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What Is IoTeX (IOTX)?

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What Is IoTeX (IOTX)?

IoTeX is a next-generation IoT-oriented blockchain platform that combines privacy, scalability, and extensibility. It aims to power the Internet of Things (IoT) with decentralized trust and coordination. IoTeX is the first blockchain platform to support lightweight hardware devices at the edge of the network.

The native token of the IoTeX network is called IOTX.

How Does IoTeX Work?

IoTeX combines blockchain with trusted execution environments to bring unprecedented scalability, privacy, and connectivity to IoT devices. By decentralizing the network and enabling edge computing, IoTeX is able to empower billions of connected devices to autonomously interact with each other in a secure and trustless manner.

Another important aspect to mention is IoT applications have different requirements, and it’s not possible to connect all the IoT nodes into a single blockchain. The IoT blockchain delegates duties through sidechains, where each sidechain is capable of providing a unique function of a given application. These sidechains can interact when needed, thus decreasing the load on a single blockchain.

The History Of IoTeX

IoTeX was founded in 2017 by a group of Ph.D.s and engineers from Stanford, Berkeley, Google, Huawei, and IBM. The IoTeX team is dedicated to building the next-generation infrastructure for IoT powered by blockchain technology.

Is IoTeX (IOTX) A Good Investment?

IoTeX’s unique approach to scaling combines sharding with roll-ups to achieve millions of transactions per second and sub-second finality. With strong support from top investors such as Dan Larimer, founder of EOS and Steem, IoTeX is well on its way to becoming the leading platform for the Internet of Things.

As you can see on the graph below, the highest that IOTX has ever reached is $0.23 back in November 2021, and then a few months later it dropped and is now sitting below $0.05, which makes you wonder if IOTX will see another all time high in the future.

Is IoTeX A Good Investment

To stay up to date with the current IOTX price data, click here.

Should You Buy IoTeX (IOTX)?

If you have done research on the team, vision, whitepaper and you are satisfied with what IoTeX has accomplished so far, then potentially it could be a great investment for the long term. Perhaps invest small, and wait for market direction before buying more.

Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money. As a rule of thumb, never invest money you can’t afford to lose.

The IoTeX Whitepaper

IoTeX released a whitepaper packed full of information which includes problems and solutions they are trying to solve, information surrounding the token they launched, the technical aspects behind the project, the project timeline they are working towards and formal introductions from the founders, employees and advisors.

If you want to read the IoTeX whitepaper click on the button below.

How Many IoTeX (IOTX) Coins Are There in Circulation?

IoTeX has a max supply of 10 billion IOTX coins.

How Can You Buy IoTeX (IOTX) Coins?

It’s actually quite easy to buy IOTX. All you need to do is follow these four basic steps:

  1. Create an account on a cryptocurrency exchange that lists IOTX. Below we share some of these exchanges.
  2. Complete the identity verification process. Some exchanges require a scan of an identity document such as a passport or driver’s license.
  3. Transfer money from your bank account to the crypto exchange. The exchange may accept other payment methods, but bank account transfers typically have the lowest fees.
  4. Once the money is available in your account with the exchange, select the “buy” option to purchase IOTX.

Where Can You Buy IoTeX (IOTX) Coins?

If you would like to purchase some IOTX coins, below are a handful of cryptocurrency exchanges which list them.

  • Binance
  • Deepcoin
  • MEXC
  • XT.COM
  • Bitrue
Disclaimer: All images, branding and wording is copyright of IoTeX. All content on this page is used for informational purposes only. CoinCitrus has no affiliation or relationship with the coins, projects or people mentioned on this page.
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Gabriel Santos
Gabriel Santoshttps://gabrielsantos.eth
Gabriel has over 15 years of experience trading various asset classes as a full-time technical analysis trader. He was first introduced to cryptocurrency in 2017 and was immediately hooked. Aside from analyzing charts, Gabriel enjoys going to the gym and lifting weights.
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