What is IoTeX? IoTeX aims to integrate the physical and digital world through the internet of things (IoT) and blockchain technology. In this article, you can access answers to frequently asked questions such as what is IoTeX, what it offers, what is IOTX coin, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for our curious readers.
What is IoTeX?
Founded in 2017, IoTeX is a blockchain network focused on the internet of things (IoT). The project is managed in a decentralized way. Developers and community members worldwide guide the project. The native cryptocurrency of the project is the IOTX coin. IOTX has several use cases within the network. Additionally, the open source network operates as a layer 1 blockchain. blockchain; smart devices also offer several advantages to decentralized applications (dApps) and NFTs.
Focusing on security and privacy, the project aims to give users full control over their data and devices within a decentralized ecosystem. It offers democratic access to machine-powered DApps, assets and services to integrate the physical and digital worlds. The network connects various physical world devices such as cameras and sensors to decentralized applications through IoT technology.
Offering high scalability and performance to its users, the network uses a unique consensus mechanism called Roll-DPoS. Currently, the platform has two products that can be linked to the blockchain. The first is a home security camera system that offers identity and login services using the blockchain. The second is a sensor that can simultaneously process data such as location and movement in the blockchain network.
What is IOTX coin? What is it used for?
The native cryptocurrency of the IoTeX blockchain is the IOTX coin. The maximum supply of altcoin is capped at 10 billion units. IOTX was created with the aim of maintaining the decentralization of the network and ensuring its smooth functioning. In addition to this main purpose, the altcoin has several use cases within the network.
Users can pay transaction fees for transactions within the network using IOTX. Holders of the token can participate in the management of the decentralized platform. Services used within the network are paid with IOTX coins. In addition, users who want to register new devices to the network can use IOTX assets. At the time of writing, IOTX was the 94th largest cryptocurrency project with a market cap of around $945 million. There were 9.54 billion IOTX coins in circulation, corresponding to 95% of the altcoin’s maximum supply.
How to get IOTX coin?
Currently, IOTX coin is listed by many major and reliable cryptocurrency exchanges. These exchanges that list altcoins include Binance, Bybit, and Kucoin. Investors interested in the IoTeX project can become a member of one of these exchanges. Investors who are fully members can get altcoins by depositing funds into their wallets.
