Bengaluru, India, 9 Sep 2021, ZEXPRWIRE, IoTeX will now be able to connect Blockchain to IOT and Smart Devices in a faster and more secure way. Since its introduction, the Internet of Things (IoT) has profoundly changed how we behave in the physical world, both in business and in our personal lives. This technology has helped people live and work smarter by making it easy to share and access data across the globe.
Decades later, developers have combined this IoT with emerging technologies like blockchain and Artificial Intelligence (AI) to reach mainstream adoption. This is why a group of Ph.Ds. from the University of Waterloo and the National University of Singapore and engineers created the IoTeX network that strives to expand and secure the IoT space, including smart devices, DeFi, transportation, healthcare, and so much more.
But the driving vision of IoTeX’s founders is much greater than making these areas more efficient. It is nothing less than seizing “… the opportunity to re-architect our world with privacy and data-ownership as first principles to ensure the IoT benefits everyday people and businesses, not omnipotent institutions.” It’s about democratizing the internet and reimagining our relationship with our online and physical lives and where the two intersect. It is a human-centric vision.
What is IoTeX?
IoTeX is a decentralized, blockchain network that allows humans and machines to interact with guaranteed privacy, free will, and trust. IoTeX brings the power of blockchain to secure devices, NFTs, decentralized applications (DApps), or any kind of online transaction.
IoTeX is tasked with a mission of ensuring that “everyday people and businesses can own and control their devices, as well as the data or value they generate.” By connecting the physical and digital worlds, the network gives users access to digital assets, DApps, and various services.
Unlike other blockchains, the “users” of the IoTeX platform are not limited to only people, but also machines and devices. In the IoTeX Network, both humans and devices will have unique identities and will have the ability to send payments, execute smart contracts, and even charge for services, without compromising privacy and security.
IoTeX key features and products
IoTeX is a highly scalable, public blockchain solution comprising 4 main features:
Roll-Delegated-Proof-of Stake (Roll-DPoS) consensus, Edge-trusted computing, and Layer 2 chain service and cross-network interoperability.
IoTeX’s Roll-DPoS allows the network to deliver faster, cheaper scalability without having to compromise on decentralization or security. The consensus is a proprietary mechanism that improves on delegated proof of stake (DPoS). Notably, this consensus works by randomly selecting 24 community delegates out of the 36 to verify the one true (canonical) version of each block of transactions. Usually, Roll-DPoS runs on an epoch that is formed by every 360 blocks.
The consensus then selects the highest backed set to form a pool of candidates. The selection is made through Distributed Key Generation (“DKG”) and Boneh–Lynn–Shacham (“BLS”) signatures.
IoTeX has already successfully launched numerous projects and secure hardware devices, such as the award-winning UCam, a blockchain-based security camera and Pebble Tracker, a multi-sensor, tamper-proof asset tracker, for verifiable supply chain data. Both are part of IoTeX’s growing ecosystem. Iotex is also paving the way for NFTs and DeFi. For instance, Game Fantasy has already seen massive success in their new NFT game. Built on the IoTeX blockchain, users can buy, sell, and mine NFTs through an immersive gaming experience. IoTeX allows users to earn real-world rewards (money) without excessive fees.
“The future of IoT is dependent on security. The IoTeX blockchain bridges the current gap between blockchain and IoT, adding a layer of security that is scalable and affordable. For example, for a price of 1 stamp, you can make over 2500 transactions. This is no longer about what is possible, the future is here.” – Raullen Chai, Co-founder & CEO of IoTeX
In fact they are now running IoTeX Hackathon India 2021, and tapping into the Indian innovation scene. If you are a developer, join in!
IOTX token and use case
The IoTeX network has a native token called IOTX. The token has a circulating supply of 9,502,773,072 with a market cap of US$ 695 Million (as of Sept. 2, 2021).
IOTX has numerous on-platform uses, or utilities, that allow trusted and transparent interactions between various stakeholders. The IOTX tokens serve as the lifeblood of the entire IoTeX ecosystem creating economic incentives to verify the authenticity of transactions. Firstly, the IOTX tokens represent fractional ownership of the IoTeX network. These tokens can also be used to facilitate decentralized governance through voting. Token holders can stake their IOTX to select delegates and participate in the voting process. Notably, each IOTX token is equivalent to 1 vote. However, there are bonus votes for committing to pre-defined stake durations. Generally, users can use the tokens to pay for DApps and services, while developers can use the tokens to power their devices and provide incentives to users. In addition, the IOTX tokens are also used for gas fees, stake to service for service providers, and burn to certify for devices.
WazirX partners up with IoTeX for IOTX giveaway
Last week, WazirX, India’s best cryptocurrency exchange, and IoTeX partnered up to hold a grand IOTX giveaway. The giveaway, which began on August 26, will award a total prize of $25,000 worth of IOTX to several lucky winners. The giveaway has been divided into different segments.
The August 26 giveaway was the first in a series of five. It was an AMA session with IoTeX held in WazirX’s Telegram group, rewarding more lucky participants with IOTX.
The session was attended by over 6,400 members who had an opportunity to listen to Art Malkov, Head of Growth at IoTeX. During the AMA session, Art discussed the team behind the project and IoTeX’s advantage as the only production-ready blockchain in the IoT space. Art also discussed the benefits of the DPoS consensus algorithm for IoTeX, decentralized identities (DIDs), and future developments including an NFT platform.
The partnership also gave $70 to lucky winners during a Trivia on the WazirX Instagram page on August 27. The community also got an opportunity to grab $500 during a Quiz in the WazirX’s Telegram group on the same day. The 1st winner received $100, the 2nd to the 5th winners received $50 each, the 6th to 10th winners received $20 each, while from the 11th – 20th winners received $10 each.
The remaining giveaways include:
- A giveaway occuring during a YouTube Live with Larry Pang on August 30
- A 48-hour giveaway from August 30 to September 1 with the Highest Trader Kaun Marathon that will give 300 traders prizes totaling up to ₹18,63,000 ($24,000) IOTX.
The promise of Web 3.0 is one where every person, machine, business, DOA, or thing with some form of agency will be able to trade value, information & work with global counterparties they don’t yet know or explicitly trust, without an intermediary. If they get it right, IoTeX, and others who share these ideals, will be creating a more equitable world.
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