Iotex Coin (IOTX) Token. What is it, how to buy and price?

In this article we will talk about Iotex Coin (IOTX) Token, a very promising project that below we are going to give you all the information and we are going to explain how to buy IOTX Token.

Iotex (IOTX Network) IOTX Token. Welcome to the Internet of things you can trust

Smart devices are now emerging in our homes, businesses, and cities at breakneck rates. By 2030, more than 100 billion devices will be activated worldwide, outnumbering humans by 10: 1; This phenomenon is called the Internet of Things (IoT). Whether you’re a homeowner using a security camera to protect your family, a farmer using drones to monitor his crops, or an athlete using wearable devices to optimize his workouts, the IoT is impacting everyone and everything.

IoT connects our world in unprecedented ways, but it also opens a portal to our private lives. Over the past decade, governments and companies have blatantly monitored our activities, collected and sold our data, and violated our fundamental right to privacy on a global scale. Is this the future we must accept? No, we have the opportunity to redesign our world with privacy and data ownership as first principles to ensure that IoT benefits ordinary people and businesses, not omnipotent institutions.

IoTeX’s mission is to enable a borderless ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. We envision a future in which users, not institutions, have full control of their devices and data. No intrusive ads or surveillance, just privacy and peace of mind. We call this vision the Internet of Trusted Things.

Powered by the IoTeX platform, the Internet of Trusted Things is the first open, secure and human-centric ecosystem of autonomous devices and users. With Internet of Trusted Things, we can finally have the peace of mind of knowing that our data, identity and privacy are our property, not our institutions. Join IoTeX in our mission to establish a new privacy paradigm for smart devices and elevate device users and manufacturers to new heights; together, we can build the future we deserve.

What is IoTeX (IOTX)?

IoTeX (IOTX) is the scalable private “blockchain within a blockchain” solution to power the Internet of Things (IoT).

It is designed to connect the physical world of Internet devices block by block, and it will be fast and scalable thanks to the unique Roll-DPoS consensus mechanism. IoTeX also provides a lightweight technique to preserve privacy.

However, given the extensive list of privacy coins and IoT solutions, can they really be differentiated?

In this IoTeX review, we will give you a full description of the project. We will delve into the technology, team members, and use cases. We will also take a look at the development roadmap and cases for wider adoption of the IOTX token.

Starting as an open source project in 2017, IoTeX has built a decentralized platform that aims to empower the trusted Internet of Things, an open ecosystem where people and machines can interact with guaranteed trust, free will, and complete privacy.

With a global team of more than 30 research scientists and engineers behind it, the project’s intention is to combine blockchain, secure hardware, and confidential computing to enable privacy-preserving smart networks and devices.

It is a private blockchain within a blockchain solution designed to power the Internet of Things ( IoT ). IoTeX was designed to connect the physical world of Internet devices and be fast and scalable through the use of a unique Roll-DPoS consensus mechanism.

idea of ​​IoTeX

number of IoT devices is expected to exceed 50 billion by 2022 according to research by Juniper Research. That’s a large number, and this vast number of Internet-connected devices will also need secure methods of communication and automation in real time.

re are several issues that have prevented the mass adoption of IoT technology until now. se include:

  • Scalability;
  • Lack of privacy;
  • High operating costs;
  • Lack of functional value.

IoTeX plans to solve these problems with a privacy-centric blockchain that provides flexibility and scalability by leveraging a rapid consensus mechanism that is based on Proof of Stake, combined with the use of sidechains.

Part of the technology that powers IoTeX.

IoTeX is not without competition. One of its biggest competitors is IOTA, which uses Directed Acyclic Graphics (DAG) technology to solve scalability issues and provide a lightweight platform for devices with low power requirements.

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However, IOTA’s use of DAG technology comes at a price, and that price is the global consensus. IoTeX developers think this price is too high and are looking to design a blockchain solution to go beyond scalability issues. His vision includes a blockchain that is made up of many blockchains. re will be a root blockchain responsible for the security and governance of the network, and then sidechains that carry out specific functions.

Who are the founders of IoTeX?

founders of IoTeX are Qevan Guo, Jing Sun, Xinxin Fan, and Raullen Chai.

Qevan Guo is also a co-founder of Hyperconnect Lab. He used to be a research scientist and engineering manager at Facebook.

Jing Sun also works as a managing partner at Sparkland Capital. She is an LP investor at Polychain Capital and an angel investor at Rippling.

