AN OVERVIEW OF IOTEX (IOTX)

IoTeX ($IOTX) is an open-source decentralized blockchain for Internet of Things (IoT) that facilitates the trustless interaction of humans and machines. In this article, we’ll discuss how IoTeX bridges blockchain technology and Internet of Things using decentralized applications.

TL; DR

• A trust layer is provided for the IoTeX ecosystem through the IoTeX blockchain layer. In addition to storing device registration data, this layer also offers smart contract functionality, and functions to create a stable, and adaptable platform for blockchain developers and artificial intelligence (AI) professionals.

• A novel variant of the delegated proof-of-Stake (DPoS) consensus mechanism dubbed Roll-DPoS is utilized by IoTeX to enhance efficiency and lessen centralization. The Roll-DPoS consensus operates by randomly selecting a predetermined number of delegates to create new blocks.

• Layer 2 chains enable the blockchain-in-blockchain architecture of IoTeX. This is accomplished by mutual collaborative trust built from the same pool of delegates, which makes it simple to build a subchain to include various IoT devices.

• IoTeX's root chain and subchain design enable applications and smart devices attached to each sidechain to interact and communicate with one another via a decentralized identification (DID) framework, which boosts their effectiveness.

• The IoTeX blockchain architecture is fast as it can handle over 2000 transactions in one second and finalize a block within 5 seconds. Moreso, According to the team, the IoTeX blockchain has been functioning without a hitch since the launch of its mainnet in 2019.

WHAT IS IOTEX?

IoTeX is a scalable, EMV-compatible layer one blockchain that employs a Roll-DPoS consensus mechanism to facilitate the interaction between humans and machines.

IoTeX seeks to establish a world without boundaries in which trust, freedom, and privacy are guaranteed for interactions between people and machines. Hence, it provides a secure environment where IoT and other smart devices can connect with real-world data, and individuals and businesses can own and manage their devices and the value they create.

WHAT IS IOT?

The fast-evolving network of interconnected devices that can communicate data via integrated technologies is known as the Internet of Things (IoT).

These internet-powered smart devices employ embedded systems, such as processors, sensors, and communication gear, to gather, communicate, and process data. Typical examples include a  smartwatch, fitness band or other wearable tech.

ABOUT THE IOTX TOKEN

The network's token, IOTX, is used for participating in network administration, staking, and payment of transaction fees amongst other use cases. As of the time of writing, IOTX had a market valuation of over 265.437 billion US dollars and was trading at $0.02772, representing a drop of roughly 88.79% from it's all-time high in November 2021 when it traded for $0.250563.

IOTX provides a dynamic ecosystem of smart devices, dApps, and digital assets. All IoT device types may register their data and actions to the blockchain using IoTeX. This makes it possible for developers to interact directly with device users and promote incentive-based value generation. Thereby encouraging the development of a decentralized machine economy.

OVERVIEW AND HISTORY OF IOTEX

IoTeX was created in 2017 by Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan.

After earning his Ph.D. in cryptography from the University of Waterloo, Raullen held Tech Lead positions at Oracle, Google, and Uber From 2012 to 2017. As an early adopter of Bitcoin and blockchain technology, he decided to utilize his knowledge and interest in technology for the betterment of society.

Raullen met Qevan (a Ph.D. in computer vision and machine learning from the National University of Singapore, and  manager of engineering and research at Facebook), and Jing (a managing P

Partner at Sparkland Capital) in early 2017, and since then, they have been brainstorming ways to best harness the efficacy of blockchain technology to create a new paradigm for how people interact with their gadgets.

Xinxin Fan, who holds a doctorate in electrical and computer engineering from the University of Waterloo with a focus on applied cryptography and is also a Certified Information Systems Security Professional from (ISC)2, joined the group as the head of cryptography after being inspired by their enthusiasm, technical expertise, and execution capabilities.

The IoTeX testnet was launched in 2018, shortly after a private sale fundraising that raised $25M in ETH. The ioPay wallet which was designed to support multiple cryptocurrencies across various chains was launched in 2019, followed by the release of the IoTeX alpha and beta mainnets.

Amidst the disruption occasioned by the outbreak of Covid-19, IoTeX's Mainnet GA "Machina'' was launched in June of 2020, and a few months after, the ioTube Cross-Chain Bridge that connects IoTeX to other blockchains was also launched. IoTeX also accomplished several other milestones in 2020, including the launch of its CES innovation award-winning Product – ucam (a smart camera for home security with strong privacy and data management features that use blockchain-based authentication and login) on Amazon.

