Introduction to IoTeX
What is IoTeX?
IoTeX aims to become a decentralized network for the Internet of things, powered by a privacy-centric blockchain, as it is stated in the IOTX Whitepaper.
Let's clear up a couple of things that might raise questions when reading this description.
- What is the Internet of Things (IoT)?
The Internet of Things is the extension of the Internet through multiple different smart devices, that are connected one to another through the Internet, and can be remotely controlled through this connection. Think of Smart Homes, where you can control your TV, your lighting, your stereo system, even mechanical doors or the thermostat, all because they're connected to each other through the Internet and remotely controllable via Smartphones for example.
- Privacy-centric, what does it mean?
Well, IoTeX as a project focuses on achieving its goals regarding IoT and scalability all whilst keeping user data anonymous. How IoTeX wants to achieve this will be described later in the article
IoTeX: The Project
IoTeX aims to leverage blockchain technology in a way to make the IoT more private and more scalable.
By using multiple blockchains, IoTeX already enhances privacy by decentralizing the IoT attack surface. Currently the IoT is facing issues regarding privacy due to its centralized nature. IoT devices and their data are connected and stored on centralized cloud services or server farms, which gives hackers an attack surface with a single point of failure. By decentralizing the connectivity and data storage services via multiple blockchains, this single point of failure issue becomes obsolete.
On top of that, by using multiple interoperable blockchains, the IoT becomes much more scalable. By separating specific device needs with multiple interoperable blockchains that can easily communicate with one another, scalability becomes a non-issue, since computational needs will be distributed on multiple -, instead of a single blockchain.
Interoperability is assured via rootchains and subchains.
The rootchain handles many different and independent subchains.
The purpose of each subchain can vary vastly from one another, and each subchain will handle its own specific tasks, all whilst having the luxury of being able to communicate with other subchains through the rootchain, or with the rootchain itself.
Rootchain vs Subchain Properties
IOTX: The token
- Total supply: 10,000,000,000 IOTX
- Circulating supply: 2,525,040,005 IOTX
- Blocktime: ~ 9 Seconds
- Consensus Algorithm: Roll-DPoS
What is Roll-DPoS?
Randomized Delegated Proof of Stake (Roll-DPoS) is a custom consensus algorithm delivered by the IOTX Team. It combines the concepts of Delegated Proof of Stake (DPoS), Practical Byzantine Fault Tolerance (PBFT) and Verifiable Random Functions (VRFs).
This algorithm needs to go through 4 steps to finalize a block.
- Nodes elect candidates to potentially verify the next block
- 11 random candidates form a committee to propose the next block (candidates selected via VFR)
- Every committee node proposes a new block
- All other nodes on the network vote for or against the aformentioned block by using PBFT
Complete and detailed explanation of the Roll-DPoS Consensus Algorithm can be found by clicking here
IOTX ensures privacy on all ends by hiding the sender (via modified Ring Signatures), receiver (via Relayable payment codes) and the amount of IOTX sent (via Confidential Transactions).
Q&A with @Alina_IoTeX (Telegram)
1) How long can the IoTeX Team last at the current burnrate without additional funding?
- Our fund is in a quite healthy state with a combination of cryptocurrency and fiat money. We have reserved a sufficient enough portion of the fund, so that the project development is assured for the next three years. Despite the market conditions our tech development and partnerships are actively evolving and expanding and we are not slowing on any aspects of our project.
2) Are there any further marketing campaigns planned for IoTeX, as the project is fairly overseen by the majority of people that I see, atleast on Twitter?
- There are a number of initiatives that we have planned and will execute around the launch of our Mainnet & the Delegates Program (staking&voting). More on this can be found in this blog here
3) How does IoTeX plan to rival other projects in this space that have a key focus on IoT and interoperability, such as the projects that form the Blockchain Interoperability alliance (Wan/ICX/Aion)?
- We do not see other blockchain companies as "competitors" and we actually work with other similar projects on research and development. We are happy to be part of the blockchain industry which is very collaborative. However, we will not "merge" with other companies but we will definitely continue to build strategic partnerships with DApp builders, investors, and other companies. Our goal is to build our community with talented and passionate companies and community members!
Although many would compare IoTeX with IOTA (an open source blockchain platform that focuses on M2M payment, also focus on IOT), we believe that that would be comparing apples to oranges. IoTeX’s competitive advantage is the vibrant, global network of tech communities, who are interested in developing new IoT applications and ecosystems utilizing IoTeX blockchain platform.
Posted from my blog with SteemPress : https://whalereports.com/introduction-to-iotex/