jakiro
1. Project introduction
The IOTEX platform was established in 2017 and is an open source blockchain project built for the Internet of Things (IoT).The goal of the project is to create a network that allows “people and machines can interact in an environment that protects privacy and no trust.”In addition, the IOTEX ecosystem includes blockchain technology with security hardware and computing, which can be used for decentralized applications (DAPP).
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The team behind the IOTEX platform is composed of industry -leading experts, and they have learned the experience of well -known people in the science and technology industry.In addition, the platform also uses random and scalable variants of the consensus mechanism for commissioned equity (DPOS) consensus mechanisms, called Roll-DPOS.Representatives of maintaining the network include Blockfolio, Coingecko and many well -known people in the industry.
In addition, IOTEX is also at the forefront of IoT and blockchain technology.The IOTEX platform combines hardware with connectivity and highly scalable technical architecture, allowing trusted devices to connect with credible data to achieve extensive practical applications and use cases.It is worth mentioning that the project is also selected as the co -chair of the Industrial Internet Alliance (IIC) blockchain group with Amazon and Huawei.
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The IOTEX platform was created from scratch.In just a few years, the project has created a number of blockchain -based IoT products.In addition, developers can also use the credible data provided by the IOTEX platform to create IoT and blockchain applications.By using various tools and services provided by the platform, developers can focus on the logic/application layer of their projects.Therefore, IOTEX provides an IoT service for plug -and -play, so that you can easily use trusted devices and data to create advanced applications.
2. Core mechanism
The working principle of IOTEX is to achieve a decentralized IoT (IoT) ecosystem through its innovative technical architecture and protocol.
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The following is a detailed introduction to the main working principle of IOTEX:
(1) Layout architecture
IOTEX uses a layered blockchain architecture to solve the problem of scalability and interoperability, while maintaining high security and privacy protection.
Root chain: As the main chain of the entire network, it is responsible for managing and coordinating the operation of all sub -chains (layered chains).The root chain runs the IOTEX consensus mechanism and network governance agreement.
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Root chain function
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Network governance: All important governance decisions such as network protocol updates and consensus mechanisms are carried out on the root chain.
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Security: The root chain provides a basic security framework for the entire network to ensure that interaction and data transmission between sub -chains are carried out in a credible and secure environment.
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Mutuality: Through the root chain, different sub -chains can communicate and exchange data from each other to achieve cross -chain interoperability.
Sub-chains:Used to support specific applications or services, such as data markets and smart home systems.Each sub -chain can have its custom rules and operating environment, serving specific application scenarios in the best way.
Sub -chain function
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Flexible deployment of new applications: Developers can create new sub -chains as needed to make solutions for specific applications or services.
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Optimized performance: By allocating different tasks to a special sub -chain, you can deal with a large amount of transactions and data without sacrificing the overall performance of the network.
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Improve scalability: The layered architecture allows the network to expand on demand, and supports more equipment and applications by increasing more sub -chains.
Edge Computing (Edge Computing): IOTEX uses edge computing technology to reduce delay and improve data processing speed and efficiency.This is essential for real -time data processing and rapid IoT applications.
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Edge calculation characteristics
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Reduce latency: By processing data in the place where data generation is generated, the data transmission time can be greatly reduced to provide support for real -time applications.
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Save bandwidth: Edge calculation only uploads the necessary information and processing results to the chain, reducing unnecessary data transmission and saving network bandwidth.
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Strengthening privacy protection: Data in local processing can reduce the risk of leakage of sensitive information and enhance data privacy protection.
(2) ROLL-DPOS consensus mechanism
IOTEX uses Roll-Delegated Proof of Stake (ROLL-DPOS) consensus mechanism, which is an improved version of DPOS consensus mechanism.ROLL-DPOS has increased the security and decentralization of the network through the volume elected block producer (delegates).Block producers are responsible for verifying the transaction and creating a new block, and the IoTX tokens can participate in the network governance through voting to elect the block producer through voting.
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The following is a detailed introduction to the Roll-DPOS consensus mechanism:
Basic principle
ROLL-DPOS is a improvement of Delegated Proof of Stake (DPOS).In DPOS, token holders choose a certain number of representatives (usually called “witnesses” or “representative node”) through voting, which are responsible for verifying transactions and creating blocks.Roll-DPOS has increased dynamic changes and randomness on this basis to enhance the degree of decentralization and security of the network.
Core
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Rotating representative nodes: Roll-DPOS uses random algorithms and time cycles (called “rotation” or “EPOCH”) to rotate the representative node elected.This rotation mechanism ensures the fairness and dynamics of network governance and prevent excessive concentration of power.
