November 17, 2021

Get to Know Crypto: IoTeX (IOTX), the Trigger for More Privacy Internet Of Things (IOT)

 IoTeX (IOTX) is reminiscent of the Internet of Things (IOT).


Yes, this cryptocurrency has something to do with IoT. In any case, get to know this asset before making an investment.



Trivia IoTeX (IOTX)


Launched in 2017 by Qevan Guo, Jing Sun, Xinxin Fan, and Raullen Chai.

An automated and privacy -focused blockchain infrastructure for the Internet of Things (IOT).

This open ecosystem sees humans and machines interconnected with the assurance of full privacy and free will at the fastest, safest, and fullest scale.

Blockchain IoTeX also drives real products, for example:

Consumer Electronics Show (CES) blockchain -powered camera

The geoyang pebble gadget is ideal for supply chain optimization for various sectors.

Juniper Research revealed IoT devices are expected to reach a total of 50 billion by 2022.

However, the world is facing the issue of widespread adoption of IoT technology and this is what IoTeX is trying to address. It covers issues:

Scalability

Lack of privacy

High operating costs

Lack of function value

Its competitor: IOTA (MIOTA), uses Directed Acyclic Graph (DAG) technology to solve scalability issues and establish a lightweight platform for devices that require low power requirements.

The use of DAG by IOTA is similar to that used by IoTeX.

In an effort to be the mainstay of IoT systems, IoTeX offers several features:

Division of tasks through the existence of sidechains or also known as subchains.

User privacy is at a maximum level with the presence of mechanisms such as ring signatures.

Occam’s Razor: IoTeX offers every device with what it takes despite different sidechains. Example: A transaction that needs to be carried out does not require a complete Turing contract and this makes it much easier.

IoT-Friendly: The unique feature of IoTeX can be observed how blockchains operate simultaneously and maintain interoperable functionality with the presence of a combination of blockchain core (root chain) and sidechains.

The presence of the root chain is to protect and offer network governance, as well as management of subchains. For example, if subchains are hacked, the root chain will not be affected.

Cross -blockchain communication refers to a developer’s effort to introduce block fixes in a solution which guarantees new blocks cannot be changed. They also included pegging, which is a method of using sidechains to scale the Bitcoin network.

IoTeX is protected by the presence of several mechanisms:

Ring signatures

Reliable payment code

Delegated Proof-of-Stake or known as Delegated Proof-of-Stake (DPoS).

Randomized DPoS (Roll-DPoS) algorithm that combines DPos with Verifiable Random Functions (VRF) and Practical Byzantine Fault Tolerance (PBFT)

The IoTeX project is arguably growing rapidly.

Driven by the increase in projects, indirectly IOTX prices also saw a spike throughout 2021.

On January 1, the asset only traded at $ 0.006 before hitting an all -time high (ATH), $ 0.26 on November 13th.

Analysts predict its price will rise to $ 0.35 by 2022, but recent positive movements are unlikely to bring this asset to higher-than-expected levels.