IoTeX is a private Blockchain Solution which mainly focuses on IoT Devices and focuses on solving problems related to the Internet Of Things.
IoT refers to machines that are connected to the internet and can send and receive data with the help of sensors and the internet without human intervention.
Problems in IoT and How IoTeX Solves it ?
Research Conducted by juniper states that the increase in IoT devices in near future will be 140% and will jump to 83 Billion IoT devices connected to the internet by 2024. In the present situation, there are 35 billion devices that are connected to the internet.
But there are some problems which are slowing down this expansion and IoTex focuses on solving them they are :
- High Cost
- Lack of Data Privacy
IoTex tries to solve these problems with their unique idea of Roll-DPoS Consensus Algorithm and by using a sidechain mechanism that is currently used by matic.network and expected to arrive with ethereum 2.0 soon.
About Roll-DPoS Consensus Algorithm.
Randomize Delegated Proof Of Stake.
Delegated Proof-of-Stake (DPoS) is an efficient, decentralized, and flexible consensus framework which is used by Tron Blockchain but these DPoS is hard to implement on IoT centric blockchain because of its high scalability here comes Roll-DPos Comes into action.
Roll-DPoS inherits all the advantages of the original DPoS consensus framework and further enhances its capability in terms of decentralization as well as extensibility to complex blockchain architectures
What is SideChain Mechanism ?
Sidechain is a scalability solution to the modern Blockchain Ecosystem.
Sidechains are separate blockchain networks, compatible with the mainchain. Sidechains have their own consensus mechanism, their own level of security, and their own tokens. The sidechain doesn’t necessarily need to be public and can also be a privately managed ledger. If the security of a sidechain network is compromised, the damage will not affect the main chain or other sidechains.
In IoTeX the sidechain is called a subchain. The IoTeX network is in two separate independent blockchains called sub-chains and root chains.
These Subchains are provisioned by developers/companies to connect and interact with IoT devices and are completely private.
Use Cases of IoTeX .
Use Cases are an important part of a new project which is being launched as the no of use cases increase the project seems to be more promising.
IoTex comes with a huge no of use cases with it some of them are :
- Smart home
- Sharing economy
- Supply chain management
- Device identity management
IoTex Current Implementations.
Implementations are an important part that drives business; having just an idea of making something out of it is waste unless there are some real-life implementations.
IoTex has not left behind the implementation part there are some good implementations that have been pursued by IoTex some of them are:
- UCam: UCam is a privacy-centric camera build on IoTex Infrastructure.Want to Read more about it click here
- Nordic Semiconductor for Pebble Tracker: IoTeX’s Pebble Tracker employs Nordic’s nRF9160 SiP long-range wireless solution for global asset tracking.Want to Read more about it click here
About the IOTX Token.
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IOTX token ios the essential part of the IoTex ecosystem this token is used for staking purpose and uses to vote delegates in the IoTeX network which are responsible for creating new blocks in the blockchain staking IOTX token will grant voting rights to the participants to choose delegates 1 IOTX stake = 1 Voting Right.
Some other use cases of IOTX token in IoTex Ecosystem :
Gas fees (i.e., transactions/contracts on the IoTeX Network)
Stake-for-Governance (i.e., vote for Delegates to run consensus)
Stake-for-Service (i.e., providers stake to service users/devices)
Device Registrations (i.e., stake/burn to register trusted devices)
How to Trade IOTX Tokens on WazirX ?
As of now, I think all of you have a piece of good knowledge about the IoTeX project and on what it mainly focuses on.
Now if you are interested in IOTX token here is a quick guide on how you can trade it on WazirX an Indian exchange
Here’s a bounty for trading IOTX on WazirX(Highest Trader Kaun Marathon) check here
- Register an account with WazirX click here, if you already have an account skip step 1.
- After registering login to your account.
- Navigate to this page to trade click here.
- Happy Trading 🙂
In the present scenario, IoTeX seems to be a promising step toward the future of the internet and will be widely adopted by businesses to drive their IoT devices through blockchain technology.
The team of IoTeX seems to be pretty active and doing a wide variety of stuff for the implementation of IoTeX in IoT devices seems to be pretty promising.
But it’s not the case that IoTeX is the only one who in the race to power IoT devices with blockchain they are getting a pretty tough competition from their competitor IOTA.
The IOTX token will be gain new heights when more implementations like Ucam will be live from the IoTeX team.
Let’s believe IoTeX will be powering more and more IoT devices in the future and the team is already working hard to achieve it.