IoTeX is a layer 1, open-source, and decentralized blockchain platform designed to provide a secure ecosystem for IoT devices to interact with real-world data. It aims to create a trusted network where users can own and control their data, ensuring privacy and security. The platform uses a unique consensus mechanism called Roll-D PoS and features subchains, edge computing, and cross-network communication to enable scalability and interoperability. The native cryptocurrency, IOTX, serves as the primary incentive for maintaining the network, facilitating transactions, and governing the ecosystem.
IoTeX Network (IOTX) is a decentralized ecosystem designed to connect and integrate IoT (Internet of Things) devices with blockchain technology. Here are the key ways IOTX is used:
Transaction Fees: IOTX is used to pay for transactions within the network, similar to Ethereum's transaction fee structure. These fees are paid in the form of "gas" and are used to compensate nodes for validating and executing transactions.
Rewards and Staking: IOTX is used to reward nodes that propose new blocks and identify fraudulent activities. Validators stake IOTX as collateral to ensure the security of the network. Token holders can also stake IOTX to vote for delegates, maintaining decentralized governance.
Delegate Election: IOTX is crucial for staking by token holders, who use it to vote for delegates. This process is vital for maintaining decentralized governance and overall network security.
Burn-Drop Mechanism: IOTX implements a unique deflationary tactic called the "Burn-Drop" scheme. When a new IoT device is registered, a specified number of tokens are burned, and a corresponding amount is airdropped to stakers, reducing the total supply and rewarding active participants.
Cross-Chain Bridge: IOTX can be bridged from the Ethereum blockchain to the IoTeX blockchain through iotube.org, allowing for seamless interaction between the two networks.
IoT Device Integration: IoTeX simplifies the introduction of new devices to the network, making it easy to add and monitor data from various devices across multiple platforms. This integration provides a clearer overview of business operations.
Smart Contracts: IoTeX connects real-world devices to the blockchain using specially programmed smart contracts, enabling the integration of IoT devices with blockchain technology.
Ecosystem Participation: IOTX is used to participate in the IoTeX ecosystem, which includes over 500 projects in DePIN, NFT, DeFi, GameFi, and more.
In summary, IOTX is the native cryptocurrency of the IoTeX blockchain, facilitating transactions, rewards, staking, and governance within the network while enabling the integration of IoT devices with blockchain technology.
To store IoTeX Network (IOTX) tokens, you can use the following methods:
ioPay Wallet: This is the official native wallet built by the IoTeX team. It supports token transfers, contract calls, and staking. You can download and install ioPay to manage your IOTX tokens.
Web3 Wallets: Web3 wallets like Metamask can also be used to execute token transfers and contract calls. However, they do not support staking. You can configure Metamask to connect to the IoTeX blockchain by adding a custom RPC network and importing your private keys from ioPay.
Trust Wallet: Trust Wallet is another option for storing IOTX tokens. It provides a secure and user-friendly interface for managing your cryptocurrency. You can download and install Trust Wallet, add IoTeX to your wallet, and access features like buying, selling, and swapping.
Remember to always keep your private keys and secret phrases secure to avoid any potential losses.
To buy IoTeX Network (IOTX) tokens, you can follow these steps:
Create an Account:
- Sign up on a reputable cryptocurrency exchange like Cointree, Coinbase, or Binance.
- Verify your account by providing the required identification documents.
Add a Payment Method:
- Connect a payment method such as a bank account, debit card, or credit card to your exchange account.
Select IoTeX:
- Navigate to the exchange's platform and search for IoTeX (IOTX).
- Select IoTeX from the list of available assets.
Enter the Amount:
- Enter the amount of your local currency you want to spend on IoTeX.
- The exchange will automatically convert this amount to the equivalent IoTeX tokens.
Confirm the Purchase:
- Review the details of your purchase, including the amount and fees.
- Confirm your order to complete the transaction.
Store Your Tokens:
- Once the purchase is complete, your IoTeX tokens will be stored in your exchange wallet.
- You can also transfer them to a personal crypto wallet for added security.
Remember to always use reputable exchanges and follow best practices for securing your cryptocurrency assets.
