IoTeX Network is an open-source project founded in 2017 by a non-profit foundation registered in Singapore. It was created with the purpose to build up a network for the Internet of Things (IoT) powered by a scalable blockchain. IoT is the term used to describe the global network of computing devices embedded in everyday objects, enabling them to send and receive data via the internet.
The IoTeX team strives to bring together humans and machines, IoT smart devices, and decentralized applications, ensuring that they interact with trust and privacy. They aim to give users full control of their gadgets, such as security cameras, drones, or fitness trackers, and data.
IoTeX decentralized blockchain was launched in April 2019. It is EVM (Ethereum Virtual Machine) compatible and also works with Polygon, Chainlink, Binance, and other blockchains. The blockchain is endlessly scalable potentially allowing billions of middlewares, dApps, and IoT devices to be built on it without intrusive ads and surveillance. Developers get all the necessary tools and data to make and launch their applications and networks. Users pay only $1 for 5,000 transactions. Mainnet v1.3, which includes the latest EVM Istanbul and supports all Web3 DApps with minimal storage gas, was launched on July 23, 2021.
IoTeX is secured by several mechanisms including delegated proof-of-stake, ring signature, and the payment code that hides addresses of transaction recipients. Besides, it has implemented a user- and device-oriented Decentralized Identifier Protocol (DID) where an individual, organization, or device can own their own identity attributes without relying on third-party service providers. At the time of writing the platform is run by 60+ delegates from all over the world including Blockfolio, CoinGecko, and DraperDragon.
IoTeX (IOTX) is the native token for the IoTeX network. It is a governance token with a maximum supply limited to 10 billion coins. There was no ICO for IOTX. Instead, in February 2018, a private sale was held, resulting in 24% of tokens distributed and 25,000 ETH raised. 18% of the total supply is kept as the Ecosystem Fund reserve, to be used to improve the ecosystem and incentivize all its entities. 12% of coins were locked for Roll-DPoS (a Randomized Delegated Proof of Stake) mining and released after the Mainnet Alpha launch in February 2019. 6% is spent on community reward programs. The team got 15% of the total supply. The coins are vested within 4 years after the date a team member joined. 25% was reserved for the foundation. The funds are spent on IoTeX blockchain building, IoTeX project development, and cryptography research.
The IOTX token falls into several categories of utility to ensure network decentralization and reliable and transparent interaction between various entities in the IoTeX ecosystem, including stakeholders, delegates, service providers, product developers, and consumers. Apart from being a medium of exchange, IOTX can be used for staking and governance, paying transaction fees, accessing various ecosystem resources, and registering new devices on the IoTeX network.
IOTX is used as the gas to execute transactions on the blockchain. IOTX holders can stake their tokens and earn about 10%+ annual interest on their assets. In addition, staking allows them to participate in governance. IoTeX has implemented Delegated Proof-of-Stake (DPoS) consensus algorithm, which means that block producers (Delegates) responsible for adding new blocks to the ledger are elected by stakeholders through voting. In return, they distribute a portion of their rewards among their voters.
IOTX is listed on many exchanges including Binance, Huobi Global, Upbit, HBTC, Coinbase, and KuCoin where it is traded against BTC, USD, EUR, and GBP. It can be stored in the platform’s ioPay wallet or any ERC20 compatible wallet.
Types of IOTX
There are several types of IOTX: IOTX, WIOTX, CIOTX, which change their purpose with the help of ioTube, the cross-chain bridge that serves to transfer IOTX from IoTeX to other blockchains, such as Ethereum, Binance Smart Chain, and Polygon. It converts IOTX or WIOTX to CIOTX.
WIOTX (wrapped IOTX) is an XRC20 token that can be used on the Ethereum blockchain and converted into native IOTX using the Mimo exchange. BSC-Pegged IOTX is the BEP20 version of IOTX on Binance Smart Chain. CIOTX (cross-chain IOTX) can be bridged and utilized on the Polygon network.
To ensure the deflation of IOTX the team launched Burn-Drop. It is a kind of tokenomics design that drives the token value for stakeholders as the number of devices powered by IoTeX increases. There will be 10 Burn-Drop phases and 10% of the total IOTX supply is planned to be burned and dropped when the total number of devices reaches 1 million. 90% of the burn-dropped IOTX will be burned and taken out of circulation and 10% of them will be dropped or distributed to participants who stake for more than 91 days. This process is performed by a smart contract and a new Burn-Drop is triggered each time a new Ucam or Pebble device is registered to the IoTeX network. Long-term stakers can receive up to 15% APY additional rewards.
IoTeX team and partners
IoTeX is developed by a global team of 40+ research scientists, engineers, and designers from top tech companies with experience in information security, cryptography, and business development.
The founders of IoTeX are Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. Raullen, is the CEO at IoTeX and an advisor at BootUP Ventures. Jing works as the Head of Investment and Ecosystem. She is also an investor of several decentralized companies and a managing partner at Sparklend Capital. Xinxin is the Head of Cryptography at IoTeX who directs the company's technical strategy and develops the core blockchain. Fan was a senior research engineer at Bosch. Qevan, a former Facebook research scientist is also the co-founder of Hyperconnect Lab.
IoTeX works closely with IoT manufacturers, research institutions, and blockchain companies, which include Industrial Internet Consortium, a blockchain group, Nordic Semiconductor, and WISeKey, IoT chip manufacturers, the Institute of Electrical and Electronics Engineers, and ThingsBoard, an IoT platform for device management. IoTeX built Ucam in partnership with Tenvis, the industry leader of IP Video for Smart Home.