IoTeX

What is the token?

• IoTeX (IOTX) is the native token of the IoTeX network, a Layer-1 blockchain platform compatible with the Ethereum Virtual Machine (EVM).

• It is used to reward block-producers and stakeholders for network maintenance and security through voting and staking and for paying gas fees for transactions.

Tokenomics

• The total supply of IOTX is capped at 10 billion tokens.

• IOTX employs a “Burn-Drop” mechanism, a deflationary process designed to reduce the circulating supply over time by burning and airdropping tokens to incentivise network growth and reward long-term stakers.

Market Data

As of today #{today’s date}, the price of IoTeX is ₹3.79 INR or 0.04336 USD, with a 24-hour trading volume of 17776241.27 USD. The market capitalisation for IoTeX is 406261550.94USD. The circulating supply is 9441369057 IoTeX, with the total supply also being 9441369062 IoTeX.

Token Pros and Cons

Pros:

• Central to the operation and security of the IoTeX network.

• Features a deflationary mechanism, potentially increasing its value over time.

• Enables governance participation, offering token holders a voice in network decisions.

Cons:

• Subject to market volatility.

• The token’s success is closely linked to the adoption and success of the IoTeX network.

Why Should You Invest in IOTX?

• Investment in IOTX is compelling due to the growing Internet of Things (IoT) sector, the token’s deflationary mechanism, and the strong background of the IoTeX team, indicating potential project success.

USP of the coin

• IOTX’s unique selling point is its crucial role in the IoTeX network’s mission to empower the Internet of Trusted Things, facilitating a decentralised platform for secure and private human-machine interactions.

Problem the coin is solving

• IOTX addresses the issues of trust and privacy within the IoT sector, aiming to secure and privatise IoT device data through blockchain technology, thereby incentivising network growth and security.

Founder and Team Background

• Founded in 2017 by Raullen Chai, former Head of Cryptography at Uber, and Qevan Guo, a former Facebook Product Lead in Machine Learning, the IoTeX team consists of over 40 research scientists and engineers.

ICO Price

• The ICO price of IOTX was $0.0083, with the token sale occurring in 2018.

Risks Associated in Investing in the Coin

• Investing in IOTX involves risks like market volatility. It depends on the IoTeX network's success, which is in an early development stage, posing a risk to achieving project goals and impacting token value.

Whitepaper Insights

epaper outlines the project’s vision to empower the Internet of Trusted Things, an open ecosystem where humans and machines can interact with guaranteed trust and privacy. The IOTX token plays a crucial role in this ecosystem, being used to reward block-producers for maintaining the network and stakeholders for securing the network through voting for delegates and staking their tokens. The token is also used to pay for gas fees for transactions within the network.

The whitepaper introduces the concept of “Burn-Drop” tokenomics, a deflationary mechanism that involves burning and airdropping IOTX to incentivise network growth and reward long-term stakers. This mechanism is designed to decrease the circulating supply of IOTX over time, potentially increasing its value.

The IoTeX network is built to be compatible with the Ethereum Virtual Machine (EVM), allowing it to host a variety of decentralised applications (dApps). The network leverages blockchain technology to ensure the security and privacy of data from IoT devices, addressing a key challenge in the IoT sector.

The whitepaper also highlights the strong team behind IoTeX, which includes former employees of Uber and Facebook with expertise in cryptography, machine learning, and blockchain technology. The team’s background and expertise are seen as key factors in the project’s potential for success.

Overall, the IoTeX whitepaper presents a compelling vision for a secure, private, and decentralised IoT ecosystem, with the IOTX token playing a central role in realising this vision.