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Fast trading confirmation: Because the number of nodes is relatively small and the elected nodes usually have high performance, they can quickly reach consensus and confirm the transaction, which greatly improves the throughput of the network.
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Enhancement of security: By introducing random selection representative nodes, ROLL-DPOS reduces the possibility of attacking the potential malicious attacker election for fixed nodes to attack, thereby increasing the security of the network.
Voting and motivation
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Voting weight: In Roll-DPOS, token holders’ voting weight is directly proportional to the number of tokens it holds.Token holders can entrust their voting weight to their trust nodes.
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Incentive mechanism: The selected representative nodes will receive rewards generated by new blocks. These rewards are usually assigned to tokens who vote to support the node according to a certain proportion to motivate more users to participate in network governance.
Implementation effect
ROLL-DPOS enables IOTEX to achieve the processing capacity of thousands of transactions per second, while maintaining low latency and low energy consumption.This is very critical for the need to process a large amount of data and transactions from thousands of IoT devices and transactions.
Random and election
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Randomness: Randomness in ROLL-DPOS is generated by algorithms to ensure that the election of representative nodes is fair and unpredictable.
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Election process: The election process is usually carried out automatically. Tokens holders can change their votes at any time to reflect their satisfaction with node performance.
(3) Privacy protection
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At the beginning of design, IOTEX took privacy protection as the core consideration and adopted a number of technologies to protect the privacy of users and equipment:
Decentralization Identity (DID): Provide the unique identity identity for each device while protecting the privacy of the equipment owner.
Safety hardware: Integrate compatible security hardware to ensure that the data is encrypted and protected at the source.
Calculation of the chain: Sensitive data can be processed under the chain, and only the necessary information and results will be on the chain. This will not only protect the data privacy, but also use the unable to tampered with the blockchain.
(4) Interoperability and cross -chain communication
IOTEX is committed to achieving interoperability with other blockchain networks, supporting assets and data in the IOTEX ecosystem and seamless flow between other mainstream blockchains such as Ethereum, Binance Smart Chain (BSC), and Polygon.By establishing a cross -chain bridge, IOTEX enables IoT devices to access wider decentralized services and applications.
3. IOTX I’m
IoTX tokens are local cryptocurrencies of the IOTEX ecosystem, which aims to support various operations and services in the network.As a decentralized platform for the Internet of Things (IoT), IOTEX provides a safe, efficient and scalable IoT application solution through its unique technology stack, and IoTX tokens play a core role in this ecosystem.
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Main purpose
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Transaction costs: All transactions performed in the IOTEX network, including the execution of smart contracts, need to use IoTX tokens to pay.These costs are used to motivate block producers and maintain network security.
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Pledge and governance: IoTX token holders can participate in network governance through pledge of their tokens, including voting for important decisions such as network upgrades and parameter adjustment.In addition, pledge is also used for elected block producers, representing representative nodes under the Roll-DPOS consensus mechanism.
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Services and applications: In the IOTEX ecosystem, IoTX tokens can be used to access or pay various decentralized applications (DAPPS) and services, such as data storage, device management, and cross -chain operations.
Economic model
IoTX’s economic model aims to support the growth and development of the network for a long time.The maximum supply of tokens is designed as 10 billion IOTX.This supply is pre -set, the purpose is to maintain the stability and predictability of the token value.
The importance of IoTX tokens
The importance of IoTX tokens in the IOTEX ecosystem is not only reflected in its function as a trading medium, but also to inspire participants to maintain and protect the network, participate in governance decisions, and promote the sustainable development of the ecosystem.Through this mechanism, IOTEX aims to build a decentralized, secure and efficient IoT platform to meet the challenges and needs of future IoT applications.
Burn-Drop mechanism
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IoTX tokens are constrained by the tokens called “Burn-Drop”.When the platform is equipped with the first batch of 1 million IoT devices, the mechanism will delete 1 billion IOTX tokens from circulation (equivalent to 10%of the total supply).90% of these 1 billion tokens will be used for token destruction.
However, the remaining 10%will be “discarded”.This means that tokens will be distributed to voters who pledge more than 91 days through smart contracts.Burn-Drop plans to destroy 900 million IoTX tokens, equivalent to 9%of the total supply.In addition, 100 million IOTX tokens, that is, 1%of the total supply, will be discarded.
