Six worldwide corporations have banded together to start the IEEE blockchain Identity of Things standardization.
According to IEEE Chair of the Identity of Things Working Group Dr. Xinxin Fan, researchers from Lockheed Martin, Ericsson, Lenovo, Huawei, Bosch, IoTeX and China Academy of Information and Communications Technology are developing the global standards for blockchain-based decentralized identities in an effort that commenced two years ago.
Related:Decentralized identity can bring the analog world into the digital one
After two years of research, the six major global businesses have provided the proof of concept for blockchain-based decentralized identification (DID) for IoT devices, which Dr. Fan started in 2019 with the World Wide Web Consortium (W3C). IEEE is a non-profit organization that has created standards for the general needs of technology related to wireless devices, networks, and services.
According to the press release, blockchain interoperability is crucial for the success of the Internet of Things (IoT), people, and enterprises. It is possible to advance global trade, economic development, and local communities around the world by eliminating technological hurdles and enabling diverse entities to communicate with worldwide standards.
Related:Empowered with IoT, Will Blockchain Lead to More Freedom or Less?
“IoT, decentralized identifiers, verifiable credentials, blockchain are technologies accelerating fast and bonding together,” said Giovanni Franzese, the head of blockchain business development at Ericsson. “It’s a huge privilege to contribute to the IEEE P2958 standards development, bringing the market perspectives, the Ericsson knowledge and participate in a cooperative cross-industry group to make the standards effective and fostering for adoptions with our clients.”
Dr. Fan leads the working group intending to ensure that the entire $12.6 trillion potential value of the IoT in 2030, as predicted by McKinsey, can be unlocked by defining a global DID standard for people and machines to interoperate.
The United States military continues to explore blockchain technology to improve its processes. The U.S. Navy has signed a $1.5 million contract with Consensus Networks to develop a blockchain-enabled logistics system named HealthNet back in May. The project, built on IoT-focused blockchain IoTeX, is halfway complete, counting the days for its pilot scheduled for early 2022.
According to the information shared with Cointelegraph, Consensus Networks aims to provide real-time monitoring and logistics for nearly 700,000 sailors and marines via the HealthNet platform. The developer picked the IoTex blockchain to meet the security and scalability requirements of the Navy.
Nathan Miller, the CEO and founder of Consensus Networks, said that the project is 50% complete, and the U.S. Navy is pleased with the progress so far. He added that the Navy would “participate along with other partners who are interested in the blockchain-powered HealthNet.”
Pilot programs to improve the outdated and inefficient systems include medical logistics, the demand for pharmaceuticals, prediction of blood product demand, and supply of prostheses and medical equipment.
Miller predicted that the medical industry is poised to renew its systems with blockchain-based solutions, adding:
“It is hard to believe that today automobile manufacturers, such as Ford, have a better network for ensuring the health of their vehicles in the shop or on the road than the medical sector has to monitor and safeguard the health of people.”
HealthNet is not a Navy-exclusive project, Miller underscored. It would help medical operators utilize an integrated data environment and an interface to track medical suppliers from manufacturer to patient in order to reduce delivery time and waste.
Related:IoTeX ‘MachineFi’ rebrand backs 200%+ rally to a new all-time high
“For example, it will be great for elderly homes by helping them with better care without driving or being driven to a healthcare facility,” Miller explained. “The system will help track their health and predict their needs and get them sorted, so they do not have to visit clinics.”
The U.S. military has previously experimented with blockchain technology. The. Air Force was one of the first branches to make a contract with a blockchain startup. The U.S. Navy then granted Simba Chain $10 million to develop a secure messaging platform. Simba received another $1.5 million in 2021 to create a blockchain-based solution to enable demand sensing for critical military weaponry parts.
A little-known altcoin has more than doubled in value in the past week while the majority of crypto projects moved sideways on their weekly charts.
IOTX is the native asset for the open-source blockchain IoTeX, a smart contract platform designed to power decentralized apps and connect Internet of Things (IoT) devices.
