Understanding IoTeX:
IoTeX, which stands for “Internet of Trusted Things,” is a blockchain platform designed to address the unique challenges of the Internet of Things (IoT) ecosystem. Unlike traditional blockchains, IoTeX offers a tailored solution for secure and scalable communication among IoT devices. By combining elements of privacy, scalability, and decentralization, IoTeX has crafted a blockchain that paves the way for a more connected and secure future.
The most unique thing about IoTeX is that they are using Blockchain Technology for IoT(Internet of Things) which is highly innovative and creative. But, also brings many challenges. They have a whole ecosystem of projects and partners. They are known for their unique devices.
IoTeX Physical Devices
IoTeX currently has two products UCAM & Pebble.
UCAM: It is a security camera. The first blockchain-provided home camera that protects your loved ones and your privacy using blockchain technology.
Pebble: It Verifies real-world data like location, temperature, light and other data sources using Blockchain Technology.
Why Should We Combine IoT(Internet of Things) with a Blockchain?
The advantages of these devices are that these devices are connected to the internet, and they can communicate with other computers to make use of technology better for example combining AI(Artificial Intelligence) your refrigerator could scan your products inside and store data on Blockchain. Then, the AI(Artificial Intelligence) would order any items that are getting exhausted or need to be ordered making your life easier.
There is a Big downfall of these devices as well that these devices are connected to the Internet which is not always stable. And offline is much more secure when compared. Someone can hack you into your devices as everything is online and can manipulate devices.
The use of Blockchain provides additional Security making the system a lot more reliable and secure.
Key Features of IoTeX:
Privacy-Centric Design:
IoTeX places a strong emphasis on privacy, ensuring that sensitive data generated by IoT devices remains secure. The platform incorporates techniques like zero-knowledge proofs and homomorphic encryption, allowing users to retain control over their data while still participating in the blockchain.
Scalability and Lightweight Consensus:
Recognizing the scalability challenges faced by many blockchain networks, IoTeX adopts a lightweight consensus algorithm known as Roll-DPoS (Delegated Proof of Stake). This ensures faster transaction processing times and efficient resource utilization, making it well-suited for the demands of IoT applications.
Decentralized Identity (DID):
IoTeX integrates decentralized identity solutions, providing a secure and tamper-proof way to manage the identity of IoT devices. This enhances trust and transparency within the ecosystem, allowing for seamless interaction between devices without compromising security.
Cross-Chain Communication:
IoTeX is designed to support interoperability through cross-chain communication. This feature allows IoTeX to connect with other blockchain networks, fostering collaboration and expanding the possibilities for decentralized applications (DApps).
Use Cases and Applications:
Supply Chain Management:
IoTeX’s privacy features make it an ideal candidate for improving transparency and traceability in supply chain management. By recording and securing every transaction on the blockchain, stakeholders can gain real-time insights without compromising sensitive data.
Smart Cities:
IoTeX’s scalability and decentralized identity features are well-suited for the development of smart cities. The platform can enable secure and efficient communication between various IoT devices, contributing to the creation of more sustainable and connected urban environments.
Healthcare:
In the healthcare industry, IoTeX’s privacy-centric design ensures the secure and confidential handling of patient data. This can lead to the development of decentralized healthcare applications that empower individuals to have more control over their health information.
How Does The IoTeX Blockchain Works?
IoTeX Blockchain Uses Delegated Proof of Stake(DPoS). It’s a Proof of Stake(PoS) algorithm with a few tweaks. Everybody participates in the consensus. There is a limited number of semi-trusted delegates. People are incentivized to vote for only the users whom they trust to successfully produce a block.
Tokenomics
IOTX is the native token of the IoTeX Ecosystem. IOTX Token was launched in 2017 but, was not available for Stake until 2020. It was launched using the Ethereum Network and ERC20 Token. In 2020 IoTeX launched its Blockchain but, is still compatible with Ethereum. Their Blockchain was very similar to the Ethereum Blockchain.
Their Coin is deflationary. Works on Burn-Drop Mechanism about $1 Billion of IOTX Coin around 10% of the total supply will be burned drop.
The distribution of $1 Billion IOTX is as follows, 90% Burned removed from circulation and 10% Dropped for voters. This is executed through a smart contract that is triggered every time a new device is added to the network.
- About 24% of Private Sales in 2018–2020
- 18% Ecosystem Fund for Marketers & Developers to grow the network.
- 25% IoTeX Foundation used to build IoTeX Platform and Protocol.
- 15% awarded to Team vested and given out in 4 years Time Frame. Starting from February 2019 and at intervals of 6 months.
- 12% awarded as Mining Rewards.
- 6% rewarded to Community.
Conclusion:
IoTeX stands at the forefront of blockchain innovation, offering a tailored solution for the challenges posed by the Internet of Things(IoT). Its privacy-centric design, scalability, and decentralized identity features position it as a versatile platform with applications across various industries. It’s important to point out that we are in the very early days of Blockchain applications. We know how to use the Blockchain to run a momentary system. But, projects like IoTeX are trying something new and doing a great job in terms of innovation and Creativity. We hope this will inspire many more projects in the future.
