IoTeX is a decentralized cryptosystem, a new generation of blockchain platform for the development of the Internet of things (IoT). The project team is sure that the users do not have such an application that would motivate to implement the technology of the Internet of things in life. And while this will not be created, people will not have the desire to spend money and time on IoT. The developers of IoTeX decided to implement not the application itself, but the platform for creation. It is through the platform that innovative steps in the space of the Internet of things will be encouraged.
History of creation
For the first time the IoTeX project was announced in May 2017, when the development of technology focused on privacy began. In autumn, the team began to design and create a prototype of the platform. So far, the crypto project follows the road map. In April 2018, a test network was introduced. In June, the team published 2 papers that deal with blockchain privacy through the use of shielded addresses (DKSAP-IoT) and a negotiation mechanism (Roll-DpoS). These works were presented at well-known blockchain conferences. In addition, a test network was released – alpha (called "Stream"). The project code is available on Github. Next, it is planned to launch a Beta network. In October the team will present a permanent system, which will be implemented fully by 2019.
The IoTeX team included: Raulin Chai, the Department head of cryptography at Uber, safety engineer for Google, has extensive experience with cryptocurrencies and blockchain; Qevan Guo – programmer, works at Facebook, investor; Jing Sun, specialist in the field of blockchain technology, has experience working with IoT; Xinxin Fan, a senior research engineer at Bosch Research, a specialist in the field of information security; Dustin Xie, software engineer, worked at Intel.
Principle of operation
IoteX developers believe in the potential of the Internet of Things, but understand that it is still far from mass adoption. The main problem is the lack of complete information for users, there are no applications that could interest a person. People have no good reason to trust the technology, especially due to features such as low scalability, increased operating costs, privacy. The development team has set a goal to create a platform for the Internet of Things, which would have high scalability, privacy and continuous development. IoTeX is designed to solve all problems with the help of blockchain and cryptocurrency technology. There are 4 ways of using the technology IoTeX in the following areas:
- unmanned vehicles;
- data sharing;
- system smart house.
Many experts believe that the fields of application will become a global impetus for the development of blockchain technology in the future. Most developers consider it promising for rapid growth.
The platform works on the following principles:
- fast consensus building based on RDPoS, which is specifically designed for the Internet of Things;
- specially designed privacy practices;
- decentralized autonomous organization for the Internet of Things to create unified laws in the networks of various IoT devices;
- innovative development of blockchain-in-blockchain will improve privacy, scalability and other indicators.
The platform has an internal IOTX token, which is designed for transactions within the network. Before the main network is launched, the token will function in the Ethereum blockchain according to the ERC-20 standard. Next, it will be transported to the main IoTeX network. The main purpose of the token is to provide operations within the network and launch applications. The coin will also become a kind of incentive that will encourage users to support the ecosystem. It is planned that the coin will be in use for 50 years, and the reward for mining will constantly fall.
Cryptocurrency IOTX takes 213 place in the list of the largest coins by market capitalization according to CoinMarketCap, which is 31.9 million USD. The 24-hour turnover is $2.7 million. The maximum value of the cryptocurrency was fixed on January 1, 2018 and amounted to 0.06 dollars.