Buy IoTeX

IoTeX (IOTX) is a blockchain specifically developed for the Internet of Things (IoT). It offers a decentralized network where IoT devices can communicate securely and scalably, without relying on central entities. The goal of IoTeX is to connect IoT devices with blockchain technology and make the value of data, resources, and services generated by these devices available to end-users and developers.

Unlike traditional IoT networks, which often struggle with issues like scalability, privacy, and high costs, IoTeX introduces a modular architecture. This means that IoTeX does not function as a single blockchain, but as a flexible ecosystem where developers can integrate various building blocks – or DePIN Infrastructure Modules (DIMs) – such as security, data storage, and identity. Examples of these include W3bstream, which enables off-chain computations, and ioID, which provides devices with a digital identity.

An important feature of IoTeX is the use of its native token, IOTX, which not only serves for transaction fees but also enhances network security and promotes community engagement.

A unique component of the IoTeX infrastructure is the Modular Security Pool (MSP), a trusted security layer supported by IOTX and other assets in the sector. This enables developers to build DePIN projects on a secure foundation, backed by the IOTX community. IoTeX aspires to integrate 100 million IoT devices within its network and bring billions in value to the blockchain.

With its focus on scalability, interoperability, and streamlining IoT networks, IoTeX is a key platform within the DePIN ecosystem (Decentralized Physical Infrastructure Network). This approach facilitates the integration of IoT services and applications, positioning IoTeX as a popular choice in sectors such as agriculture, healthcare, transportation, and smart cities.

Who founded IoTeX?

IoTeX was founded in 2017 by a team of experts in blockchain technology, cybersecurity, and machine learning, including Raullen Chai, Jing Sun, and Xinxin Fan. Chai, a former researcher at Uber and cryptography specialist, leads IoTeX as CEO. Along with the other founders, he has built a team of over 40 engineers and scientists. The project is managed by the IoTeX Foundation, which focuses on the growth of IoTeX within the IoT sector. The team and the foundation work closely with partners worldwide to promote blockchain adoption in IoT.

IoTeX offers a variety of applications that empower both developers and end-users to leverage IoT devices in a decentralized network in innovative ways:

• Collect and verify data: IoT devices can gather data from the physical world and share it with the blockchain, ensuring a secure and verifiable source of information.
• Digital identities for devices: With ioID, devices can obtain unique identities, enhancing the security and reliability of their interactions within the network.
• Decentralized Applications (dApps): Developers can build dApps that utilize real-world data for automation and rewards.
• Participation in network governance: Users can stake IOTX, vote for delegates, and contribute to the network's security and growth.
• Unlocking real-world value: Users can leverage their IoT devices for economic activities, such as data sharing, providing an additional source of income.

IoTeX is built as a layered blockchain architecture with technologies that ensure scalability, security, and interoperability. This infrastructure enables direct connection of IoT devices to the blockchain, allowing data and services to be shared securely and reliably.

Roll-Delegated Proof-of-Stake (Roll-DPoS)

IoTeX utilizes Roll-DPoS, an improved version of the traditional Delegated Proof-of-Stake (DPoS) consensus mechanism. Here, users select specific block producers or delegates, to validate transactions and create new blocks. These delegates are randomly chosen per cycle, which enhances security by making collusion or attacks more difficult. Block producers receive rewards, which they share with voters, encouraging and rewarding participation in the network.

Modular Security Pool (MSP)

The Modular Security Pool (MSP) serves as a crucial security layer within IoTeX. Supported by the IOTX token and other industry assets, MSP provides a secure foundation for the development and maintenance of DePIN projects. This security layer enables the construction of applications on a safe and decentralized basis, without compromising interoperability.

Subchains and interoperability

IoTeX supports subchains, smaller networks operating within the IoTeX blockchain. These subchains can be tailored to specific IoT applications, such as smart devices for agriculture or healthcare. By utilizing subchains, developers can scale their applications and easily connect with other major blockchains, like Ethereum and Binance Smart Chain.

Edge Computing and IoT integration

IoTeX integrates Edge Computing to optimize communication and data processing between devices. By decentralizing computational tasks, Edge Computing ensures faster responses and lower bandwidth costs, which is beneficial for IoT devices that continuously process data, such as cameras and sensors. The ecosystem enables device deployment without exposing sensitive data.

The IOTX token is used for transaction fees, as a means of payment within IoTeX applications, and for decentralized network management. Users can stake their IOTX to vote for delegates, contributing to the network's security and growth. The Burn-Drop program incentivizes users to register devices on the network by burning and distributing IOTX, which enhances community engagement.

The maximum supply of IOTX tokens is set at 10 billion. The distribution of IOTX includes staking rewards, ecosystem development, and community engagement, aimed at stable and sustainable growth of the IoTeX network. These versatile features make IOTX an indispensable element within the IoTeX ecosystem and promote an active, engaged community.

IoTeX stands out from other blockchain projects with unique features that make it particularly valuable for the future of IoT and decentralized infrastructures:

• W3bstream for IoT integration: IoTeX presents a blockchain-agnostic platform, W3bstream, enabling IoT devices to securely share and validate data. This allows users to control their data while creating a reliable bridge between physical devices and the digital world.
• Modular Security Pool (MSP): IoTeX’s MSP system creates a centralized security layer within the decentralized network. It offers high security without compromising flexibility, allowing DePIN projects to be developed easily and securely.
• First blockchain with proprietary hardware like Ucam and Pebble: IoTeX develops its own hardware, such as the blockchain-based security camera Ucam and the Pebble device for data collection. These products enable users to interact safely and directly with the physical world via the IoTeX network.
• Burn-Drop tokenomics: The Burn-Drop mechanism encourages engagement through a combination of token burning and distribution. This unique economic model increases the network's value by boosting the number of registered IoT devices.
• A pioneer in Decentralized Physical Infrastructure Network (DePIN): IoTeX is a pioneer in the DePIN sector, offering a modular, fully decentralized infrastructure for developing IoT solutions. This makes IoTeX appealing to both individuals and businesses looking to integrate blockchain into physical infrastructures.

Bitvavo offers a way to purchase IoTeX (IOTX), for both new and experienced investors. Follow these steps to buy IOTX via our website or app:

1. Create an account or log in to your Bitvavo account.
2. Click on "Deposit" and add funds to your account.
3. Navigate to the IoTeX purchase page.
4. Enter the amount in euros you wish to invest, or the number of IOTX tokens you want to purchase, and click "Buy".

You can securely store your IoTeX tokens in your Bitvavo account. The majority of the funds are kept in secure, offline cold storage for optimal protection. For additional security, we recommend enabling two-factor authentication (2FA), so that when logging in, you enter a verification code alongside your password.

If you want to store your tokens externally, most software and hardware wallets support IOTX. For a secure transfer to an external wallet, you can verify the wallet address in your Bitvavo account and easily transfer the tokens to your external wallet.