Formed in 2017 as an open-source project, IOTX aims to develop the world’s top privacy-centric blockchain platform for the Internet of Things (IoT). To begin with, IoTeX integrates blockchain, dedicated hardware, and edge computing to achieve the full potential of IoT. A decentralized network of users, developers, and enterprises cooperatively controls and uses the IoTeX platform. Moreover, The blockchain employs IOTX as its driving force. This utility token works on the platform that connects IoT devices like cameras and sensors to decentralized apps. Now, let’s learn in detail: what is IoTeX? What can we expect from IOTX roadmap? How to swap IOTX profitably and instantly? Swapzone IOTX exchange aggregator will tell you shortly!
What is IoTeX?
IoTeX is a project that addresses various issues within the IoT space. Simply put, IoTeX utilizes a separate chain for each instance. The IoTeX mainnet has been operating well since April 2019. Currently, over 60 Delegates use it, including Blockfolio, CoinGecko, and DraperDragon.
The blockchain is a decentralized network that provides a foundation for the machine economy, including everything from smart homes to self-driving cars. So, if you’re wondering what IoTeX is doing to ensure that it can scale effectively for billions of devices, we shall explain everything in this article.
Key Features of IoTeX
Some key features that make IoTex unique include:
- While many blockchain networks struggle with scalability, IoTeX overcomes this problem by allowing real-time transactions at a minimal cost.
- The blockchain has four components that overcome the scalability issue plaguing most blockchain networks: Roll-DPoS, Layer 2 chains, edge computing, and cross-network communication.
- Unlike most blockchain networks built atop pre-existing networks (such as Ethereum or Hyperledger), IoTeX is created from the ground up.
- Another unique feature of IoTeX is its attempt to achieve true decentralization on its blockchain and the internet.
Because the IoTeX blockchain aims for a future where smart device users can control their data, the developers created IOTX, a token that powers the network. But what is IOTX coin, and what does it do?
As a rule, you can use IOTX for transactions, staking and administering the IoTeX network, registering new devices, etc. The IOTX coin can be purchased with fiat money but also exchanged for cryptocurrency.
By connecting the physical and digital worlds, offering value to users, and driving the emerging machine economy, IoTeX also wants to democratize access to machine-backed DApps, assets, and services.
MachineFi is a new term coined by the IoTeX developers in November 2021 to explain their new strategy. The development underlines that people can use the platform to create IoT instances with functional value, with a mission to connect the physical and virtual worlds and usher in a new decentralized machine economy. With a rebrand to MachineFi, IoTeX aspires for the metaverse and even more smart devices.
IoTeX coin serves machines from smart home gadgets to autonomous vehicles as a decentralized structure. That is why IoTeX has developed and deployed a swift, high-performance, and EVM-compatible network that offers scalability and flexibility for a wide range of applications. In addition, the blockchain also uses middlewares and DApps to enable self-sovereign devices and real-world oracles. Furthermore, the IoTeX ecosystem includes:
- A Launchpad for Blockchain Ideas and Projects
The IoTeX blockchain is home to an ever-expanding ecosystem of projects and products created by IoTeX community members.
- Powering Real Devices
The IoTeX network already supports actual products, such as the award-winning Consumer Electronic Show (CES), blockchain-powered cameras and the pebble geo gadget.
- A Secured Network
IoTeX has several safeguards in place to protect users’ privacy and their transactions. For example, ring signatures and the trustworthy payment code hide the transaction receiver’s address.
IoTeX is already one of the world’s most distinctive and dependable blockchains, enabling a comprehensive ecosystem of devices, DApps, and services. Therefore, the IOTX roadmap for the following years includes self-sovereign devices based on the IoTeX Decentralized Identity (DID) system, real-world data oracles to bring verifiable real-world data to the blockchain, and Decentralized Autonomous Machines (DAMs) to generate value for people autonomously.
IOTX Exchange: How to Buy IOTX with Crypto at the Best Rates?
Like other crypto purchases, you can use a debit or credit card to buy IOTX, but the transaction won’t be direct. However, with cryptocurrency, things are a bit different. The best part is that you don’t need to search further as Swapzone supports IOTX, allowing you to get the best rates and offers from other platforms. Here’s how you exchange the IOTX coin via Swapzone:
Step 1. Head to the Swapzone website.
Step 2. Select the proper pair (if you bought BTC to exchange it for IOTX, select BTC to IOTX).
Step 3. Input the amount of BTC you want to exchange for IOTX, and the aggregator will find the best deals for you.
Step 4. Click on the ‘Exchange’ button that leads you to an exchange platform, and type in the address where you want to send the IOTX coins.
Step 5. Use the generated BTC address to send your BTC deposit.
Step 6. Head to ‘Proceed with the Exchange’ and – if you want – leave a review of the website you chose to carry out your exchange process.
Step 7. Wait for the deposit to be processed and completed.