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 a blockchain with confidential computing and decentralized identifiers to create an entirely unique network where humans, devices, and businesses can safely interact.
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.
Top 5 IoTeX wallets
- IoTeX online wallet
- IoTeX desktop wallet
- Trust Wallet
- Cobo Wallet
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.
- 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.
- 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.
- Secure, free to use, and regularly-updated;
- Optimized for Windows, Mac, and Linux.
- 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 Wallet 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.
- 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.
- 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.
- 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.
- 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%.
- Supernode DDoS prevention and HSM key management;
- A variety of flexible storage plans;
- Users can grow their IoTeX while keeping it safely stored.
- 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.
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.
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