The changing shift from a Web2 to a Web3 future has been growing rapidly in the last 1 year, but blockchain technology is even taking the Internet of Things (IOT) to a whole new level. Today we’ll be talking about a new blockchain that provides a connection between humans and machines through a scalable blockchain network.
With the native token looking extremely bullish, IOTEX token is a relatively unknown network that has a lot of potential in the coming years.
What is IOTEX?
According to research firm GlobeNewswire, the IoT market was valued at $308.97 billion in 2020. Its value is expected to increase at a compound annual growth rate (CAGR) of 25.4% to reach approximately $1,855 billion by 2028. IoT devices are able to gather and transfer large amounts of data, and IoTeX aspires to become the underlying blockchain to facilitate transactions in a secure manner.
IoTex started as an open-source decentralized platform with an aim to empower the open economics for machines. The prime focus of IoTex is to have an open ecosystem where machines, as well as people, can interact with free will, guarantee trust and enjoy properly designed economic incentives.
This blockchain also uses an innovative Roll-DPoS consensus mechanism to build their EVM-compatible blockchain from scratch. This was launched in 2019 April and was run by 100+ delegates across the globe. The blockchain system has already processed more than 10 million transactions. The team of the IoTex blockchain has also built the essential blocks of infrastructure to connect BSC, Heco blockchains such as ioPay wallet as well as Ethereum. The best part about the IoTex blockchain network is that it helps in scaling the EVM -based DApps without huge gas fees.
How does IOTEX work?
The internet of things has completely changed with the innovation and adoption of technology in the last few decades. IOT helped in Web2.0 as we have seen our personal and digital lives slowly merge with mainstream tech companies like Meta, Microsoft, Amazon and more dominating a majority of the Web2 market.
While IOT has enabled easy sharing and access to data on a global level, IOTEX has used blockchain technology to now connect with the internet of things and smart devices in a better, secure and faster manner.
The network of this blockchain is going to allow machines and humans to interact with guaranteed free will, trust, and privacy. It brings innovation as well as the power of blockchain to NFTs, secured devices, DApps, and other online transactions. The primary goal of the IoTex crypto is to ensure that people can not only own but also control the value and data which they generate. By connecting the digital world with the physical world, the network is allowing users to use various services.
While scalability is a major issue for many blockchain networks, IoTeX overcomes this hurdle by enabling real-time transactions at a very low cost. Different IoT applications have different needs, and it’s impossible to put all connected IoT nodes into a single blockchain.
The IoTeX blockchain focuses on this area by delegating duties via sidechains. Each sidechain is built to provide a unique function of a given application. Attached to the root block, these sidechains can interact with each other when required, decreasing the load on a single blockchain and increasing efficiency levels.
Why is it unique
While most blockchain networks are built atop the foundation of already-existing blockchains like Ethereum or Hyperledger, IoTeX’s blockchain network is built from scratch, from its IoT middleware to the unique Roll-DPoS consensus it utilizes.
The IoTeX blockchain envisions a future where smart device users have control over their data. IoTeX empowers a decentralized network for IoT devices where consumers can take privacy into their own hands — while ensuring the quality of services offered isn’t compromised.
IOTX has several different purposes in the IoTeX blockchain. It’s useful for everyone participating in the network, including delegators, stakeholders and service providers. But the blockchain does this through its own native token, IOTX.
After trading at just $0.007234 at the start of 2021, IOTX coin is now trading at $0.1248. The token has seen its market cap grow from just $30 million in this period of time to over $1.2 billion, according to Coinmarketcap.
The core purpose of the IOTX coin is to establish the incentives required to ensure appropriate maintenance and functioning of the IoTeX network in a decentralized manner.
The IOTX coin has a live market cap of over $1 billion and a 24-hour trading volume of nearly $37 million. As of this writing, IOTX’s 24-hour high and low are $0.13 and $0.12, respectively. Out of its maximum supply of 10 billion tokens, IOTX’s current circulating supply stands at just over 9.5 billion. There was no public sale held for the initial supply of IOTX coins. However, a private sale was held in February 2018. At that sale, 24% of the total supply was released of which 6% was distributed immediately, 6% in February 2019, 6% in May 2019 and another 6% in November 2019.
Important updates on the IOTEX network
On November 1, IoTeX announced that its Pebble Tracker device had completed final testing and was ready for shipment. This device is essentially an advanced GPS powered by a decentralised network — in this case, the IoTeX blockchain. It comes with a wide array of sensors that can track things like acceleration, temperature, humidity, air pressure and other variables.
On November 4, IoTeX and Chainlink, a popular crypto project that integrates real-world data with on-chain solutions, hosted a panel discussion. They discussed the possibility of integration between the two projects.
This was huge news for the token since the collaboration between the two companies can merge historical and real-world data and produce information that will benefit smart contracts created on the various blockchains. The IOTEX team said the following in response to this announcement — “The combination of Chainlink’s historical data and IOTEX’s live real-world data makes for a powerful match for individual users and enterprises alike.”
On November 5, IoTeX revealed an ambitious project called MachineFi. It seeks to power computers and devices so they can become self-sovereign. This means that every machine that powers the MachineFi ecosystem will be rewarded for its effort to keep the IoTeX network secure and operational. This protocol seeks to change the way the Internet works.
All these three major updates for the network have helped the price of the native token completely sky-rocket.
In the first week of November 2021, IOTeX went up by more than 200%, gaining 100% on November 4 alone. This helped the coin reach an all-time high of over $0.2 before correcting in the coming months.
Despite the token having reduced its price significantly, many are extremely bullish on the token.
DigitalCoin sees IOTX’s price exceeding $0.18 in 2022, and closing in on the $0.50 mark by 2028. Similarly, WalletInvestor forecasts a bullish run, predicting IOTX’s price to exceed $0.21 in 2022 and surpass $0.60 by 2026. Overall, it’s evident that IOTX is a good investment for the long term. However, as we’ve said, bear in mind that it’s a new cryptocurrency that is prone to volatility.
Overall, IoTeX shows great promise and could pave the way ahead for IoT and blockchain.