Iotex has a strong team, impressive list of partners and collaborators and should do well as they continue to build out their ecosystem
Iotex has been getting a lot of buzz recently. Though the project went live in 2018, in the last 6 months it has hit a higher gear, and despite having been actively traded since 2018, only now will the IOTX token be available to traders in the United States.
“The future of IoT is dependent on security. The IoTeX blockchain bridges the current gap between blockchain and IoT, adding a layer of security that is scalable and affordable. For example, for a price of 1 stamp, you can make over 2500 transactions. This is no longer about what is possible, the future is here,” said Raullen Chai, IoTeX Co-founder and CEO.
BitMart boasts over 5.5 million active users globally and trades in 180 countries. Headquartered in New York City, BitMart is a worldwide leader in the cryptocurrency exchange space. In addition to the news that the IOTX token will be listed for trading on one of the largest crypto exchanges in the world, today Iotex unveiled their new website and a major Version 1.3 upgrade.
If you are located in the US and have been waiting for Iotex to come to you, the IOTX token is no longer off limits.
What Is Iotex?
Iotex is a groundbreaking blockchain platform that focuses on IoT (Internet of Things) and connected devices. Iotex’s ambition is to power billions of smart devices and take the data from those smart devices to securely provide greater value when used in smart contracts or anywhere where verified data is valuable.
“Over 40 billion devices are projected to go live by 2025.” (Source: IDC)
There will be a lot of valuable data generated by those devices. And the integrity of that data is important both for privacy and economic reasons. That’s why the data logically should be on a blockchain platform.
Two of many tangible examples of blockchain and IoT combined are Iotex’s award-winning blockchain camera, Ucam, and the Pebble tracker, which tracks real-time location, temperature, humidity and other onsite conditions.
Iotex has an ambitious 2021 roadmap (wow we’re already halfway through the year!) and recently rolled out some major improvements. And since the full roadmap contains more than we can cover in this article, we’ll mention those that really caught our attention.
IOTX Transaction Costs Are Low
Iotex has a new, enticing Gas Model. If you’ve been watching gas costs – i.e. the fees you have to pay for transactions – you know that for Ethereum, for example, gas costs have been ridiculously high this year. Transaction fees for IOTX, comparatively, are very low. To give a real-world example, for the price of a first-class stamp ($0.55) you can pay for 2,750 transactions (trade, stake, etc) on Iotex. That combination of speed and affordability makes micropayment possible at scale.
Support for the Entire Ethereum-compatible (EVM) Distributed Applications Ecosystem
Dapps that users find useful or just plain fun (Crypto Kitties anyone?) are proliferating at breakneck speed. Other than games, some examples of Dapps include: Identity Management applications, cryptocurrency exchanges, Dapps utilizing unused computing power of computers on a network, and automated escrow Dapps. Each of these examples relies on smart contracts that run on Etherium-compatible platforms, the Ethereum Virtual Machine (EVM).
Decentralized Autonomous Machines (DAMs)
This new economic model will develop as an outgrowth of the data/assets generated by sensors, devices, or events. You can have fractional ownership of a machine or lease a machine for a finite time period. Machine-as-a-Service is being born as we speak.
With devices that use TEE (Trusted Execution Environment) or similar device security technology, IoTeX can be a part of a new paradigm for trusted human-machine interactions. I mention TEE security because it makes hacking the device itself more difficult, therefore producing more trustworthy data before it becomes encrypted on a blockchain. (There’s no point encrypting bad data, is there?)
Cross-chain bridges between IoTex oracles and existing data oracles and between Iotex and crypto exchanges are another feature that Iotex can brag about. This is a fantastic way to amplify the value of each element in the crypto world. Creating an ecosystem, Iotex, where there’s interoperability with all the components, makes those components much more valuable. The graphic below helps visualize why this is so important.
Iotex’s Platform-Wide Improvements in V1.3
- Faster transactions: Unless you’re old enough to remember dialup modems, you probably don’t think about internet speed much. Iotex’s transaction time has gotten faster with their recent upgrade, so it will continue to be a non-issue as processing speeds accelerate.
- More secure transactions: Likewise, we don’t usually think about security unless bad happens. Iotex is happy to remove that concern, getting the network much closer to the impenetrable security that blockchain promises.
As people in the blockchain world like to say, it’s still early days, and developers and founders all over the world are coming up with new ways to take advantage of blockchain technology and smart contracts.
Iotex has a strong team, impressive list of partners and collaborators and should do well as they continue to build out their ecosystem. No doubt there will be competitors vying to grab a slice of everything related to IoT, but there will be room for many winners. From the looks of recent developments and their roadmap, the smart money will be betting on Iotex.