IoTeX

What is IoTeX?

IoTeX is an extensive blockchain platform that ensures complete compatibility with Ethereum and other prominent EVM chains, facilitated by its decentralized bridge. Additionally, it enables decentralized applications (dApps) to perform verifiable processing using zero-knowledge proofs through W3bstream, bridging the divide between off-chain data sources and blockchain applications.

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Recent Video Interview

Main points of the interview:

• IoTeX's focus on combining IoT with blockchain, emphasizing decentralization and security.
• IoTeX's innovative solutions like Pebble Tracker, an IoT device utilizing ARM's secure technology for data integrity.
• Emphasizes decentralized identity and secure data management.
• IoTeX's platform supports Ethereum Virtual Machine (EVM), enabling developers to build and deploy smart contracts.

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The IOTX Token

IoTeX introduces a native token denoted by the symbol IOTX. This token plays a crucial role in the blockchain protocol, serving to compensate block producers for maintaining network functionality and rewarding stakeholders for ensuring network security through delegate voting and stake locking. Additionally, IOTX Tokens are essential for covering "GAS fees" associated with valid actions sent to the network, contributing to the reward pool for block producers.

IoPay Wallet

A blockchain wallet application serves as a secure tool for encrypting and storing private keys, as well as signing actions and broadcasting them to the blockchain. While Web3 wallets like Metamask can be utilized with IoTeX for token transfers and contract calls, it's important to note that these wallets lack support for staking. IoPay, the official native wallet developed by the IoTeX team, facilitates token transfers, contract calls, and staking.

IoPay is an "All-in-One" mobile application designed for comprehensive interaction with the IoTeX blockchain. It enables users to send/receive IOTX and XRC20 tokens, execute smart contracts, stake and vote for Delegates, engage with Dapps, and more. Notably, starting from ioPay V2, the application supports multiple chains, including Ethereum, BSC, Polygon, Avalanche, Fantom, Arbitrum, and others.

Web3 Development and Solidity Support

The IoTeX Blockchain incorporates a fully functional Ethereum Virtual Machine (EVM), enabling the use of Solidity as a programming language for creating smart contracts on IoTeX. This means you can either develop new smart contracts on IoTeX using Solidity or seamlessly migrate existing Ethereum smart contracts to IoTeX without modifying the source code.

In addition to supporting its native transactions, IoTeX also inherently accommodates Ethereum transactions. With the release of IoTeX blockchain version 1.7.0, every IoTeX node configured as an API gateway exposes the Ethereum JSON API alongside the native IoTeX GRPc API. This advancement empowers IoTeX users and developers to leverage the extensive ecosystem of Ethereum tools, apps, and libraries for interaction and development on the IoTeX blockchain. Popular tools like MetaMask, Truffle, or Web3.js can now seamlessly interface with IoTeX by simply directing them to an IoTeX node.

Using IoTeX To Build DePIN

One of IoTex's main usages is to build DePIN, or Decentralized Physical Infrastructure Networks, which offers a fresh approach to building and maintaining physical world infrastructure. This includes diverse applications such as WiFi hotspots and solar-powered home batteries. DePIN stands out with features like collective ownership, achieved through token rewards, and distributed infrastructure cost, reducing expenses by leveraging the resources of network participants. The decentralized nature of DePIN enhances resilience and security compared to centralized networks, and it promotes open competition and innovation by removing barriers for new entrants in various sectors.

IoTex Team Background and Partners

IoTeX was founded by Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. Raullen Chai, in addition to co-founding IoTeX, serves as an advisor at BootUP Ventures and is a member of the Industrial Distributed Ledger Task Group at the Industrial Internet Consortium. He previously held positions as lead of crypto R&D and engineering security at Uber. Qevan Guo, another co-founder, is also associated with Hyperconnect Lab and had roles as a research scientist and engineering manager at Facebook.

Xinxin Fan, before co-founding IoTeX, worked as a senior research engineer at Bosch Research and Technology Center, North America, and held positions at the University of Waterloo. Jing Sun, a co-founder, is also a managing partner at Sparkland Capital, an LP investor at Polychain Capital, and an angel investor at Rippling.

Some of IoTeX's partners are:

• Streamr: empowers DePINs by facilitating scalable real-time data delivery through a decentralized P2P network. It enables DePINs to monetize their data by connecting with third-party apps and developers using its Hub and Data Union framework.
• Conflux: a permissionless Layer 1 blockchain connecting decentralized economies globally. It employs a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanism, ensuring a fast, secure, and scalable blockchain environment.
• Optimism: a layer-two blockchain built on Ethereum, leveraging the security of the Ethereum mainnet.

IoTeX Project Development

IoTeX's upcoming release, "Sprout," is a significant step towards a fully decentralized infrastructure for applications needing custom proofs from off-chain data. Sprout, a redevelopment of W3bstream DevNet, emphasizes decentralization, scalability, and composability.

As an open-source protocol accessible on MachineFi's GitHub repository, W3bstream Sprout allows anyone to participate as a node operator, earning $IOTX and DePIN assets. It's an integral part of the IoTeX network, with all nodes and DePIN projects registered on IoTeX, requiring node operators to stake $IOTX tokens.

Supporting various zero-knowledge technologies, W3bstream Sprout enables the creation of custom provers for generating zk-proofs in DePIN projects. The protocol introduces a Layer-2 for Verifiable Computation with Entry-Nodes sequencing raw data and Zero-Nodes serving as provers writing zk proofs to Layer-1 blockchains.