IOTX
Reputation Ratings

IOTX

IoTeX 5-10 years
Website https://www.iotex.io/
Browser
OTH RELPs
Github
White Paper
Avg Price
+5.64%
1D

$ 0.077254 USD

$ 0.077254 USD

Market Cap

$ 789.505 million USD

$ 789.505m USD

24h trading volume

$ 114.488 million USD

$ 114.488m USD

7d Vol

$ 367.308 million USD

$ 367.308m USD

Circulating supply

9.4413 billion IOTX

Related information

Issue Time

2018-05-25

Platform pertained to

--

Current price

$0.077254USD

Market Cap

$789.505mUSD

Volume of Transaction

24h

$114.488mUSD

Circulating supply

9.4413bIOTX

Volume of Transaction

7d

$367.308mUSD

Change

24h

+5.64%

Number of Markets

191

Github Messages

More

Warehouse

None

Github's IP Address

[Copy]

Codebase Size

0

Last Updated Time

2018-04-12 07:42:16

Language Involved

--

Agreement

--

Token conversion

/

Current Rate0

Available

0.00USD

Calculate

Historical Price

Introduction

Markets

3H

+0.4%

1D

+5.64%

1W

+11.55%

1M

+33.74%

1Y

+203.92%

All

+530.12%

Aspect Information
Short Name IOTX
Full Name IoTeX Network Token
Founded Year 2017
Main Founders Raullen Chai, Qevan Guo, Jing Sun
Supported Exchanges Binance, HitBTC, KuCoin, etc.
Storage Wallet MetaMask, Trust Wallet, ioPay, etc.

Overview of IOTX

IOTX, also known as the IoTeX Network Token, was founded in 2017 by Raullen Chai, Qevan Guo, and Jing Sun. The main aim of this cryptocurrency is to establish an open ecosystem where all “things” can interact with each other with complete trust. IoTeX's token, IOTX, is used as the network's native cryptocurrency. It's utilized for various purposes within the IoTeX Network, including for transactions, staking, and governance.

IOTX is supported and traded across several exchanges, including prominent ones such as Binance, HitBTC and KuCoin to name a few. In terms of storage, users can securely keep their IOTX tokens in wallets like MetaMask, Trust Wallet, and ioPay. The IoTeX project continues to develop with a focus on expanding IoT applications, scalability, privacy, and developing innovative IoT devices.

Overview of IOTX

Pros and Cons

Pros Cons
Supports interoperability between different IoT devices Uncertain regulatory environment for crypto
Used in transactions, staking, and governance Digital asset value can be highly volatile
Supported by several prominent exchanges Relatively new project, potential risk associated
Dedicated storage wallets Dependent on technological adoption

Pros:

1. Supports interoperability between different IoT devices: IOTX's design supports interoperability, which allows different IoT devices to communicate and cooperate, enabling cross-platform data sharing. This feature has the potential to significantly enhance the functionality and effectiveness of IoT networks.

2. Used in transactions, staking, and governance: IOTX has a variety of uses within the IoTeX platform. It is used in transactions, providing a seamless medium for the exchange of value. It is also employed in staking, allowing token holders to support network security and earn rewards. Additionally, it is used in platform governance, enabling token holders to participate in decision-making processes related to the platform's development.

3. Supported by several prominent exchanges: IOTX is supported by several well-known crypto exchanges like Binance, HitBTC, and KuCoin among others. Such broad support indicates recognition of its value proposition within the cryptocurrency community and makes it readily accessible to potential investors.

4. Dedicated storage wallets: Dedicated wallets such as MetaMask, Trust Wallet, and ioPay are available for securely storing IOTX, providing token holders with convenient methods of storing and managing their IOTX tokens.

Cons:

1. Uncertain regulatory environment for crypto: Like all cryptocurrencies, IOTX operates in a regulatory environment that is still developing. This uncertainty can introduce risk since changes in laws or regulations could potentially affect its operation or value.

2. Digital asset value can be highly volatile: IOTX, as with other digital assets, can be subject to significant price volatility. This high volatility can lead to substantial financial loss for investors if the market moves unfavorably.

3. Relatively new project, potential risk associated: IOTX project was founded in 2017, making it relatively new in the crypto space. The associated risks of newer projects can be higher due to uncertainties related to development, adoption, and realization of project goals.

4. Dependent on technological adoption: The success and utility of IOTX are closely tied to the adoption of the technology it supports, specifically, the Internet of Things (IoT) technology. If IoT growth slows or fails to reach anticipated levels, this could negatively impact IOTX's value proposition.

What Makes IOTX Unique?

One of the notable innovations of IOTX is its focus on Internet of Things (IoT) applications. The network is designed to support and facilitate the interaction of all “things” in a completely trustless ecosystem. This emphasis on IoT, and the development of applications and devices to leverage it, sets IOTX apart from many other cryptocurrencies where the focus might be primarily on financial transactions or smart contract utility.

