What blockchain and Core Technology Pillars does IoTeX use – Everything You Need To Know
IoTeX platform is built to enable a borderless ecosystem that allows humans and machines to interact.
Four pillars underpin the ability of IoT to operate successfully: device, data, analytics and connectivity.
The Internet of Things (IoT) connects our world in innumerable ways, but it also makes us be wary of constant surveillance. We tend to believe that corporations have the ability to track our activities and that we are powerless in the current system design. To ease some of our concerns, IoTeX platform aims to re-architect the world with privacy and data ownership as the basic ideals while ensuring IoT benefits people and businesses. IoTeX calls this vision with no ads or surveillance the Internet of Trusted Things. We discover more about this platform today.
IoTeX: An Introduction
IoTeX platform is built to enable a borderless ecosystem that allows humans and machines to interact with guaranteed trust, free will, and privacy under a well-designed economic incentive system. The platform will power the Internet of Trusted Things – the first open, safe and human-centred ecosystem of self-sovereign devices and users.
The IoTeX blockchain is EVM-compatible and uses the innovative Roll-DPoS consensus. The blockchain has been built by a team of 40 research scientists and engineers. The blockchain was launched in April 2019 and has processed over 34 million transactions so far. Essential blocks have been built over the blockchain to connect with Ethereum, Binance Smart Chain, and Heco blockchains.
The platform is also an ever-growing decentralized ecosystem that acts as a launchpad for projects and products developed by members of the IoTeX community. These projects include Ucam, Pebble, ioTube, IoTT Portal, mimo, Cyclone, Minttoken, etc. Besides, IoTeX is a highly scalable, fast, secure, and tested blockchain.
IOTX Token: Fundamentals
IOTX is the native coin of the IoTeX blockchain and serves as its governance token. It can be used to pay the gas fees on the blockchain protocol. The tokenomics of the IOTX token involves Burndrop – a unique economical design that leads to deflation of IOTX as the number of devices within the IoTeX ecosystem increases. The IOTX token holders can also stake their tokens and vote in the platform’s governance.
The circulating supply of the IOTX token is around 9.6 billion while its total supply is hard-capped at 10 billion IOTX.
Short Term Technical Analysis
An IOTX token is priced at $0.073 today and is amongst the top 100 cryptocurrencies by market cap. It has corrected steeply this year, from a high of over $0.15 to a low of $0.062. The dip has been decisive, since IOTX did attempt a rally earlier this month but was rejected emphatically from the golden pocket of the drop at $0.118. A descending parallel channel has sent it for a double bottom formation from which it bounced.
Source: TradingView, Binance
Now, it must overcome resistances at $0.083 and $0.096, while holding on to support at $0.07 and $0.062
Future Potential
The platform saw a 4,600% user growth in October 2021. Currently, the IoTeX ecosystem has over 11,600 connected devices and 200k plus community members, including 37,580 stakers. The platform is backed by award-winning research and technology and currently leads the world’s premier industry consortiums and standard bodies. The IoTeX blockchain powers real devices, including the award-winning blockchain-powered cameras from Consumer Electronic Show (CES) and the pebble geo device. As human interactions with machines grow and data privacy becomes paramount, IoTeX will continue to grow in adoption.
Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