The platform is Ethereum Virtual Machine (EVM) compatible, giving developers an easy way to port their apps over to the IoTeX network.
The crypto asset surged from $0.10 on November 8th to a high of $0.25, representing gains of 150% while surpassing a $2,000,000,000 market cap.
IOTX is trading at $0.19 at time of writing, up about 12% in the past 24 hours.
Last week, Chainlink (LINK) announced it had awarded a grant to Protofire, a blockchain consultancy services provider, to integrate Chainlink oracles into IoTeX.
Says Christian Malfesi, Protofire’s director of engineering,
“As Protofire has extensive experience securely integrating Chainlink into multiple blockchains, we expect that the IoTeX integration will also be seamless and timely.
After the Chainlink integration, IoTeX’s developer community can start leveraging off-chain services and real-world data to build more advanced hybrid smart contract applications.”
IoTex is also entering the play-to-earn sector of the crypto economy, and recently announced a strategic partnership with the NFT game PlaceWar.
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The prices of four altcoins surged by double digits following their debut on leading cryptocurrency exchange Coinbase Pro.
Within 24 hours of the listings, IoTex (IOTX), Tribe (TRIBE), Orion Protocol (ORN) and Quickswap (QUICK) rallied as much as 20% to 75%.
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Coinbase Pro says that the four dollar-paired tokens are now in ‘full-trading mode’ on its platform.
IoTex is a platform whose goal is to link Internet of Things (IoT) devices and decentralized applications while TRIBE is the governance token of the Fei Protocol. Orion Protocol is a decentralized finance (DeFi) platform while Quickswap is a decentralized exchange (DEX).
“Our IOTX- USD, IOTX-USDT, IOTX-EUR, ORN-USD, ORN-USDT & TRIBE-USD order books are now in full-trading mode. Limit, market and stop orders are all now available.”
According to CoinGecko, IOTX surged by 75% after recording a low of $0.080744 and a high of $0.141670 within a 24-hour period.
ORN rose by 25% after reaching a low of $9.11 and a high of $11.43 in a day.
QUICK appreciated by 20% after hitting a 24-hour low and high of $580.94 and $694.53 respectively.
TRIBE recorded the lowest gain among the four after appreciating by approximately 19%. The governance token recorded a 24-hour low and high of $0.709872 and $0.842668 respectively.
The centralized cryptocurrency exchange says it started accepting inbound transfers of the tokens on August 10th. The four are not yet available on Coinbase.com or the exchange’s mobile apps.
In the first week of August Coinbase added support for two altcoins, which also surged after their listings. These were the payments token Alchemy Pay (ACH) and the native token of blockchain gaming platform and non-fungible token (NFT) marketplace PlayDapp (PLA).
In the past 24 hours, IOTX is up 26.54% at $0.1177, TRIBE is down 18.84% at $0.6795, ORN is down 12.86% at $8.78 and QUICK is down 13.45% at $547.97, according to CoinMarketCap.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Crypto Livewire – Press Releases
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SpaceSwap and UniFarm Unite for Upcoming Cohort 19 Starting August 10, 2021, at 13:30 UTC
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BENQI and Avalanche Launch $3 Million Liquidity Mining Initiative To Accelerate DeFi Growth
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Project Seed Launches the First Ambassador Program With Exclusive Benefits
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Blockchain Platform Ethernity Chain Announces ‘The Messiverse’ Has Arrived
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Fuse Network and ICHI Partner To Empower Any Community or Business With Its Own Stablecoin
Since IoTeX was started in 2017, I’ve been closely following their progress towards implementing a blockchain-based future for the Internet of Things (IoT). Over the years, they’ve successfully developed a highly-scalable blockchain with lightning-fast and incredibly low-cost transactions. Their blockchain platform not only powers the many digital applications running on Iotex, but also smart devices such as their CES award winning secure home security camera UCam, as well as their real-time environment tracker designed for supply chain implementation, the Pebble Tracker.
