Investing In IoTeX (IOTX) – Everything You Need to Know
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IoTeX (IOTX) is a decentralized ecosystem built to connect IoT devices. The network integrates advanced technologies such as machine learning to improve efficiency. IoTeX seeks to provide enterprise clients with an easier way to integrate IoT tech into their existing business systems.
The IoT (Internet of Things) is a term used to describe the growing community of smart devices across the planet. To qualify as a smart device, the item must have sensors and the ability to communicate data via the internet. Today, there are billions of these units in the market. Everything from fridges to your Smartphone qualifies as an IoT device.
Interestingly, analysts predict that there will be billions more of these devices in use around the planet in the future. These systems are flourishing currently due to multiple factors. The spread of affordable high-speed internet and lower manufacturing costs for these devices continue to fuel market growth to new heights.
What Problems Does IoTeX (IOTX) Attempt to Fix?
IoTeX leverages these smart devices to create a new kind of IoT-powered blockchain. As part of this strategy, the system simplifies the introduction of new devices to the network. Adding a sensor to the IoTex system takes only a few minutes to complete. Currently, there are +9,366 smart devices operating on the protocol.
As part of IoTeX's approach, the developers made the network backward compatible with the EVM (Ethereum Virtual Machine). As such, Ethereum Dapps can migrate over to IoTeX with ease. They can then enjoy lower fees and more scalability without any reprogramming.
This strategy makes sense when you recognize that Ethereum dominates the market at this time. It's the largest Dapp ecosystem in the world. However, its currently in the midst of record-high gas fees due to congestion issues. IoTeX provides much-needed relief to these users.
Another major issue faced by blockchain users today is compartmentalization. There are a bunch of different decentralized networks but very few communicate freely between each other. This scenario has led to islands of data that remain locked in their respective networks. It also leads to developers wasting time recreating protocols that they could leverage from established sources.
Benefits of IoTeX (IOTX)
There are a lot of benefits that IoTeX brings to the market. The protocol provides users with fast, secure, and transparent transactions. Users can easily add and monitor data from new devices across multiple platforms. Together, this information provides a clearer overview of business operations.
The technical structure of IoTeX provides it with the ability to auto-scale. The use of IoT devices creates a more decentralized and diverse network. The protocol can introduce or reduce these devices to meet certain criteria and performance specifications.
IoTeX's development team placed an emphasis on privacy. The platform integrates more privacy control mechanisms than many of its competitors. The decentralized nature of the platform, combined with its open nature, makes it an ideal choice for crypto users seeking privacy.
How Does IoTeX (IOTX) Work
IoTeX connects real-world devices to the blockchain using specially programmed smart contracts. The system integrates a cross-chain data bridge to improve usability and functionality across more networks. It also leverages off-chain sensors called oracles to monitor device data.
The Truststream protocol operates as an L2 Oracle system. Oracles are off-chain sensors that have the ability to communicate data to and from a decentralized network. These sensors play a vital role in validating and monitoring crucial data. As such, Oracles are one of the most important blockchain technologies to emerge over the last few years.
IoTeX introduces a new DPoS (delegated proof-of-Stake) variant called Roll-DPoS. This system takes the best aspects of delegated staking networks and integrates randomization to improve performance and reduce centralization. As part of this strategy, the system enables users to stake their tokens to vote for delegates.
The top 36 delegates then enter a random drawing. This drawing determines which 24 delegates will validate transactions and receive the rewards. The advantages of this approach are that it improves scalability considerably and lowers power consumption. As such, IoTeX only needs a fraction of the energy needed by Ethereum to remain valid.
The main utility token of the network is IOTX. This token can be used to pay for transactions, fees, and interact with network services. Programmers and developers use IoTeX to fuel smart contract executions. You can also stake this flexible token to secure passive rewards.
Staking your IOTX is the easiest way to secure passive rewards with minimal risk. When you stake your tokens you agree to lock them into a network smart contract in exchange for rewards. The advantages of staking are more consistent returns and fewer workload requirements on the part of investors.
The MachineFi protocol is one of the most unique features of the IoTeX system. This system enables users to take machine resources and intelligence and convert them into profits. The system enables anyone to fully monetize their smart devices and other digital assets.
Notably, IoTeX ran a special promotion when they launched the MachineFi protocol. Users could spend 100 IOTX to mint a limited edition MachineFi NFT. NFTs (non-fungible tokens) are unique digital assets that leverage blockchain verification systems to ensure validity and authenticity. The maneuver also demonstrated IoTeX's NFT capabilities to the market.
How to Buy IoTeX (IOTX)
IoTeX (IOTX) is available on the following exchanges:
Binance – Best for Australia, Singapore, UK and most of the world (Excluding Canada). USA residents are prohibited from buying IoTeX (IOTX). Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
IoTeX (IOTX) – IoT Meets Blockchain
The melding of IoT and blockchain technologies has long been the wish of developers in the market. Both of these emerging techs have endless potential to upend the current business systems. When combined, they complement each other in a manner that improves the performance of both systems. As such, IoTeX will continue to see adoption in the business sector as more firms seek out low-cost blockchain and IoT integration methods.
David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com
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