What Is IoTeX?

IoTeX is an innovative privacy-conscious blockchain with a vision to power the Internet of Things (IoT). IoT is a name for the system that encompasses all existing smart devices that can connect to the internet. The concept behind IoTeX – creating the Internet of Trusted Things – builds on the idea of the IoT.

The IOTX platform combines blockchain with confidential computing and decentralized identifiers to create an entirely unique network where humans, devices, and businesses can safely interact.

Pros and Cons of IoTeX

IoTeX plans to build a system that will make autonomous device coordination a reality. IoT requirements make using a single blockchain inefficient. This is why IoTeX will utilize sidechains for each specific function, making transactions and computation more efficient. 

Different smart devices have varyingly different needs. The new project will address these needs separately through simpler lightweight sidechains. All blockchains will be rooted in the main chain and will be able to run alongside each other while being interoperable.

All in all, IoTeX is a promising and ambitious project that may have a never-before-seen impact on businesses and private consumers:

  • The system boasts a forward-thinking agenda and progressive technology;
  • Integrating at-home smart devices will allow users to create their own private subchains;
  • The project has a credible team and a host of notable investment partners;
  • Implementing sidechains that will engage with the needs of different devices will maximize the efficiency of the blockchain;
  • IoTeX will implement security measures to ensure the complete privacy of users and their transactions.

Given the project’s novelty and high aspirations, there are some major negatives counterweighing the positives of IoTeX:

  • As of March 2020, the project does not have direct backing nor a working product apart from the freshly-released native IOTX Wallet;
  • IoTeX claims to provide an entirely different approach than other currencies, but the details of that approach are foggy at best;
  • Some experts warn against investing in the hot new coin. Buying in too high this early may lead to severe consequences.

Where to Buy IoTeX?

IoTeX can be bought with fiat currencies (USD, EUR, GBP etc.) or other cryptocurrencies (most commonly – Bitcoin or Ethereum). Paying for IoTeX with crypto may be more challenging for beginners, but, on the whole, has cheaper fees than fiat currencies.

The new coin is currently being sold through the following platforms:

  • SwapSpace
  • Binance
  • HitBTC
  • gate.io
  • Idex
  • Kucoin
  • Bittrex

Storing IOTX: Best IoTeX Wallets

The project utilizes two versions of IoTeX tokens: Native IOTX and the ERC20-IOTX. Both are valued at the same price but are used for different things. ERC20-IOTX is used for staking and voting on ETH. Native IOTX is a newer coin used mainly for transactions and contracts on the IoTeX Mainnet. 

1. IoTeX Online Wallet

This is an in-built wallet on the IoTeX website. It allows users to store their crypto and perform a variety of actions on both the IoTeX Mainnet and their Testnet. The current features allow users to send and receive tokens, deploy smart contracts, and vote for IoTeX delegates.

Pros:

  • Public and private keys can be used to re-enter or unlock a compromised wallet;
  • The web application is tailored to all browsers;
  • Supports IOTX Native tokens, EIOTX, and any other tokens launched on the IoTeX network.

Cons:

  • Online wallets are notorious for being the least secure way of storing crypto;
  • There is always a risk of downloading malware;
  • Not the best for storing a larger amount of tokens.

2. IoTeX Desktop Wallet

The IoTeX Desktop Wallet is a software pack created by the IoTeX team that users can download directly to their computer. Desktop wallets are generally safer than mobile and online wallets: user’s private keys are securely stored on their computer and safe from viruses and malware threats.

Pros:

  • Secure, free to use, and regularly-updated;
  • Optimized for Windows, Mac, and Linux.

Cons:

  • Supports IOTX Native tokens only;
  • Not as convenient as an online wallet for on-the-go trading;
  • Needs to be backed up regularly.

3. Trust Wallet for IoTeX

Trust is a multi-currency mobile wallet that supports IOTX. The app allows users to store, send, and receive IoTeX on the go, making it far more practical than a desktop wallet. As of April 2019, Trust has launched the IoTeX Staking and Voting app with full integration with the IoTeX voting website.

Pros:

  • Supports both the Native IOTX and the ERC20-IOTX;
  • Works on IOS and Android devices;
  • Allows users to pay physical retailers that accept crypto as payment.

Cons:

  • All assets can be lost if your device is stolen or compromised.

4. IoTeXGeeks Desktop Wallet

A simple desktop wallet made by the IoTeX developer community. The application allows users to create several wallets within a unified interface and provides a clear overview of all IoTeX funds. The wallet can be integrated with hardware wallets – specifically, Nano Ledger and Trezor.

Pros:

  • IoTeX Network-specific wallet that allows voting for delegates;
  • Allows users to swap Native IOTX for ERC20-IOTX;
  • Reward system for participating in developing the wallet.

Cons:

  • Under constant construction;
  • A simpler interface than most other desktop wallets.

5. Cobo Wallet

Cobo Wallet is IoTeX’s delegate and a strategic partner. Their new mobile app supports ERC20-IOTX and is widely considered to be a safe option for storing tokens. The app provides a unique investment program centered around IoTeX with annualized return rates of up to 20%.

Pros:

  • Supernode DDoS prevention and HSM key management;
  • A variety of flexible storage plans;
  • Users can grow their IoTeX while keeping it safely stored.

Cons:

  • The concerns around the app are the same as with all other mobile crypto wallets: higher risk of malware, loss of assets if the device is stolen.

Conclusion

With heavy investments being poured into IoTeX and several PhDs working to make the project a reality, the IoTeX vision may very well change the IoT as we know it. That is: if it succeeds.

As the IoT continues to expand in 2020, the project is expected to show significant growth. Whether or not their vision of an Internet of Trusted Things becomes a reality, IoTeX has all of the makings of a virally successful new currency.