In fact, this is why IoTeX has an edge over other notable IoT solutions such as IOTA. IOTA was the earliest blockchain and IoT solution but due to its centralized architecture, it hasn’t delivered on its ambitions and is falling behind at this point. On the other hand, IoTeX is building nonstop, supporting developers with consistent new releases of software and real-world devices. Its decentralized infrastructure is fundamental to ensuring that no one but you owns your data and digital assets. So in a world where IoT (Internet of Things) is projected to become the next industrial revolution, I’m waiting to see how Iotex will be implemented globally to secure and power the billions of connected devices arriving in our near future.
“IoTeX is the first blockchain platform to power real world devices that allow everyday people to own and control their devices, as well as the data and value their devices generate. This is the foundation of IoTeX as we build out the Internet of Trusted Things. There are billions of smart devices that can be connected. IoTeX is leading the way to secure connectivity,” said Art Malkov, Head of Growth, IoTeX.
Being technically inclined, I love exploring the fine details of both technology and design. While IoTeX provides extensive reports of their changes, to save you time I’ve provided a summary of what’s most relevant. Below are the 5 main takeaways that you should know about IoTeX, their recent updates, the current blockchain implementation, and why it matters for the future.
1) Extremely low-cost, ensuring affordable transactions for all.
Right now, transaction and data transfers cost as little as one-fiftieth of a U.S cent, and with the 1.3 update, these costs have been dropped even lower. For the cost of a $3 dollar cup of coffee, you’ll be able to perform 15,000 actions on the Iotex blockchain. To put that in perspective, that same cup of coffee might get you one or two transactions on Bitcoin’s network. These low fees enable developers to deploy applications and devices for significantly lower costs than other networks, letting them build more, for much less.
2) The blockchain is as fast as lighting — no waiting for your transactions.
IoTeX transactions are one of the fastest in the industry: While other blockchains can take minutes to process and confirm a transaction, Iotex is able to confirm transaction blocks in mere seconds. To compare, Bitcoin can process four transactions per second and Ethereum can process thirty, but Iotex is capable of 1,000 transactions in just one second. With version 1.3, Iotex has been further updated to adopt the latest Ethereum improvements, further speeding up computations.
For an IoT application, where real-world data is being used to initiate transactions, fast transaction speeds are vital to ensuring network functionality as billions of smart devices come online in the coming years. Even compared to other IoT-focused projects such as IOTA, where transaction confirmations can take up to three minutes, Iotex has a clear advantage. These blazing fast transaction speeds are vital to making sure that applications and real-world devices are able to function efficiently with minimal delay between data transfers.
3) Up to date with the latest version of Ethereum— any developer who’s built applications on Ethereum can easily build on IoTeX.
With the 1.3 update, Iotex now fully supports Ethereum’s Istanbul upgrade, an extremely popular platform for blockchain application development. Anyone who has written an application for the Ethereum Virtual Machine (EVM – essentially a blockchain-based computer) should be able to import it onto Iotex with ease, with full support of the new features provided by the latest EVM, giving developers more tools while improving speed and security. This upgrade increases the utility and compatibility of the Iotex platform, and in combination with its speed, low fees, and security, makes it an even more powerful environment for IoT application development.
4) Creating and supporting smart devices to power the connected future.
It’s been forecasted that there will be more than 41 billion IoT devices by 2027, creating a massive market of connected devices that benefit from Iotex and its blockchain-IoT integration.
Since its inception, IoTeX has broken ground on this mostly untapped market, powering two real-world smart devices built around the integration of IoT and blockchain. Iotex and its heavy focus on smart devices is something to keep a close watch on: I’m sure that we’ll be seeing rapid growth in this relatively unexplored sphere.
Here are quick descriptions of the two smart devices they’ve already released, to give you an idea of what IoTeX is aiming for in the future.
