IoTeX (IOTX) is an auto-scalable and privacy-centric blockchain infrastructure designed for the Internet of Things (IoT). IoTeX is dedicated to building the next-generation blockchain platform that supports IoT applications through lightweight, private, and scalable disruptive blockchain technology. The IOTX token is a crucial component of the IoTeX network ecosystem, used for transactions, running decentralized applications, and incentivizing community participants.

Project Overview

Founded in 2017 as a Silicon Valley open-source project, IoTeX has built its network architecture from scratch (without forking), specifically designed for IoT use cases. Its mission is to create an open and trusted IoT ecosystem where all people and machines can freely exchange information and value in a secure, trusted, and privacy-protected environment. By combining blockchain technology, secure hardware, and privacy computing, the IoTeX network enables trusted data from trusted devices to be utilized in trusted DApps.

The IoTeX team consists of over 30 top engineers and scientists from leading tech companies such as Uber, Google, Intel, Facebook, and others. Currently, the IoTeX network is maintained by over 70 nodes from around the world, including Blockfolio, CoinGecko, and DraperDragon.

IoTeX is a fully decentralized open ecosystem with its native token (IOTX). The IOTX token serves multiple purposes, aiming to enable credible, transparent, and secure interactions between various entities within the IoTeX network, including nodes, stakeholders (voters), developers, service providers, and users. The IOTX token complements the IoTeX token economy, establishing a comprehensive economic and reputation incentive mechanism that further reinforces the decentralized nature of the IoTeX network and is fully leveraged in "IoTeX-powered" IoT products.

Within the IoTeX network, entities access and utilize various network resources through the use, staking, and burning of IOTX tokens. As the utility of the IOTX token increases, so does its demand and value, continuously incentivizing numerous participants to support, maintain, and serve the IoTeX network.