IOTEX coin: A delegated proof of stake coin for the internet of trusted things devices
IOTEX coin: A delegated proof of stake coin for the internet of trusted things devices

By quintomudigo | cryptoforex street | 16 Oct 2019

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              iotex.png  

IOTEX coin is a native cryptocurrency of the IOTEX blockchain platform which was issued on the Ethereum blockchain network but later on the swapping of its coin started to take place in 2019 at ratio 1:1 on its mainet IOTEX network created on the IOTEX blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. IOTEX coin was created to enable easy exchange of data amongst different businesses, machines, humans and Dapps. In IOTEX platform, a machine can exchange data with another machine while human can exchange data with machine. On the other hand, one business on the IOTEX platform can exchange data with another business on the IOTEX platform. IOTEX coin also enables different Dapps built on the IOTEX platform to be able to create and issue their own token as well as be able to pay for transaction cost when their Dapps is running on the platform as well as when they are transfering an asset from one smart contract address to another. Since IOTEX coin uses Delegated proof of stake consensus, it therefore enables delegators to lease their IOTEX coin to a verified validator for a given period of time such that they use the coin to secure the IOTEX network and to validate any transaction taking place on the IOTEX network thus in return they receive reward. IOTEX coin can also enable interchain exchange of data with Ethereum platform.

IOTEX coin transaction 

IOTEX coin transaction takes place on the Ethereum blockchain explorer based on block height and timestamp.  Here is a view of IOTEX coin transaction;

IOTEX TRANSACTION.png    

 

To view how the transaction takes place on the Ethereum blockchain, you can follow the link below; https://etherscan.io/token/0x6fb3e0a217407efff7ca062d46c26e5d60a14d69  

  Date Launched

 IOTEX coin project was started in 2017 but was fully launched in 2018 with the main objective of allowing internet of trusted things devices to exchange data with each other without any centralized organization

Founder Of IOTEX coin

IOTEX  coin was created by Raullen Chai a former google worker and a cryptography scientist as well as alumni of waterloo university with the main objective of becoming a native coin for its IOTEX blockchain platform thus allowing different different data from different internet of things devices to exchange data with each other.  

Process of creating IOTEX coin

  Unlike cryptocurrencies like bitcoin and Ethereum which are released through the mining process using power supply and internet using the proof-of-work consensus, for IOTEX coin, that is not the case.  Instead, IOTEX coin was created to become a delegated proof of stake coin.During its launch, some amount of around 7 billion coins were distributed accordingly. . The remaining 3 billion coins will be released through staking. In the staking process, there are two key players, the delegators and the delegates/validators. The delegators work will be to use their smart contract address to vote for delegates so that the delegates  can use the votes received to secure the network and to validate any transaction taking place on the IOTEX network. In return, the delegates will receive rewards from the new coins minted as well as from the fees income received from transaction. The reward will then be distributed to the delegators based on the amount of votes cast. The more votes a delegator casts the more reward they receive.The delegators reward can amount up to 14% per year while the delegates reward can sum up to 30% per year. In order to become a delegator, you need to have a minimum of 100 IOTEX coin in your account which you can assign it to a verified delegates . On the other hand, in order to become a delegate, you need to have atleast 1.2 million votes in your smart contract address.Here is how the IOTEX reward process looks like;

iotex staking.png      

 

If you want to become a delegator or a node service provider so that you can receive reward from new coin minted and from the fees income generated, you can follow the link from below;

https://member.iotex.io/  


Maximum circulation of IOTEX coin

  The maximum amount of IOTEX  coin that is expected to be circulating in the IOTEX blockchain should be 10 billion coins. During its launch, 2.4 billion coins were set aside for private sale while 2.5 billion coins to the IOTEX foundation. Another 1.5 billion coins were set aside to cater to the founding team members while another 3 billion coins were reserved for IOTEX ecosystem. The remaining 600 million coins were set aside for community reward program. All these tokens were initially issued at ethereum network but in 2019 they were supposed to be swapped at ratio of 1:1 on their own IOTEX network. Here is how the supply  distribution for IOTEX coin looks like;  

IOTEX SUPPLY.png    

IOTEX coin Price

Currently, 1 IOTEX coin is worth more than $0.005 and its price is expected to increase over the next period of time. IOTEX coin is being abbreviated as  IOTX.

  Converting my IOTEX coin  to other cryptocurrencies

To convert your IOTEX coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your IOTEX coin to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your IOTEX coin to your favorite cryptocurrencies;  

https://www.binance.com/en  

https://www.kucoin.com/ 

https://international.bittrex.com/  

https://www.hotbit.io/ 

 https://www.gate.io/

https://bgogo.com 

 https://bilaxy.com

https://www.elitex.io  

Storing my IOTEX coin

To store your IOTEX coin, you need IOTEX coin wallet. You can either store online or offline. To store your Wanchain coin online, you can either use metamask  or can use https://iotexscan.io/wallet .

To securely store your IOTEX coin offline from being stolen by hackers, you can use ledger nano wallet.

Transferring my  IOTEX coin to other Users

If you want to transfer your IOTEX coin to another user, the two of you must have trust in each other. The trust should be the IOTEX coin address provided for by the receiver while the sender must have the IOTEX coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;  

iotex sender and receiver.png  

 

      Knowing more About IOTEX coin

If you feel that you need to learn more about IOTEX coin, then you can follow them on their site. Here is the link redirecting you to IOTEX coin platform website  https://www.iotex.io/   You can as well read their white paper to learn more about their idea from below https://whitepaper.io/document/131/iotex-whitepaper 

  You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;

Telegram:https://t.me/IoTeXGroup

twitter:https://twitter.com/iotex_io

Reddit:https://www.reddit.com/r/IoTeX/

facebook:https://www.facebook.com/iotex.io/

github:https://github.com/iotexproject

medium:https://medium.com/iotex

Now that you know, I think that it is time for you to start earning some IOTEX coin by simply delegating your IOTEX coin to any of the verified  validators so that they use your coin to secure the IOTEX network and to validate transactions taking place on the IOTEX network.. If you think that i should also own some IOTEX coin for helping you know about it then here is our IOTEX coin address: io1hym240krhsp58v69aswjukruhnpap5f3p9ljv6 


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
cryptoforex street

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