The Ucam home security camera gives users full privacy over their video data by replacing the traditional username and password, which can be easily compromised, with a randomly generated blockchain-based login. This gives its consumers not just uncrackable security, but the peace of mind that their video is viewable by no one but them.
The Pebble Tracker is able to gather real-world data, such as location, gyroscopic data, and temperature, verify the data’s legitimacy, and then send this data to the blockchain, where anyone can see it and verify it themselves. Since the information gathered by Pebble is verifiable by anyone, it can be trusted by everyone.
As an example, suppose a car rental company wants to enact and enforce a no-smoking policy and certain mileage limits. The company could collect this data with the Pebble’s GPS and air quality sensors, which is tamper-proof and available for anyone to see. Now the customer doesn’t need to worry that the rental company is making false accusations, and the rental company doesn’t need to worry about their tracker or their data being somehow modified.
For all of these years, IoTeX has dedicated itself to designing and creating a brilliant product that solves the main issues of blockchain-based IoT. In addition to today’s 1.3 update, they’ve just launched a new site this week alongside the blockchain update, and their native token $IOTX has just been listed on Bitmart, marking its entrance to the US market. These upgrades to IoTeX and its ecosystem mark a major step on the path towards bringing IoT and blockchain together on a larger scale.
So far, the Iotex network has proven itself as a highly efficient, fast, inexpensive blockchain network. It’s also shown how such a network can have extremely useful and marketable industry applications. I will be watching closely to see how things develop in the future, but right now IoTeX is clearly leading the charge when it comes to IoT and blockchain integration.
IoTeX (IOTX), has announced the completion of its cross-chain bridge to Polygon (MATIC). Dubbed ioTube v4, the team says the cross-chain bridge now supports two-way token swaps between IoTeX and Polygon, Ethereum, and Binance Smart Chain (BSC).
IoTeX Multi Chain Bridge Now Live
Building upon itspartnershipwith Polygon (MATIC), IoTeX, a distributed ledger technology (DLT) project that claims to be focused on building the Internet of Trusted Things – an ecosystem where humans, machines, businesses, and decentralized applications (dApps) can interact with total trust and privacy, has added support for Polygon (MATIC) in its cross-chain bridge.
As earlierreportedbyBTCManager, IoTeX launched the ioTube v4 cross-chain bridge in April 2021, allowing users to carry out a secure and frictionless bi-directional exchange of a vast array of crypto assets between IoTeX, Ethereum, and Binance Smart Chain (BSC).
Fast forward to June 11 and the IoTex team has added support for Polygon (MATIC) on ioTube v4, making it possible for members of both ecosystems to carry outseamless token swapsbetween the two networks with ultra-low fees.
For starters, IoTeX v4 will support only a handful of Polygon tokens, including MATIC, wMATIC (wrapped), wETH, wBTC, DAI, USDT, USDC, SUSHI, QUICK, and AAVE. However, the team has made it clear that more tokens will be added to the list shortly.
To start enjoying cost-efficient and superfast token swapping on the IoTeX network, just download the Mobile or Desktop version of theioPayapplication, and follow the comprehensive step-by-step guide for Polygon-IoTeX, Ethereum-IoTex, BSC-IoTeX on theioTube website.
The ioTube v4 Architecture
Notably, the team says ioTube v4 uses multiple smart contracts on both the origin and destination blockchains to facilitate cross-chain token swaps.Explaining the workings of ioTubev4, the team wrote:
“When a user deposits assets into a cashier contract on Chain A, which is an event that is observed by multiple witness nodes. The witness nodes verify this event and send a signature to the realtor network, which aggregates all signatures and instructs a validator contract on Chain B to mint the same amount of tokens that were deposited on Chain A.”
Specifically, the ioTube v4 architecture comes with seven major contracts, including WitnessList, TokenList, TokenSafe, MinterPool, TokenCashier, and TransferValidator.
The WitnessList smart contract keeps a record of the active witnesses, TokenSafe stores the tokens deposited to the token cashier before passing them to the transfer validator which in turn sends the tokens to the rightful recipients.
