IoTeX was founded in 2017 and operates as an open-source blockchain-based project. It is built to support use cases within the Internet of Things sector and allow humans and machines to interact in a completely decentralized manner. In particular, the platform hopes to solve the issue of lack of security and privacy. For example, home camera video recordings are owned by the provider.

The platform consists of its own blockchain and IoT middleware that has been developed with innovative hardware, architecture, and security features. It allows developer teams to launch IoT devices, applications, and networks whilst ensuring the privacy of users remains secure.

IOTX is the platform’s native cryptocurrency. It has a total supply of 9,700,000,000 IOTX.

What are IoTeX key features and how does it work?

The IoTeX network is composed of three core layers: Device Layer, Storage Layer, and Blockchain Layer:

The Device Layer plays a role in ensuring that data from connected devices is trusted and can thus be used in trusted applications. This layer works by providing devices with verifiable identities and ensuring that the actions of such devices can be verified by others.
The Storage Layer provides a place to securely store data that would otherwise be stored inefficiently on the blockchain, due to high costs and scalability issues. This layer consists of the IoT Cloud, data can be efficiently stored here with timestamped verifiability and data provenance. When required, data can be sent to the blockchain and used within smart contracts.
The Blockchain Layer is open-source and enables P2P transactions, as well as smart contract compatibility. IoT applications can be built here that provide a range of services and tools. They can extract data from the storage layer when needed.

What is noteworthy about IoTeX?

IoTeX has a unique decentralized identity (DID) framework. DID helps to ensure that devices and identities remain secure, as well as the data stored or related to them. In particular, IoTeXI is focused on building identities for devices and machines, as well as just humans. This is so that the applications and programs launched on the network can be interoperable with humans and machines, as well as expand the types of users of IoTeX to both categories.

What can IOTX be used for?

IOTX functions as a utility token for the IoTeX Network. It has several crucial use cases within the IoTeX ecosystem that help to maintain the platform’s operations. In more detail, this includes:

Gas fees, including paying transactions fees/smart contracts running on the IoTeX Network;
Staking, staking provides access to governance of the platform and helps to secure the network;
Accessing services such as engaging with applications hosted on the IoTeX blockchains;
Device Registrations, such as staking or burning tokens in order to register trusted devices.

Examples of applications using the IoTeX framework include:

Ucam - a security camera that is completely private;
Pebble Tracker - an asset tracking device that is decentralized, it also can communicate IoT data to the blockchain for use within smart contracts, such as climate, location, and motion data.

Where can you buy IOTX?

IOTX is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Binance, Kucoin, CoinBase Pro, Huobi Global, Gate.io, and MEXC Global. The price of IOTX will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for IOTX market prices, please view the price charts on this page.