IoTeX - "The Biggest thing in IoT tech right now "

By Ankit Dhankhar | BrushUp Crypto | 19 Sep 2020


https://brushupcrypto.com/index.php/2020/09/19/what-is-iotex/

IoTeX is an open source project providing privacy centric blockchain scalable solutions to power the Internet of Things (IoT) or “Internet of Trusted Things” as they say it. In this blog, we’re going to learn about IoTeX vision, the utility of IOTX coin and some of the exchanges it is listed upon.

IoTeX vision

IoTeX aims to connect physical internet devices block by block in both fast and scalable way thanks to the unique Roll-DPoS consensus mechanism. 

The number of IoT devices is expected to exceed 83 billion by 2024 according to research conducted by Juniper Research. Also, a report from the McKinsey Global Institute estimates that the IoT could have an annual economic impact of $3.9 trillion to $11.1 trillion by 2025. 

That’s some huge numbers and they will need secure and private methods of communication to work more efficiently. 

Here are some Problems IoT technology is facing : 

  • Compatibility
  • Security
  • Privacy
  • Connectivity

Iotex plans on solving these problems using it’s privacy centric blockchain infrastructure tailor fit for IoT which provides flexibility and scalability by leveraging proof of stake consensus mechanisms.

https://brushupcrypto.com/index.php/2020/09/19/what-is-iotex/

source: iotex.io

One of the largest competitors of IoTeX is IOTA, which uses Directed Acyclic Graph (DAG) technology to solve scalability issues and provide a lightweight platform for devices with low power requirements. IOTA has some big partnerships but that has not resulted in any commercial products by now.

On the other hand, Iotex is a working blockchain with real life products. Latest on being the world’s first blockchain powered security camera. 

As of today, IoTex is winning this competition very clearly. 

IoTex Coin (IOTX)

Recently IoTex swapped it’s IOTX-E token for their native coin IOTX. IoTex will have following utility categories: 

  • Decentralized governance: staking/voting for Delegates, Delegate rewards and slashing, and network-wide votes (i.e., changes to rules, parameters, protocols).
  • Fees for storage and compute: running transactions and executing smart contracts on the IoTeX Network cost fees. These fees are collected by the blockchain as a “tax” which will be used to reward future block producing delegates
  • Bond/operation costs for L2 components: to provision and operate a Layer 2 component (e.g., subchains, identity providers, trust computing unites), one must stake IOTX on the chain as bond and pay for operational costs and will be slashed if proved to misconduct layer 2 components.

After reading all the technical stuff above, you must be thinking okay, the project is good and all but where can we trade IOTX and earn some profits? 

Exchanges supporting IOTX

IOTX is listed on some of the world’s biggest crypto exchanges providing excellent liquidity and trading options. Below is the list of top exchanges where you can trade IOTX: 

  1. Binance
  2. Gate.io
  3. Uniswap
  4. Bittrex
  5. KuCoin

To get the latest updates about IoTeX, you can have a look at their community page.

If you enjoyed this post, than follow me on twitter (@BrushUpCrypto) and visit my website (BrushUpCrypto.com) for all my latest posts. 

How do you rate this article?


4

0

Ankit Dhankhar
Ankit Dhankhar

I entered Crypto market in 2017, just before that crazy boom. Lost a bit Initially in some scam projects but eventually gained profits when I started doing my own research. I am a Crypto trader, Investment consultant and blogger.


BrushUp Crypto
BrushUp Crypto

Hey Everyone, hope you're doing good. In this blog, we're going to write about the various Cryptocurrency projects, latest news, trading charts and upcoming ICO's. Basically, we're gonna try to give you as much information and news about Crypto as possible. Hope you'll enjoy reading it.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.