IOTX

Overview of IOTX

IOTX, also known as the IoTeX Network Token, was founded in 2017 by Raullen Chai, Qevan Guo, and Jing Sun. The main aim of this cryptocurrency is to establish an open ecosystem where all “things” can interact with each other with complete trust. IoTeX's token, IOTX, is used as the network's native cryptocurrency. It's utilized for various purposes within the IoTeX Network, including for transactions, staking, and governance.

IOTX is supported and traded across several exchanges, including prominent ones such as Binance, HitBTC and KuCoin to name a few. In terms of storage, users can securely keep their IOTX tokens in wallets like MetaMask, Trust Wallet, and ioPay. The IoTeX project continues to develop with a focus on expanding IoT applications, scalability, privacy, and developing innovative IoT devices.

Pros and Cons

What Makes IOTX Unique？

One of the notable innovations of IOTX is its focus on Internet of Things (IoT) applications. The network is designed to support and facilitate the interaction of all “things” in a completely trustless ecosystem. This emphasis on IoT, and the development of applications and devices to leverage it, sets IOTX apart from many other cryptocurrencies where the focus might be primarily on financial transactions or smart contract utility.

Another innovative aspect of IOTX is its approach to scalability and privacy. Unlike many other cryptocurrencies that use a single blockchain, IoTeX uses a blockchain-in-blockchain architecture to maintain scalability and manage privacy efficiently, which might be particularly important when dealing with connected devices that send data regularly.

How Does IOTX Work？

IoTeX Network works on a unique blockchain-in-blockchain architecture where different blockchains, serving different types of IoT devices or applications, operate separately to maintain privacy and efficiency. The overall design of the IoTeX Network is meant to tailor-fit the needs of various IoT applications, allowing different subnets or sidechains to operate under different consensus protocols as needed.

The IoTeX blockchain employs a variant of Delegated Proof-of-Stake (DPoS) consensus algorithm called Roll-DPoS. This consensus algorithm randomizes the selection of block producers (also called delegates) for network security and also to support scalability.

In terms of transaction processes, for each action on the IoTeX blockchain, the user signs a transaction with their private key, and the network verifies these transactions using public keys - similar to how transactions are conducted in most cryptocurrencies.

Exchanges to Buy IOTX

Several prominent exchanges support the trading of IOTX. Here are a few examples, including the currency and token pairs supported:

1. Binance: At Binance, a globally recognized cryptocurrency exchange, IOTX can be traded with multiple pairs. These include IOTX/BTC, IOTX/BNB, IOTX/USDT, IOTX/BUSD, and IOTX/ETH.

2. HitBTC: Being one of the most advanced cryptocurrency exchanges, HitBTC allows trading of the IOTX/BTC pair.

3. KuCoin: This exchange supports several IOTX trading pairs, including IOTX/BTC, IOTX/ETH, and IOTX/USDT.

4. Gate.io: At Gate.io, users can trade IOTX against USDT.

5. MXC: MXC is a high-performance digital asset trading platform that supports IOTX/USDT as its currency pair.

How to Store IOTX？

IOTX can be stored in a variety of wallets, depending on your need for security, accessibility, and convenience. Here are three types of wallets which can be used to store this token:

Software Wallets: Software wallets are programs that you download and run on your PC or mobile device. They offer a good balance between security and convenience. ioPay is a specialized wallet developed for IoTeX, which is available as a mobile app and a desktop version.

Hardware Wallets: If you are holding a large amount of IOTX and security is a major concern, a hardware wallet is generally the safest option. These wallets are physical devices that store your tokens offline, making them immune to online hacking attempts. While not directly supported, IOTX can be stored on some hardware wallets using the wallet's Ethereum application due to IOTX's Ethereum compatibility.

Should You Buy IOTX？

Purchasing IOTX or any other type of cryptocurrency is a personal decision that needs to be based on individual risk tolerance and investment horizons. However, specific categories of individuals may find buying IOTX to be potentially beneficial:

1. Tech Enthusiasts: Those interested in the intersection of blockchain and Internet of Things (IoT) may find IOTX appealing due to its specific focus on these areas.

2. Long-term Investors: People who are prepared to hold onto their investments for a long time period may appreciate the potential future growth of the IoT field. As IOTX aims to address the scalability and privacy problems faced by IoT, it could offer long-term value if these goals are achieved.

3. Speculators: Experienced cryptocurrency traders who take calculated risks might exploit the potential price volatility of IOTX for short-term gain.

FAQs

Q: Which exchanges can I use to acquire IOTX？

A: IOTX can be purchased on several exchanges such as Binance, HitBTC and KuCoin, among others.

Q: How can I store my IOTX tokens securely？

A: IOTX tokens can be stored in various types of wallets, including web wallets (eg. MetaMask), software wallets (eg. ioPay), and hardware wallets compatible with Ethereum.

Q: What sets IOTX apart from other cryptocurrencies？

A: IOTX diverges from other cryptocurrencies by its concentration on IoT applications, scalable blockchain-in-blockchain architecture, and the incorporation of token holder governance.

Q: What consensus mechanism does IoTeX Network utilize？

A: IoTeX Network employs a variant of Delegated Proof-of-Stake (DPoS) consensus algorithm called Roll-DPoS.

Q: What's the role of IOTX in the IoTeX platform's governance？

A: In the IoTeX platform's governance, IOTX tokens allow holders to participate in decision-making processes related to the development of the platform.