What is IoTeX?
IoTeX aims to bring interoperability to IoT so all devices and systems can work together autonomously, at scale, to realize the full value of IoT. Almost all existing blockchains have limitations when facing IoT environments because they are not built to handle large quantity and heterogeneity of IoT devices and different constraints in computation, storage, and power.
Why did the team created IoTeX?
The Internet of Things (IoT) is rapidly emerging as the manifestation of the networked society vision — everything that benefits from a connection is connected. Despite its rapid evolution, IoT is still far from reaching mass adoption and lacks “killer applications” that would draw new users to the ecosystem due to issues such as low scalability, high operating cost, privacy concerns and lack of functional values.
Why IoTeX?
We designed IoTeX to be the next-generation blockchain, purpose-built to handle the complex IoT world. We focused on scalability, cost reduction and privacy, the three big issues that limit the efficacy of other blockchain solutions. One of our core innovations is the blockchain-in-blockchain architecture. IoTeX consists of many blockchains that are hierarchically arranged:
- The root chain, a public blockchain, manages independent sub-blockchains or subchains that run concurrently with one another while retaining privacy and interoperability;
- Subchains are provisioned by developers/companies to connect and interact with IoT devices that either have a similar functional purpose, operate in similar environments, or share the similar level of trust.
- On top of this structure, cross blockchain transactions are supported to transfer value and data from subchains to the root chain or from one subchain to another via the root chain.
To enable fast cross-blockchain transactions, IoTeX innovated a new PoS-based consensus scheme with instant block finality using Verifiable Random Function.
A few questions that I find interesting in the AMA that was done with the team :
Q: How can we apply IoTeX to real life?
A: We see IoTeX as a platform for others to build DApps for IoT. Each IoT DApp runs within one subchain and can communicate with other subchains via the rootchain. Typical IoT DApps lies in the sectors of sharing economy. For example, a device loans out its computation/ storage/ connectivity capability in exchange for tokens or a device (like a RFID on the bike) can provide certain services in exchange for tokens.
Q: How would you describe IoTeX in simple words?
A: Ethereum for IoT including sidechains with built-in privacy + lightweight computation/storage/communications (kudos to @TheCinfox)
Q: How do you plan to address the storage issue when the network is overloaded with thousands of transactions on all chains?
A: Great question! This is definitely something we want to address here at IoTeX. Not every device should act as a full node. For devices with extremely limited local storage, they should be assigned as a lightweight node. In order to reduce the storage footprints of a full node, we must
a. Reduce the size of each transaction;
b. Archive historic data and create checkpoint states of the entire blockchain;
c. Categorize subchains based on use cases: For example, one chain for sharing economy and another chain for smart home. This will help reduce the TPS on the rootchain.
Q: Technology wise, who you can compare it to?
A: Both IoTeX and IOTA focus on the IoT domain. However, IoTeX has the different design considerations when we develop our platform. The four essential innovations listed on our website will differentiate us from other IoT+Blockchain projects. The strong research and development team behind IoTeX will guarantee the success of our project.
Q: What’s the biggest risk associated with IoTeX?
A: The architecture of our system is highly complex, which requires expertise in multiple domains such as distributed system, cryptography, and IoT. Fortunately, we have gathered a strong team with complementary skills to mitigate potential risks during the development process.
Q: What are some real world use cases?
A: We have several real life use cases: sharing economy, identity management, smart home, and autonomous cars. We have more detailed description of use cases in our whitepaper ➡️https://iotex.io/white-paper
IoTeX use cases
IoTeX Team
All star team with good experience and strong technical knowledge in various areas from top companies worldwide.
Some of the companies they’ve previously worked at :
IoTeX Advisors
Strong advisors including Founding Partner of Sequoia Capital China, and a Director of DFJ ePlanet Ventures & Co-Founding Managing Partner of HCM Capital, Foxconn Technology Group. Co-Founder and Executive Director of Chained Finance Ltd., Founder & Executive Director of FnConn, and Board Director of Abra.
IoTeX Investors
Top Blockchain Venture Capital Firms including Kenetic Capital, Neo Global Capital Fund & Draper Dragon Fund that have previously invested in top, successful projects such as Icon, Ontology, Omisego, Zilliqa, 0x & Bluzelle.
Upcoming Roadmap
Definitely a big and exciting year ahead for IoTeX! With design and prototyping already completed late 2017, the key dates to take note this year are:
· Test-net preview — April 2018
· Test-net Beta — Jun 2018
· Main-net — October 2018
· Pilot dApp launch — Nov 2018
Conclusion
The IoTeX project is without a doubt one of the more promising projects of 2018 in the cryptocurrency space. I will definitely keep a close eye on them, and I am super keen to to preview their test-net and beta once they release it to the public! I have huge confidence in the team and believe that they will stick to their deadlines and deliver what they say. This project has a bright future ahead! Very excited.
More information about IoTeX :
Website: http://iotex.io/
Telegram: https://t.me/IoTeXGroup
Twitter: https://twitter.com/iotex_io
Reddit: https://www.reddit.com/r/IoTeX/
Medium Blog: https://medium.com/@iotex
AMA: https://medium.com/iotex/ama-brief-c7739bcd9803
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