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What is IoTeX?

IOTX is a native token of the IoTeX platform. It provides a scalable solution, which is powering the Internet of Things. The main idea of the platform is to connect the physical world of devices into one system. IoTeX tends to make it easier for Internet machines and users to connect and communicate with each other, it is building a comfortable environment for developers and users. 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 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.

What are the advantages of IoTeX?

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.
  • It is considered to be one of the most secure blockchains.
  • Allows interoperability between its blockchains.

What are the disadvantages of IoTeX?

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. Here are a few things people should pay attention to:

  • 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.

How to buy IoTeX 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:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select IOTX in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. IOTX will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.