IoTeX

About IoTeX

IoTeX is an innovative privacy-centric blockchain platform that aims to fulfill the vision of a truly decentralized Internet of Things (IoT). Founded in 2017 by Raullen Chai, Jing Sun, Xinxin Fan, and Qevan Guo, IoTeX leverages blockchain, trusted computing, and privacy-preserving technologies to create a secure, scalable, interoperable, and lightweight infrastructure for the Internet of Things.

Overview of IoTeX Network

The IoTeX network is built on a decentralized architecture with four key components – the root chain, subchains, sidechains, and cross-chain bridges. The root chain serves as the trust anchor and coordinates network resources. Subchains and sidechains allow for customizable security levels and interconnectivity. Cross-chain bridges connect IoTeX to external blockchains.

This flexible multi-chain structure enables IoTeX to support a wide range of IoT applications with diverse requirements – from consumer gadgets to industrial systems. The network utilizes an innovative Roll-DPoS consensus that combines delegated proof-of-stake with ultra-lightweight randomized signing. This optimizes efficiency, security and decentralization.

Native Cryptocurrency Token (IOTX)

The native cryptocurrency of the IoTeX network is called IOTX. It serves as the “fuel” that powers the IoTeX ecosystem. IOTX is used for operations like executing transactions, deploying smart contracts, incentivizing participants, and utilizing decentralized applications.

IOTX employs the ERC-20 standard, with a fixed total supply of 10 billion tokens. New tokens are minted through block rewards, with an annual inflation rate that decreases over time. IOTX is traded on major exchanges and can be stored in ERC-20 compatible wallets.

IoTeX Blockchain Technology

IoTeX utilizes innovative blockchain technology and trusted computing techniques to ensure robust security, privacy, and trust. Some key innovations include:

• Roll-DPoS consensus: Combines delegated proof-of-stake with lightweight techniques like Hare and DFINITY to optimize decentralization, scalability and efficiency.
• Subchains: Customizable sidechains that enable granular control over security and resources for diverse IoT applications.
• Trusted Execution Environments: Leverages Intel SGX and other trusted hardware to protect sensitive computation and data for IoT devices.
• Ring signatures: Provide anonymous and untraceable transactions on the IoTeX blockchain.
• Lightweight privacy-preserving techniques: Such as anonymous communication channels and zero-knowledge proofs.

IoTeX Consensus Mechanism

IoTeX has developed an efficient delegated proof-of-stake consensus called Roll-DPoS. This mechanism randomly selects a small subset of delegates to produce each block. The unpredictability prevents corruption while the small block producer set achieves faster block times.

Voting power is distributed across the network based on the number of staked IOTX tokens. Block rewards are shared between delegates, voters, and DApp/smart contract developers. Roll-DPoS incentivizes decentralization and enables IoTeX to support ultra-lightweight IoT devices.

IoTeX Smart Contracts

The IoTeX network supports Ethereum-compatible smart contracts. Developers can use Solidity to build decentralized applications on IoTeX. The native WASM smart contract engine provides faster execution and lower costs compared to the EVM.

IoTeX smart contracts can access real-time data from the physical world through Oracle Core – a decentralized oracle protocol that connects IoT devices to blockchains. This expands the possibilities for automated IoT systems powered by smart contracts.

IoTeX Decentralized Applications

In addition to smart contracts, IoTeX enables various decentralized applications across industries – from supply chain to healthcare. For instance, IoT Chain utilizes IoTeX to build an open ecosystem for consumer IoT devices. Biometric authentication company IriTech uses IoTeX to offer blockchain-powered iris recognition solutions.

IoTeX also launched Pebble – a decentralized asset tracking system. Pebble uses IoT devices like RFID tags and sensors to provide verifiable real-time monitoring of assets. It leverages blockchain, trusted computing and edge computing to ensure transparency, security and efficiency.

IoTeX Use Cases and Adoption

IoTeX is designed specifically for the Internet of Things, making it well-suited for IoT-driven use cases across domains. For example:

• Supply chain – Track assets in real-time, ensure authenticity, prevent counterfeiting.
• Healthcare – Securely share medical data, access records, remote patient monitoring.
• Automotive – Transact machine-to-machine, enable self-driving payments.
• Consumer IoT – Incentivize data sharing from wearables, enable P2P transactions.
• Industrial IoT – Remotely monitor facilities, coordinate autonomous machinery.

To drive adoption, IoTeX is expanding partnerships, building developer tools, and launching its own devices like the Ucam privacy camera. Backed by a global team, IoTeX has the potential for significant growth as IoT expands.

IoTeX Team

IoTeX has assembled an impressive international team with decades of experience across blockchain, cloud computing, cryptography, and hardware.

Co-Founder Raullen Chai is a former Research Scientist at Uber and got his PhD in Cryptography from UPenn. Jing Sun, another Co-Founder, previously led cloud security at Oracle and co-authored the OASIS Key Management Interoperability Protocol.

The team includes graduates from MIT, Harvard, Stanford and other top universities alongside engineers from Google, Facebook, Oracle, Uber, Bosch and more. The IoTeX Foundation oversees research and development.

Conclusion

In summary, IoTeX is an ambitious project tackling the key challenges of privacy, scalability, and interoperability for the Internet of Things. With its innovative technology and strategic vision, IoTeX aims to spearhead the next generation of the decentralized IoT economy. If successful, IoTeX could become the backbone infrastructure powering secure IoT networks around the globe.