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:

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

How to exchange IoTeX on SwapSpace?

  1. On SwapSpace homepage, select IoTeX in “You send” section and the cryptocurrency you would like to receive in “You get” section.  Enter the amount of IoTeX you want to exchange.
  2. Choose the instant exchange service that suits you most.
  3. Specify the recipient address and check if all the data is correct.
  4. Send your IoTeX coins to the address you will see on the screen.
  5. Wait until the exchange is complete.

How to store IoTeX

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. 

Here are 5 best wallets to store your IoTeX: IoTeX Online Wallet, IoTeX Desktop Wallet, Trust Wallet for IoTeX, IoTeXGeeks Desktop Wallet, Cobo Wallet. The pros and cons of each wallet are listed here.

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.