IoTeX IOTX

$0.0070
Market Cap $ 10.721 MM (#210)
24h Volume $ 1.169 MM
Chg. 24h: -1.78%
Algo. score 4.1/5  (#33)
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IoTeX project purpose and description

IoTeX clarity of purpose

IoTeX purpose and aspects

IoTeX Network is a decentralized platform of privacy-centric blockchain for various vendors to build dApps for IoT. IOTX is an ERC20 token that serves as the network 'fuel'. It is required to use certain designed functions on the IoTeX Network such as executing transactions and running the distributed applications on the IoTeX Network.

IoTeX categories

Build dappsSmart contracts

Short description

IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX’s global team is comprised of Ph.Ds in Cryptography, Distributed Systems, and Machine Learning, top-tier engineers, and experienced ecosystem builders. IoTeX is developing several in-house innovations to push the frontier of blockchain 3.0, including a blockchain-in-blockchain architecture for heterogeneous computing, fast and robust Roll-DPoS consensus scheme, and lightweight privacy-preserving techniques. IoTeX is bringing autonomous device coordination to the masses by “connecting the physical world, block by block.”

Abstract

Despite its rapid evolution, IoT is still far from reaching mass adoption and lacks “killer applications” that would draw new users to the ecosystem due to issues such as low scalability, high operating cost, privacy concerns and lack of functional values. IoTeX is tackling this problem by introducing token economy into IoT spaces as we strongly believe that crypto incentives as well as the community effort are the two key forces to propel innovations in IoT space. In short, IoTeX is the next generation IoT-oriented blockchain platform with strong scalability, privacy, isolatability and developability for incubating new IoT applications and ecosystems.

Link to Roadmap: https://iotex.io/
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