IoTeX launched in 2017 and operates as an open-source, blockchain-based project. It targets Internet of Things use cases, enabling people and machines to work together in a fully decentralized way. A core goal is addressing concerns around security and privacy. For instance, home camera video recordings are controlled by the provider.

The ecosystem includes its own blockchain plus IoT middleware, built with distinctive hardware, architecture, and security capabilities. It enables development teams to deploy IoT devices, applications, and networks while keeping user privacy protected.

IOTX is the platform’s native cryptocurrency, with a total supply of 9,700,000,000 IOTX.

What are IoTeX key features and how does it work?

The IoTeX network is organized into three main layers: Device Layer, Storage Layer, and Blockchain Layer:

The Device Layer focuses on making data from connected devices trustworthy, so it can be used in trusted applications. It accomplishes this by giving devices verifiable identities and allowing other parties to validate the devices’ actions.The Storage Layer offers a secure place to keep data that would be handled inefficiently on-chain, given high costs and scalability limitations. It includes the IoT Cloud, where data can be stored with timestamped verifiability and data provenance. If needed, the data can be relayed to the blockchain for use in smart contracts.The Blockchain Layer is open-source and supports peer-to-peer transactions as well as smart contract functionality. Developers can create IoT applications here that deliver multiple services and tools, pulling data from the storage layer when required.

What is noteworthy about IoTeX?

IoTeX includes a decentralized identity (DID) framework. DID is designed to help keep devices and identities secure, along with information stored or linked to them. In particular, IoTeXI aims to build identities for devices and machines, as well as for people. This supports interoperability between humans and machines for applications and programs running on the network, and broadens the set of IoTeX users across both categories.

What can IOTX be used for?

IOTX acts as a utility token for the IoTeX Network. It has multiple essential roles inside the IoTeX ecosystem that support platform operations. These include:

Gas fees, including transaction fees and the cost of running smart contracts on the IoTeX Network;Staking, which provides participation in governance and helps secure the network;Using services like interacting with applications hosted on the IoTeX blockchains;Device Registrations, such as staking or burning tokens to register trusted devices.

Examples of applications built on the IoTeX framework include:

Ucam - a security camera designed to be completely private;Pebble Tracker - an asset tracking device that is decentralized and can share IoT data with the blockchain for smart-contract use, such as climate, location, and motion data.

Where can you buy IOTX?

IOTX can be traded on the CEXs and DEXs listed here. Platforms noted as most popular, with the highest liquidity, include Binance, Kucoin, CoinBase Pro, Huobi Global, Gate.io, and MEXC Global. IOTX pricing changes based on the exchange selected and wider market conditions. For the latest and historical IOTX market data, see the price charts on this page.