The IoTeX cryptocurrency was established in 2017 as an open source blockchain platform with a vision for reliable IoT, a decentralized ecosystem through which people and machines can interact with secure security and confidence.
The project’s main task is to ensure that ordinary people and companies can own their devices and the valuable data they generate and control. by connecting the physical and digital worlds, IoTeX will democratize access to machine powered DApps, assets, and services to deliver value to users and boost the new machine economy.
Current IoT technology also lacks interoperability, privacy, and security. IoTeX is a decentralized blockchain that aims to solve privacy and scalability issues that can arise with IoT adoption, while closing the gap between the digital and real worlds.
IoTeX Coin Products
The IoTeX platform now hosts an increasing number of DApps and products developed by the IoTeX community, and includes the following projects:
today, Wallet: It prepares the official portal of the IoTeX network and portal to IoTeX DApps apps and services.
Cyclone Protocol: It is a jammer on the privacy of the symbol or transaction with liquidity mining.
MintToken: a tool used for mining and minting tokens that allows anyone to create their XRC20 and XRC721 codes.
Health Network: It is a HIPAA-compliant platform, especially with reliable and transparent medical supply chains.
Hyper Aware: A DAPP tool used to manage connected devices and data based on their actual location.
Bean Count: A double-entry accounting tool.
Cat Journey: An online game. Players can explore a dynamic digital world and rechargeable fibrous entanglement.
Vitality (VITA): A decentralized symbolic system for additional community incentives and educational rewards
Working mechanism for IoTeX cryptocurrency
The currency IoTeX uses the authorized POS consensus (OPD) rate that allows fast and cheap connectivity through blockchain. As auditors (commissioners) in the network are selected by stakeholder votes, and when auditors create valid blocks, voters (stakeholders) are also encouraged. Besides… Delegates come from all over the world where they help IoTeX process millions of transactions. The DPoS protocol has also been integrated with other mechanisms such as Byzantine Practical Error Tolerance (PBFT) as. well as verifiable random functions (VRF) to improve decentralization and scalability.
The IoTeX protocol also uses multiple side chains to improve scalability, given that IoT has a variety of applications, one blockchain cannot. meet all the needs of different applications, as this can cause network congestion. Therefore, side chains have been. implemented to interact with these applications as needed and reduce the load on the main chain, where each side chain serves each device respectively.
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