Another innovative aspect of IOTX is its approach to scalability and privacy. Unlike many other cryptocurrencies that use a single blockchain, IoTeX uses a blockchain-in-blockchain architecture to maintain scalability and manage privacy efficiently, which might be particularly important when dealing with connected devices that send data regularly.

Lastly, IOTX incorporates governance in a way that many other cryptocurrencies do not. By using their tokens, IOTX token holders don't just transact or stake in the network, but can influence the development and direction of the platform by participating in decision-making processes related to the platform's development.

However, these innovations don't inherently make IOTX superior or inferior to other cryptocurrencies. Each cryptocurrency has its strengths and focuses, addressing specific use-cases or market niches. The particular orientation of IOTX makes it more suitable for certain applications tied to IoT and its related challenges of scalability, privacy, and trustless interaction.

Circulation of IOTX

IOTX has experienced a range of highs and lows since its launch in 2017. The token's all-time high of $0.26 was reached in September 2021, while its all-time low of $0.0012 was reached in March 2020.

IOTX does not have a mining cap. Instead, the token supply is controlled through a process called “burn-drop.” When 1 million devices are connected to the IOTX platform, 10% of the maximum IOTX token supply will be burned (taken out of circulation). This process tends to return value to holders of the token by supporting its price.

The current circulating supply of IOTX is 9,444,171,142 IOTX. This is the total amount of IOTX that is available to be traded and used on the IOTX network.

How Does IOTX Work?

IoTeX Network works on a unique blockchain-in-blockchain architecture where different blockchains, serving different types of IoT devices or applications, operate separately to maintain privacy and efficiency. The overall design of the IoTeX Network is meant to tailor-fit the needs of various IoT applications, allowing different subnets or sidechains to operate under different consensus protocols as needed.

The IoTeX blockchain employs a variant of Delegated Proof-of-Stake (DPoS) consensus algorithm called Roll-DPoS. This consensus algorithm randomizes the selection of block producers (also called delegates) for network security and also to support scalability.

In terms of transaction processes, for each action on the IoTeX blockchain, the user signs a transaction with their private key, and the network verifies these transactions using public keys - similar to how transactions are conducted in most cryptocurrencies.

An important component of the IoTeX Network is the use of its native IOTX token. The IOTX token is used for various functions within the network, including transactions, staking, and governance. Users can employ their tokens to participate in network decisions, stake to support network security, and transact within the network.

In summary, IoTeX's working principle is centered around its aim to build a decentralized platform that can serve the needs of large-scale IoT networks, offering privacy-centric and scalable solutions.

How Does IOTX Work?

Exchanges to Buy IOTX

Several prominent exchanges support the trading of IOTX. Here are a few examples, including the currency and token pairs supported:

1. Binance: At Binance, a globally recognized cryptocurrency exchange, IOTX can be traded with multiple pairs. These include IOTX/BTC, IOTX/BNB, IOTX/USDT, IOTX/BUSD, and IOTX/ETH.

2. HitBTC: Being one of the most advanced cryptocurrency exchanges, HitBTC allows trading of the IOTX/BTC pair.

3. KuCoin: This exchange supports several IOTX trading pairs, including IOTX/BTC, IOTX/ETH, and IOTX/USDT.

4. Gate.io: At Gate.io, users can trade IOTX against USDT.

5. MXC: MXC is a high-performance digital asset trading platform that supports IOTX/USDT as its currency pair.

6. Poloniex: This platform supports a variety of IOTX trading pairs including IOTX/BTC, IOTX/USDT, and IOTX/TRX.

7. WazirX: Being a leading digital asset exchange in India, WazirX allows for IOTX/USDT trading.

8. Huobi Global: At Huobi Global, a renowned digital currency trading marketplace, users can trade IOTX against multiple pairs including IOTX/BTC, IOTX/ETH, and IOTX/USDT.

9. Bittrex: This online trading platform supports the IOTX/BTC and IOTX/USDT pairs.

10. Changelly: Changelly is a non-custodial instant cryptocurrency exchange, which means that no users' funds are placed in the service allowing for IOTX/BTC pair trading.

Exchanges to Buy IOTX

Please note that the available trading pairs can change over time, so please refer to each exchange for the most accurate and up-to-date information.

How to Store IOTX?

IOTX can be stored in a variety of wallets, depending on your need for security, accessibility, and convenience. Here are three types of wallets which can be used to store this token:

1. Web Wallets: Web wallets or browser-based wallets are useful for those who wish to have quick and easy access to their IOTX. Browser-extension wallet MetaMask is a widely used web wallet that supports IOTX.

2. Software Wallets: Software wallets are programs that you download and run on your PC or mobile device. They offer a good balance between security and convenience. ioPay is a specialized wallet developed for IoTeX, which is available as a mobile app and a desktop version.

