IoTeX IOTX Price

What is IoTeX (IOTX)?

IoTeX (IOTX) is a decentralized blockchain network designed specifically for the Internet of Things (IoT). Launched in 2017, IoTeX aims to create a secure and scalable infrastructure that enables seamless interactions between devices, smart contracts, and decentralized applications (dApps). The platform supports a wide range of use cases, from smart homes and autonomous vehicles to supply chain management, facilitating a connected ecosystem where devices can communicate and transact autonomously. As of early 2024, IoTeX has integrated privacy features, allowing users to maintain control over their data while enabling interoperability among various IoT devices.

Who are the Founders of IoTeX?

IoTeX was co-founded by a team of experienced professionals in blockchain and IoT technology. The key founders include:

• Raullen Chai: A former engineer at Uber and a Ph.D. in Computer Science, he has extensive experience in building decentralized systems.
• Qin Zhou: An expert in IoT and cryptography, he has worked on various projects aimed at enhancing the security and efficiency of connected devices.
• Jing Sun: With a background in software engineering and entrepreneurship, she brings valuable insights into product development and market strategies.

This diverse team combines expertise in blockchain, IoT, and cryptography, which is crucial for the success of IoTeX in addressing the challenges of IoT integration.

How does IoTeX Work?

IoTeX operates on a unique architecture that combines several innovative technologies:

• Blockchain Layer: At its core, IoTeX uses a Delegated Proof of Stake (DPoS) consensus mechanism, which enhances transaction speeds and scalability compared to traditional blockchains. Validators are elected by IOTX token holders to create new blocks and validate transactions.
• Device Layer: This layer allows physical devices to connect to the IoTeX network securely. Devices can generate their own identities, enabling them to interact with smart contracts and other devices without centralized control.
• Smart Contract Layer: IoTeX supports Ethereum-compatible smart contracts, allowing developers to create dApps that can facilitate complex interactions between IoT devices.

IoTeX also utilizes a feature called "Roll-DPoS," which allows for efficient block production and transaction finality, making it suitable for high-volume IoT applications. The network can process thousands of transactions per second, making it ideal for real-time applications.

Top Use Cases of IoTeX

As of 2024, IoTeX has several prominent use cases that showcase its versatility:

• Smart Homes: IoTeX enables smart home devices to interact with each other securely, allowing users to automate processes and monitor energy consumption efficiently.
• Autonomous Vehicles: The platform facilitates secure vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communications, enhancing safety and traffic management.
• Supply Chain Management: IoTeX can track products through the supply chain using decentralized identifiers, ensuring transparency and accountability.
• Healthcare: In the healthcare sector, IoTeX enables secure data sharing between devices and healthcare providers, improving patient monitoring and data integrity.
• Digital Identity: IoTeX offers solutions for secure digital identity management, allowing users to control their personal data across various IoT devices.

How to Keep your IoTeX Safe?

To ensure the safety of your IoTeX (IOTX) tokens, consider the following best practices:

• Use Hardware Wallets: Store your IOTX in hardware wallets like Ledger or Trezor, which provide offline storage and enhanced security against hacks.
• Enable Two-Factor Authentication (2FA): Always enable 2FA on any exchange or wallet service to add an extra layer of security.
• Regularly Update Software: Keep your wallet software and devices updated to protect against vulnerabilities.
• Be Wary of Phishing Attacks: Always verify the authenticity of websites and links before entering sensitive information.
• Backup Your Wallet: Regularly back up your wallet recovery phrases and private keys in a secure location.

By following these steps, users can significantly reduce the risk of losing their IOTX tokens and enhance their overall security.