Crosschain IOTX

What is IoTex (IOTX)?

IoTeX (IOTX): A Decentralized Platform for the Internet of Things (IoT)

IoTeX (IOTX) is an open-source project initiated in 2017, designed to create a decentralized platform that fosters open economics for machines. This ecosystem enables seamless interaction between people and machines, built on trust, free will, and economic incentives. The network is supported by 100+ worldwide delegates and has processed more than 10 million transactions.

IoTeX has built essential infrastructure components like the ioPay wallet and ioTube bridge, which connects with Ethereum, BSC, and Heco blockchains. This enables EVM-based DApps to scale without worrying about expensive gas fees. Middleware solutions such as Decentralized Identity, Confidential Computing, and Secure Hardware are also built on the IoTeX blockchain, supporting self-sovereign devices like Ucam and real-world data oracles like Pebble.

If you are interested in checking IOTX coin prices, they are currently being traded on Binance, Deepcoin, BTCEX, Bitrue, and Bybit.

IoTeX Founders

The founding team of IoTeX consists of Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. Raullen Chai serves as an advisor at BootUP Ventures and participates in the Industrial Internet Consortium's Industrial Distributed Ledger Task Group. Qevan Guo was a research scientist and engineering manager at Meta and also co-founded a startup called Hyperconnect Labs. Xinxin Fan held a position as a senior research engineer at the Bosch Research and Technology Center in North America. Lastly, Jing Sun is a managing partner at Sparkland Capital. He's also an LP investor at Polychain Capital and has invested in startups like Rippling.

What Sets IoTeX Apart?

IoTeX stands out as a decentralized foundation for machine economics, catering to machines ranging from smart home devices to autonomous vehicles. To facilitate this, IoTeX has launched an EVM-compatible blockchain, which focuses on flexibility and scalability for several applications. Additionally, middleware and DApps are built on top of the blockchain to enable self-sovereign devices and real-world oracles.

IOTX, its native coin, governs the underlying blockchain protocol. It also serves as gas for the blockchain protocol. They also have a unique tokenomic mechanism called Burn-Drop which drives IOTX deflation as the number of devices mobilized by IoTeX increases.

How is the IoTeX Network Secured?

IoTeX deploys multiple safety mechanisms to guarantee user privacy and transaction security. These include ring signatures and reliable payment code that conceals the transaction receiver's address.

Delegated proof-of-stake works by having stakeholders vote for block producers on the network. In return, they receive rewards, which they can distribute to stakeholders who voted for them, incentivizing block producers to continue working and stakeholders to keep voting for block producers.

IoTeX Pros and Cons

Pros:

• Decentralized infrastructure for machine economics.
• EVM-compatible blockchain for flexibility and scalability.
• Middleware and DApps for self-sovereign devices and real-world oracles.
• Strong and experienced team of founders.

Cons:

• Limited adoption outside the existing ecosystem.
• Mint functions are found on multiple contracts.

IoTeX Review

IoTeX is an innovative project aimed at creating a decentralized platform for the Internet of Things (IoT) and machine economics. With a strong focus on user privacy, security, and scalability, the platform shows potential for growth.

However, after doing a security review, we've found a potential risk in its security. And that is, multiple contracts have mint functions, which is a potential danger if abused by the contract owners.

Is IoTeX a Scam?

There seems to be no evidence to suggest that IoTeX is a scam. The project is backed by an experienced team of founders with backgrounds in reputable companies. IoTeX has already launched several successful products and middleware solutions, demonstrating its commitment to building a viable ecosystem for IoT devices.

As with any investment in cryptocurrency, there are inherent risks, and minimizing them is your top priority. There are a lot of scams and rug pulls in the space. That is why we highly recommend individuals to DTOR and validate the information they find online.

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