WHAT IS IoTeX (IOTX)?

IoTeX (IOTX/USDT – Trade it Here) is a decentralized, EVM-compatible Blockchain that is built separately from Ethereum forks. Basically, it is not governed or operated by any single entity. The platform aims to bring Blockchain technology into the IoT space which allows users to control smart devices via Dapps and such applications. The native token of the IoTeX ecosystem is IOTX that plays an important role in the transactions made by the users in the ecosystem. In this article, we will discuss everything you need to know about IoTeX and its ecosystem plus a guide on how to buy IOTX tokens.

WHAT IS IoTeX (IOTX)?
WHAT IS IoTeX (IOTX)?

Key Features of IoTeX (IOTX)

As the host of the ever growing ecosystem of projects and products developed by members of the IoTeX community. IoTeX have several key features that attracted users, the features are as follows :

Decentralized IoTeX has 100 delegators and is fully decentralized. It’s built separately from Ethereum forks and not governed nor operated by any entity. Device Ready IoTeX is the first blockchain platform to connect real-world data to Dapps. Ultra Fast Each IoTeX transaction is practically instantaneous and only costs a fraction of a cent. Secured & Tested IoTeX boasts one of the best cryptographic security systems in the blockchain space

IoTeX Token (IOTX) and its use cases

IOTX has several different purposes in the IoTeX blockchain aside from being the native cryptocurrency in the IoTeX ecosystem. It’s useful for everyone participating in the network, including delegators, stakeholders and service providers. The core purpose of the IOTX coin is to establish the incentives required to ensure appropriate maintenance and functioning of the IoTeX network in a decentralized manner.

Other uses of the IOTX token are:

  • Payment of gas fees required for transactions and enforcing smart contracts on the IoTeX blockchain.
  • Stakeholders of IOTX coins can vote for and select delegates to run the consensus and help in governance.
  • Payment for any service used.
  • Registration of any device through staking and burning.

Who created IoTeX (IOTX)?

Graduate of University of Waterloo, Raullen Chai has worked as a Google’s Senior Software Engineer, Lead of crypto R&D at Uber before he went on to co-found IoTeX in Sep 2017.

How does IoTeX (IOTX) work?

IoTeX’s infrastructural design is hinged on a concept called “Separation of duties”. The application of this concept helps maximize the efficiency and privacy of IoT devices. The network comprises multiple blockchains working concurrently while being interoperable. To begin with, the network has a root blockchain that manages the independent sub chains. The root chain has three main objectives:

  • Relaying information across chains to enable interoperability
  • Supervision of subchains
  • Settlement and anchoring of payments

The subchains are function-specific and they perform a specific function while interacting with IoT devices. These chains are flexible and can adapt to different requirements of IoT applications. Further, IoTeX provides a framework that allows tailoring a subchain to specific applications by setting permission models, parameters, specifications and transaction types. Moreover, in case of an attack on one of the subchains, the root chain still remains functional.

Further, IoTeX network has four key features that have allowed it to meet its goals well. Here then are the features of IoTeX:

  • Roll-D PoS: This is the network’s unique consensus mechanism. It is a variant of the Delegated Proof of Stake variant that enables a blockchain to achieve instant finality and scalability. The block producers are randomly selected for one epoch and this selection happens every time before the process starts.
  • Layer two subchains: These subchains are flexible and allow for diverse requirements of IoT devices.
  • Edge computing: It is a way of computing that brings data storage and computation close to the sources of data. This saves bandwidth and improves response time making the blockchains faster.
  • Cross-network communication: Due to the root blockchain, IoTeX becomes capable enough to facilitate interoperability and communication between all subchains.It secures the network and distributes resources properly via EVM to avoid unexpected network congestion.

Is IoTeX (IOTX) an ERC-20 token?

The IOTX token is an ERC-20 token that will be swapped to a native token (scheduled for Q1 2019). Once swapped the native token will take the ticker symbol IOTX and will be mineable for the next 50 years. There are currently 1,331,040,005 IOTX in circulation, and there is a total capped supply of 10 billion tokens.

As an ERC-20 token IOTX can be stored in MEXC ERC-20 wallet, then once it is swapped for the native IOTX token the native IoTeX wallet will need to be used. There is a beta version of the wallet available from https://iotexscan.io/wallet.

IoTeX Network (IOTX) Tokenomics

Ecosystem: 18% supply, the ecosystem fund has been distributed to Burn-Drop (10% supply) as well as the Halo Grants Program (8% supply). Ecosystem tokens are unlocked progressively over the course of 3 years after the issuance date.

Foundation: 25% supply, unlocked gradually over the course of 3 years after the issuance date.

Team: 15% supply, team tokens are in the vesting period of 4 years after the start date with a 6-month cliff. The first distribution occurred in February 2019.

Roll-DPoS Mining Rewards: 12% supply, mining rewards

Community Reward Programs: 6% supply, unlocked gradually over the course of 3 years after the issuance date.

How to buy IoTeX Token (IOTX)?

You can buy IoTeX Token (IOTX) on MEXC by the following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “IOTX” using the search bar to see the available trading pairs. Take IOTX/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of IOTX you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy IOTX] to confirm your order. You will find the purchased IOTX in your Spot Wallet.

Recent IoTeX (IOTX) price & performance

There are currently 9.54B IOTX in circulation, and there is a total capped supply of 10 billion tokens. IOTX reached the highest price (ATH) of 0.22 USDT on November 14, 2021. The lowest price since the date of ATH was 0.025 USDT on June 17, 2022. The 30 days performance sees the highest price at 0.031 USDT on September 12, 2022 and lowest at 0.026 USDT on September 19, 2022. At the time of writing, its current performance is 0.027 USDT with a market cap of $259,560,325 and fully diluted market cap of $272,053,588.

Want to stay tuned in crypto market?

Check out our listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshot and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency in general.

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