IoTeX — A promising Internet of Things project

According to Juniper Research, the number of Internet of Things devices is expected to exceed the 50 billion mark by 2022 and all of these devices will require fast and secure methods of communication. The project we are about to discuss focuses on solving this very problem — the creators of IoTeX are planning to handle this with a privacy focused blockchain. The ecosystem should provide flexibility and scalability by using a fast Proof-of-Stake based consensus mechanism, combined with the sidechains.

What is IoTex?

In terms of architecture, IoTeX is the backbone of the IoT, possessing a range of unique features. First of all, IoTeX separates functions of each component of the network. IoT devices have a number of different requirements because different platforms have different tasks. This makes it impractical to combine everything into a single blockchain, which will eventually make it slow and heavy. This is where the idea of separation of responsibilities comes into play. This means that the physical elements of the ecosystem connect specifically to subchains created for specific needs, and the subchains themselves are connected by the rootchain.

IoTeX also utilizes several mechanisms to ensure user privacy and transaction confidentiality. Among them are ring signatures that hide the transaction recipient’s address. Everything is built on a lightweight address system that doesn’t require a recipient to scan the entire network and monitor incoming transactions.

Occam’s Razor

IoT industry solutions also need to be lightweight and minimize energy consumption while maintaining storage and computation capacities. Using rootchain paired with subchains also solves this problem. Even in case of a potential attack on any subchain, the rootchain remains untouched. In the IoTeX blockchain, this architecture is also referred to as the “blockchain inside the blockchain”.

IoTeX protocol ensures fast, efficient and inexpensive inter blockchain data exchange. The developers have also implemented block finality, which ensures that any new created block cannot be modified.

Roll-DPoS consensus mechanism

Network members, in their turn, receive a reward that is distributed among the token holders who initially voted for them. This process encourages block producers to continue producing blocks and token holders to vote for block producers.

The DPoS consensus mechanism has its disadvantages as well. First of all, a determined static number of blockchain producers means that the network will never achieve decentralization. Besides, in the case of IoTeX, using DPoS alone cannot guarantee processing of complex blockchain architectures or multiple large-scale applications running simultaneously.

IoTeX solves all of the above-mentioned problems with its Randomized Delegated Proof of Stake (Roll-DPoS) algorithm. It combines DPoS with verifiable random functions (VRF) and practical Byzantine fault tolerance (PBFT). By incorporating all three elements the Roll-DPoS consensus can provide improved scalability and decentralization.

The IoTeX ecosystem

Ucam

In addition to their regular functionality, these cameras also guarantee enhanced security. Built-in privacy features such as end-to-end encryption, secure blockchain login and encrypted storage ensure that the user fully owns and controls their data.

Unifi Protocol

Unifi connects the existing DeFi token economies with the growing IoTeX token market. The launch of uTrade on IoTeX demonstrates all the possibilities of the network and contributes to further ecosystem development.

Cyclone

Nordic Semiconductor

The company’s award-winning Bluetooth LE solutions have turned it into a market leader and are complemented by ANT+, Thread and Zigbee products. Nordic’s compact, low-power LTE-M/NB-IoT cellular Internet of Things solutions leverage cellular infrastructure to extend the Internet of Things.

CertiK

Note that one of the key challenges in the blockchain ecosystem is providing privacy-preserving computing in the form of smart contracts that can also be formally verified independently. The partnership between IoTeX and CertiK, a leader in the formal verification and security of smart contracts, brings the project one step closer on the long road to highly secure smart contracts on public blockchains, including IoTeX’s own blockchain.

NKN

The combination of the NKN decentralized peer-to-peer network and the IoTeX smart contract platform is quite promising in many ways. NKN is more reliable and efficient with more connected nodes/devices. IoTeX capabilities are enhanced by the ability to connect to more devices outside of the immediate IoTeX network. Combining these ecosystems can increase the reach and provide a positive impact of decentralized applications that use both technologies.

Scaleout

Summary

Disclaimer: The contents of this article are not intended to be financial advice and should not be treated as such. 3commas and its authors do not take any responsibility for your profits or losses after you read this article. The article has been presented to provide readers with general information. There is only personal experience described herein. The user must do their own independent research to make informed decisions regarding their crypto investments.

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