IoTeX(IOTX)

A Decentralized Network Focused on Web3 Machine Economy.

The IoTeX Layer 1 blockchain network is EMV-compatible and powered by Roll-DPoS consensus. The platform allows builders to launch Solidity-based Dapps, tokens, and NFTs with low gas fees and 5-second block time with instant finality. IoTeX is the fast and scalable blockchain platform that connects real-world data to on-chain dApps. Combining innovations in blockchain, hardware, data oracles, and identity, IoTeX provides the foundation to power the future decentralized machine economy.

IOTX is the native token of the project. The current use cases for IOTX include:

Transaction Fees: Users spend IOTX to pay transaction fees, access Dapps, register devices, and interact with the network.

Staking: Users can stake IOTX to participate in network consensus and earn IOTX rewards in return. These rewards are collected from gas fees and re-distributed to network participants.

Governance: By staking, IOTX holders can participate in network governance and have voting power.

Native dApp Development: Developers can utilize IOTX to power their smart contracts, build dApps, and create new tokens on the IoTeX multi-chain platform.

The project consist of the following major components working in conjunction:

Identity of Things: This enables machines to have a self-sovereign identity and own their data, currently being standardized via IEEE 'Identity of Things' Standard.

W3bstream: A Layer 2 computational oracle that brings verifiable, real-world data from IoTeX-powered machines to smart contracts in a trusted manner.

MachineFi Portal: An open portal where developers and users can register devices, visualize data, and interact with MachineFi dApps

ioTube: A cross-chain bridge that facilitates two-way token swaps between IoTeX, Ethereum, BNB Chain, and other top L1s.

Burn-Drop: IOTX is deflationary, as IOTX is burned (permanently removed from circulation) and airdropped to users after every new device is registered to the IoTeX Network.

As of April 25th 2022, the maximum token supply of IOTX is 10,000,000,000 and the total supply is 9,626,124,332. The current circulating supply is 9,540,000,000 (~99% of the total token supply).

Learn more about the tokenomics of IOTX here.

What Is IoTeX?

IoTeX is changing the status quo by empowering builders and users to become owners and beneficiaries of the trillion-dollar machine economy. This economy will be powered by hundreds of millions of smart devices and estimated by McKinsey to reach up to $12.6 trillion by 2030. By connecting the real world to Web3, IoTeX will ensure everyday people can own and control their devices, as well as the data and value they generate. IoTeX is enabling a new design space for Web 3 builders to create innovative machine-backed dApps, tokens, and DAOs, and also introducing a new category of MachineFi use cases for blockchain.

IoTeX recently launched its new multi-chain wallet. ioPay 2.0 is a decentralized mobile wallet providing an enhanced, user-friendly experience for novice and experienced Web3 users alike. It allows users to switch over 13,000 different digital assets across crypto accounts from IoTeX, BNB Chain, Ethereum and Polygon. It supports transfers and swapping of all the crypto assets and gives easy access to hundreds of dApps.

How does IoTeX work?

IoTeX is a full-stack platform that enables trusted and verifiable data from trusted machines for use in trusted dApps. The IoTeX platform is open-source and built from the ground up, including an EVM-compatible Layer 1 blockchain, unique IoT-focused protocols, and a suite of user-and developer-friendly tools. IoTeX has had smart contract functionality since 2018 and cross chain capabilities.

The IoTeX Network is governed and maintained in a decentralized fashion by 70+ Delegates, including Binance, CoinGecko, and Blockfolio. Network transactions and smart contracts are fueled by the IOTX token, which also provides token-holders the opportunity to stake and participate in network governance.

IoTeX added Web3-compatibility to enable industry-standard tools like MetaMask, Truffle, Remix, and more to be utilized by users and developers.

IoTeX enables all types of IoT devices to register their data and activities to the blockchain, creating a verifiable "single version of the truth" as a foundation of trust. This enables Dapp builders to engage at a P2P level with device users and fosters incentive-based value creation without the need for intermediaries. This in turn supports a future decentralized machine economy, in the same way, DeFi enables a virtual crypto economy.

What are IoTeX's use cases?

The IoTeX Network is home to an ever-growing ecosystem of dApps, tokens/NFTs, and tools. Since 2021, IoTeX has powered over 140 DeFi, MachineFi, NFTs, and GameFi dApps including: mimo (DEX) Filda (money markets), ZoomSwap (yield farm), StarCrazy (P2E), IoTeX Punks (NFTs) and more.

IoTeX is also empowering an entirely new category of MachineFi use cases that enable users to earn digital assets based on their real-world data and activities. All types of machines, or smart devices, can be registered onto IoTeX and deliver verifiable facts about the real world to the Dapps, a concept IoTeX calls "Proof-of-Anything”.

IoTeX has partnered with enterprises and hardware manufacturers to develop the world's first blockchain-enabled devices and IoT systems. Some notable products and initiatives powered by IoTeX include:

Ucam: A home security camera that utilizes decentralized identity to provide privacy and data ownership for users.

Pebble Tracker: A tamper-proof asset tracking device that streams verifiable GPS, climate, and motion data to dApps. Now listed on Mouser Electronics.

Automotive and Supply Chain Pilots: Working with MOBI, US Navy, and Industry IoT Consortium (IIC) utilizing Pebble Tracker technology.

Blockchain Standards: Developing within IEEE and Confidential Computing Consortium (CCC).

In the future, IoTeX will serve as the Web3 industry's universal hub for real-world data, fueling Dapps on IoTeX as well as dApps on other Layer 1 networks.