IoTeX is a decentralised platform specifically designed for Internet of Things (IoT) applications. It aims to provide privacy, scalability, and secure device interactions through its specialised blockchain architecture. The platform facilitates secure, verifiable, and scalable interactions between physical devices and digital applications, ensuring the privacy and integrity of all transactions on the network.
IoTeX operates on a unique blockchain architecture that incorporates both a root chain and sub-chains. The root chain manages the network's overall operations while the sub-chains support specific applications with customized environments. The platform uses a Roll-DPoS (Randomized Delegated Proof-of-Stake) consensus mechanism to enhance security and decentralisation. Additionally, IoTeX utilises edge computing to improve bandwidth and response times, supporting real-time data processing, essential for IoT applications. IoTeX's integration with the Ethereum Virtual Machine (EVM) allows seamless development of smart contracts.
IoTeX offers extensive potential use cases across various industries including:
IoTeX was founded in 2017 by Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan. In its early development, IoTeX focused on creating a Layer 1 POS-based EVM public chain, successfully launching its mainnet in April 2019. This period also saw the introduction of notable IoT products like Ucam and Pebble Tracker. IoTeX has since undergone significant updates, including the EVM upgrade in the 2023 v1.12.0 hardfork, promoting its reputation as a central player in the IoT blockchain space through continuous technological advancements and strategic partnerships.