Supply and circulation
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The maximum supply volume of IoTX is 10 billion IOTX, and the total supply after the “Burndrop” incident is 8.8 billion IoTX.The token distribution is as follows: 24%of the supply of private equity, and the private equity tokens have been allocated from 2018 to 2020; the ecosystem accounts for 18%of the supply, and the ecosystem fund has been assigned to the “Burndrop” incident (10%)And the Halo Reward (8%).The ecosystem tokens are gradually unlocked within 3 years after the issuance date; the foundation accounts for 25%of the supply, the foundation tokens are gradually unlocked within 3 years after the issuance date; the team accounts for 15%of the supply, the team tokens are beginning to beginThe ownership within 4 years after the date, there are 6 months of cliff period, the first allocation is performed in February 2019; the Roll-DPOS mining reward accounts for 12%of the supply, which is mining reward; community reward plan: occupyAt 6%of the supply, the award plan tokens are gradually unlocked within 3 years after the issuance date.
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As of April 11, 2024, the price of Binance-PEG IOTEX was $ 0.077, and the transaction volume in the past 24 hours reached $ 61,689, showing a 7.77% growth.The price of IoTX tokens fluctuates between $ 0.007 and $ 0.008 in the past 24 hours, between 30 days between $ 0.006 and $ 0.009, and between $ 0.001 and $ 0.009 within one year.The market value of the token is $ 636,900.
4. Team/financing
The IOTEX team is composed of a number of experienced professionals. They have deep backgrounds and professional knowledge in the areas of cryptocurrencies, blockchain technology, IoT (IoT), security and privacy protection.
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The founder Raullen Chai has a PhD and has rich experience in cryptography and blockchain technology.Before co -founding IOTEX, he served as an engineer and research scientist at Google, and led research on security and privacy in Uber.Co -founder QEVAN has experience in technology giants such as Facebook and Google to engage in data science and growth strategies.He has a deep background in artificial intelligence and big data analysis.
In terms of partners, IOTEX has built a wide cooperation network including hardware manufacturers, network service providers, blockchain technology companies and other IoT related companies.
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So far IOTEX has completed four rounds of financing, raising a total of $ 10 million.The latest round is the Series A round on February 29, 2024.In this round of financing, IOTEX obtained an undisclosed amount from Borderless Capital.This indicates that the company has reached a new stage, which usually means that the company’s development is mature, and products or services have been verified.
5. Future development analysis
Future development forecasts always have uncertainty, especially in the rapidly changing blockchain and the Internet of Things (IoT).However, based on the technical foundation, ecosystem construction, and market trends that have been displayed by IOTEX, we can make some reasonable speculation on its future development:
Technical development
Extended compatibility: IOTEX may continue to expand the interoperability of other blockchain ecosystems, especially in DEFI and NFT space, which will help them increase the user base and market share.
Enhanced security: The security of the Internet of Things equipment is increasingly valued. IOTEX needs to continuously strengthen its security, including firmware, communication protocols, and data storage.
Ecosystem and market expansion
New partnership: Establishing new cooperative relationships, especially hardware manufacturers and service providers, will help IOTEX expand its application cases and user groups in the IoT field.
DAPP development: With the participation of more developers, DAPP in the IOTEX ecosystem may increase, covering more vertical markets, such as smart cities, health care, smart home and supply chain management.
Community and governance
Strengthen community participation: Establish more active developers and user communities to support network governance and ecosystem innovation.
Transparent governance: Improving the transparency of the governance process may attract more investors and users to have more confidence in the IOTEX project.
Economic model and token value
Tokens Economic Model Optimization: Adjusting the economic model to ensure the balance of tokens and demand, it may include to adjust the circulation through destruction, pledge rewards and incentive measures.
Market positioning: Clear market positioning. By clarifying its unique value proposition in the field of blockchain Internet of Things, it can increase the awareness and attractiveness of IoTX token.
Comply with regulations and standards
Regulatory compliance: Maintaining adaptability to the global regulatory environment, especially in terms of privacy and data protection, is essential for users and partners.
Expected challenge
Technical challenge: The diversity and complexity of IoT devices may lead to the challenges of technical integration.
Market competition: Faced with competition from other blockchain projects, especially those projects focusing on the Internet of Things field, IOTEX needs to continue to innovate to maintain competitiveness.
User adoption: Although the technical potential is huge, the speed of the user’s adoption may be limited by market education and industry acceptance.
Overall, the future development of IOTEX will highly rely on how their teams respond to technical challenges, expand their ecosystems, establish a strong community, optimize token model, and respond to supervision changes.Considering the combination of blockchain and IoT, IOTEX has the opportunity to become leaders in this emerging field.
