IoTeX IOTX

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Internet of Things (IOT) Business Platform Polygon Ecosystem

Description

IoTeX actually started life as an open-source project and has managed to build a decentralized platform that aims to empower open economics when it comes to machinery. This is an open ecosystem where people and machines can interact with trust, free will, and economic incentives.

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IoTeX actually started life as an open-source project and has managed to build a decentralized platform that aims to empower open economics when it comes to machinery. This is an open ecosystem where people and machines can interact with trust, free will, and economic incentives.

You can think of it as a scalable solution that powers the Internet of Things (IoT). It is designed to connect the physical world of internet devices block by block and can be quick and callable due to the unique Roll-DPoS consensus mechanism that it implements.

The IOTX Token Explained

Discussing the IOTX token, it began life as an ERC-20 token which was swapped to a native token.

In order to take part in the governance of the blockchain, each of the voters needs to stake IOTX tokens to receive voting rights. It is also used for gas fees, can be staked for services, and for device registration through burning it.

Features of IoTeX

When a blockchain needs to handle IoT devices, there are a lot of features it needs to implement due to the fact that different applications have different requirements. This makes it inefficient to put IoT nodes across a single blockchain. IoTeX works through the idea of sidechains, that are created for each required function, and these sidechains interact with one another then they are required to do so. Think of it as a blockchain, within a blockchain.

Alongside this, it also has several mechanisms implemented within it that ensure a high level of privacy for its users and the transactions. This is done through the use of ring signatures, where it also adds relayable payment code that hides the addresses of the transaction receiver.

The IoTeX protocol communicates across blockchains quickly, efficiently, and most importantly of all, in an inexpensive way. Furthermore, the developers have included block finality within the solution that guarantees that any new block created cannot really be changed. It also includes what is known as pegging which is a method through which sidechains are used to scale the Bitcoin network.

When it comes to the aforementioned Roll-DPoS consensus, you’ll first need to understand Delegated Proof-of-Stake. It works through having stakeholders vote for the block procedures within a network. This is a set number of block producers, and once they are elected, they are responsible for the addition of new blocks within the blockchain and receive rewards for doing so. This is a flawed system due to the fact that the set static number of block producers means that the network can never truly achieve decentralization, and it cannot handle complex blockchain architectures or multiple large-scale applications that run at the same time.

The Randomized Delegated Proof of Stake (Roll-DPoS) algorithm solves this by combining DPoS with Verifiable Random Functions (VRF) and Practical Byzantine Fault Tolerance (PBFT), where it can achieve a large scale and a high level of decentralization.

Founders of IoTeX (IOTX)

Discussing the founders of IoTeX, you have Jing Sun, Raullen Chai, Qevan Guo, and Xinxin Fan.

• Jing Sun is also a managing partner at Sparkland Capital.
• Raullen Chai , alongside working here, is also an advisor at BootUP
  ventures.
• Qevan Guo is also a co-founder of Hyperconnect.
• Xinxin Fan, prior to working here, filled the role of a research
  engineer at Bosch Research and Technology Center.