IoTeX is a privacy-centric blockchain infrastructure for the internet of things. IoTeX is not merely an enhancement of an existing IoT technology, but a complete new vision for the for it’s future in order to make autonomous device coordination a reality. IoTeX was built from scratch, tailorfitting blockchain technology for IoT by using lightweight cryptography to ensure the privacy of all data on the network.
The IoTeX crowdsale concluded in mid-February 2018, with the team raising a little bit over $14 000 000.
When it comes to IoT, there are many different features that need to be implemented in a blockchain, because different apps have different needs. This makes it impractical to put IoT nodes all into a single blockchain, as it would cause blockchain bloat, making computations and transaction inefficient. IoTeX will utilize sidechains for each needed function, and these sidechains will be able to interact with each other when necessary and will help with combatting unnecessary bloating of the network. The network also uses ring signatures and payment coding to ensure privacy of both users and transactions.
Occam’s razor is a principle, according to which the simplest solution is usually the correct solution. Applied to IoT, it means different devices on the network have different needs. IoTeX addresses this in the most simple and efficient way possible, by giving each device just what it needs though separate sidechains. One example for this is where transactions need to be relayed. These blockchains don’t require Turing-complete contracts and can be far simpler.
IoT blockchain solutions need to be lightweight and minimize energy usage as well as storage and computational needs. IoTeX’s unique design feature is that its blockchains can run alongside each other and retain interoperability. This is done through the use of a root blockchain combined with sidechains.
At this point of development, IoTeX has no working products aside from a wallet. The bigger problem, however, is IoT adoption. The IoT sector as a whole is full of buzzwords and “vision for the future”, but IoT devices and apps are very few and far in-between, which means that it might take quite a while before investors see a decent return.
IoTeX is pretty under-the-radar as of currently. The team is supposed to launch the mainnet during the first quarter of 2019 so the project is still in its last stages on development, but we’ll be waiting to hear what the IoTeX team has in store for the future, which is where the project’s potential lies in, as IoT adoption is still in its infancy.