The TokenList contract stores the list of whitelisted tokens, the MinterPool’s primary function is to hold the minter authorities of all mintable tokens, while the TokenCashier contract accepts all crypto assets deposits and issues a receipt for each successful deposit.
Founded as an open-source distributed ledger in 2017, IoTeX is backed by a global team of more than 30 research scientists and engineers.
“IoTeX combines blockchain, secure hardware, and confidential computing to enable next-gen IoT devices, networks, and economies. IoTeX will empower the future decentralized economy by connecting the physical world, block by block,” the team declared.
At press time, the price of IoTeX (IOTX) is hovering around $0.02467, with a market cap of $236.28 million, as seen on CoinMarketCap.
Leading Internet of Things (IoT) blockchain project IoTeX’s Head of Cryptography has been appointed the Vice Chair of the IEEE Standard for “Blockchain use in IoT.”
Another Milestone for IoTeX
IoTeX, an EVM-compatible blockchain geared toward the IoT economy today announced that its Head of Cryptography, Dr. Xinxin Fan, has been appointed as the Vice Chair of the IEEE P2418.1 Standard Working Group “Framework of Blockchain Use in Internet of Things (IoT).”
For the uninitiated, the aforementioned standard seeks to provide a common framework for both permissioned and permissionless blockchain usage, implementation, and interaction with the IoT economy.
It is worthy of note that standards are expected to play a critical role that will aid in the rise of a market expected to reach close to $31 billion worldwide by 2030 with 73.5 percent annual growth, says Fan.
Fan notes:
“The IEEE has been instrumental in creating global standards for emerging technologies. I’m honored to participate in this process for blockchain IoT, which will benefit from standards that boost interoperability while protecting privacy and fueling innovation. These are the building blocks that bring even more enterprises on board with blockchain IoT.”
Standards Critical for Blockchain and IoT Adoption
As previously mentioned, the aforementioned standards are important for blockchain and IoT as both ecosystems involve a complex cobweb ofconnectivity across several devices developed by hundreds of different companies.
Unsurprisingly, interoperability has emerged as a key component of the working group’s role in developing standards that will leverage the full potential of the blockchain innovation ecosystem, noted Ramesh Ramadoss, the co-chair of the IEEE Blockchain Initiative. He adds:
“Standards help with the growth and adoption of new technologies by lowering the technical barriers. In the blockchain space, lack of interoperability is a technical barrier. The way devices are connected to blockchains to enable decentralized machine-to-machine communications should follow a universal standard. Standards will align data formats, achieve interoperability across systems, and aid adoption of this innovative technology.”
Fan stated that the involvement of individual researchers, startups, global companies like IBM, GE, Dell, and Huawei with the IEEE puts it at the forefront of building standards and aligning stakeholders across all emerging technologies.
“By co-creating standards with industry experts, IoTeX is committed not only to innovation in the blockchain space via our real-world products, such as Ucam and Pebble Tracker, but also the research/standards space via our leadership positions in the IEEE and IIC to help shape the future of blockchain and IoT,” Fan concluded.
In anannouncementmade today, leading blockchain and Internet of Things (IoT) platform IoTeX stated the go-live of the ioTube v4 at tube.iotex.io.
A Primer on ioTube
IoTeX today unveiled ioTube v4, a decentralized cross-chain bridge that allows for bi-directional exchange of tokens between IoTeX, Ethereum, and Binance Smart Chain. This essentially means that Ethereum and BSC tokens can now be traded on IoTeX and IoTeX tokens can be exchanged on Ethereum and BSC.
The new iteration of ioTube is a highly complex piece of technology. To promote high community participation, the team at IoTeX has open-sourced ioTube on GitHub and made it compatible with ioPay and Metamask for a better user experience. You can get started with ioTube by checking the detailed guidehere.