Also in 2020, IoTeX made significant progress in tamper-resistant hardware, and they joined the Confidential Computing Consortium with Facebook, R3, NVIDIA, and other top companies including Nordic Semiconductor and WISeKey to investigate their practical use cases.  Subsequently, The IoTeX team in collaboration with Nordic Semiconductor then worked on Pebble, a tamper-proof tracker designed to gather information from the actual world so that people and organizations might receive reliable news about current events in real-time. Pebble uses the most recent hardware from Nordic, Bosch, TDK, PMT, and other manufacturers, and is constructed to commercial-level standards.

IoTeX is supported by a worldwide team of more than 30 top engineers, research scientists, and operators from leading tech companies. Its community and technology have advanced quickly during the past year with over 60 Delegates, including Blockfolio, CoinGecko, and DraperDragon, working to keep the IoTeX Mainnet decentralized and error-free.

IOTEX REBRANDING AND THE DAWN OF MACHINEFI

In November, 2021 the IoTeX team announced that it was rebranding to direct its focus on MachineFi, a blend of Machine and decentralized finance. Its native token IOTX surged over 200% after this.

MachineFi is a new revolution powered by Web3, which enables the financialization of machine resources and intelligence to provide value and ownership to individuals rather than centralized corporations.

MachineFi was created to give millions of users the ability to use decentralized applications built on IoTeX to monetise their personal data and the data that their smart gadgets generate.

HOW DOES IOTEX WORK?

IoTeX uses a randomized version of the delegated Proof-of-Stake consensus mechanism dubbed Roll-DPoS to efficiently obtain consensus and immediate finality.

A community voting mechanism used by Roll-DPoS creates a pool of validator nodes. Blocks are created and transactions are verified by these consensus delegates, delegates then earn compensation for adding blocks, and they distribute that compensation to the stakeholders who supported them.

IoTeX achieves scalability by using sidechains for task delegation as each sidechain is designed to perform a particular function for a particular application. These sidechains are connected to the root block and may communicate with one another to enhance efficiency, and relieve the workload on the root blockchain.

An intermediate layer of protocols that are EMV-compatible sits on top of the IoTeX blockchain, enabling smart contract functionality. This intermediate layer has a real-world data framework (W3bstream) iotex and a Decentralized Identity (DID) framework that is geared for private computing.

The decentralized identity framework is a permanent, globally unique identifier that doesn't need to be registered centrally, while the W3bstream protocol was created by IoTeX to analyze huge amounts of real-time data and reduce the danger of transmitting erroneous data from IoT devices with dapps.

WHAT CAN I USE IOTX FOR?

IOTX is the native token of the IoTeX ecosystem. Holders of the IOTX token can use it to pay transaction fees, participate in protocol governance, register their smart devices, and stake them to get rewards.

Users are required to have a certain amount of IOTX tokens in order to utilize decentralized applications and access other resources on the IoTeX platform.

FINAL THOUGHTS

The use of blockchain technology to enhance the operation of smart devices has created a novel decentralized economy known as MachineFi, and this proves that the application of blockchain technology is not limited to finance alone.

As we continue to advance into the future, it is expected that blockchain technology will be employed for several other use cases. Hence, it is required that blockchain technology improve to facilitate these applications. Accordingly, next-gen solutions like Aptos are dedicated to expediting this process by building the safest and most scalable layer one blockchain which will be easily accessible to everyone.

Even though Aptos is currently in the testnet phase, it already outperforms most modern layer one blockchains in terms of speed, cost, security, and scalability. Aptos has almost no fees and can execute up to 160,000 transactions in a second with sub-second finality.

Pontem is developing the infrastructure and decentralized tools necessary for the adoption of the Aptos blockchain.  The Pontem wallet is the outlet to the Aptos ecosystem as it enables its users to connect to decentralized applications and explore the Aptos ecosystem in addition to sending and receiving tokens.

ABOUT PONTEM

Pontem is a product development platform that enables global financial inclusion through blockchain technology. As a result of its partnership with Aptos, Pontem can create the foundational dApps, EVMs, AMMs, and other infrastructure needed to adopt its layer one blockchain.