What is IOTEX?
IoTeX
IoTeX is dedicated to creating a decentralized platform of IoT-oriented and privacy-centric blockchain to address the scalability, privacy, isolat-ability, and develop-ability issues of IoT DApps and ecosystem growth through its core innovation of the ’blockchain-blockchains’ architecture. IoTeX is aimed to be the one who connect the physical world block by block as well as push the frontier of blockchain 3.0.
One of the key differences between IoTeX and other prominent IoT projects like IOTA and IoT Chain is that scalability will be achieved via the subchains, as opposed to the Directed Acyclic Graph (DAG) approach. This is what makes this project particularly attractive, given this technology is in its infancy, IoTeX could be an excellent hedge against the other DAG based projects.
IoTeX also plan on building out their own SDK and developer tools, and look to collaborate with other IoT companies to build DApps utilizing the IoTeX blockchain platform. These subchains will allow support for their own tokens.
Blockchain 3.0 for the IoT
IoT is the idea that physical things will ultimately connect to each other via the internet, creating endless opportunities for nodes to collaborate. Our mission is to connect the virtual world with the physical world, block by block. Tokens will incentivize developers to build better DApps for the IoT world.
The Internet of Things (IoT) is experiencing growth and many experts have pegged IoT as the next industrial revolution. Still it is still far from reaching mass due to low scalability, high operating costs, privacy concerns and lack of functional values.
Blockchain has a significant influence in the IOT by enhancing security, privacy, transparency and programmability. The enhancements empower the incorporation of an increase in the number of devices into the ecosystem, and a faster adoption of this revolutionary innovation.
However, most blockchains have limitations while handling large amounts of and heterogeneity of IoT devices. The privacy provided by blockchain is also limited.
IoTeX is the next generation IoT-oriented blockchain platform with strong scalability, privacy, isolatability and developability for incubating new IoT applications and ecosystems.
IoTeX consists of many blockchains that are hierarchically arranged, where many blockchains can run concurrently with one another while retaining privacy and interoperability.
The root chain, and public blockchain, manages independent blockchains or subchains; The root chain specifically focuses on scalability, robustness, privacy-preserving functions, and the ability to orchestrate subchains.
Subchains are provisioned by developers / companies to connect and interact with IoT devices, which requires flexibility and extensibility to adapt the requirements of IOTs.
On top of the structure, chychain transactional chunks are supported by converting values and data from subchains to root chunks or from one subchain to another via the root path.
- Built-in privacy-preserving techniques to achieve true privacy:
Based on lightweight cryptography, IoTeX integrates the stealth address for the receiver, the constant-size ring signature for the sender privacy, and BulletProof for the transactional amount to maximize the privacy.
- Real-time consensus scheme to improve throughput, reduce transactional cost
A new PoS-based consensus scheme (with RDPoS) with finite-elemental instantiation using Verifiable Random Function enables fast cross-blockchain transactions and supports millions of nodes with low latency, environment-friendly.
- Flexible and lightweight architectures to fit IoT applications in multiple fields.
Powered by IoTeX’s smart contracts, code is law. Devices can be autonomously coordinated without the existing privacy issues, human intervention and more efficient.
- IOTEX USECASE
Except the cutting-edge technology described above, more importantly, IoTeX is beyond proud of its unique advantage, support from the vibrant, positive supporters and communities around the world. By combining the community resources with its very promising solutions, we strongly believe that IoTeX can bring the blockchain into the IOT’s world step by step!
Telegram: https://t.me/IoTeXGroup
Twitter: https://twitter.com/iotex_io
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