IoTeX is an open-source project launched in 2017 dedicated to creating a decentralized platform. The project aims to promote an open machine economy where people and machines can interact under guaranteed trust, freedom, and economic incentive conditions. This broad goal reflects the project's ambitions to play a central role in developing and expanding blockchain technology, particularly in areas related to the Internet of Things (IoT).

A core element of IoTeX is its EVM-compatible blockchain, which is based on the innovative Roll-DPoS consensus and was launched in April 2019. The blockchain is in use by over 100 delegates worldwide and has processed more than 10 million transactions so far. This solid and proven blockchain design allows it to interact with other significant blockchains like Ethereum, BNB Chain, and Heco. Using middleware components such as decentralized identity, confidential computing, and secure hardware is another feature of IoTeX.

Essential infrastructure elements have been built on the blockchain, including the ioPay Wallet and ioTube Bridge, serving thousands of users. IoTeX supports EVM-based dApps in scaling while avoiding high gas fees, which is crucial for developers and users. The project has also developed and implemented middleware and devices like Ucam and the real data oracle Pebble, enabling real-world applications for dApps.

IoTeX operates based on its innovative blockchain design, which uses the Roll-DPoS consensus. Roll-DPoS is a variation of the Delegated Proof-of-Stake (DPoS) consensus mechanism developed to improve the scalability and decentralization of blockchain networks. In the IoTeX network, stakeholders elect block producers responsible for creating new blocks on the blockchain. The selected block producers receive rewards for their work, which they can distribute to the stakeholders who voted for them.

One of the main goals of IoTeX is to promote an open machine economy. Several middleware components have been developed and implemented to achieve this, including decentralized identity, confidential computing, and secure hardware. These middleware technologies enable the operation of self-managed devices like Ucam and the real data oracle Pebble. With these technologies, developers can create innovative DApps that connect real-world applications with the crypto world.

The native cryptocurrency of IoTeX, IOTX, plays a central role in the functioning of the network. IOTX governs the underlying blockchain protocol and serves as gas for the blockchain protocol. A unique economic design called "Burndrop" leads to the deflation of IOTX as the number of devices orchestrated by IoTeX increases.

IoTeX offers several security mechanisms to protect users' privacy and transactions, including ring signatures and trustworthy payment codes that hide the recipient's address.

The founders of IoTeX are Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. Raullen Chai is a co-founder of IoTeX and has an impressive professional background, including positions as an advisor at BootUP Ventures and a member of the Industrial Distributed Ledger Task Group of the Industrial Internet Consortium. Before his time at IoTeX, Chai was the Head of Crypto R&D and Security Engineering at Uber.

Qevan Guo, a co-founder of IoTeX, is also a co-founder of Hyperconnect Lab. Before his time at IoTeX, Guo worked as a Facebook Research Scientist and Engineering Manager. Xinxin Fan was a Senior Research Engineer at the Bosch Research and Technology Center in North America before founding IoTeX. He was also a research associate and project leader at the University of Waterloo. In addition to her work at IoTeX, Jing Sun is a Managing Partner at Sparkland Capital. She is an LP investor at Polychain Capital and an angel investor at Rippling.

Since its inception, IoTeX has achieved several successes, including creating an EVM-compatible blockchain used by over 100 delegates worldwide and processing over 10 million transactions. The project has also developed and implemented several middleware technologies that enable the operation of self-managed devices and create innovative dApps that connect the real world with the crypto world.

IoTeX has created a unique and diverse ecosystem to promote an open machine economy. This vision, coupled with a solid technical foundation and the support of a dedicated and competent team, could make it an attractive investment. Additionally, IoTeX has developed and implemented a variety of middleware components that enable the operation of self-managed devices and the creation of innovative dApps.

Another attractive aspect of IoTeX as an investment is its EVM-compatible blockchain. This compatibility allows for seamless integration and interoperability with other major blockchains like Ethereum, BNB Chain, and Heco. Moreover, the EVM compatibility enables EVM-based dApps to scale on IoTeX without incurring high gas fees.

IoTeX has also demonstrated its ability to deliver real-world use cases. With products like Ucam and Pebble, which are already used in thousands of households and by hundreds of developers, IoTeX has proven its ability to provide solutions that meet consumer needs and developer requirements.

Finally, IoTeX has a unique economic structure called Burndrop, which causes the deflation of IOTX as the number of devices orchestrated by IoTeX increases. This structure could increase the value of IOTX over time, making it a potentially attractive investment.

Several factors could positively influence the price prediction of IoTeX (IOTX). One of these is the continuous development and implementation of new technologies and products by the IoTeX team. Additionally, the increasing adoption of IoTeX products like Ucam and Pebble and the associated increase in the use of the IoTeX blockchain could boost the value of IOTX.

Moreover, IoTeX's EVM compatibility and the ability to scale EVM-based dApps without incurring high gas fees could lead more developers and businesses to choose IoTeX as a project platform. This could lead to increased demand for IOTX and drive the price upward.

The unique economic structure of IoTeX, Burndrop, which causes deflation of IOTX as the number of devices orchestrated by IoTeX increases, could also positively impact price prediction.

IOTX is the native cryptocurrency of the IoTeX blockchain network and has several use cases, including:

Pay Transaction Fees on IoTeX

Users of the IoTeX network need to spend IOTX tokens to pay transaction fees when conducting operations on the network. These fees are essential for maintaining and securing the blockchain network.

Stake IOTX Token

IOTX token holders can stake their tokens to participate in the network's consensus mechanism. By staking IOTX, users contribute to the security and operation of the network and, in return, earn IOTX rewards. These rewards are collected from gas fees and are redistributed to participants who actively stake their tokens.

Governance of IoTeX Network

Holders of IOTX tokens can participate in network governance by staking their tokens. It allows them to have voting power in decision-making processes related to the development and future direction of the IoTeX network.

Native dApp Development

Developers can utilize IOTX tokens to power their smart contracts, build dApps, and create new tokens on the IoTeX multi-chain platform. The IOTX token plays a crucial role in facilitating the development and functioning of various applications within the IoTeX ecosystem.

Trade or Hold IOTX Long-term

Trade IoTeX token on the BYDFi Spot Market or other platforms to make the most of changing market conditions and volatility. Buy or sell IOTX or hold the token long-term if you believe in the future potential of the IoTeX project. Conduct thorough research before making any new investment decisions in the crypto market.

In 2023, the circulating supply of IOTX was 9,446,641,822 IOTX tokens. The tokens are used as gas for transactions on the IoTeX blockchain and govern the underlying blockchain protocol.

The security of the network and the addition of new blocks to the blockchain are ensured through a Delegated Proof-of-Stake system. The votes of stakeholders select Block producers and receive rewards for their work, which they can pass on to the stakeholders who voted for them. This creates incentives for both the block producers and the stakeholders.

A unique feature of IoTeX's tokenomics is the Burndrop system. In this system, the increasing number of devices orchestrated by IoTeX leads to the deflation of IOTX. This economic design aims to increase the value of IOTX over time.