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IoTeX was founded as an open-source platform in 2017. Its vision is to build an ecosystem where humans and machines can interact with guaranteed security and trust.
The company is headquartered in Silicon Valley and was founded by Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. All have extensive experience working for and leading teams in high-value companies such as Uber and Facebook.
Closer Look At The IoTeX EcosystemIoTeX is a decentralized network of users, developers, and enterprises that collectively govern and utilize the IoTeX platform. Here are some key features of the IoTeX:
Although similar to Ethereum when it comes to architecture, IoTeX is not an "Ethereum killer." Instead, it will be the hub for decentralized IoT data/devices and collaborate with Ethereum and other Layer 1 platforms.
The IoTeX platform employs a modular architecture that has the following components:
The IoTeX community has already built a large number of dApps and products like:
The core component of IoTeX’s governance is staking. Token holders can stake IOTX tokens to generate voting power. The protocol utilizes Roll-DPoS consensus, where community-voted Delegates manage consensus on behalf of the entire network. These delegates are in charge of overall network health and consensus. Stakers may earn up to 10% annualized interest on their staked IOTX.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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