What Is IoTeX (IOTX) How It Works & Where To Buy It?

IoTeX is a world-class blockchain network that aims to innovate the IoT landscape. IoTeX is positioning itself as the blockchain that is capable of pioneering the internet of things (IoT) ecosystem.

The IOTX token powers the IoTeX network and essentially powers IoTeX. The internet of things is set to enable up to $12.6 trillion in value generation by 2030.

The IOTX token is currently the 102nd largest cryptocurrency by market cap.

How IoTeX (IOTX) Works

The premise of the IoTeX blockchain is to provide normal people and businesses with the ability to control their devices. The IoTeX platform utilizes an innovative blockchain-in-blockchain mechanism to bolster scalability and security.

The blockchain mechanism achieves functionality by incorporating a single root block that has multiple side chains attached to it. The IoTeX blockchain also uses an innovative roll-delegated proof of stake (Roll-DPoS) consensus algorithm to optimize speed and scalability, which connects IoT devices in a block-by-block method.

Typically, private and public organizations are in control of IoT devices and the data they gather. IoTeX aims to decentralize this process by giving users control of their smart devices and allowing them to reclaim control of their data too. Essentially, users’ privacy and true decentralization are some of the core principles of the IoTeX blockchain.

The system that IoTex implements works in a relatively easy-to-understand way – a blockchain network is used to connect machines with humans. The blockchain in use needs to be scalable, which IoTeX’s blockchain has proven to be. IoTeX also incorporates the use of real-time transactions at a nominal transaction fee.

It should be noted that IoT applications are diverse and have varying needs, this makes it virtually impossible to group all IoT nodes in only one blockchain. This is why the IoTeX blockchain implements sidechains – these sidechains are tasked with varying duties.

Sidechains provide particular applications with unique functions. Because sidechains are attached to the root block, they can communicate with one another in an optimized way, reducing congestion and the capacity that a single blockchain needs to handle.

Simply put, the root chain is tasked with ensuring the governance and security of the entire network, and sidechains facilitate the connection of various IoT devices that have similar characteristics or purposes. This streamlines the entire process and allows for a seamless experience for all.

The IoTeX whitepaper gives an in-depth description of the technical aspects and other important information about processes, tokenomics, and the aims of the project.

What Is IoTeX (IOTX) Used For?

The functionality of the IoTeX blockchain is powered by IOTX tokens. There are various uses for the IOTX token, including network participation, delegation, service provision, and stakeholding. Essentially, the IOTX token ensures that the IoTeX network functions optimally in a decentralized manner.

IOTX uses cases include:

• Used for paying gas fees – these are transaction fees that are paid to facilitate smart contracts.
• IOTX stakers receive voting rights which they can exercise to select delegates that will handle consensus and continuously improve governance of the protocol.
• Services are paid for in IOTX tokens – i.e., to connect IoT devices.
• Use to pay for the registration of new devices and purchases on the IoTeX market.
• Service charges for already connected devices.

Additionally, IOTX tokens can be traded for a profit. Many experienced swing and arbitrage traders try to capitalize on the price fluctuations of tokens.

IoTeX has also built the world’s first real-world data oracles, and these oracle processes may require IOTX tokens in the future. IOTX is different from most other crypto assets because it focuses on the internet of things (IoT).

Where To Buy IoTeX (IOTX) Tokens

IoTeX (IOTX) tokens are frequently traded on most cryptocurrency exchanges. The IOTX cryptocurrency has quickly grown to become a popular crypto asset, and the project has established a large global community.

IOTX tokens are available to purchase on most centralized crypto exchanges. Before you’re able to purchase IOTX, you’ll need to deposit fiat money onto an exchange, and sequentially IOTX tokens will be credited to your IOTX digital wallet on the exchange.

The crypto exchanges below are frequently used exchanges where you can buy, sell and store IOTX tokens.

Popular crypto exchanges include:

• Binance
• Coinbase
• KuCoin
• HTX
• Crypto.com

Individuals often opt to transfer their IOTX tokens off an exchange to either a hardware or digital wallet. Many people choose to do this for additional security. Individuals will need to choose a wallet that is compatible with IOTX tokens. A wallet like MetaMask is one of the most popular choices for most users.

FAQs About IoTeX (IOTX)

How long has IoTeX (IOTX) existed?

