What is IoTex (IOTX) ? A Quick Overview

Written by Sushanth Kumar Reddy Kura | Published 2 years ago | 6 min read


IoTex is a privacy centric blockchain that aims to connect numerous Internet connected devices or IoT (Internet of Things) devices . So in a nutshell, IoTex is focusing on private and distributed network of Internet of Things.

IoTex has identified challenges that stand in the way of mass adoption of IoT. These include Scalability, high operating cost, lack of privacy, and lack of functional value.

They are solving this with their privacy focused blockchain which provides the flexibility and scalability by leveraging a unique proof of stake consensus mechanism and a sidechain architecture.

IoTex protocol aims to separate the duties performed in normal Internet of Things by using the concept of sidechains. Essentially different side chains will be created for each needed function. These sidechains will be able to interact with each other. This reduces the risk of the blockchain bloat that is likely to arise from the so many devices that connected to network. 

There is also privacy enhancing tech such as ring signatures which they are using in the transactions. This is already popularized by Monero, the leading privacy focused Blockchain.

IoTex Consensus :

IoTex uses Randomized Delegated Proof of Stake (Roll DPoS). It is the core piece of technology in the IoTex network. It was created to address many challenges faced by the standard DPoS networks.

The Roll-DPoS combines DPoS with Verifiable Random Functions (VRF) and Practical Byzantine Tolerance (PBFT).

Hence, by including all these together Roll-DPoS can achieve highly scalability and improved decentralization.

IOTX Token :

The token powering the IoTex protocol is the native token IOTX. This is an ERC20 standard token that was issued on the Ethereum blockchain. In order to take part in the governance of IoTex , the voters have to stake IOTX tokens to receive the voting rights.

Currently IoTex is offering upto 20% APR for staking the IOTX tokens.

Ucam By IoTex :

Ucam is a privacy product that is being launched by IoTex, which will be out in the market by the end of September 2020. It is a next generation home security camera that is fully private. Only you and the people whom you have given access to will be able to control the Ucam. 

All the video streams are encrypted as soon as they are recorded and can only be decrypted by an authorized device. Ucam uses the IoTex blockchain technology to make the normal home security system more powerful.

It also offers features like WHO can view WHAT content for HOW much time.

Authorization is put into place with the help of immutable smart contracts. Meaning only the owner can define or change the authorizations. 

How to buy IoTex (IOTX) using WazirX Exchange:

Step-1: Go to WazirX website or Download the WazirX app from the Play store or App store. `Then create an account if you don’t have it by submitting the necessary KYC documents. This process takes less than 5 mins.

Step-2: Navigate to the USDT market as shown in the Image below

Step-3: Select the IOTX coin as shown below

Step-4: Then click on the Buy/Sell button which is the middle.

Step-5: Now in the price area type the price at which you want to buy the coin. Then enter the number of coins you want to buy and click the buy button. 

And that it folks, you are now the proud owner of IOTX. The coins will be stored in the Funds section, which you can hold or sell whenever you want .

Quick Summary :

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