IoTeX (IOTX) is an open-source project launched in 2017 to improve the Internet of Things (IoT) ecosystem using blockchain technology. Founded by Jing Sun, Raullen Chai, Qevan Guo, and Xinxin Fan, the project focuses on enhancing IoT security and scalability, offering individuals and businesses more control over their devices and promoting a secure, decentralized IoT ecosystem.
The platform aims to solve key issues in blockchain, such as scalability, interoperability, and security. It utilizes a unique blockchain-in-blockchain architecture and a roll-delegated proof of stake (Roll-DPoS) consensus mechanism to achieve high scalability and efficient transaction processing, making it user-friendly.
IoTeX offers developers a range of tools and resources, including SDKs, APIs, and documentation, to facilitate dApp development and encourage growth within its ecosystem. It also features a governance model that supports community involvement in decision-making, reflecting its commitment to decentralized governance.
The platform's ability to integrate IoT devices through a sidechain solution, caters to a variety of IoT applications. This capability enhances transaction throughput and ensures interoperability with blockchain ecosystems and traditional systems. IoTeX also prioritizes sustainability, particularly through its use of energy-efficient consensus mechanisms.
