IoTeX

What is IoTeX?

IOTX is the native token of IoTeX, which EVM-compatible blockchain designed specifically for the Internet of Things (IoT), which is a global network of computing devices integrated into everyday objects. To develop the network, IoTeX used That Roll-DPoS consensus mechanism. The main goal of IoTeX is to create an open source system that will allow people to trust and privately interact with various smart devices. If you want to see the current price of IOTX, take a look at the IoTeX price.

Please note that the network is compatible with blockchains such as Polygon, Ethereum, Heco and BSC. To achieve such interoperability, an important block of infrastructures was built in the IoTeX network. In addition, several types of middleware have been integrated into the network, including:

• Decentralized Identity
• Confidential Computing
• Safe equipment

All these middlewares allow users integrate self-management devices (for example, Ucam or Pebble) on the IoTeX blockchain.

Because blockchain is infinitely scalable, billions of middleware, decentralized applications, and devices can be created. Additionally, developers are provided with all the tools and information needed to create and run these applications.

Also, keep in mind that The IoTeX blockchain is protected by more than one way, including:

• Delegated Proof of Stake (DPoS) consensus mechanism
• Ring signature
• Decentralized Identity Protocol (DID)
• A payment method that hides recipient addresses.

Founders of IoTeX

The team behind IoTeX consists of more than 40 engineers and research scientists from around the world. However, the main founders of the IoTeX crypto project are Xinxin Fan, Raullen Chai, Jing Sun and Kewan Guo. Additionally, IoTeX collaborates with various IoT research institutes and manufacturers, including Nordic Semiconductor, Institute of Electrical and Electronics Engineers, and many others.

What is an IOTX token?

IOTX it is a governance and utility token IoTeX networks. Because it is a governance token, it allows holders to participate in decision-making processes regarding the IoTeX blockchain.

However, in terms of utility, it can be used in more than one way, including:

• Staking
• Paying transaction fees
• Access to IoTeX resources
• Registering new devices on the network

Talking about bid, this allows users to earn about 10% per annum. However, staking is essentially related to the governance part, since the IoTeX network uses Delegated Proof of Stake Algorithm. This algorithm allows stakeholders to decide which delegates should be responsible for adding new blocks to the chain.

However, you should know that the price of IoTeX is quite volatile. This means that it can be influenced by various factors affecting the cryptocurrency market. So be sure to keep an eye on IOTX price charts to identify major price trends.

Finally, it is important to note that IoTeX tokens have burning and falling functionwhat does the token guarantee? deflation. Thus, part of the tokens (90%) is burned, and the other part (10%) is reset and distributed among the stakers. A total of ten burnings are planned. They are triggered whenever a new Ucam or Pebble device joins the IoTeX network.

IOTX Tokenomics

The maximum supply of IOTX crypto assets is 10 million tokens. To distribute tokens, instead of an ICO, a private sale took place, which took place in 2018. During the sale, 24% of tokens were sold. The remainder of the supply was either reserved for something, used to reward the community, or locked up for Roll-DPoS mining (although tokens were released after the launch of Alpha in 2019).

As mentioned earlier, if you are interested in current IoTeX prices, be sure to check out the IOTX price chart above.

Other forms of IOTX token

Additionally, the IoTeX coin comes in more than one form. The main purpose of using these forms is to make IoTeX tokens interoperable with other chains. For example, to make IOTX compatible with Ethereum, you need to get a wrapped version of IOTX called WIOTX, which is essentially an ERC-20 token. On the other hand, to make it compatible with the BSC network, you need to have IoTeX token linked to BSC in the form of BEP-20. Lastly, you will need CIOTX, which cross-chain IOTX versionto use it on the Polygon blockchain.