What is IoTex (IOTX) ? A Quick Overview | Crypto Currency IOTEX
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
IoTex has identified challenges that stand in the way of the mass adoption of IoT. These include Scalability, high operating cost, lack of privacy, and lack of functional value.
When was IOTEX invented?
IoTex was started as an open-source project in 2017, IoTeX has built a decentralized platform that aim is to empower the open economics for machines. With a broader vision and global team of 40 plus research scientists and engineers, IoTeX has built their EVM-compatible blockchain from scratch using the innovative Roll-DPoS consensus and launched in 2019 April.
Importance of IOTEX?
IoTeX is on a mission to enable users to own their devices, as well as the data and value they generate.
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.
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.