What is IoTeX?
IoTeX is a decentralized blockchain network launched in 2017, designed to connect Internet of Things (IoT) devices through secure, scalable, and privacy-focused technology. The platform leverages a unique consensus mechanism called Roll-DPoS (Roll Delegated Proof-of-Stake), which enhances throughput and decentralization compared to traditional DPoS systems. One of IoTeX’s distinctive technical features is its use of a multi-chain architecture, allowing the main chain to interact efficiently with sidechains dedicated to specific IoT applications.
IoTeX’s primary use cases focus on trusted data exchange between machines, device identity management, and enabling decentralized applications (DApps) that leverage real-world data. The ecosystem uses the IOTX token as its native utility and governance asset, following the XRC20 token standard. IoTeX’s architecture is implemented in the Go programming language, and partners include MachineFi Lab and the Pebble Tracker hardware project. The platform supports smart contracts and interoperability with other blockchains, making it a comprehensive infrastructure for the machine economy.
Who are the founders of IoTeX?
IoTeX was founded in 2017 by Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan. Raullen Chai previously worked as a research scientist at the University of Waterloo and served as the head of cryptography at Uber. Qevan Guo has a background in machine learning and was associated with Facebook prior to co-founding IoTeX. Jing Sun and Xinxin Fan each brought significant expertise in engineering and cryptography from their academic and industry experience, contributing to the development and vision of the IoTeX network.
IoTeX project milestones
- 2017 — IoTeX project founded and initial white paper released.
- 2018 — Launch of IoTeX Testnet, introducing the Roll-DPoS consensus algorithm.
- 2019 — IoTeX Mainnet Alpha launched, enabling staking and governance via IOTX.
- 2020 — Mainnet GA (v1.0) released, supporting XRC20 token standard and smart contracts.
- 2021 — Launch of Ucam and Pebble Tracker, expanding IoT device integration.
- 2023 — Major protocol upgrades and integration with cross-chain bridges for increased interoperability.
How many IOTX coins are in circulation?
The current circulating supply of IOTX can be checked on major market data providers. IoTeX has a maximum supply of 10,000,000,000 IOTX tokens. The emission schedule is deflationary, with regular token burns and a gradual reduction in new token releases over time. The fixed cap and transparent supply model support predictable network economics for users who exchange IOTX or participate in staking.
Tokenomics of IoTeX (IOTX)
The IOTX token is the backbone of the IoTeX ecosystem, serving as both a utility and governance asset. Users pay transaction fees in IOTX to deploy smart contracts, register devices, and facilitate trusted data exchange. IOTX holders can participate in the network’s Roll-DPoS consensus by staking tokens to vote for delegates, who validate transactions and secure the blockchain. Staking IOTX not only supports network security but may also earn rewards distributed proportionally by delegates.
The initial IOTX distribution included allocations for the development team, ecosystem fund, community rewards, and private sale participants. Over time, IoTeX has employed a deflationary model, with periodic token burns using fees collected from device registration and other network activities. Governance rights are embedded in IOTX ownership, allowing holders to propose and vote on protocol upgrades or ecosystem initiatives.
The network’s economics are structured to incentivize honest behavior, efficient transaction processing, and the ongoing exchange of IoTeX assets. Cryptocurrency markets are highly volatile. Always do your own research before making any swap or investment decision.
Key features of IoTeX
- Roll-DPoS Consensus: Utilizes Roll Delegated Proof-of-Stake, which combines efficiency with high decentralization for increased performance and security compared to standard DPoS.
- Multi-chain Architecture: Supports separate sidechains for different IoT applications, allowing scalable and customizable deployments across the network.
- Smart Contract Support: Implements an EVM-compatible environment, enabling developers to build and deploy decentralized applications using familiar Ethereum tools.
- Privacy Features: Includes lightweight privacy-preserving technologies and on-chain identity solutions for secure device management and data exchange.
- Interoperability: Offers cross-chain bridges and integration with other blockchain protocols, expanding the use cases for IOTX and IoTeX-connected devices.
- On-chain Governance: Empowers IOTX holders to participate in decision-making for upgrades, delegate selection, and ecosystem proposals.
Average fees on the IoTeX network
IoTeX network fees are typically in the low tier, often amounting to just a fraction of a cent per transaction as of recent network activity. These fees are paid in IOTX and are designed to support frequent device interactions and smart contract executions without high costs. Network congestion, transaction complexity, and on-chain resource demand may cause fees to vary, but the Roll-DPoS consensus and efficient architecture generally help keep costs accessible for users who exchange IOTX or interact with IoTeX-powered DApps.
Factors such as the number of operations within a transaction or peak activity periods can influence fee levels. The gas model is similar to that of Ethereum, though optimized for IoT and high-frequency device usage.
IOTX crypto wallets
IOTX is supported by a range of crypto wallets that cater to both new users and experienced holders. Options include official, multi-currency, hardware, and browser-based wallets, providing flexibility and security for anyone looking to store, exchange, or swap IOTX.
- ioPay Wallet — The official IoTeX wallet, available on mobile and desktop, supporting IOTX, XRC20 tokens, and direct DApp access.
- Trust Wallet — A popular mobile multi-coin wallet with a built-in DApp browser, supporting IOTX and numerous other assets.
- Ledger Nano S/X — Hardware wallets providing offline storage and added security for IOTX through third-party integrations.
- Metamask (with IoTeX Network) — Browser extension wallet supporting IOTX after manual network configuration, allowing interaction with IoTeX DApps and DeFi projects.
- MathWallet — Multi-platform wallet supporting IOTX and other major blockchains, available on desktop, mobile, and as a browser extension.
Why exchange IoTeX on SwapSpace?
- Aggregator model: SwapSpace is a crypto exchange aggregator that compares real-time rates from multiple partner exchanges, giving you access to the best available offers for IOTX swaps at any moment.
- Non-custodial: Your IOTX is sent directly to your wallet after the swap; SwapSpace never holds user funds, supporting full user control at every step.
- No sign-up or registration required: There is no account creation, email, or KYC needed to exchange IoTeX or swap IOTX for other cryptocurrencies.
- Fixed and floating rate options: Choose between fixed rate swaps to lock in the current exchange rate, or floating rate swaps to potentially benefit from market movement during the swap process.
- Wide coin coverage: Exchange IOTX with thousands of supported cryptocurrencies, thanks to integration with numerous partner exchanges.
- 24/7 live support: The SwapSpace support team is available around the clock to assist with any swap-related questions or technical issues.
- Many swaps complete quickly: After your deposit is confirmed on the network, most IOTX swaps are processed instantly or within a few minutes, depending on network conditions and partner exchange performance.
Cryptocurrency markets can fluctuate rapidly. Always do your own research before you exchange IoTeX, swap IOTX, or use aggregator services.