Prior to co-founding IoTeX, Xinxin Fan was a Senior Research Engineer at the Bosch Research and Technology Center, North America. He has also worked as a research associate and project manager at the University of Waterloo.

In addition to being a co-founder of IoTeX, Raullen Chai is also an advisor to BootUP Ventures and is a member of the Industrial Distributed Accounting Task Force at the Industrial Internet Consortium. He used to work as an engineering security and crypto R&D leader at Uber.

IoTeX technology

In terms of architecture, IoTeX aims to become the spinal cord and nervous system of IoT systems. This architecture includes the following design features:

Task separation

When it comes to IoT, many different features are needed on a blockchain, because different applications have different needs. This makes it impractical to put all IoT nodes on a single blockchain. Also, it would cause the blockchain to inflate, which would make calculations slow and heavy.

So, IoTeX is working with the idea of ​​a separation of duties. This means that sidechains will be created for each required function, and these sidechains will be able to interact with each other when necessary. By creating sidechains, the team believes that they can maximize the efficiency of the blockchain and its privacy.

Built-in privacy

IoTeX has included several mechanisms to ensure that the privacy of users and transactions is preserved. One way to do this is by using ring signatures. It adds to this with a forwardable payment code to hide the address of the recipient of the transaction.

Confidential transaction with public verification.

And all of this is based on a lightweight address system that does not require receiving addresses to scan the entire network and stay on top of incoming transactions.

Occam’s Razor

Occam’s Razor is a principle that says the simplest solution is usually the correct solution. When you apply this to IoT, it means that different devices have different needs and IoTeX addresses this in the simplest way possible, giving each device just what it needs through separate sidechains. An example of this is where transactions need to be retransmitted. se blockchains do not require full Turing contracts and can be much simpler.

IoT compatible

IoT blockchain solutions must be lightweight and minimize energy use, as well as storage and computational needs. A unique design feature of IoTeX is that its blockchains can run together and maintain interoperability. This is done by using a root blockchain combined with sidechains.

Root blockchain and side chains

IoTeX architecture consists of a chain of root blocks that provides security and governance for the network, while managing the substrings. Those substrings are used to connect IoT devices that operate in similar environments, have similar trust levels, or have a similar functional purpose.

IoTeX Network Architecture Overview

This has several benefits, one of which is that if any substring is attacked, the root chain is not affected. With the IoTeX blockchain, this architecture is also called a ‘chain of blocks within a chain of blocks’.

Blockchain communication

With the IoTeX protocol, communication through blockchains is fast, efficient, and inexpensive. developers have included the purpose of the block in the solution, ensuring that no newly created blocks can be modified.

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It also includes linking, which is a method of using sidechains to scale the Bitcoin network. Public blockchains generally do not include snapshot finality, but the IoTeX consensus mechanism can achieve snapshot finality.

How is the IoTeX network protected?

IoTeX has several mechanisms that guarantee the privacy of users and transactions. Some of these are ring signatures and the trusted payment code that hides the address of the recipient of the transaction.

Delegated proof-of-stake jobs by getting stakeholders to vote for block producers on the network. number of block producers is set and once chosen, they are responsible for adding new blocks to the blockchain.

For doing so, they receive rewards that they can distribute to stakeholders who voted for them, incentivizing block producers to continue working and stakeholders to continue voting for block producers.

IoTeX Roll-DPoS Consensus

Delegated Proof of Stake works by getting stakeholders to vote for the network’s block producers. This is a fixed number of block producers, and once they are elected, they are still responsible for adding new blocks to the blockchain.

y receive rewards for doing so, which they distribute to the stakeholders who voted for them. This process incentivizes block producers to continue producing blocks and encourages interested parties to vote for block producers.

DPoS consensus mechanism is not without its flaws. First of all, the established static number of block producers means that the network never achieves decentralization. In seconds, and important for an IoT blockchain like IoTeX, is that it cannot handle complex blockchain architectures or multiple large-scale applications running simultaneously.

Random delegated proof of stake. via the IoTeX whitepaper

IoTeX plans to solve these problems with its Random Delegated Proof-of-Stake (Roll-DPoS) algorithm. This combines DPoS with Verifiable Random Functions (VRF) and Byzantine Practical Fault Tolerance (PBFT). By including all three unsurts, the Roll-DPoS consensus can achieve massive scale and improved decentralization.