The IOTX token was initially issued on the 23rd of May 2018. The IOTX ICO raised a total of $14 million, and 2,400,000,000 IOTX tokens were sold. The ICO token price was 1 IOTX = 0.0000125 ETH.

Additionally, on the 31st of May IoTeX launched a hard fork. It has now enabled Web3-compatible wallet staking, making it the world’s first blockchain to do so.

What’s controversial about IoTeX (IOTX)?

The crypto space is notorious for controversies, and most top projects have had some form of negative publicity and backlash at some point or another. Retail investors entering the space often struggle to understand various terminology and complex technical aspects of certain projects.

For the most part, a large portion of retail investors invests in tokens because of hype and influential crypto figures that mention certain projects. This can be incredibly risky and will often result in unknowing investors losing money.

Before investing in any project, individuals should ensure that they understand the fundamental aspects of the particular crypto project. Individuals that don’t do enough research, especially in such a speculative industry, are opening themselves up to potentially detrimental investments.

Let’s take a look at the top controversy surrounding IoTeX (IOTX):

• Not Truly Decentralized – The IoTeX protocol claims to be leading the world’s premier industry consortiums and pioneering supply chain optimization – but it isn’t a truly decentralized network. The protocol uses a DPoS consensus mechanism that appoints delegators to govern the network.

  Many individuals claim that IoTeX’s ‘decentralized’ claims are unfounded. The crypto space is incredibly critical of centralized projects, and the majority of individuals in the crypto space aim to invest in projects that make the world more decentralized.

How many IoTeX (IOTX) tokens are there?

At the time of writing, IOTX has a circulating supply of 9.54B IOTX.

The total supply of IoTeX (IOTX) is 9,626,124,332

The max supply of IoTeX (IOTX) is 10,000,000,000

Can IoTeX (IOTX) be mined?

IOTX is not a mineable cryptocurrency. IoTeX utilizes a Roll-DPoS consensus mechanism that differs from mineable coins like Bitcoin, which uses a proof of work consensus mechanism.

However, users can stake IOTX tokens in a web3 wallet and earn additional yields for their network participation.

Additionally, some centralized exchanges also offer IOTX stakers rewards for locking up their tokens for a certain duration.

What is the market cap of IoTeX (IOTX)?

The market cap of IoTeX (IOTX) is: the total amount of coins in circulation x the current market price of IOTX.

IoTeX (IOTX) Market Cap = 9.54B IOTX x $0.0275 = $262 million (102nd largest market cap).

Biggest Competitors Of IoTeX (IOTX)

The Web3 sector is growing exponentially and there are already a few top projects that are pioneering Web3 development in the crypto space.

IoTeX’s competitors are:

• VeChain
• Helium
• IOST

What Are The Future Plans For IoTeX (IOTX)?

The IoTeX platform has managed to make some significant strides in recent months. They’ve launched the world’s first blockchain home security camera called Ucam and Pebble which is a unique device that captures physical data and gives users information about real-world events.

Most recently, IoTeX underwent a hard fork and also became the world’s first blockchain to integrate web3 wallet staking. Going forward, IoTeX seeks to introduce more consumer electronics and decentralized applications where individuals and businesses can have multiple devices connected.

IOTX token is also seeking to establish itself as one of the top coins in the crypto market.

Pros And Cons Of IoTeX and IOTX Token

Pros:

• Web3 Focused – The IoTex blockchain positions itself as a suitable blockchain to pioneer the ever-growing web3 ecosystem.
• Working Products – IoTeX has already introduced Pebble and Ucam which are physical products available for purchase globally.
• Web3 Wallet Staking – IoTeX is the first blockchain in the world that allows users to stake tokens in a web3 wallet.
• Scalability – The IoTeX blockchain is more scalable than most blockchains on the market because it incorporates the use of sidechains to improve scalability and security.
• Most IOTX Tokens Are In Circulation – 95% of IOTX tokens are in the circulating supply. This number is very high compared to most projects and indicates that the project isn’t likely to experience a severe price dump that typically occurs when locked-up tokens are dumped on the market.

Cons:

• Not Truly Decentralized – The IoTeX blockchain utilizes a Roll-DPoS consensus algorithm where delegators are tasked with the governance of the network. Many believe that this makes the IoTeX network centralized, and therefore less favorable than other decentralized blockchain networks.