IoTeX is a blockchain-based platform created with a mission to develop a decentralized infrastructure where people and machines can interact with trust and economic incentives. This platform was founded by four industry veterans, Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun, who have combined experience of over 20 years in delivering innovative blockchain solutions. In this post, we will discuss IoTeX's blockchain technology, native coin, founders, and potential impact.
One of the key features of IoTeX's blockchain technology is its ability to scale decentralized applications (DApps) without expensive gas fees. IoTeX's EVM-based blockchain technology supports DApps developed using smart contracts. The platform provides an environment where DApps can be scalable, performant, and secure. IoTeX achieves this by introducing innovative concepts like self-sovereign devices that can interact with each other, real-world oracles, middlewares, and DApps built on top of the blockchain.
IoTeX's native coin, IOTX, is the fuel for the platform's blockchain protocol. Users and developers can use IOTX to participate in network governance, payment of transaction fees, and other use cases of the IoTeX ecosystem. The unique economical design of the platform's consensus mechanism - Burndrop, ensures deflation of IOTX as the number of IoTeX orchestrated devices increases. This design incentivizes device manufacturers to participate in IoTeX's decentralized ecosystem by burning IOTX for desired resource allocations. This mechanism ensures that the supply of IOTX is always decreasing, which can potentially increase its value over time.
IoTeX's decentralized platform has the potential to impact various industries positively. In supply chain management, IoTeX can help track products effectively and enable efficient and cost-effective delivery of goods. In the healthcare industry, IoTeX can provide a secure and decentralized platform where patients can securely store their medical records, and healthcare professionals can easily access these records with consent from the patients. In the energy sector, IoTeX can help create a more efficient and cost-effective energy distribution system by providing a peer-to-peer network for energy exchange.
