IoTex (IOTX)

From CryptoWiki

IoTeX (IOTX) is a decentralized infrastructure network focused on supporting developers of Decentralized Physical Infrastructure Networks (DePIN). The IoTeX Network combines its EVM-compatible base layer, offchain compute mid-layer, and open hardware to connect with real-world data from smart devices and dApps.

Basics

"Following W3bstream’s devnet launch in June, its mainnet is projected to go live in Q2’24"

Audits

  • CertiK claims to have done an audit for them, according to their website (12-6-2020). 

Governance

IoTeX Improvement Proposals (IIPs) are the mechanism for proposing community-driven changes to the IoTeX protocol, processes, or ecosystem.

Token

  • Raised nearly $30 million in a 2018 initial coin offering (ICO).

Tech

  • Whitepaper or docs can be found [insert here].
  • Code can be viewed [insert here].
  • Consensus mechanism:
  • Algorithm:
  • Virtual Machine:
  • Development language used: Coded (5-3-2020) in Go.

Transaction Details

How it works

"The IoTeX base layer utilizes a Randomized Delegated Proof-of-Stake (Roll-DPoS) consensus mechanism. Anyone can stake the network’s native token (IOTX) and cast a vote for one or more community-voted validators, who manage consensus on behalf of the IoTeX Network.

To prove real-world activity, IoTeX collects raw data from tamper-proof devices (e.g., WiFi hotspots in wireless networks or home batteries in energy networks) via an offchain compute middleware called W3bstream.

The W3bstream middleware serves as open infrastructure for verifiable data streaming and processing using zero-knowledge proofs and a general-purpose zkVM. W3bstream also powers the DePINscan platform — a DePIN sector-wide, map-based explorer-as-a-service.

W3bstream is chain-agnostic. As such, it can support and settle to public blockchains including Ethereum, IoTeX chain, Solana, Polygon, Arbitrum, Optimism, and Conflux.

IoTeX announced the integration of Solana with W3bstream. This enables DePIN builders on Solana to utilize W3bstream’s verifiable offchain compute infrastructure as a middleware layer. Simultaneously, it allows DePIN projects on Solana like Render, Helium, or Hivemapper to use the DePINscan map explorer-as-a-service."

Fees

Upgrades

Staking

"IOTX holders deposit the token to support network operations, consensus, and governance. If IOTX tokenholders stake their IOTX tokens, they can vote for validators to manage consensus on their behalf. Simultaneously, stakers earn IOTX rewards in return. As of the end of 2023, the IoTeX blockchain has been secured by 100 active validators staking over 3.6 billion IOTX. The quarterly average staking participation reached an all-time high of 36.8% in Q4’23, up 2.6% QoQ from 34.2% in Q3’23."

Roadmap

Revenue

  • Revenue has been going down from around $17K in Q4 2022 towards $6.7K in Q3 2023.

Usage

  • In Q4 2023, IoTeX's network transaction fees saw significant growth of over 3,000% QoQ to over $212,000. This increase in revenue can be attributed to the heightened transaction activity generated by inscriptions.

Pros and Cons

Team, Investors, Partnerships

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