IoTeX team

team behind IoTeX has a wealth of experience in crypto and cryptocurrencies. Raullen Chai is a co-founder of the project and, in addition to being a research scientist at the University of Waterloo, he also has a PhD in cryptography. Previously, he worked at Uber as the head of crypto research and development, and prior to that, he was a security engineer at Google.

Qevan Guo is another co-founder of IoTeX and has a PhD in machine learning and computer vision from the National University of Singapore. Before working on IoTeX, he was a scientific researcher and engineering manager at Facebook.

IoTeX founders and team members

third co-founder of IoTeX is Jing Sun, who has led more than 40 investments in security, blockchain and IoT. She brings business experience to the project, having previously been a founding partner of Sparkland Capital, a venture capital firm connecting Asia with Silicon Valley.

It has already been able to secure several strategic partnerships, such as one with the Blockchain Foundation and another with Jinse, a blockchain industry services platform. Another key partnership with smart contract verification and security firm CertiK was announced last June. y will help ensure that the IoTeX blockchain and smart contracts are fully secure.

IOTX Tokens

IOTX token is an ERC-20 token that will be switched to a native token (scheduled for Q1 2019). Once traded, the native token will take the ticker symbol IOTX and can be mined for the next 50 years. re are currently 1,331,040,005 IOTX in circulation, and there is a limited total supply of 10 billion tokens.

alpha mainnet is scheduled to go live in Q1 2019. At that time, a token swap for the native token will occur and the tokens will be used to power the IoTeX network, including powering distributed applications and transactions of power.

largest volume of operations is in Binance IOTX token, with much smaller amounts traded on Kucoin and Gate.io . A small amount is also traded on Bilaxy.

As an ERC-20 token, IOTX can be stored in any ERC-20 compliant wallet, however once it is exchanged for the native IOX token, the native IoTeX wallet will need to be used. re is a beta version of the wallet available at https://iotexscan.io/wallet .

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Development and roadmap

One of the best ways to get an idea of ​​how much work your project is doing is to take a look at your GitHub activity. This will give you an immediate metric of the code that is sent weekly or monthly. Taking a look at the IoTeX Github repository , they still seem to be quite active.

IoTeX GitHub compromises for the central repository and the browser. Source: GitHub

If we were to take a look at the frequency of IoTeX confirmations compared to other projects, they are ranked 90 (updated until October). This places them between the privacy-focused Zcash (ZEC) commitments at 89 and Trinity Network at 91.

Looking at the IoTeX roadmap, we can see that the next big step to be achieved is the launch of their Mainnet alpha in Q1 2019. Shortly thereafter, in Q2 2019, they are expected to launch their DApps of IoT that will allow integration with smart devices. If all goes according to plan, we could expect to see the Beta in the third quarter and then the Mainnet GA in the fourth quarter.

In terms of general communication, the IoTeX team seems to be quite engaged with their community. For example, Binance Info recently granted them a Gold Label status. According to Binance:

Gold Label Project is to help ensure that users get timely updates on crypto projects, as well as reliable, accurate, and complete information.

In fact, this seems to be the case because if you head over to the official IoTeX blog you can see how regularly they post updates. y do this in both English and Korean, given the geographic locations of most of their community.

How to buy Iotex Coin (IOTX) Token?

You can buy IOTX on all the major cryptocurrency exchanges. exchange with the highest volume and lowest slippage is Binance. You can buy IOTX using BTC, ETH, USDT, or BNB.

In our case for the tutorial we are going to buy it with USDT

STEP 1 To buy Iotex Coin (IOTX) Token on Binance

  • Logically the first thing will be to enter Binance, if you are not registered do it here.

Once inside Binance, we have to buy USDT, we can do it with a credit or debit card in the “Buy Crypto” section.

STEP 2 To buy Iotex Coin (IOTX) Token on Binance

  • Once with our USDT in Binance, we have to buy Iotex Coin (IOTX) Token and for that we are going to go to “TRADE” to then choose “CLASSIC”.
  • Now once inside we go to the right side of the page and look for the IOTX Token and select the PAR “IOTX / USDT” and click on it.

STEP 3 To buy Iotex Coin (IOTX) Token on Binance

  • Once inside the Classic Market and selected the IOTX / USDT pair, we put the amount of USDT that we want to exchange for IOTX and we give it to buy.
  • And voila, we have our IOTX Token on Binance.

I hope you liked the article and if so, share it on social networks and with your friends.

PRICE Iotex Coin (IOTX) Token Live:

We can see it on the same Binance platform.

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