What is IoTeX?

IoTeX (IOTX) is a decentralized platform that was initiated as an open-source project in 2017. It seeks to establish an open ecosystem where machines and humans can interact with trust, free will, and under well-structured economic models. The platform is powered by a team of over 40 research scientists and engineers who have developed an EVM-compatible blockchain using the innovative Roll-DPoS consensus. Since its launch in April 2019, the platform has been managed by over 100 delegates globally and has processed more than 10 million transactions. IoTeX also has developed infrastructure to facilitate interoperability with other blockchains, enabling EVM-based DApps to scale without worrying about high gas fees.

How does IoTeX work?

IoTeX operates on a unique blockchain that is EVM-compatible, providing flexibility and scalability for various applications. The platform uses the Roll-DPoS consensus mechanism, which is managed by over 100 delegates worldwide. The native coin of the platform, IOTX, governs the underlying blockchain protocol and is also used as the gas for the blockchain protocol. IoTeX also features a unique economic design known as Burndrop, which intends to manage the supply of IOTX as the number of devices managed by IoTeX increases. The platform also includes middleware such as Decentralized Identity, Confidential Computing, and Secure Hardware, which have facilitated the creation of self-sovereign devices and real-world data oracles.

What are the potential use cases for IoTeX?

IoTeX aims to serve as the decentralized backbone for machine economics, catering to machines ranging from smart home devices to autonomous vehicles. The platform has enabled the creation of self-sovereign devices such as Ucam, and real-world data oracles like Pebble. These developments have allowed innovative DApps to connect the physical world with the crypto world, enabling use cases such as real-world NFTs, weather derivatives, and machine learning-as-mining. The platform's native coin, IOTX, is used to govern the underlying blockchain protocol and as gas for the blockchain protocol, indicating its function within the IoTeX ecosystem.

What is the history of IoTeX?

IoTeX was initiated as an open-source project in 2017 by founders Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. The team, comprising over 40 research scientists and engineers, built an EVM-compatible blockchain from scratch using the innovative Roll-DPoS consensus. The platform was launched in April 2019 and has since been managed by over 100 delegates worldwide. The platform has processed more than 10 million transactions and has developed infrastructure to facilitate interoperability with other blockchains. Over the years, IoTeX has developed middleware and DApps that have enabled the creation of self-sovereign devices and real-world data oracles.