For the uninitiated, ioTube v1 was launched in April 2019 as part of mainnet Alpha to enable conversions of IOTX-E (ERC20) on Ethereum to native IOTX on IoTeX. Later, in August 2020 ioTube v2 introduced “witnesses” to enable conversion of a variety of ERC20 assets such as ETH, WBTC, BUSD, PAXG, and UNI.
Earlier this year in February, the team unveiled ioTube v3 to unify v1 and v2 with considerably lower transfer and settlement costs for cross-chain token transfers.
Enter ioTube v4
Put simply, ioTube v4 leverages multiple smart contracts on both origin/destination blockchain to allow for cross-chain token transfers.
The blog post reads in part:
“It starts when a user deposits assets into a “cashier contract” on Chain A, which is an event that is observed by multiple witness nodes. These witnesses verify this event and send a signature to the relayer network, which aggregates all signatures and instructs a“validator contract” on Chain B to mint the same amount of tokens that were deposited on Chain A.”
Detailed technical intricacies pertaining to ioTube v4 can be learned via the official announcement by IoTeX here.
Once the tokens are converted between IoTeX, Ethereum, and BSC, they may be traded on respectively decentralized exchanges (DEX) such as mimo (IoTeX), Uniswap (UNI), and PancakeSwap (BSC).
Notably, the IoTeX community also hints that more such exciting cross-chain integrations to leading blockchain networks are in the pipeline and would be launched in the future.
To bring your digital assets to the IoTeX network, simply downloadioPayfor Mobile or Desktop, visit the official websitehere, and follow the simple instructions.
The latest product from IoTeX, a privacy-focused platform for the Internet of Things, reportedly brings the concept of a smartphone’s trusted execution environment with real-world data to the crypto space.
Head of business development at IoTeX Larry Pang told Cointelegraph that the firm’s Pebble Tracker, a device capable of recording and encrypting data from the physical world, offers a new way to bring data ownership to users. Pebble Tracker is reportedly able to capture data including location, temperature, air quality, motion, and even light levels and record it securely for a variety of blockchain-related applications.
The technology is aimed at allowing the device owners as well as third parties to verify the authenticity of the data. This would reportedly allow use cases including healthcare providers verifying the temperature of COVID-19 vaccines for the duration of their journey from manufacturer to injection, but also provide a new way to incorporate real-world data to non-fungible tokens, or NFTs.
Comparing IoTeX’s “Pebble Go” project to the popular Pokemon Go smartphone game, Pang said the tech was designed so that users can’t easily spoof locations — as many did to capture rare Pokemon in the game — but instead “use verifiable GPS data to mint NFTs that prove you were at a certain place at a certain time.”
“This technology can be used to absolutely verify the proof of presence of a person,” said Pang.
“A lot of the use cases of NFTs are about clout — ‘I have this, I’m the owner of it’ — even though you can see this JPG on the internet […] The next step for NFTs is not to prove you have reputation that’s transitive from someone else but if you have reputation that says ‘I have a collection of NFTs that were only mintable under verifiable conditions.'”
Though this approach may not necessarily be applicable to some popular NFTs — for example, Jack Dorsey’s tokenized genesis tweet — it could be easily be used for sports digital collectibles issued at games, with the location of the venue verified and minted. As the space is experiencing a boom in the quantity and value of NFTs, the demand for quality in terms of additional verification and data, may also rise.
“If we didn’t have this kind of model, then at every checkpoint there would need to be a group of validators that validate that this data is correct,” said Pang. “It’s a level of verifiability that really connects the physical and digital world in a new way.”
Raullen Chai is the Co-founder & CEO of IoTeX, a leading blockchain & IoT platform that is empowering the Internet of Trusted Things. Raullen received his Ph.D in Cryptography from University of Waterloo and served in Tech Lead roles at Oracle and Google from 2012-2016. Most recently, Raullen was the Head of Cryptography R&D at Uber before co-founding IoTeX in 2017.
What is your vision for IoTeX?
