IoTeX Network

What is IoTeX (iotx) and how Does It Work?

IoTeX is a scalable, privacy-focused blockchain, tailored for use within the Internet of Things (IoT) environment and developed by experts in fields like cryptography, distributed systems, machine learning, and engineering. This blockchain is keenly engaged in the advancement of blockchain, with a particular focus on the evolution towards blockchain 3.0. This includes a revised blockchain architecture and a swift Roll DPoS consensus mechanism. IoTeX promotes privacy-conscious techniques and pushes towards enabling cooperation among autonomous devices on an extended scale.

The IoTeX team often shares their thoughts and accumulated knowledge on the Medium platform, interacting with a diverse audience that includes authors, business executives, computer scientists, and public figures. For a comprehensive understanding of the project, there are multiple sources of information available, such as the official website and extensive project evaluations like the one provided by CoinBureau.

IoTeX aims to present possibilities within the IoT landscape, emphasizing user control over data and assets. A key element of their approach is enabling direct peer-to-peer interactions between Web3 developers and device users. The intention is to cultivate an environment that promotes value creation without reliance on third parties. IoTeX often discusses concepts like MachineFi, a concept that utilizes IoT device data on the blockchain to maintain a single, verifiable point of truth thereby enabling the creation of decentralized economies in the physical world.

In contrast to traditional models, IoTeX uses cloud computing components for dealing with scalability, data analysis, and latency. It also relies heavily on Google Kubernetes Engine Autopilot and Cloud Load Balancing. Its roadmap involves the usage of data from a large number of IoT devices on this blockchain for a variety of applications, with Google Cloud as a crucial component for data verification and ensuring its availability.

One feature of IoTeX is TruStream - a decentralized protocol for real-time verification and data availability. It allows for IoT data to be fed into the network immediately. In addition to these, it can process a large number of API calls for real-time automated interactions. IoTeX also presents the concept of token allocation for user actions, such as eco-conscious efforts or verifiable travel activities, thereby making these actions part of its incentive mechanisms. An illustration of how IoTeX applies BigQuery to enhance blockchain traceability is seen in the indexing of metadata of machines and devices on the blockchain. IoTeX currently operates on the Ethereum chain.

How to Buy and Store IoTeX (iotx)?

To purchase IoTeX (iotx), Flooz.xyz offers a streamlined process. Traders can purchase the IoTeX token via Flooz.xyz, which serves as a one-stop solution for buying tokens. With a smooth checkout process and support for all payment methods, Flooz.xyz ensures a convenient experience without the need to own a wallet.

Using Flooz self-custodial web wallet, you can seamlessly transact IoTeX, including storing, sending, and receiving tokens. Creating a self-custodial wallet directly on Flooz is quick and easy, requiring only your email, Google, or Apple ID. This not only provides a seamless and optimized trading experience but also ensures that you have access to your funds at all times, thanks to the power of cryptography.

In addition, Flooz.xyz aggregates more than 50+ providers to ensure you have access to the fastest and cheapest payment routes for your IoTeX trades. This level of aggregation and security has attracted over 85,000 active traders on Flooz.xyz, making it a reliable platform for buying and trading IoTeX and other cryptocurrencies.