The world has seen quite a few exciting game-changing technologies in the past 11 years. Consider the Space X Falcon, iPhones, nanofiber, virtual reality headsets, rewalk exoskeletons for the disabled, and a host of other innovations. One such technology that merits special note is the Internet of Things (IoT). It is defined as a network of actual physical items that have been fitted with sensors, software, etc. so that they may communicate with one another and exchange data. With the help of this information, numerous gadgets can provide immediate feedback. The devices include both commonplace domestic items and business equipment. But, the blockchain technology used by the cryptocurrency sector to build a web of interconnected devices has given IoT fresh life. Let’s explore it and learn what it is and how it works.
What is the IoTeX coin?
A layer one blockchain called IoTeX enables reliable and safe communication among IoT devices and people. It aims to offer a platform that will act as the framework for the IoT ecosystem and enable secure data access for consumers. Now, a decentralised network of investors, developers, and businesses oversees its ecosystem. Real commodities, including supply chain optimization tools, blockchain-driven cameras, and more, are powered by the IoTeX blockchain. It is one of the quickest, most preserved, and most scalable blockchains that is suitable for EVN (Ethereum Virtual Machine).
The platform leads the world’s top industry consortiums and standards, including the Consumer Electronics Show (CES), Industrial Internet Consortium (ICC), Confidential Computing Consortium (CCC), and Institute of Electrical and Electronics Engineers (IEEE). It is supported by accolade-winning research and technology.
How does IoTeX work?
The infrastructure architecture of IoTeX is built on the “Separation of Tasks” idea. The application of this concept improves IoT devices’ functionality and privacy. The network is made up of multiple concurrently running interconnected blockchains. A root blockchain in the network is in charge of the many subchains at first. The subchains collaborate with IoT devices to perform a specific task that is unique to them. These chains can be customised to meet the needs of different IoT applications. Moreover, IoTeX provides a framework that permits setting transaction types, specifications, parameters, and permission models to tailor a subchain to individual applications. As a result, even if one of the subchains is attacked, the root chain still functions.
IOTX token: an overview
The IoTeX platform’s native token is the IOTX token. The IOTX token is used for transaction payment, staking, and taking part in the platform’s on-chain governance. Additionally, it is utilised to control networks, create a decentralized identity, and add new hardware to the blockchain. IOTX tokens can also be used by users to pay gas costs for executing transactions and smart contracts. The platform’s device manufacturers burn IOTX to receive a “Powered by IoTeX (PBI)” certificate. Whereas other devices must pay for each transaction, PBI devices are given a monthly allocation. This burn-to-certify strategy reduces the supply of IOTX through a deflationary mechanism.
What is next for IoTeX?
The Pebble Tracker is scheduled to be delivered to backers in early 2022 following a profitable crowdsourcing campaign. This will increase the number of devices using the IoTeX network when combined with the current UCam device that is accessible on Amazon. As a result, the next round of burn-drop stages of IoTeX currency to existing stakers would be triggered. The achievement of the Pebble Tracker rollout will probably determine how confident people are in the IoTeX (IOTX) coin. Could IOTX break the $1 threshold and keep moving up the cryptocurrency rankings? We’ll just have to wait and find out.
A layer one blockchain to support the IoT ecosystem is the IoTeX platform. It not only enables IoT devices to function in a safe and preserved manner, but it also creates and releases products with certain functionality on the market. It is supported by IoT industry leaders, groups, and organisations, giving the platform enormous market sway. Smart contracts employ the IoTex token (IOTX) to pay for transactions.