We may have seen several sci-fi films as children in which robots or other unique technology in Utopia havoc on humans. These situations are becoming increasingly feasible in today’s environment.
This article will explain ‘IoTex,’ a revolutionary platform that will link the physical and digital worlds. You’ll learn how IoTex works, the platform’s future and its utility coin, the ‘IOTX coin.’
What Is IOTX Coin?
IoTeX (IOTX) is a private scalable “blockchain-within-a-blockchain” solution for the Internet of Things (IoT).
It’s designed to connect the physical world of internet devices block by block, and because of the Roll-DPoS consensus method, it’ll be both fast and scalable. IoTeX also has a simple way of maintaining privacy.
Can they stand out in a sea of privacy coins and IoT solutions?
This review will provide a comprehensive overview of IoTeX and go into the technology, team members, and application scenarios. We’ll also look at the IOTX token’s development roadmap and use cases for further adoption.
IoTX began as an open-source project in 2017 to empower the Internet of Trusted Things (IoTX) – an open ecosystem where people and machines can communicate with guaranteed trust, free will, and complete privacy.
The project aims to merge blockchain, secure hardware, and confidential computing to enable privacy-preserving smart devices and networks. It has a global team of over 30 research scientists and engineers working on it.
It’s a private blockchain within a blockchain solution that enables the Internet of Things (IoT). IoTeX uses a novel Roll-DPoS consensus process to connect the physical world of Internet devices while still being quick and scalable.
IoTeX aspires to be the spinal cord and nervous system of IoT systems in terms of architecture. The following design aspects are included in this architecture:
Separation of duties
Because different applications have distinct objectives, many additional functionalities are needed in a blockchain when dealing with IoT. This makes putting all IoT nodes on a single blockchain impractical. Furthermore, it would inflate the blockchain, making computations slow and heavy.
As a result, IoTeX is experimenting with the concept of task separation. This means that sidechains for each required function will be produced, and these sidechains will be able to communicate with one another as needed. The company believes that by constructing sidechains, they can improve the blockchain’s efficiency and anonymity.
IoTeX has numerous systems in place to protect the privacy of users and transactions. Ring signatures are one of the ways it accomplishes this. It also includes a reliable payment code that hides the transaction receiver’s address.
This is based on a lightweight address system that eliminates the need for receiving addresses to scan the whole network for incoming transactions.
The concept of Occam’s razor says that the most straightforward answer is usually the best. When it comes to IoT, this implies that various devices have different requirements, which IoTeX handles in the easiest way possible by providing each device with precisely what it requires via independent sidechains. When transactions must be communicated, this is an example. These blockchains do not require Turing-complete contracts and can be far more straightforward.
IoT blockchain solutions must be light and efficient in energy consumption, storage, and computing. IoTeX has a unique architectural characteristic in that its blockchains can coexist while maintaining interoperability. This is accomplished by combining a root blockchain with sidechains.
Sidechains and the Root Blockchain
The IoTeX architecture comprises a root blockchain that provides network security and governance while also managing subchains. Those subchains link IoT devices that operate in comparable environments, have similar levels of trust or have the same functional purpose.
How Secure Is the IoTeX Network?
IoTeX has numerous methods in place to protect user and transaction privacy. Ring signatures and the secure payment code that hides the transaction receiver’s address are two examples.
Delegated proof-of-stake works by allowing stakeholders to vote for the network’s block producers. The number of block producers is fixed, and once elected, they are in charge of creating new blocks for the blockchain.
They are rewarded for doing so, which they can then share with the stakeholders who voted for them, encouraging block producers to keep working and stakeholders to keep voting for them.
Should I Invest In IoTX Coin In 2022?
IoTeX (IOTX) appears to be one of the year’s best-performing cryptocurrencies. IOTX is a good investment in 2022, based on recent performance.
We may say that 2022 will be a strong year for IOTX due to continual developments in the IoTeX network. As a result, IoTeX’s bullish price estimate for 2022 is $0.26127. The bearish IOTX price prediction for 2022, on the other hand, is $0.03268.
Furthermore, with the developments and updates to the IOTX ecosystem, IOTX’s performance should soon lead it to surpass its current all-time high (ATH) of $0.255593. However, if investors believe IOTX is an intelligent investment in 2022, it may reach $0.5.
In 2022, IoTeX has a promising future. We may see IOTX hit new heights as a result of continuous changes inside the IOTX ecosystem as well as in the larger crypto market.
$0.26 is the bullish IOTX price projection for 2022. If investors believe that IOTX, along with mainstream cryptocurrencies like Bitcoin and Ethereum, is a suitable investment in 2022, it could even reach $0.3.