If you have IOTX tokens in an exchange or a hardware wallet consider staking your tokens now as the voting for delegates began on March 11. You can stake your tokens and earn 20–30% annualized returns for a limited time.
Founded as an open-source project in 2017, IoTeX is building a privacy-centric blockchain platform for the Internet of Things (IoT). Its mission is to build a decentralized trust fabric for a new era of collaboration and data exchange among devices, applications and people. Backed by a global team of research scientists and top engineers, IoTeX combines blockchain, trusted hardware and edge computing to realize the full potential of IoT.
Internet of Things
The number of IoT devices is expected to surpass 50 billion by 2022. That’s a huge number, and this massive amount of Internet-connected devices will need secure methods of communication and automation in real-time.
There are several technical problems that need to be solved before the full potential of IoT technology can be realized. These include scalability and lack of privacy.
IoTeX plans on solving these problems with a privacy-centric blockchain that provides flexibility and scalability by using a fast consensus mechanism based on Proof-of-Stake, combined with the use of sidechains.
Root Blockchain and Sidechains
The architecture of IoTeX consists of a root blockchain that provides security and governance for the network, while also managing the subchains. Those subchains are used to connect IoT devices that work in similar environments, have similar trust levels, or have a similar functional purpose.
Two of the privacy mechanisms IoTeX has developed include the use of ring signatures and a relayable payment code, which hides the address of the transaction receiver.
IoTeX most direct competition is IOTA, which is using Directed Acyclic Graph (DAG) technology to solve scalability issues and provide a platform for devices with low power requirements.
However, IOTA’s use of DAG technology requires global consensus. IoTeX is betting on the fact this constraint will limit scalability and is opting for another solution. The solution involves a blockchain linked to many sidechains. One root blockchain will be responsible for the security and governance of the network, while sidechains carry out specific functions.
The IOTX token is an ERC-20 token that will be swapped to a native token (scheduled for Q1 2019). Once swapped the native token will be mineable for the next 50 years. There are currently 1,331,040,005 IOTX in circulation, and the supply is capped at 10 billion tokens.
The IoTeX alpha mainnet is scheduled to go live in the first quarter of 2019. At that time, a token swap will occur.
IoTeX uses Roll-DPoS, where Delegates “prove their stake” by committing resources (i.e., time, HW, tokens) to the IoTeX network. Voters also stake tokens to endorse one or more Delegates and receive a share of the Delegate’s rewards. As a voter, staking makes the IoTeX network more secure and efficient, and also earns you rewards on your IOTX tokens.
IoTeX has released a standalone staking tool to help prepare for voting on March 11. This means you should collect your IOTX tokens from various exchanges/wallets and start staking today. Visit here and click “stake now” to start.