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.

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.

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.

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.

The IoTeX blockchain powers a range of applications, including blockchain-enabled cameras and supply chain optimization tools. It is designed to work with virtual machines commonly used in the industry, making it an efficient and scalable blockchain. IoTeX's infrastructural design is based on a concept called "Separation of duties", which aims to enhance the efficiency and privacy of IoT devices. The network comprises multiple blockchains working concurrently while being interoperable. The root chain manages the independent subchains, enabling interoperability, supervising subchains, and settling and anchoring transactions. The subchains are function-specific and interact with IoT devices. These chains are flexible and can adapt to different requirements of IoT applications. IoTeX provides a framework that allows tailoring a subchain to specific applications by setting permission models, parameters, specifications, and transaction types.

IoTeX addresses scalability challenges in IoT networks by leveraging a unique architecture that operates on several designated blockchains at the same time. This structure, known as a "blockchain-in-blockchain" network, allows for the management of multiple chains, thereby addressing scalability. The primary root chain of IoTeX oversees all other independent chains, optimizing productivity. IoTeX employs a variant of the Delegated Proof of Stake (DPoS) consensus mechanism, known as Roll-DPoS, which randomly selects a number of top community-voted delegates to mine every hour. This system aims to improve the security and decentralization of the network while maintaining performance. IoTeX uses Layer 2 chains to enable the addition of diverse use cases and applications based on different cryptocurrencies. This is achieved through mutually collaborative trust developed by the same group of randomly selected delegates, resulting in the creation of a subchain to include different IoT devices. Lastly, IoTeX's root chain facilitates cross-chain interactions and governance by enabling communication with all subchains, with an aim to ensure privacy during its operation.

IoTeX strives to maintain data integrity and privacy for IoT devices on its network by integrating blockchain technology, secure hardware, and decentralized identity (DID) innovations. This combination aims to empower the Internet of Trusted Things and seeks to enable end-to-end trust. In the Internet of Trusted Things, humans, machines, and businesses are all assigned a standardized decentralized identity (DID), allowing them to interact in a peer-to-peer (P2P) fashion. IoTeX utilizes Trusted Execution Environment (TEE)-based secure hardware and in-house Decentralized Identity (DID) framework with the intention of fostering trust. TEE-based, tamper-proof devices and gateways aim to ensure the integrity and confidentiality of data. Secure, self-sovereign identities are assigned to all “things” (people, devices, businesses) in the IoTeX Network, with the goal of validating data senders/receivers. IoTeX also employs a hybrid Cloud/blockchain backend designed to protect data at-rest, while allowing data owners to authorize its use in trusted applications. This approach aims to provide end-to-end trust and privacy for data in-transit, at-rest, and in applications.

The IOTX token is the native cryptocurrency of the IoTeX ecosystem. The IOTX token plays a role in the transactions made by users within the ecosystem. It serves several purposes, including the payment of gas fees required for transactions and enforcing smart contracts on the IoTeX blockchain. Stakeholders of IOTX coins can vote for and select delegates to run the consensus and help in governance. The token is intended to be used for the registration of any device through staking and burning. IOTX is used with the intention to incentivize the maintenance and functioning of the IoTeX network in a decentralized manner. This multi-functionality is intended to facilitate various network participants, from delegates and stakeholders to service providers, in contributing to the network's operations.

IoTeX utilizes a distinct consensus mechanism known as Roll-DPoS (Randomized Delegated Proof of Stake). This mechanism is a variant of the Delegated Proof of Stake (DPoS) consensus algorithm, designed with the intention to support the high scalability required for IoT use cases. Unlike traditional DPoS that employs a fixed number of delegates, Roll-DPoS randomly selects a subset of the top community-voted delegates to mine every hour. This approach aims to enhance the decentralization and security of the IoTeX Network without compromising performance. The Roll-DPoS consensus mechanism intends to provide immutable blocks in real-time, which IoTeX strives to facilitate transaction processing and finality, a crucial aspect for its cross-blockchain communications.

IoTeX's infrastructural design is based on a concept known as "Separation of duties", which aims to enhance the efficiency and privacy of IoT devices. The network consists of multiple blockchains operating concurrently and interoperably. The network features a root blockchain that oversees the independent subchains. The root chain has three main objectives: facilitating information relay across chains to enable interoperability, supervising subchains, and settling and anchoring transactions. The subchains are function-specific, performing specific functions while interacting with IoT devices. These chains are flexible and can adapt to different requirements of IoT applications. IoTeX aims to provide a framework that could potentially allow tailoring a subchain to specific applications by setting permission models, parameters, specifications, and transaction types.

The IoTeX network supports a broad array of Internet of Things (IoT) devices and applications. It strives to facilitate an interaction that prioritizes privacy and trustworthiness between IoT devices and humans, serving a key role in the IoT ecosystem. The IoTeX blockchain is utilized in various products such as blockchain-powered cameras and supply chain optimization gadgets. For example, one of the products launched by IoTeX is Ucam, a security camera that uses decentralized identity and end-to-end encryption to aim for privacy in home security footage. Another product is Pebble Tracker, a sensory device that captures real-time data such as location, climate, and motion, and converts it into data that can be applied to the blockchain.

The IoTeX Decentralized Identity (DID) framework is a system that provides a way for both individuals and machines to manage their data and credentials within the IoTeX network. This framework is part of the IoTeX platform, which includes the DID framework and is designed with the intention of facilitating data from trusted devices for use in DApps. The DID framework is intended to be interoperable and standardized, enabling users and devices to interact directly using IoTeX. The Industrial Internet Consortium is considering the standardization of this system. The DID framework plays a crucial role in IoTeX's strategy to address IoT cybersecurity needs, including integrity, secure communication, and resilience. The DID framework is designed with the intention of incorporating security qualities such as availability and accessibility into a micropayment system.

IoTeX addresses concerns related to energy consumption and sustainability in IoT by utilizing blockchain technology and secure hardware. The platform's decentralized approach strives to overcome technical and operational challenges in interoperability, automation, and data privacy. It operates on several interoperable blockchains at the same time, which aids in facilitating operations. The protocol is regulated by over 80 delegates, including various delegates, and its IOTX token powers smart contracts and enables token holders to engage in network activities. In addition, IoTeX uses secure hardware, or Trusted Execution Environments (TEEs), to ensure data integrity and confidentiality. The platform also employs Decentralized Identity (DID) to issue identities and enable interoperability and data ownership for individual people, devices, and businesses. IoTeX aims to contribute to IoT standardization and secure encrypted communication to enhance interoperability and security of smart homes.