By 2025, more than 75 billion smart devices will form the global Internet of Things (IoT), which McKinsey estimates will be valued at a staggering$11 trillion. However, there are massive gaps in security, privacy, and interoperability that limit the potential of IoT, especially for everyday people and businesses. For the past decade, centralized corporations have introduced smart devices that spy on our personal lives and mine our data with no benefit/value returned to users. If this continues, the IoT and the $11 trillion in value it represents will forever be controlled by profit-hungry institutions, not users. IoTeX is here to ensure this doesn’t happen.
IoTeX is building theInternet of Trusted Things, an open ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. We envision a future where self-sovereign users can own and control their smart devices, as well as the data and value they generate. We believe everyday people and businesses, not profit-hungry institutions, should be the ultimate benefactors of the future machine economy. Using blockchain and secure hardware, IoTeX not only addresses the current IoT’s shortfalls in security, privacy, and interoperability, but also empowers users to capture data/value from their devices and utilize it in next-gen DApps on the IoTeX platform.
Tell us about the team behind IoTeX.
Making blockchain + IoT a reality is hard. It requires a team that not only drives cutting-edge research across both blockchain and IoT, but can also apply this research in the form of real-world products. Bringing blockchain + IoT to life is truly a full-stack effort across software and hardware and everything in between! Over the past three years, IoTeX has formed an all-star team that deeply understands the nitty-gritty details of cryptography, high-level architecture of large-scale IoT systems, and application of blockchain in real world settings. IoTeX is *the team* to bring blockchain + IoT to life — and we are already well on our way.
The IoTeX core team is a passionate and award-winning group of 30+ cryptographers, engineers, and ecosystem builders that left leadership positions at Google, Facebook, Uber, Bosch, and more to build the Internet of Trusted Things. Our executive team also currently leads some of the world’s premier industry consortiums, including theIIC,IEEE, andCCC, which exemplifies the seriousness and sophistication of IoTeX technology. See the full teamhere.
What is your favorite memory of your time at IoTeX?
IoTeX started almost three years ago as just a line of code and has evolved into one of the most unique and performant Layer 1 ecosystems in the world. Last year was an expecially fast-paced year for IoTeX — we launched our fully nativeMainnet GA, the first “Powered by IoTeX” device calledUcam, and innovative cross-chain tools likemimo DEX. The common denominator across these major launches is they are all production-ready products that give a glimpse into the future of IoTeX. With Mainnet GA in place, IoTeX is planning for aneven bigger 2021with more devices, assets, DApps, and cross-chain integrations whose impact will be even greater as we start to capture network effects. This is why I believe my favorite memory for IoTeX is still to come — the blood, sweat, and tears we put over the past 3 years to stand up our one-of-a-kind ecosystem is simply the starting point. The future is what excites me the most, as we continue our journey to make IoTeX the economic backbone for millions devices/machines that will underpin the new decentralized machine economy.
How does IoTeX differ from other IoT-focused blockchain projects in the industry?
There are many IoT-related blockchain projects out there, but nobody is doing what IoTeX is doing. IoT is a massive industry that is still nascent and being explored — while most projects are focusing on micropayments or connectivity, IoTeX is uniquely focused on empowering users to own their smart devices, as well as the data/value they generate. Over the past three years, IoTeX has researched, built, and integrated best-in-class technologies that align with our focus, including blockchain, decentralized identity (DID), and secure hardware. In 2021, we will further evolve our tech stack with the world’s first verifiable, real world data oracles and decentralized autonomous machines, which will solidify IoTeX as the top platform for Web3-IoT.
Today, “proof of product” is more important than ever when evaluating blockchain projects. While several Top 50 market cap projects are stuck decentralizing and adding smart contracts to their protocols, IoTeX is already launching first-of-its-kind products likeUcamandPebble Trackeron our fully decentralized Mainnet, which has been running error-free since April 2019. This is because from Day 1, IoTeX has been laser-focused on our mission to make blockchain + IoT a reality. Now that we’ve proven that blockchain + IoT is real, we are turning our laser-focus towards empowering others to build next-gen blockchain + IoT products on IoTeX.
