Blockchain

What is IoTeX?

Most IoT solutions, on the other hand, are centralized, non-scalable, have significant operational costs, and raise privacy problems. Because smart IoT devices have altered how people interact in the modern world, IoTeX intends to establish an environment where humans and robots (machines) can connect freely without fear of security or trust, while also benefiting from economic incentives. Data exchange has become much more convenient and speedier thanks to smart gadgets. IoTeX aspires to provide a platform that allows organizations and individuals to own their devices and derive value from their data.

30+ top tier engineers, research scientists, and operators from Google, Facebook, Uber, Bosch, and more" make up the IoTeX team. A decentralized network of users, developers, and businesses governs IoTeX jointly.

How does IoTeX work?

IoTeX uses specially developed smart contracts to connect real-world devices to the blockchain. To improve usability and usefulness across multiple networks, the system includes a cross-chain data bridge. It also uses oracles, which are off-chain sensors, to keep track of device data.

As an L2 Oracle system, the Truststream protocol. Oracles are off-chain sensors that can send and receive data across a decentralized network. These sensors are critical for validating and monitoring important data. Oracles are, as a result, one of the most important blockchain technologies to emerge in recent years.

Roll-DPoS is a new DPoS (delegated proof-of-stake) version introduced by IoTeX. This method incorporates randomization to boost efficiency and avoid centralization by combining the best features of delegated staking networks. The system allows users to stake their tokens to vote for delegates as part of this plan.

The top 36 delegates are then drawn at random. This drawing decides which of the 24 delegates will be responsible for validating transactions and disbursing rewards. This method has the advantage of greatly improving scalability while also lowering power consumption. As a result, IoTeX only requires a fraction of the energy that Ethereum does to stay valid.

How are new IOTX tokens created?

IoTeX has a decentralized governance model, in which token holders deposit (stake) their tokens in order to elect delegates by network-wide voting. Any staked IOTX token holder has the ability to vote for one or more delegates. For every IOTX token staked, each user receives one vote (one IOTX = one vote). Voters can receive up to 10% annual interest on their staked tokens in exchange. Users can also choose to demonstrate long-term commitment by specifying a stake period in advance (anywhere between 0 and 1050 days). The larger the payouts, the longer you stake.

A delegate's job is to manage consensus on the network's behalf. Roll-DPoS is an in-house consensus technique used by IoTeX. Every hour, 24 of the top 36 voted delegates are chosen at random to establish new blocks under this process. Finally, the delegates are rewarded with IOTX for their efforts in achieving unanimity. The delegates eventually give the voters their prizes. According to the website, more than 60 delegates contribute to the platform in various ways and reward voters. The voters have the option to change their choices at any moment.

Website

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WhitePaper

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