Convert IOTX to TRY

IoTeX is a decentralized blockchain platform specifically engineered to power the Internet of Things (IoT), aiming to create a trusted ecosystem where people and machines can interact with guaranteed trust and privacy.

Key takeaways

• IoTeX is a purpose-built Layer 1 blockchain designed to be the foundational infrastructure for the Internet of Things (IoT).
• It utilizes a unique consensus mechanism called Roll-DPoS (Randomized Delegated Proof-of-Stake) to achieve high scalability and fast finality suitable for IoT applications.
• The IOTX token is the native utility and governance token of the IoTeX network, used for gas fees, staking, and governing the ecosystem.
• The platform supports Ethereum Virtual Machine (EVM) compatibility, allowing developers to build and deploy smart contracts easily.
• IoTeX is developing a comprehensive suite of real-world products, including decentralized identity for devices (DID) and machine-powered DeFi (DePIN).

What is IoTeX? Key Specifications & Tokenomics

IoTeX is a blockchain platform that merges blockchain, secure hardware, and confidential computing to empower a new era of trusted data and machine economies.

Who created IoTeX (IOTX)?

IoTeX was founded in 2017 by a global team of seasoned engineers, cryptographers, and researchers. The core founding team includes Raullen Chai, a former cryptography and security lead at Uber; Qevan Guo, a former research scientist at Facebook; Xinxin Fan, a former research lead at Bosch; and Jing Sun, a seasoned investor and partner at Sparkland Capital. The project is backed by a consortium of over 40 research scientists and engineers. The team's vision was to solve the critical issues of scalability, privacy, and high operating costs that prevented blockchain technology from being viable for the massive Internet of Things ecosystem. Their backgrounds in top-tier tech companies and deep expertise in cryptography, distributed systems, and hardware security provided a strong foundation for building a blockchain from the ground up to meet the unique demands of machine-to-machine and human-to-machine interactions.

How does IoTeX (IOTX) work?

IoTeX operates on its own sovereign Layer 1 blockchain, which is architecturally designed for the high-throughput, low-cost, and secure requirements of IoT. At its core is the Roll-DPoS consensus mechanism. Unlike standard DPoS, Roll-DPoS introduces randomness in the selection of block producers (Delegates) from a pool of candidates, enhancing security and decentralization by making collusion and predictability more difficult. This allows the network to achieve fast block times (approximately 5 seconds) and high transaction throughput. The platform is fully compatible with the Ethereum Virtual Machine (EVM), meaning developers can use familiar tools like Solidity to create smart contracts and decentralized applications (dApps) for IoT. Furthermore, IoTeX integrates advanced privacy technologies, such as lightweight cryptography and confidential computing, to enable trusted data exchange from devices like sensors and cameras without compromising sensitive information.

What makes IoTeX (IOTX) unique and valuable?

IoTeX's primary uniqueness lies in its dedicated focus on merging blockchain with the physical world of IoT, a vision often called "Blockchain of Things." Its tailored architecture addresses key IoT challenges that general-purpose blockchains cannot efficiently solve.

• IoT-Optimized Consensus: The Roll-DPoS mechanism provides the speed and scalability necessary for potentially billions of devices to interact on-chain.
• Privacy-Centric Design: It pioneers the use of real-world data from IoT devices in a privacy-preserving manner, which is crucial for commercial and industrial adoption.
• Full EVM Compatibility: This drastically lowers the barrier to entry for developers, allowing the vast Ethereum developer community to build IoT dApps without learning a new programming language.
• Real-World Product Suite: Beyond infrastructure, IoTeX has launched flagship products like ioPay (a multi-chain wallet), ioTube (a cross-chain bridge), and MachineFi applications that tokenize machine resources and data, creating tangible utility and demand drivers for the IOTX token.

What is IoTeX (IOTX) used for?

The IOTX token is the lifeblood of the IoTeX ecosystem, with multiple critical utilities that secure the network and enable its functionality.

