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IoTeX

Connecting the Real World to Web3
Category
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Finance
Blockchain
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Ethereum, IoTex
Currency
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IOTX
Publisher
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ioTex Team
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What is IoTeX?
The IoTeX platform hosts an ever-growing ecosystem of projects and products that have been developed by members of the IoTeX community.

IoTeX is a decentralized platform that aims to connect real-world devices, data, and utility to blockchain-based decentralized applications (dApps) [1]. The platform is designed to enable developers to connect machines with web3 infrastructure and create a variety of products, including DeFi, NFT, DAO, Metaverse, and MachineFi [2]. One of the unique features of IoTeX is its focus on Decentralized Physical Infrastructure Networks (DePINs), which are an emerging trend in the crypto world. DePINs enable globally distributed individuals to build, maintain, and operate physical networks of infrastructure in a trustless, permissionless, and programmatic way [2].

IoTeX incentivizes DePIN users to build the network with crypto-economic protocols, offering cost-effective and innovative services to end-users. DePINs offer a more efficient and equitable model for infrastructure deployment, allowing users, device users, and businesses to own and monetize their infrastructure. DePINs, also known as Token Incentivized Physical Infrastructure Networks (TIPINs), EdgeFi, and Proof of Physical Work (PoPW), are the next evolution of the Internet of Things (IoT) for the Web3 ecosystem [2].

In addition to its focus on DePINs, IoTeX also offers a suite of blockchain-based protocols known as MachineFi. These protocols include DeFi, SSI (self-sovereign identity), DAO (decentralized autonomous organizations), NFT (non-fungible tokens), and decentralized device management, among others [3].

IoTeX is built on the Ethereum Virtual Machine (EVM) and uses a Proof-of-Stake consensus mechanism with a Delegated Proof-of-Stake (DPoS) system that enables users to vote for delegates to validate transactions on the network [1]. The platform also offers cross-chain interoperability with other blockchain networks, allowing users to seamlessly transfer assets across different platforms.

One of the main advantages of IoTeX is its user-friendly interface, which makes it easy for developers to build and launch decentralized applications. The platform offers a range of developer-friendly tools and resources, including APIs, SDKs, and documentation [1].

IoTeX also boasts robust security features, including end-to-end encryption, multi-factor authentication, and hardware wallet support. The platform uses a Byzantine Fault Tolerance (BFT) consensus algorithm and implements a range of security protocols, such as smart contract auditing and bug bounties, to ensure the safety and security of users' funds and data.

Finally, IoTeX offers low fees, making it a cost-effective choice for users who want to transact on the platform. The platform charges minimal fees for transactions and smart contract executions, making it accessible to a wide range of users.
Information
Type
Automated Market Maker
Blockchain
Ethereum, IoTex
Currency
IOTX
Platform
Windows, macOS
Publisher
ioTex Team
FAQ
Testing dApps functionalities consumes IOTX tokens, which can become very expensive if you develop on the IoTeX mainnet directly.
Mainnet IOTX is the native IoTeX blockchain token that is mined on mainnet by IoTeX Consensus Delegates. This is the token that you find on both centralized or decentralized exchanges which holds a real monetary value.
IoTeX is a blockchain platform designed for the Internet of Things (IoT). It aims to provide a secure and scalable infrastructure for IoT devices and applications, enabling data privacy, trust, and interoperability in the IoT ecosystem.
IoTeX utilizes a combination of blockchain technology, cryptographic techniques, and secure hardware modules to establish trust and protect the integrity of IoT devices and the data they generate. It enables end-to-end encryption, secure data storage, and decentralized governance to enhance security and privacy.
The IoTeX platform offers various features and capabilities, including decentralized identity (DID) for IoT devices, verifiable data integrity, interoperability with other blockchain networks, cross-chain communication, and support for smart contracts. It provides developers and businesses with tools to build and deploy innovative IoT applications.
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