Project to Watch: IoTeX

The IoTeX project aims to create a decentralized platform capable of combining “Internet Things” (IoT) capabilities across several strata. The network is based on the blockchain and is focused on creating a secure, confidential environment.

Despite its rapid evolution, the scope of IoT is still far from mass adoption and does not have any significant projects that would attract new users to this ecosystem.

Objectives

The development of this area is hampered by problems such as low scalability, high operating costs, confidentiality problems and the lack of functional values.

IoTeX solves these problems by introducing an ecosystem based on digital tokens into the IoT ecosystem because enthusiasts firmly believe that digital currencies and community efforts are two critical forces for promoting innovation in the field of IoT.

Simply put, IoTeX is an IoT-oriented technology platform with reliable scalability, confidentiality, isolation, and the ability incubate and develop new profile applications and ecosystems.

Development Team

Below is a rundown of the development team behind IoTeX.

Raullen Chey: co-founder, Ph.D. and researcher in the field of cryptography at UWaterloo, head of cryptography at Uber, a security engineer at Google, has more than eight years of experience working with cryptographic and blockchain projects.

Qevan Gvo: co-founder, Ph.D. at the National University of Singapore, software engineer and Facebook researcher, investor and advisor, author of more than 20 scientific publications and patents.

Jing Sun: co-founder, founding partner at Sparkland Capital, specializes in Frontier Tech, leads more than 40 investment projects and innovations in the blockchain, security, and IoT, has extensive experience in launching start-ups.

Xinxin Fan: head of cryptography, Ph.D. in cryptography at UWaterloo, a senior research engineer at Bosch Research, has 14 years of research experience in information security and cryptography, author of over 40 publications and patents.

Dustin Xie: blockchain engineer, Ph.D. in data security at USC, a software engineer at Intel, 12 years experience in distributed systems, content protection, hardware video acceleration, streaming network video, an enthusiast cryptographer and a blockchain supporter.

Official website: iotex.io.

IoTeX Technologies and Applications

According to the company whitepaper, IoTeX is a hybrid of several blockchain options, connected in a single format – the root chain plus subchain.

Consider the differences between primary and secondary chains.

The list of characteristics of two block chains includes the following parameters:

  • Root: publicity; scalability (on demand); very high level of protection; confidentiality (upon request); instant block creation speed.
  • Subchain: publicity/privacy; scalability (depends on the specific project); high level of protection; confidentiality (may vary in different projects); instant block creation speed.

When combining both chains, four options are available for their use. IoTeX has the potential to be applied in the following areas: crewless vehicles; personal identification; data exchange systems; and management of a “smart” home.

Many experts believe that crewless vehicles and smart homes will be the biggest driver for the development of blockchain technology in the foreseeable future. In Singapore, these two areas are already considered to be the most promising for rapid growth because they have a high potential to influence the average man in the street.

Price and Liquidity

At the time of writing, the IOTX token price was valued at $0.0074246856 (+2.75%), which is equivalent to 0.0000800996 ETH and 0.00000209 BTC. The coin’s 24-hour volume is arounf $386,000 with a total marke cap of $11.3 million.

Returns since ICO are highlighted below:

  • USD: 1.05x
  • ETH: 6.37x
  • BTC: 2.65x

We see that token is still holding its price relative to USD. It is trading on several exchanges, including Binance.

From fundamental news aspect, the project’s mainnet launch is expected this month.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Vladislav Semjonov has a legal and financial background. He has been involved in crypto space since early 2017 in both ICO advising positions in several ICO consultancy firms, and as an ICO analyst for VC. He began contributing for Hacked.com in April 2017.