Over the past decade, the world has witnessed quite a few interesting game-changing technologies. For instance, iPhones, nano-fiber, virtual reality headsets, rewalk exoskeleton for the differently-abled, Space X Falcon, Machine Learning, Artificial intelligence and many more. Internet of Things (IoT) is one such technology that deserves special mention. It is described as a network of physical objects embedded with sensors, software etc in order to connect them together to exchange data. This data can be used to obtain instantaneous feedback from multiple devices. These devices range from household devices to industrial tools. However, the crypto industry has given IoT a new life by using blockchain to create a web of connected devices. IoTeX is a crypto project that aims to do exactly that. Let’s dive in and understand what it is and how it functions!
So, What is IoTeX?
IoTeX is a layer one blockchain that provides a secure and trusted interaction between IoT devices and humans. It aims to create a platform that will act as the backbone of the IoT ecosystem and enable users to securely access data. Currently, its ecosystem comprises a decentralised network of users, developers, and businesses that govern the entire ecosystem. The IoTeX blockchain drives actual products such as blockchain-powered cameras, supply chain optimisation gadgets, and so on. It is one of the fastest, most secure and scalable blockchains that is compatible with Ethereum Virtual Machine (EVM).
The platform is backed by award-winning research and technology and it leads the world’s premier industry consortiums and standards such as the Industrial Internet Consortium (ICC), Consumer Electronics Show (CES), Confidential Computing Consortium (CCC), and Institute of Electrical and Electronics Engineers (IEEE). In 2020, the platform launched two products into the market in order to improve trust and privacy while processing real-world data. Chief among them being:
- Ucam: It’s a tamper-proof security camera that employs decentralised identity and end-to-end encryption in order to secure home security footage. And it gives total control over users’ data.
- Pebble Tracker: This is a sensory device that captures real-time data such as location, climate, motion, etc and converts it into blockchain-applicable data.
How exactly does IoTeX work?
IoTeX’s infrastructural design is hinged on a concept called “Separation of duties”. The application of this concept helps maximise the efficiency and privacy of IoT devices. The network comprises multiple blockchains working concurrently while being interoperable. To begin with, the network has a root blockchain that manages the independent subchains. The root chain has three main objectives:
- Relaying information across chains to enable interoperability
- Supervision of subchains
- Settlement and anchoring of payments
The subchains are function-specific and they perform a specific function while interacting with IoT devices. These chains are flexible and can adapt to different requirements of IoT applications. Further, IoTeX provides a framework that allows tailoring a subchain to specific applications by setting permission models, parameters, specifications and transaction types. Moreover, in case of an attack on one of the subchains, the root chain still remains functional.
Further, IoTeX network has four key features that have allowed it to meet its goals well. Here then are the features of IoTeX:
- Roll-D PoS: This is the network’s unique consensus mechanism. It is a variant of the Delegated Proof of Stake variant that enables a blockchain to achieve instant finality and scalability. The block producers are randomly selected for one epoch and this selection happens every time before the process starts.
- Layer two subchains: These subchains are flexible and allow for diverse requirements of IoT devices.
- Edge computing: It is a way of computing that brings data storage and computation close to the sources of data. This saves bandwidth and improves response time making the blockchains faster.
- Cross-network communication: Due to the root blockchain, IoTeX becomes capable enough to facilitate interoperability and communication between all subchains.
IOTX token: an overview
The IOTX token is the native token of the IoTeX platform. The IOTX coin is used for payment of transactions as well as staking and participating in the on-chain governance of the platform. It is also used to manage networks, register a decentralised identity, and register new devices onto the blockchain. Users can also use IOTX tokens to pay gas fees in order to execute transactions and smart contracts. Device manufacturers on the platform burn IOTX to obtain a “Powered by IoTeX (PBI)” certificate. PBI devices get a monthly allocation while other devices have to pay for every transaction. This burn-to-certify model acts as a deflationary mechanism that decreases the supply of IOTX.
Knowing what you know now about the IOTX token, We are sure you are wondering, “Where to buy IoTeX from?”. Now, you can buy the IOTX token with Zebpay.
The IoTeX platform is a layer one blockchain that aims to act as the backbone of the IoT ecosystem. Apart from empowering IoT devices to work in a safe and secure way, it also designs and launches devices in the market with specific functions. It is backed by IoT experts, consortiums, and organisations that give the platform massive influence in the market. The IoTex coin (IOTX) is used to pay for transactions by smart contracts. You can now buy the IOTX token on the Zebpay crypto exchange platform!