IoTeX: Everything you need to know

Source: CoinMarketCap

Over the past couple of years, we have had a lot of currencies that were introduced but there are only a few of them that were able to make a name for themselves and mark their presence on a fairly global level. Also, the crypto world has recently witnessed a surge in growth and popularity and that too at a rate that was never anticipated. 

Seeing its fanbase, it is only logical to assume that, most of you are already familiar with the whole concept of virtual currencies but if for some reason, you still don’t know what they are. Let me help you with that first. Crypto is nothing but a form of online or virtual currency which can be used for a variety of purposes including the purchase and sale of goods and services as well as the trade and exchange of cryptocurrencies, over crypto exchanges online. 

In other words, crypto is a blockchain-based platform that is decentralized to its very core. For further clarification, these platforms use blockchain technology in order to maintain, record as well as verify all the transactions that occur on the network, thus completely eliminating the risk of double-spending and counterfeiting. 

In addition to this, being decentralized, the industry is able to step outside the overall jurisdiction and control of central authorities and can work freely without any unwanted government or judicial interferences. When the industry was first introduced, there were very few investors wanting to be a part of it and honestly, not many currencies were available on the platform either. 

Source: Market Realist

However, if you look around today, new currencies are being introduced every day and new investors are joining in with each passing hour, thus resulting in the massive support system that the industry has built for itself. Speaking of the massive audience that the industry today caters to worldwide, some major factors that are responsible includes its convenience, portability, volatility, uncertainty, high-profit margins, and a lot more. 

Having said that, with newer currencies coming up with each passing day, it is not always that all of them enter the mainstream, but rather just a few of them. Some of the most popular currencies that are available today in the marketplace for you to invest in include Bitcoin, Ethereum, Cardano, Binance Coin, EverGrow Coin as well as Dogecoin to name a few of course. 

Also, it is worth noting that, according to recent chatter amongst global experts on the field, it seems like crypto is one such industry that is rapidly progressing towards revolutionizing the entire global payment system, and from where I stand, it does not look like these assumptions are completely baseless considering the fact that, a lot of merchants and shopkeepers have started to accept cryptocurrencies as the official mode of payment. 

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, IoTeX. To know more, I suggest you read further!

Everything to know about IoTeX (IOTX)

Source: Morioh

IoTeX or as commonly referred to as IOTX is nothing but an open-source project that has developed a decentralized platform focusing on empowering the open economics for machines. In other words, the said platform is an ecosystem that allows machines and people to interact with each other with free will, guaranteed trust as well as properly designed economic incentives. 

Basically, IoTeX is a platform that majorly aims at connecting decentralized applications and IoT devices such as sensors and cameras. Also, before moving on any further, it is worth mentioning that, IOTX is an Ethereum token or can be said as the native utility token of the platform, which indeed can be used for a variety of purposes on the platform itself including being used to make payments for transactions, to register new devices onto the IoTeX network as well as for the purpose of governance and staking.

The platform was first introduced about four years ago, back in 2017 and with a global team of nearly forty engineers and scientists, IoTeX has successfully managed to develop their very own blockchain from scratch with EVM compatibility using the commonly known innovative Roll-DPoS consensus, launched back in the 2019 model year, which has been running with the help of over a hundred delegates from all across the globe and is known to have already processed more than ten million transactions. 

Other than this, as mentioned previously, IoTeX is a decentralized blockchain-based network that enables machines to interact with humans with guaranteed trust, privacy, and free will. The platform is said to bring the power of blockchain technology to decentralized applications (DApps), non-fungible tokens (NFTs) as well as any other kind of online transactions. 

Source: Medium

Also, unlike other blockchain networks, the ‘users’ of IoTeX are not limited to just people but also devices and machines as well. On the network, both devices along with humans have unique identities and will have the capability of sending payments, charging for services, execute smart contracts, all without compromising security and privacy. 

According to research conducted by Juniper Research, the total number of LoT devices is expected to be more than fifty billion by 2022, which indeed is a massive number. Not just that, several problems have come to light, which may have prevented the mass adoption of loT technology so far including lack of privacy, scalability, lack of functional value as well as its high operating cost. 

However, IoTeX plans on solving all of these issues with the help of a privacy-centric blockchain which would be providing scalability and flexibility by simply leveraging a fast consensus mechanism that is said to be based on Proof-of-Stake(PoS), along with the use of a sidechain. It is vital for you to know that IoTeX is not without any competition. 

One of the largest competitors that the platform has is IOTA, which uses Directed Acyclic Graph(DAG) technology in order to solve the problem of scalability while providing a lightweight platform for devices which has a rather low power requirement. On top of IoTeX blockchain, the platform’s team has also developed the essential blocks of infrastructures in order to connect with BSC, Ethereum, as well as Heco blockchains. 

What makes IoTeX special? 

Source: BTCManager

Reading so far, you must have understood the basics of the platform and by now, you must be wondering what makes IoTeX unique? Allow me a chance to explain. The said platform is known to be the decentralized backbone for machine economics which is said to serve machines from smart home devices to autonomous automobiles. 

Also, IoTeX has managed to develop and launch a high-performance, fast and EVM compatible blockchain that provides scalability ad flexibility for several applications. Not just that, decentralized applications and middlewares are created on top of the blockchain in order to bring self-sovereign oracles into the real world. In addition to this, IOTX that we mentioned previously acts like gas for the blockchain protocol. Also, it is vital for you to know that Burndrop is a unique economical design that leads to the overall deflation of IoT, while the number of devices that are orchestrated by the platform increases.     

Now that we have talked much about IoTeX, some of you must be wondering, whether or not it is a good idea to invest in the platform? if that’s the case, then let’s find out, shall we?

Investing in IoTeX (IOTX)

Source: AVADA Fund – Medium

As of today, the price of IoTeX is about 0.172261 US dollars with a twenty-four-hour trading volume of 2,560,038,967 dollars. Not just that, in just the past twenty-four hours, the value of the IoTeX has gone up by 117.80 percent, and with the current market cap of 1,643,507,394 US dollars, IOTX is currently placed at 80th position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of IoTeX is nearly 9,540,779,324 IOTX coins with a maximum lifetime supply of about 10,000,000,000 IOTX coins. In just the past week alone, the price of IoTeX has gone uphill by 348.43 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in IoTeX is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that IoTeX can prove to be a profitable investment in the near future, which is likely to provide you with good returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

Source: Nomics

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that, just like any other currency in the crypto marketplace, IoTeX does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy IoTeX? Let me help you with that. Currently, IoTeX is available on all major crypto exchanges but, some of the popular exchanges that have IOTX listed on them include Binance, Huobi Global, Upbit, Mandala Exchange as well as Coinbase Exchange to name a few. 

In conclusion, what are your thoughts on IoTeX? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Loopring: Everything you need to know