What is IoTeX (IOTX) crypto?

March 23, 2022 12:59 PM PDT | By Versha Jain

What Is IoTeX (IOTX)?

IoTeX is a decentralized network of users, developers, and enterprises that collectively govern and utilize the platform. As an EVM compatible Layer 1 blockchain, this unique blockchain network brings blockchain benefits to smart devices, Dapps and NFTs.

The network community has more than 200,000 people and over 42,000 stakers. The IoTeX blockchain powers real devices, such as award-winning cameras from Consumer Electronic Show (CES) and the pebble geo device for supply chain optimization.

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IoTeX was founded in 2017 as an open-source platform, envisioned to provide the Internet of Trusted Things where people and machines can interact with guaranteed security, trust, and freedom, with properly designed economic incentives.

IoTeX aims to ensure individuals and businesses can own and control their data and devices in its decentralized ecosystem. It intends to democratize access to machine-backed DApps, assets and services to connect the physical and digital worlds and boost the new machine economy.

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The platform was built to support large scale, decentralized IoT applications. It is a full-stack platform to enable the use of data from trusted devices and DApps.

IoTeX used innovative Roll-DPoS consensus to build its EVM compatible blockchain from scratch. It was launched in April 2019. The blockchain has processed more than 35.9 million transactions and is run by over 100 delegates worldwide.

What Is IoTeX (IOTX) Crypto?

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More importantly, its blockchain helps EVM-based DApps scale with lower gas fees, and its ecosystem seeks to put billions of devices on the blockchain. For this, a team of scientists and engineers has built infrastructure blocks to connect with Ethereum, BSC, and Heco blockchains.

IoTeX’s founders are Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun.

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Data Source: coinmarketcap.com

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IOTX token:

IOTX is the native token to govern the IoTeX blockchain protocol. It is used to connect the physical and digital world. IOTX’s network value increases as more devices add to its network.

IOTX is a deflationary token. The number of devices regularly increases in the network.

The token’s volume rose 29.26% to US$249.9 million in the last 24 hours to Wednesday morning.

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Its current market capitalization is US$907.96 million. The total supply is 9,626,124,332, and the circulating supply is 9.54 billion IOTX. One can purchase the token from crypto exchanges, such as Binance, Mandala Exchange, Bybit, DigiFinex, etc.

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Bottomline

As per McKinsey, the global Internet of Things (IoT) market will be worth around US$11 trillion by 2025. Everything will be connected, from home security systems to governments developing smart cities. So, IoT will impact everyone and everything in the future. The crypto market is volatile; hence, investors must exercise due diligence before investing in digital assets.

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