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What Is IoTeX?

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Nov 30, 2022
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9 min read
what-is-iotex

This blog post will cover:

  • About IoTeX (IOTX)
  • Where did IoTeX (IOTX) come from?
  • What are the advantages of IoTeX (IOTX)?
  • What are the disadvantages of IoTeX (IOTX)?
  • How to buy IoTeX (IOTX) on SimpleSwap?

About IoTeX (IOTX)

IoTeX is a decentralized network made for the Internet of Things abbreviated as IoT. The network contains a block chain focused completely on privacy.

Internet of Things is a concept of a network transferring data between physical objects equipped with built-in technologies for cooperation or interaction with the external environment. 

IoReX was designed to inspire massive endorsement in the crypto world. The company assumes there’s no app in the IoT industry that could motivate users to bring IoT technologies to their everyday lives. While there is no application released, people do not have much will to invest their resources — cash, time or any effort in following up IoT.

IoTeX does not position itself as an app, instead it’s presented as an instrument for developing apps. IoTeX intends to promote innovative updates in the IoT ecosystem.  

IoTeX assumes the Internet sphere has a great potential, however it is still pretty far from gaining a widespread implementation.

IOTX is a native token of the IoTeX platform. It provides a scalable solution, which is powering the Internet of Things. To get access to all the opportunities provided by the platform, users need to own IOTX. Tokens can be traded or staked. They can also help to vote for delegates and decisions concerning the future of the project. By participating in the life of IoTeX, users can also earn more crypto.

Where did IoTeX (IOTX) come from?

The Internet of Things became popular in 2009 when the usage of the Internet became widespread and devices that could be managed via the Internet appeared. Since then the number of IoT devices has increased significantly. In 2020 there were as many IoT devices as non-IoT ones.IoTeX appeared in 2017. The core of the team has four members: Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan. However, now there are more than 40 team members as the project is growing rapidly.Initially, the team wanted to create an opportunity for smart devices and their owners to interact in a trustful and secure way that did not allow any interventions. They do believe that users are the only possible owners of their own data, and no one or nothing can take this information and use it without owners’ permission. These are the key values of the project that are still being maintained.This century is definitely a time of smart devices, they give us opportunities to communicate with each other faster. And it is safe to say that platforms that can coordinate this communication, and help users to protect their data are very much needed.

Interesting projects on IoTeX:

MachineFi brings to life the idea that devices are owned by users and serve them, too. By joining the economy of machines, people can fully monetize their devices and associated digital assets on a massive scale. Later, machines will perform a main workforce. The IoTeX MachineFi portal simplifies the way of getting what you actually own — the value of your data in dollars. 

Ucam is a nextgen home security camera working on a blockchain technology. It is completely user-focused and private. The camera has such features as 1080p HD video, motion detection, night vision and stereo audio. Ucam helps customers control their houses from any place any time. What really is amazing about Ucam — it has made a few breakthroughs linked to confidentiality. It includes end-to-end content encryption, full consumer data ownership and data authorization based on blockchain. Previously, hardware manufacturers and corporations held devices’ data. Now for the 1st time, users will be able to own and control all their data. 

The Consumer Technology Association (CTA), which appears to be the world’s leading consumer technology organization, emphasized the Ucam camera made by IoTeX. The award was proclaimed at the CES Unveiled exhibition in New York. It made IoTeX take place along with the largest tech companies and startups as the owners of such a significant award. 

IoPay is an official multi-chain crypto wallet of IoTeX

Mimo is a decentralized exchange

Pebble is a blockchain based device capturing physical world data to give owners trusted information about real-world events in real time.

Iotube is a secure and quick bridge between IoTeX and other blockchains

The Internet of Things is probably a highly promising future technology, but today it is not quite in demand. It’s difficult to name any well-known product built with the help of these innovations. Also, the IoTeX has a competitor in the crypto world — IOTA project, which has a high transaction processing speed and scalability.

What are the advantages of IoTeX (IOTX)?

IoTeX plans to develop IoT — the nextgen platform with an intense scalability, confidentiality, “isolation” and “ability to develop” for incubation of new IoT apps and ecosystems.

The IoTeX platform has a number of interesting features that can be seen as its huge advantages and the reason why developers choose it to create their projects:

  • Allows developing websites, DApps, Dev Tools, tokens, hardware solutions, and etc
  • The system includes a wide range of devices, even home devices
  • It gives developers a lot of freedom in coding
  • Allows interoperability between its blockchains
  • Fast consensus. IoTeX rapidly reaches consensus by using RDPoS. This system supports millions of nodes with immediate completion and low latency in a “green” mode. It is specially created for IoT. 
  • Built-in privacy. IoTeX owns built-in privacy management methods that aim to “maximize privacy”, using lightweight hidden addresses and permanent ring signatures.
  • Autonomous coordination of devices. IoTeX has a decentralized autonomous organization (DAO) for IoT. It codifies the law for the “world of robots”. Due to it, the community can make common regulatory laws across IoT networks. 
  • Innovations. As well as Plasma, IoTeX will pull the states from the root chain, in order to enhance privacy, scalability and interoperability. IoTeX describes it as a “Blockchains in Blockchain '' or a “innovational trade-off between communication and computation cost”. 

What are the disadvantages of IoTeX (IOTX)?

Mostly, customers are happy with their choice. However, it should be remembered that since the project is being constantly developed it is normal to face technical issues from time to time. Usually, they are fixed fast.

The serious trouble of IoT is that it misses apps for attracting new clients to the system. In fact, users lack reasons to let IoT in their routine life. IoTeX plans to solve these questions by using blockchain technologies and cryptocurrencies.

  • Coin support
    
    Everybody likes the idea of interoperability. It is very comfortable to be able to go from one blockchain to another. However, IOTX coins are not supported by all the blockchains customers could use. There were precedents with coins forever lost somewhere between chains.
  • Withdrawal issues
    
    Recently a new problem occurred. Users experience difficulties trying to withdraw IOTX on some platforms. However, the solution to this problem is to move tokens into a specific wallet app. Issues like this one seem to happen from time to time, so it is important to be extra careful when withdrawing crypto.
  • Low scalability
  • High operating costs
  • Privacy issues

How to buy IoTeX (IOTX) on SimpleSwap?

In case you are interested in becoming a member of the IoTeX platform and want to purchase some IOTX coins, we are happy to help you. Please, follow the simple instructions below:

  • For example, you want to swap BTC for IOTX. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select IOTX in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. IOTX will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to IOTX exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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