IoTex (IOTX) A Decentralized Network for Internet of Things
IoTeX is the future of the IoT-oriented blockchain platform with wide scalability, privacy, isolatability, and developability for producing innovative IoT applications and ecosystems. It is a certainty on their “Blockchain in Blockchain” architecture which is a system of several blockchains that are organized in a hierarchical order, where various blockchains can operate concurrently with one another while maintaining interoperability.
In the IoTeX Network, the root blockchain controls several independent subchains. Every subchain links and interacts with IoT devices that distribute something in general, e.g., they have a comparable operative purpose, function in similar environments, or share the same level of trust. If a subchain is being attacked or encounters software bugs, the rootchain remains unaffected. Additionally, cross blockchain activities are sustained to transfer value and information from subchains to the rootchain or from one subchain to another via the rootchain.
To keep all transactions wholly private and anonymous, IoTeX integrates stealth address for receiver privacy, ring signature for sender privacy and Pedersen Commitments for making transaction amount not visible.
Based on IoTex’s Whitepaper, the network is a combination of blockchains connected as one, the Root Chain & Subchain.
The consensus mechanism is a novel system of Randomized Delegated Proof of Stake (R-DPoS), which combines elements of DPoS, Practical Byzantine Fault Tolerance, and Verifiable Random Functions. This mechanism illustrates a block leader and helps the fast transaction confirmation required for high-throughput IoT systems. The IoTeX token will initially be launched as an ERC20 token, which will later transfer to protocol level tokens on the mainnet blockchain layer. The token is utilized as a unit of exchange on the network, including transaction execution and funding of IoTeX-based applications.
IoTex (IOTX) Token
The native digital cryptographically-secured token of the IoTeX Network (IOTX) is a significant element of the ecosystem on the IoTeX Network and is intended to be utilized solely on the network. Before the launch of the IoTeX mainnet, the token exists as an ERC20 compatible token on the Ethereum blockchain, which will be transferred to a token on the IoTeX mainnet when the equivalent is launched.
IOTX is needed as a virtual crypto “fuel” for utilizing some designed functions on the network such as performing transactions and operating the distributed applications on the IoTeX Network, rendering the economic incentives which will be used to assist participants to contribute and maintain the ecosystem on the IoTeX Network.
30%: Community & Ecosystem
24%: Token Sale
6%: Community Reward Program
The IoTeX team is comprised of individuals experienced and expert in both software engineering and entrepreneurship. They also have an in-house blockchain engineer which implies that they won’t have to depend entirely on advisors on that aspect.
Raullen Chai – Co-founder
A Ph.D and Research Scientist in Cryptography at UWaterloo. He is also the head of Crypto R&D at Uber, Security Engineer at Google, and has 8+ years of background in cryptography and blockchain.
Qevan Guo – Co-founder
Ph.D in Machine Learning and Computer Vision at National University of Singapore. Engineering Manager and Research Scientist at Facebook. Growth Hacker. Startup investor and advisor. 20+ publications / patents.
Jing Sun – Co-founder
Founding associate of Sparkland Capital, concentrating on Frontier Tech, lead 40+ investments and innovations in the blockchain, security, and IoT. He is also a board director on various companies. Extensive experience in startup, investments and building up ecosystem.
Xinxin Fan – Head of Cryptography
A Ph.D in Cryptography at UWaterloo. Sr. Research Engineer at Bosch Research. He has 14 years of research and industry background in information security and crypto. He also have 40+ publications / patents.