What is IoTeX? Everything You Need to Know about IOTX

IoTeX (IOTX) is a pioneering project that integrates blockchain with the Internet of Things (IoT) to bring security, transparency and efficiency. IoTeX technology not only ensures data ownership and user information security, but also helps IoT devices interact seamlessly and reliably.

This article will analyze the outstanding aspects of IoTeX (IOTX), helping you better understand the potential and unique vision of this platform.

What is IoTeX (IOTX)?

IoTeX (IOTX) was first launched in 2017, aiming to solve major problems of the IoT ecosystem such as:

• Security vulnerabilities: Enhance privacy for users and devices.

• Isolated Data: Create a flexible connection between physical data and digital networks.

• Lack of Interoperability: Ensure that IoT devices operate in unison.

By adopting the DePIN (Decentralized Physical Infrastructure Network) model, IoTeX creates a decentralized infrastructure to connect IoT data and devices to the blockchain. This improves scalability and interoperability, while ensuring that smart devices can operate securely without relying on a centralized trust mechanism.

Key features of IOTX

IOTX is the native token of the IoTeX project, playing a vital role in its ecosystem. Below are its notable features:

• Utility:
  IOTX is used for transaction fees, executing smart contracts, and supporting decentralized applications (DApps) on the IoTeX network, while also connecting and managing IoT devices within the blockchain ecosystem.

• Governance and Staking:
  Token holders can participate in network governance by voting on key decisions or staking IOTX to earn rewards.

• Deflationary Mechanism:
  A unique tokenomics mechanism called "Burn-Drop" burns a portion of tokens when new IoT devices are integrated, reducing supply and increasing IOTX value.

• Ecosystem Support:
  IOTX drives ecosystem projects like Ucam, Pebble Tracker, and connects IoT with other blockchains such as Ethereum.

How does IOTX work?

IoTeX (IOTX) operates using two key mechanisms:

1. Roll-DPoS Consensus Mechanism

IoTeX implements Roll-Delegated Proof of Stake (Roll-DPoS) to optimize blockchain performance, particularly for IoT applications. This mechanism employs a rotating delegate model, randomly selecting block producers in each cycle to enhance security and prevent collusion.

IOTX holders can vote for delegates who validate transactions and earn rewards. This approach ensures efficient network operation and promotes active community participation.

2. Layered Blockchain Architecture

IoTeX’s system features a native EVM-compatible blockchain that connects seamlessly with major chains like Ethereum and Binance Smart Chain. Layer-2 chains enable the integration of billions of IoT devices via custom subchains, ensuring flexibility and scalability.

Additionally, IoTeX employs an edge computing model to reduce bandwidth load and improve processing speed, meeting stringent IoT device latency requirements. This architecture ensures integrity and optimizes resources to support robust IoT ecosystem growth.

The team behind IOTX

IoTeX (IOTX) is led by a talented and visionary team with expertise in cryptography, artificial intelligence (AI), and blockchain. They are redefining the way devices, people, and economies connect in the digital era.

• Raullen Chai (CEO & Co-Founder):
  A former researcher at Uber with expertise in cryptography and machine learning, Raullen leads IoTeX's focus on integrating real-world devices into decentralized networks, ensuring security and privacy.

• Qevan Guo (Co-Founder):
  With a background in AI research and management experience at Facebook, Qevan contributes to building infrastructure that supports real-time data integration.

• Jing Sun (Co-Founder):
  As a blockchain investor and entrepreneur, Jing drives initiatives to connect IoTeX's technology with practical applications, creating significant economic value through partnerships.

What's next for IOTX?

IoTeX aims to transform the way the physical world connects to the digital economy through the IoTeX 2.0 platform, a modular infrastructure that supports decentralized physical networks (DePIN). With the Modular Security Pool (MSP) system, the platform provides flexible security and fosters decentralized applications to develop into complete ecosystems.

In the next 3–5 years, IoTeX expects to connect over 100 million devices, support the real-time data economy, and unlock trillions of dollars of value from the physical world. They aim to build a decentralized environment where every individual can leverage the power of technology to create a more sustainable and inclusive world.

IOTX price prediction 2024-2025

How to buy IOTX on Bitget Wallet?

Looking to purchase IOTX tokens? As of now, IOTX is listed on various centralized and decentralized exchanges. Bitget Wallet stands out as a secure and reliable platform for this purpose. Here's a detailed guide to buying IOTX tokens via Bitget Wallet:

Step 1: Download and Install Bitget Wallet

Access the App Store or Google Play to download the Bitget Wallet app. After installation, log in or create a new account if needed.

Step 2: Fund Your Bitget Wallet

• Crypto Deposit: Transfer popular cryptocurrencies like USDT, BTC, or ETH from another wallet or exchange to your Bitget Wallet.

• Fiat Purchase: Use the integrated fiat gateway to buy USDT or ETH directly via credit/debit card or bank transfer.

• P2P Trading: Conduct peer-to-peer (P2P) transactions with sellers to deposit funds directly into your wallet.

Step 3: Connect to the IoTex Network

In the “Wallet” section, select “IoTex” from the “All Mainnets” list to connect to the network where IOTX tokens operate.

Step 4: Add IOTX Tokens

Tap the “+” icon in the tokens section to add IOTX tokens to your list, making them easily accessible in your wallet.

Step 5: Purchase IOTX Tokens

Once IOTX tokens are added, they will appear in the “tokens” section. Tap on IOTX and select “Buy” to start your purchase.

Step 6: Confirm the Transaction

Enter transaction details, choose the payment method, and confirm to complete the purchase and hold IOTX tokens in your Bitget Wallet.

With these six simple steps, you can own IOTX tokens through Bitget Wallet, gaining quick access to the IoTeX ecosystem, which offers exciting opportunities in the Internet of Things (IoT) domain.

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