• Network Fees: IOTX is used to pay for transaction fees (gas) when executing smart contracts or transferring assets on the IoTeX network.
• Staking and Governance: Token holders can stake their IOTX to participate in network consensus. Stakers vote for Delegates (block producers) and, in return, earn staking rewards from block emissions. This process also governs the network, as stakers vote on key protocol upgrades and treasury fund allocations.
• Device Registration and Services: In the MachineFi vision, IOTX is used to register IoT devices on the network, pay for services, and reward devices for contributing data or computational resources.
• Access to dApps and Services: Various dApps built on IoTeX may require IOTX for accessing premium features, purchasing NFTs (like digital twins of devices), or participating in DePIN (Decentralized Physical Infrastructure Networks) initiatives.

How Is the IoTeX (IOTX) Ecosystem Developing?

The IoTeX ecosystem is rapidly evolving from core infrastructure to a thriving hub of real-world applications, primarily under the umbrella of its MachineFi vision. This initiative aims to tokenize physical world resources. Key developments include:

• DePIN Growth: Numerous projects are building DePIN applications on IoTeX, such as networks for environmental data sensing, wireless coverage mapping, and energy grid optimization, where devices earn tokens for their contributions.
• W3bstream: This is a pivotal off-chain compute infrastructure layer that allows smart devices to connect to the IoTeX blockchain, process data confidentially, and generate verifiable proofs for on-chain dApps.
• Strategic Partnerships: IoTeX has formed alliances with hardware manufacturers, chipmakers (like AMD), and traditional IoT companies to integrate its technology at the device level.
• Cross-Chain Expansion: Through ioTube, IOTX is available on multiple chains including Ethereum, BNB Chain, and Polygon, increasing its accessibility and liquidity. The ecosystem continues to attract developers building at the intersection of IoT, AI, and DeFi.

How to mine IoTeX (IOTX)?

IoTeX does not utilize a traditional Proof-of-Work (PoW) mining process. Instead, new IOTX tokens are minted as block rewards through its Roll-DPoS consensus mechanism. Individuals can participate in this "staking-as-mining" process to earn rewards.

• Become a Delegate: Users with significant technical expertise and a large stake of IOTX (either their own or delegated from others) can register as a Delegate candidate. The top-voted Delegates are randomly selected to produce blocks and earn rewards.
• Stake to a Delegate: For most participants, the way to "mine" IOTX is by staking their tokens to a trusted Delegate. By doing so, they contribute to network security and, in return, receive a proportional share of the block rewards earned by that Delegate after a commission fee. This can be done easily through the official IoTeX web wallet or supported exchanges.

How to keep your IOTX Coin safe?

Securing your IOTX tokens is paramount, given their utility and value within the ecosystem.

• Use Official Wallets: For active use with dApps and staking, consider the official ioPay wallet (available as a mobile app and browser extension). It is non-custodial, giving you full control of your private keys.
• Hardware Wallets for Storage: For long-term, high-value holdings, transfer your IOTX to a hardware wallet like Ledger or Trezor that supports the IoTeX network via integration with ioPay. This keeps your private keys offline and immune to online hacking attempts.
• Secure Your Credentials: Never share your private keys, seed phrase, or keystore file with anyone. Be wary of phishing websites impersonating the IoTeX staking portal or wallet.
• Stake Through Reputable Delegates: When staking, research and choose Delegates with a proven track record of reliability and fair commission rates to ensure consistent reward distribution.

How to buy IOTX Coin?

IOTX is a popular cryptocurrency listed on numerous exchanges. However, we recommend using a major platform like the BTCC exchange for higher liquidity and robust customer support.

1. Register a BTCC Account: Sign up using your email or phone number and complete the KYC verification to unlock more platform features and benefits.
2. Deposit Funds: Deposit fiat currency (via bank transfer, card, or third-party payment) or transfer USDT from an external wallet into your BTCC account. (How to buy USDT on BTCC)
3. Start Trading: Navigate to the trading page and search for the spot trading pair IOTX/USDT, or the perpetual contract IOTXUSDT.
4. Place an Order: Enter the amount of IOTX you wish to purchase and submit your order. For contract trading, you can also choose to go short (sell) and adjust leverage according to your strategy.
5. Confirm Your Purchase: For spot purchases, check your asset balance to confirm the IOTX has been credited. For contracts, check your open positions on the trading page.