wallet of the IoTeX network and gateway to Dapps.
• Cyclone Protocol: A protocol that applies zk-SNARKs to enable privacy in transactions by breaking the online link between sender and receiver addresses.
• MintToken: A token minting tool that allows anyone to create their own XRC20 and XRC721 tokens.
• Hyperaware: Dapp to manage connected devices and data based on their physical location.
• Beancount: Accounting tool.
• Travel Cat: This is an online game where players can explore the digital world and collect more NFTs.
• Vitality (VITA): A decentralized token that incentivizes the community and adds staking rewards.

Project development roadmap

The project announces an ambitious roadmap towards bringing people closer to the Internet of Trusted Thing. Some notable points are as follows:

• Device Autonomous: Based on IoTeX decentralized identity system and standardize DID protocol in cooperation with IIC and IEEE.
• Oracle Real World Data: Bringing real world data into IoTeX.
• Decentralized Autonomous Machines: Frameworks with sensors, devices, and machines that automatically deliver value to users through on-chain data or assets.

IoTeX project developers and investors

Development team

The project was founded in 2017 in Menlo Park, California, USA with a development team who are leading experts in the field of blockchain and IoT. Some prominent faces include:

• Co-Founder – Raullen Chai: Raullen is a PhD student in cryptography from the University of Waterloo, and was also the head of cryptographic development research at Uber. He has over 8 years of blockchain experience and worked as a security engineer at Google.
• Co-Founder – Qevan Guo: Qevan holds a PhD in machine learning technology from National University and served as the Director of Engineering at Facebook.
• Co-Founder – Jing Sun: Jing is a co-founder at Sparkland Capital and has directed 40 innovative investments in blockchain, IoT, and security. She has also worked as a director of many companies and has experience in starting a business.
• Head of Encryption – Xinxin Fan: Xinxin is a PhD in cryptography at the University of Waterloo and a research engineer at Bosch Research. Xinxin has more than 14 years of research experience in information security and cryptography and owns more than 40 publications/patents.

Investors

The project received investment from large funds such as LinkVC, Kenetic Capital, Hashed, NEO Global Capital, BlockVC...

General information about the IOTX token token

What is IOTX token?

• Code: IOTX
• Blockchain: IoTeX
• Market Cap: $557,793,843
• Total supply: 10,000,000,000 IOTX tokens
• Circulating Supply: 2,525,040.005 IOTX tokens

What is the IOTX token used for?

Currently, users can use IOTX tokens to participate in project development, staking, or to pay transaction fees.

IOTX Token Allocation

The specific IOTX token allocation rate is as follows:

• Public sale: 24%
• IoTeX project development team: 15%
• IoTeX Platform: 25%
• Roll-DPoS Mining: 12%
• Ecosystem development: 18%
• Community development: 6%

Here is the IOTX token unlocking schedule:

Where to buy, sell and store IOTX tokens

Currently, the IOTX token has been listed on many major exchanges such as Binance, KuCoin, Huobi Global, Gate.io, Coinbase Exchange... In which, Binance exchange is the most traded, accounting for nearly 17% of the total trading volume. .

Because IOTX is an ERC-20 standard token, you can completely store this token on the most popular ERC-20-enabled wallets today such as Trezor, imToken, MetaMask, MyEtherWallet, Ledger Nano S, etc.

Should invest in IoTeX or not?

IoTeX is a project with the potential to thrive in the future with many outstanding products. Therefore, the price of this token is predicted to increase very high. In addition, IoTeX also has a development team with many years of experience and is invested by many large investment funds in the world. You can consider before deciding whether to invest or not.

summary

Thus, the article has provided you with the answer of what IoTeX is and important information about the project and the IOTX token. Hope you have learned the knowledge about the IOTX token and thereby help you to orient yourself on whether to invest in IoTeX or not. Good luck.

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