3. Hardware Wallets: If you are holding a large amount of IOTX and security is a major concern, a hardware wallet is generally the safest option. These wallets are physical devices that store your tokens offline, making them immune to online hacking attempts. While not directly supported, IOTX can be stored on some hardware wallets using the wallet's Ethereum application due to IOTX's Ethereum compatibility.

It is important to note that no matter which wallet is chosen, the private keys should be kept secure, as losing them means losing access to the IOTX tokens stored in that wallet.

Should You Buy IOTX?

Purchasing IOTX or any other type of cryptocurrency is a personal decision that needs to be based on individual risk tolerance and investment horizons. However, specific categories of individuals may find buying IOTX to be potentially beneficial:

1. Tech Enthusiasts: Those interested in the intersection of blockchain and Internet of Things (IoT) may find IOTX appealing due to its specific focus on these areas.

2. Long-term Investors: People who are prepared to hold onto their investments for a long time period may appreciate the potential future growth of the IoT field. As IOTX aims to address the scalability and privacy problems faced by IoT, it could offer long-term value if these goals are achieved.

3. Speculators: Experienced cryptocurrency traders who take calculated risks might exploit the potential price volatility of IOTX for short-term gain.

4. Decentralization Advocates: Those who believe in the ethos of decentralization might be interested in IOTX due to its attempts to create an open, decentralized ecosystem for IoT.

Ultimately, always remember that past performance is not necessarily indicative of future results. Even experts cannot predict with certainty how a particular cryptocurrency will perform in the future. As such, it's important to stay informed and make vigilant decisions.

Conclusion

IOTX, or IoTeX Network Token, was established in 2017 with a unique focus on supporting Internet of Things (IoT) applications. It has developed several innovative features, including a blockchain-in-blockchain architecture for scalability and privacy, and a governance model that empowers token holders to influence the platform development. It has grown to be supported by numerous high-profile exchanges and can be stored in dedicated wallets.

IOTX's future development is closely tied to the broader adoption and evolution of IoT technology. It aims to address key IoT challenges including privacy concerns, interoperability of devices, and scalability issues.

When it comes to appreciation and profitability, its important to understand that all investments carry risk, especially in the highly volatile cryptocurrency market. Like any other cryptocurrency, the value of IOTX can fluctuate greatly, which could result in either profits or losses. While IOTX's focus on IoT makes it unique and potentially valuable in the long run, predicting specific returns is not possible due to the complex and speculative nature of cryptocurrency markets.

Potential investors should conduct thorough research, understand the technology and market dynamics, and consider their personal risk tolerance before investing in IOTX or any cryptocurrency.

FAQs

Q: Which exchanges can I use to acquire IOTX?

A: IOTX can be purchased on several exchanges such as Binance, HitBTC and KuCoin, among others.

Q: How can I store my IOTX tokens securely?

A: IOTX tokens can be stored in various types of wallets, including web wallets (eg. MetaMask), software wallets (eg. ioPay), and hardware wallets compatible with Ethereum.

Q: What sets IOTX apart from other cryptocurrencies?

A: IOTX diverges from other cryptocurrencies by its concentration on IoT applications, scalable blockchain-in-blockchain architecture, and the incorporation of token holder governance.

Q: What consensus mechanism does IoTeX Network utilize?

A: IoTeX Network employs a variant of Delegated Proof-of-Stake (DPoS) consensus algorithm called Roll-DPoS.

Q: What's the role of IOTX in the IoTeX platform's governance?

A: In the IoTeX platform's governance, IOTX tokens allow holders to participate in decision-making processes related to the development of the platform.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

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leofrost
IoTeX (IOTX) is a blockchain platform designed for the Internet of Things (IoT) ecosystem. In my personal review, IoTeX aims to address the unique challenges of scalability, privacy, and trust in IoT by providing a secure and decentralized infrastructure. IOTX, the native token of the IoTeX network, is utilized for transactions, staking, and participating in the platform's governance. IoTeX focuses on enabling IoT devices to communicate and transact autonomously in a secure and privacy-centric manner. Monitoring IoTeX's progress in IoT integrations, partnerships, and advancements in blockchain-based IoT solutions can offer insights into the ongoing significance of IOTX.
2023-11-30 22:48
6
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Dazzling Dust
IoTeX serves as the decentralized backbone for machine economics, catering to a spectrum of machines, from smart home devices to autonomous vehicles. The platform features a fast, high-performance, and EVM-compatible blockchain, offering flexibility and scalability for diverse applications. IoTeX goes beyond the blockchain by developing middlewares and decentralized applications (DApps) to actualize self-sovereign devices and integrate real-world oracles, contributing to the realization of a comprehensive ecosystem for decentralized and autonomous machines.
2023-11-29 14:53
2
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