Who are some of IoTeX’s biggest partners to date?
Ucamis a “Powered by IoTeX’ security camera with 100% privacy and user data ownership, built in partnership withTenvis, a global security camera enterprise founded in 2005. As one of the first blockchain-powered products for mass market consumers, Ucam received the CES Innovation Award and has sold thousands of units on Amazon.com and global retailers. Ucam exemplifies IoTeX’s innovative spirit and is a fantastic example of how IoTeX technology will transform the Internet of Things; however, we have even greater goals in 2021.
This year, IoTeX is launchingPebble Tracker, built in partnership with Nordic Semiconductor, a leading IoT chip manufacturer. Pebble Tracker is the first “real world data oracle” that captures/signs real world data (e.g., GPS, temperature, humidity, air pressure/quality, motion, light) and transmits it to the IoTeX blockchain in a way that is verifiable, and therefore trusted, by anyone. From medical supply chain to crowdsourced datasets to user-owned machine learning models, the verifiable data from Pebble Tracker will fuel the next generation of trusted blockchain & IoT. We encourage anyone that is interested in building a custom project or joining a community project to purchase Pebble Tracker onCrowdSupplynow!
IoTeX also holds leadership positions in premier industry consortiums and standardization bodies, such as theIIC,IEEE, andCCC. For example, IoTeX is currently the Co-chair of the IIC’s Blockchain Group alongside Amazon & Huawei — through these enterprise-focused consortiums, IoTeX works side-by-side with the largest corporations in the world to design new use cases and establish future standards for blockchain + IoT. We have also partnered with enterprise members of the IIC, includingWISeKey, a leading IoT chip manufacturer.
What is the utility of the IOTX token? Can investors stake IOTX for passive income?
The IoTeX Network is fueled by the native IOTX token, which has multiple forms of utility in the IoTeX Network. IOTX is the native currency of the IoTeX protocol and instills economic and reputational incentives across users, DApp builders, and Delegates (miners) to ensure IoTeX is governed/maintained in a decentralized fashion. Token-holders can stake/vote using their IOTX for passive income, as well as spend IOTX to access IoTeX DApps and services. The IOTX token is also deflationary thanks to ourBurn-Droptokenomics, where IOTX is burned for every new device that is registered to the IoTeX Network. As the number of devices and DApps that are “Powered by IoTeX” grows, the demand and value of IOTX will also grow, providing continued incentives for token-holders to maintain and grow the network. Learn more about the utility of IOTXhere.
What can we expect from IoTeX in 2021?
IoTeX is already one of the most unique and reliable blockchains in the world, powering a diverse ecosystem of devices (e.g.,Ucam,Pebble Tracker), DApps (e.g.,mimo,Cyclone), and services (e.g.,ioPay,ioTube). But we are still early on our journey — IoTeX has an ambitious roadmap in 2021 to bring us closer than ever to the Internet of Trusted Things.
Self-Sovereign Devices:new “Powered by IoTeX” devices based on the IoTeX Decentralized Identity (DID) system; standardization of our DID protocols through collaborations with enterprises and standards bodies, such as IIC & IEEE
Real-World Data Oracles:first-of-its-kind oracle framework to bring verifiable real-world data to IoTeX to fuel new machine-backed assets/DApps; position IoTeX as the de facto hub to “serve” real-world data to Ethereum, Polkadot, and other networks
Decentralized Autonomous Machines (DAMs):a framework for sensors, devices, and machines to autonomously generate value for humans via on-chain data/assets — e.g., fractional ownership of machines, real-time leasing of resources, machine-as-a-service
In 2021, we will also prioritize hyper-growth of the IoTeX Network by strategically onboarding partners/communities and enriching our user-facing tools for seamless onboarding to IoTeX. The IoTeX brand will become synonymous with quality, innovation, and trust. For more details, see our2021 roadmap!
