IoTeX is the next generation of the IoT-oriented blockchain platform with vast scalability, privacy, isolatability, and developability for incubating new IoT applications and ecosystems.
Connecting the physical world, block by block.
IoT has rapidly evolved over the years, but lacks real “killer applications”. McKinsey predicted that IoT could generate up to $11.1 trillion per year in economic value by 2025. Despite the potential of IoT, there are roadblocks ahead: lack of scalability, privacy concerns, and lack of functional values. IoTeX solves these problems by introducing a blockchain-in-blockchain architecture with token economy. By combining token incentives with community efforts, we believe we can crowdsource industry and community talents to address these technical challenges in IoT development.
Although many would compare IoTeX with IOTA (an open source blockchain platform that focuses on M2M payment), we believe that that would be comparing apples to oranges. IoTeX’s competitive advantage is the vibrant, global network of tech communities, who are interested in developing new IoT applications and ecosystems utilizing IoTeX blockchain platform.
At the highest level, we have four main innovations: 1. Blockchain-in-blockchain architecture which ensures privacy and prevents IoT information leakage; 2. Built-in privacy based on lightweight cryptography; 3. Real-time consensus with instant finality, which improves the throughput of the network, and reduces transactional cost, and boosts efficient cross-blockchain communication; 4. Subchain-as-a-service (SAAS) to facilitate fast prototyping and production of new IoT applications and ecosystems.
No, IoTeX does not use DAG. IoTeX believes that DAG is an interesting technology, but is still in its infancy. IoTeX technology utilizes a more mature 2-way peg technology that is scalable, cost-efficient, and secure.
One of the concerns for monetary valuation is inflation. We plan to address inflation by fixing the total supply of IoTeX tokens at the start. There will be 10 billion IoTeX tokens. Prior to the launch of IoTeX mainnet, the circulated IoTeX token will be an ERC20 token (ticker: IOTX) on Ethereum, which is not minable. Immediately after the launch of IoTeX mainnet, we will work with exchanges to help IoTeX token holders redeem their native IoTeX coins (ticker: IOX). A native coin will be mineable, similar to PoS, for 50 years. Rewards of the mining will reduce over time based on a linear gradient reduction model.
We aim to release IoTeX's testnet in April and mainnet in July. IoTeX’s long-term plan focuses on designing IoTeX subchain, SDK, and developer tools, as well as collaborating with other IoT companies to build DApps utilizing the IoTeX blockchain platform.
Yes. With IoTeX, developers can instantiate subchains for their own IoT applications and ecosystems. Subchains will have their own tokens. If you have ideas or plans with regards to Token Generation Events, please contact us. We would love to help you design your own token economy.
We are in planning stage. Please stay tuned.
Our social media team monitors our social media outlets regularly and will reply to your comments and questions on the individual platform. For potential collaborations, please email us at [email protected].