Review IoTeX ICO

Modern technology is very quickly poured into people’s lives. What was considered fantastic in the last century and what our grandfathers and great-grandfathers dreamed of – all household processes in the house can be automated to such a level that everything will be managed from one portable device that fits in your pocket. Nevertheless, although the Internet of things or IoT – a topic popular for discussion, but still far from mass use. Much should be optimized to make technology more popular.

Let’s understand the concept of “Internet of things” (abbreviated – IoT). This is a computer network for various devices (“things”). All of them are equipped with devices for effective interaction with the world around them. For example, already well-known “Smart House” system – just refers to the IoT system, where all processes in the house are coordinated through smart devices and their interaction.

Work principles

So, if you formulate the basic definition of the platform, IoTeX is a blockchain network with the focus on confidentiality, created specifically for the Internet of things.
Initially, the IoTeX project was founded for the adoption of cryptographic currencies in the world. In the IoT industry, in the opinion of the project team, it is now stagnant, and now there are no developments at the level of “killer-app”. What should I do to make Iot technologies more popular, so that smart things are actively bought up and developed? In fact, without the killer-app, the overwhelming majority of users on the Web are unlikely to have the motivation to invest in IoT.

The main competitors of IoTeX

Often experts try to compare IoTeX with IOTA (a system focused on M2M payments). But comparing them is not entirely correct. The real advantage of IoTeX is the rapidly growing network of professionals in the field of developing and creating applications for IoT.

Does the IoTeX DAG work?

IoTeX does not use DAG technology in principle. According to IoTeX, DAG is a promising and convenient technology, but it is still far from supporting a real project. Instead of DAG developers use “2-way peg technology” – two-way binding. It is characterized by efficiency, security, as well as the possibility of rapid deployment.

Advantages of IoTeX over competitors

In general, we can identify the four most basic innovations that qualitatively distinguish the project:
– High network speed, low transaction costs, efficient communication;
– For the confidentiality and prevention of leakage of IoT information, the Blockchain-in-blockchain architecture is responsible;
– Confidentiality, which is based on simplified cryptography, is built-in;
– and Subchain-as-a-service (abbreviated as SAAS) is the technology necessary to create new IoT applications and ecosystems and speed up the prototyping process.

About development plans

According to the official plans of the team, the main network will work in July. After the launch, the main task of the developers will be the development of the daughter networks IoTeX, as well as the SDK. The project team plans to work with other companies in the IoT to work on DApps. In addition, on the platform of IoTeX, developers will be able to run child chains, with their own tokens, necessary for IoT applications of ecosystems.

Problem

To date, the IoT market has a number of tangible problems:
– Scalability. It can not be said that every smart device, working not in a complex with other devices of this type, but one, has an economic effect.
– Data security. Virtually all smart devices work with centralized campaigns, so smart device users rely entirely on the manufacturer to protect their data.
– The most important problem is the lack of compatibility of devices. Let’s say you bought a smart refrigerator, but it is not compatible with a kettle of another company. It’s all about the brand – many manufacturers specifically try to make their devices so that they can not be combined with other devices from other manufacturers, so people buy everything in one store.

Encouraging innovation

The IoTeX project will actively engage in the development of new technologies, by promoting innovation in the IoT space. They plan to encourage innovation, focusing on two key functions that allow talking about the development of IoT: community efforts and crypto incentives.

Token

In general, the information on the site about conducting sales is represented quite concise. The name of the new currency is IOTX, it is issued according to ERC20 standards. According to the site, the cost of one IOTX is equivalent to 0.0000125 ETH. A total of 10 billion tokens were issued, 24% of the total number was offered for sale. The total hard cap is approximately $ 16.8 million. During private sales, the bonus was 20%.

How will all tokens be destributed

– 30% community pool and ecosystem;
– 25%: pool of founders;
– 15%: the pool of the team;
– 24% will be sold during sales;
– the remaining 6% will be put on the remuneration program.