What Is IoTeX?
IOTX is the native token of IoTeX, which is an EVM-compatible blockchain developed specifically for the Internet of Things (IoT), which is a global network of computing devices that are integrated into everyday items. To develop the network, IoTeX employed the Roll-DPoS consensus mechanism. The main aim of IoTeX is to create an open-source system that allows people to interact with various smart devices with trust and in a private manner. If you want to see the current IOTX price, take a look at the IoTeX price.
Note that the network is compatible with such blockchains as Polygon, Ethereum, Heco, and BSC. In order to achieve such compatibility, an essential block of infrastructures has been built on the IoTeX network. Additionally, a few types of middleware were also integrated into the network including:
- Decentralized Identity
- Confidential Computing
- Secure Hardware
All of these middlewares allow users to integrate self-governing devices (such as Ucam or Pebble) into the IoTeX blockchain.
Since the blockchain is infinitely scalable, it’s possible to build billions of middleware, decentralized applications, and various devices. Besides, the tools and information required to create and launch these applications are all provided to the developers.
Additionally, keep in mind that the IoTeX blockchain is secured in more than one way, including:
- Delegated Proof-of-Stake (DPoS) consensus mechanism
- Ring signature
- Decentralized Identifier Protocol (DID)
- A payment method that conceals recipients' addresses
The Founders of IoTeX
The team that built IoTeX consists of more than 40 engineers and research scientists from all over the world. However, the main founders of the IoTeX crypto project are Xinxin Fan, Raullen Chai, Jing Sun, and Qevan Guo. Besides, IoTeX collaborates with various IoT research institutions and manufacturers, including Nordic Semiconductor, the Institute of Electrical and Electronics Engineers, and many more.
What Is the IOTX Token?
IOTX is the governance and utility token of the IoTeX network. Since it’s a governance token, it allows holders to participate in the decision-making processes concerning the IoTeX blockchain.
However, in terms of utility, it can be used in more than one way, including:
- Staking
- Paying transaction fees
- Accessing IoTeX resources
- Registering new devices on the network
Talking about staking, it allows users to earn around 10% of annual interest. However, essentially, staking is linked with the governance part, because the IoTeX network employs a Delegated Proof-of-Stake algorithm. This algorithm allows stakeholders to decide which delegates should be responsible for adding new blocks to the chain.
However, you should know that the IoTeX price is pretty volatile. This means that it might be affected by various factors that influence the crypto market. Thus, make sure to monitor IOTX price charts to distinguish the main tendencies in its price changes.
Lastly, it’s important to mention that the IoTeX tokens have a burn-drop feature, which ensures token deflation. This way, a part of the tokens (90%) is burned while the other part (10%) is dropped and distributed to stakers. Overall, ten burn-drops are planned. They get triggered whenever a new Ucam or Pebble device joins the IoTeX network.
Tokenomics of IOTX
The max supply of IOTX crypto assets is 10 million tokens. To distribute the tokens, instead of an ICO, there was a private sale held, which took place in 2018. During the sale, 24% of the tokens were sold. The remaining portion of the supply was either reserved on something, used to reward the community, or locked for Roll-DPoS mining (though the tokens were released after the Alpha launch in 2019).
As mentioned before, if you’re interested in the live IoTeX price, make sure to check out the IOTX price chart featured above.
Other Forms of IOTX Token
Besides, the IoTeX coin has more than one form. The main aim of having these forms is to make IoTeX tokens compatible with other chains. For example, to make IOTX compatible with Ethereum, you have to get a wrapped version of IOTX called WIOTX, which essentially is an ERC-20 token. To make it compatible with the BSC network, on the other hand, you must have a BSC-Pegged IoTeX token in the form of BEP-20. Lastly, you need to have CIOTX, which is a cross-chain version of IOTX, to use it on the Polygon blockchain.
