The Complete Guide to IoTeX (IOTX) - Where IoT Meets Blockchain
Introducing IoTeX (IOTX)
IoTex (IOTX) is a decentralized platform based on blockchain technology. It's a system that combines the Internet of Things (IoT) and blockchain to help manage and trade various digital assets. This platform is designed to allow IoT devices to connect to each other and safely transmit data, allowing users to receive better services.
In particular, IoTeX protects the privacy of user data and greatly improves security through a completely decentralized structure, unlike existing centralized IoT systems. It also has the great advantage of being able to execute smart contracts through its own virtual machine, enabling the development of various DApps.
History of IoTeX (IOTX)
IoTex was founded in 2017. The project aims to advance IoT and converge blockchain technology, and initially raised funds through an ICO. Since then, it has grown through continuous technology development and community support.
In particular, in 2020, it launched its mainnet and began full-scale operation. The founders, Raullen Chai and Qevan Guo, are skilled developers who have worked at Google and Uber, respectively. Thanks to their solid technical background, IoTeX has been able to develop based on stable technology from the beginning.
In 2021, it signed a partnership with Amazon Web Services (AWS) to expand its business into the cloud service sector, and in 2022, it released its own hardware product, 'Pebble Tracker', demonstrating real-world use cases of IoT and blockchain technology.
How IoTeX (IOTX) Works
IoTex operates its blockchain using the 'Proof of Stake' and 'Delegated Proof of Stake' methods. This system allows users to stake their IOTX coins to increase the security of the network and receive rewards in return. It also applies encryption technology so that IoT devices can safely transmit data.
One of IoTeX's core technologies is a unique consensus algorithm called 'Roll-DPoS'. This is an improvement on the existing DPoS method, where 24 validators are randomly selected every hour to create and verify blocks. This allows for high processing speeds while maintaining the decentralization of the network.
In addition, IoTeX uses a technology called 'Trusted Execution Environment (TEE)' to strengthen the security of IoT devices. This technology allows sensitive data to be processed in a secure environment, significantly reducing the risk of hacking or data leakage.
Where to Use IoTeX (IOTX)
IoTex can be utilized in various fields. For example, it can be used in smart home devices, healthcare devices, and smart city projects. Through this platform, IoT devices can be connected to each other, share data, and provide various services based on this.
In fact, IoTeX has already introduced several practical products. For example, the 'Pebble Tracker' is an IoT device used for location tracking, environmental monitoring, and asset management. This device is equipped with various sensors such as GPS, temperature, humidity, and light, so it can collect data in real time and safely store it on the blockchain.
In addition, the concept of 'MachineFi' has been introduced recently to build a system that enables economic transactions between machines. For example, services such as autonomous vehicles automatically reserving and paying for parking spaces or drones automatically receiving compensation when delivery is completed will be possible.
IoTex (IOTX) Exchange
IoTex can be traded on several exchanges. Representative examples include Binance, Huobi, and Bitmart, where you can buy or sell IOTX. Transaction fees may vary depending on the exchange, so be sure to check before trading!
IOTX can be traded on major exchanges in Korea, such as Upbit, Bithumb, and Coinone. In particular, Upbit allows direct KRW trading, providing convenient accessibility for Korean investors. It is also actively traded on overseas exchanges such as Coinbase, Kraken, and Gate.io.
When choosing an exchange, it is good to comprehensively consider transaction volume, fees, security, and withdrawal limits. You can also trade IOTX on decentralized exchanges (DEXs) such as Uniswap and PancakeSwap, so you have a variety of options in addition to centralized exchanges.
IoTex (IOTX) Community
IoTex has an active community. It communicates with users through its official website and social media, and runs various events and campaigns. By participating in the community, you can get the latest information and share your experiences with other users.
The IoTeX community provides a particularly developer-friendly environment. You can contribute to open source projects through GitHub, and they regularly host hackathons and developer workshops to support developers who contribute to the development of the ecosystem. They also provide opportunities for community members to directly participate in network governance through a program called 'IoTeX Delegates'.
On social media, real-time communication is taking place through Telegram, Discord, Reddit, etc. In particular, the Telegram group also operates a Korean channel, so domestic users can easily get information and share opinions.
IoTeX (IOTX) Wallet
You need a wallet to safely store IOTX. IoTeX provides an official wallet, and you can safely manage IOTX through this wallet. In addition, you can store it more safely by using a hardware wallet.
The official IoTeX wallet, 'ioPay', is available in both mobile and desktop versions and boasts a user-friendly interface. With this wallet, you can store and transfer IOTX tokens, as well as use various functions such as staking, voting, and connecting to dApps.
Ledger and Trezor support IOTX as hardware wallets. These hardware wallets store private keys while not connected to the internet, which minimizes the risk of hacking. You can also use the IoTeX network by adding it to browser wallets such as MetaMask.
Things to keep in mind when investing in IoTeX (IOTX)
If you are considering investing, there are a few things to keep in mind. First, you should approach it carefully because the market is very volatile. Second, it is important to carefully examine the project's technology and team. Lastly, it is recommended to decide the investment amount within your capacity.
When considering investing in IoTeX, carefully look at the project's technological progress and the spread of actual use cases. The IoT market is continuously growing, but it is still uncertain how much demand there will be for combining with blockchain. Therefore, it is better to approach it from a long-term perspective.
It is also important to compare with competitors. Carefully evaluate what IoTeX's differentiated advantages are compared to other IoT blockchain projects and what value it can create in the actual market.
Lastly, trends in the overall cryptocurrency market and changes in the regulatory environment can also have a significant impact on investment decisions. In particular, if privacy regulations or security requirements related to IoT are strengthened, this can be an opportunity or a risk for IoTeX.
IoTex (IOTX) is a project that is expected to develop a lot in the future. As IoT devices are becoming more and more deeply embedded in our lives, IoTeX's role in safely and efficiently connecting them will become more important. In particular, in a situation where ownership and privacy of personal data are becoming increasingly important issues, I think the decentralized solution that IoTeX presents is very attractive.
If you are interested, I highly recommend you take a look! However, please always make investment decisions carefully and based on sufficient research. 😊
That concludes the information about IoTeX (IOTX). If you have any questions, please leave a comment! If you need more information or information about other cryptocurrencies, please feel free to contact us and we'll be happy to help.