The Internet of Things (IoT) has been one of the most interesting technological developments of the last decade.
It is described as the collective network of connected devices and technology that facilitates communication between these devices and the cloud, as well as between the devices themselves.
IoTeX aims to give IoT a new life by bringing it into the blockchain to create a decentralized network of connected smart devices.
Today we will dive deep to learn more about IoTeX to understand how it works and what purpose its native IOTX token serves.
We will also look into the price prospects of the IoTeX token and determine whether it is a credible cryptocurrency project.
What is IoTeX?
IoTeX is a layer-one blockchain that provides secure and trusted interaction between IoT devices and their users.
The goal of the protocol is to create a platform that will act as the backbone of the IoT ecosystem and allow users to safely access data.
Currently, the IoTeX ecosystem is operated by a decentralized network of users, developers, and businesses.
Moreover, the protocol is the engine behind certain real-world products such as blockchain-powered cameras, supply chain optimization tools, and other devices.
The Ethereum Virtual Machine (EVM) compatible blockchain is regarded as one of the fastest, most secure, and scalable decentralized networks in the industry.
How Does IoTeX Work?
The IoTeX blockchain is designed on a concept known as “Separation of Duties”. This concept helps maximize the efficiency and privacy of IoT-connected devices.
IoTeX comprises multiple blockchains that work concurrently while remaining interoperable with each other. At the base, the network has a root blockchain that manages the independent subnets. The root chain has three main functions:
Meanwhile, the subnets are function-specific and do their specified duty while interacting with IoT devices. These blockchains are flexible and can adapt to the varying requirements of IoT applications.
IoTeX also provides a framework that tailors a subchain to a specific application by setting up permission models, parameters, specifications, and transaction types. This is so that the root chain remains operational even if a subchain is attacked or goes offline.
The blockchain uses a unique consensus mechanism called Roll-D PoS, which is a variant of the Delegated Proof of Stake (PoS) that enables the network to achieve instant finality and scalability. The block producers are selected at random for one epoch, and this selection process happens before the start of each epoch.
IoTeX also supports edge computing, which is a way of computing that brings data storage and computation close to the source of the data, saving bandwidth and improving response times for the blockchain.
What Is The IOTX Token?
IOTX is the native cryptocurrency of the IoTeX platform. The token is used to pay for transactions on the network, as well as staking and participating in the protocol’s on-chain governance.
IOTX can be used to manage the network, register a decentralized identity, and certify new IoT devices on the blockchain. The token is also used to pay gas fees to execute transactions and smart contracts on IoTeX.
Manufacturers of IoTeX-powered devices burn IOTX to obtain a “Powered by IoTeX” (PBI) certificate. While PBI-certified devices get a monthly allocation, other devices have to pay for every transaction done on the blockchain.
This burn-to-certify model acts as a deflationary mechanism for IoTeX that decreases the supply of IOTX tokens, thus protecting its value.
IOTX Price Prediction: 2024, 2025, and 2030
At the time of writing, IOTX is trading at $0.06514 – down 5.1% in the last 24 hours.
Based on its current market price, IOTX is expected to trade between a range of $0.057298 at the lowest and $0.154349 at the highest in 2024. If the token manages to reach its upper price target, then IOTX will gain 136% over its market price.
In 2025, IOTX is forecasted to trade within a price range of $0.057298 and $0.251389. If the token reaches its upper price target, then it would gain 285% over its current valuation.
The prediction for 2030 is that IOTX could be trading between $0.096145 on the lower end and $0.426118 on the higher end. Based on the prediction chart, the price of IOTX could gain 552% if it manages to reach the upper price target during that year.
Where To Buy IOTX?
IOTX tokens can be purchased and sold on the following cryptocurrency exchanges:
Is IoTeX A Good Crypto Investment?
IoTeX is a layer-one blockchain that aims to function as the backbone of the IoT ecosystem. Apart from empowering IoT devices to function on a safe and secure decentralized platform, it also designs and launches connected devices in the market that serve specific functions.
The project is backed by industry experts, consortiums, and organizations, giving it a massive influence in the IoT market.
The network is run using the IOTX token, which is used to pay for transactions by smart contracts, certify devices on the blockchain, and other purposes.
In 2020, IoTeX launched two devices in the market: Ucam – a tamper-proof security camera powered by decentralized identity and end-to-end encryption systems to secure home security footage; and Pebble Tracker – a sensory device that captures real-time data such as location, climate, and motion and records it on the IoTeX blockchain.
All things considered, I can say IoTeX is an innovative and unique project that aims to bring IoT onto the blockchain. The IOTX token’s price prospects show that it has the potential to grow as blockchain technology becomes prominent in the future.
However, as is the case with every cryptocurrency token, it is recommended that you do your research before making any investment decision. Always remember to only put in money that you can afford to lose.
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