The current price of IoTeX (IOTX) is $0.02099, with a 24-hour trading volume of $5.57 million. Over the past day, IOTX has seen no price change (0.00%). The circulating supply stands at 9.44 billion IOTX tokens, out of a maximum total supply of 10 billion, indicating that the network is nearing its full issuance cap.
What Is IoTeX?
IoTeX (IOTX) is an open-source Layer 1 blockchain platform compatible with the Ethereum Virtual Machine (EVM), designed to securely connect users and machines in a decentralized ecosystem. At its core, IoTeX enables trustless interactions between humans and smart devices through a scalable, secure infrastructure—paving the way for what it calls the Internet of Trusted Things (IoTT).
By integrating blockchain technology with real-world Internet of Things (IoT) devices, IoTeX empowers individuals to own and monetize their data and hardware. The platform supports a growing ecosystem of decentralized applications (DApps) like Cyclone and Mimo, smart gadgets such as UCam and Pebble Tracker, and essential services including ioPay (wallet) and ioTube (cross-chain bridge).
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The native cryptocurrency, IOTX, plays a crucial role in this ecosystem. It is used for staking, paying transaction fees, incentivizing device participation, and enabling governance within the network. Users can link IoT devices to the blockchain, verify data authenticity, and even earn rewards by contributing device-generated data or resources.
A Brief History of IoTeX
Founded in 2017, IoTeX was created with the vision of building a decentralized, privacy-preserving infrastructure for the next generation of connected technologies. Its founding team—Jing Sun, Qevan Guo, and Raullen Chai—brings deep expertise in cryptography, blockchain consensus mechanisms, and information security, all of which are foundational to achieving end-to-end trust in machine-driven environments.
The IOTX token entered the market in 2019 following a private sale held in early 2018 due to regulatory constraints. The initial coin offering (ICO) began in January 2018 and concluded on February 14, 2018, with approximately 50 accredited investors participating. The fundraiser accepted Ethereum (ETH) as payment, raising over 25,000 ETH—equivalent to nearly $20 million at current valuations—at a conversion rate of 96,000 IOTX per 1 ETH. This initial distribution minted 2.4 billion tokens, representing 24% of the total supply.
All private sale tokens were fully distributed by November 2019, marking a key milestone in the project’s transparency and long-term roadmap execution.
One of IoTeX’s most innovative economic models is its burn-drop mechanism, designed to create deflationary pressure while rewarding long-term stakeholders. Out of a dedicated pool of 1 billion IOTX tokens:
- 900 million (90%) are permanently burned as more devices join the network.
- 100 million (10%) are distributed to long-term stakers.
This process will continue until 1 million "Powered by IoTeX" devices are integrated into the ecosystem—a goal that aligns token value directly with real-world adoption.
How Does IoTeX Work?
IoTeX leverages custom-built smart contracts to bridge physical IoT devices with blockchain functionality. This integration allows real-time data from sensors and gadgets to be securely recorded, verified, and utilized across decentralized applications.
A key component of IoTeX’s architecture is its cross-chain data bridge, which enhances interoperability between different blockchain networks. This ensures that data collected from IoT devices can be shared across ecosystems without compromising speed or security.
To handle off-chain data reliably, IoTeX employs oracles—trusted external sensors that feed real-world information into the blockchain. These oracles act as critical validators for device-generated data. Building on this concept, IoTeX introduced Truststream, a Layer 2 oracle system that scales data verification efficiently while maintaining decentralization.
Security and scalability are further enhanced through roll-DPoS, a hybrid consensus mechanism combining Delegated Proof-of-Stake (DPoS) with rollup-style randomization techniques. This approach improves transaction throughput, reduces latency, and mitigates centralization risks often associated with traditional DPoS systems.
Staking IOTX tokens allows users to participate in network validation by voting for delegates. In return, they earn staking rewards—a model that promotes active community involvement and network stability.
Additionally, the MachineFi protocol turns machine intelligence and digital assets into income-generating tools. With MachineFi, anyone can monetize their smart devices—whether it's a fitness tracker generating health data or a camera streaming surveillance footage—by connecting them to the IoTeX blockchain and earning IOTX in return.
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Use Cases and Real-World Applications
IoTeX is not just theoretical—it’s already powering thousands of real-world devices. As of now, over 9,366 smart devices are actively connected to the IoTeX network. These include:
- Pebble Tracker: A self-sovereign GPS tracker that gives users full control over location data.
- UCam: A privacy-first surveillance camera that stores footage on decentralized storage and only shares it with authorized parties.
- Smart Home Sensors: Devices that monitor air quality, temperature, and occupancy for automated home management.
These applications demonstrate how IoTeX enables data ownership, privacy protection, and monetization opportunities for everyday users.
Businesses also benefit from IoTeX by gaining transparent, tamper-proof insights into operations. For example:
- Logistics companies use Pebble Trackers to monitor shipments in real time without relying on centralized servers.
- Manufacturers collect machine performance data securely to optimize maintenance schedules.
- Smart cities deploy sensor networks for traffic monitoring and environmental analysis.
All transactions on the network are fast, secure, and transparent—thanks to EVM compatibility and efficient consensus design.
Frequently Asked Questions (FAQ)
Q: What is the maximum supply of IOTX?
A: The maximum supply of IOTX is capped at 10 billion tokens. With a current circulating supply of 9.44 billion, the network is close to full issuance.
Q: How does IoTeX ensure data privacy for IoT devices?
A: IoTeX uses decentralized identity (DID), end-to-end encryption, and on-device computation to ensure user data remains private and under owner control.
Q: Can I stake IOTX tokens?
A: Yes, users can stake IOTX through wallets like ioPay to earn rewards and participate in network governance by voting for delegates.
Q: What makes IoTeX different from other IoT blockchains?
A: Unlike many IoT-focused projects, IoTeX combines EVM compatibility, roll-DPoS consensus, burn-drop economics, and MachineFi monetization—creating a full-stack solution for trusted machine economies.
Q: Where can I buy IOTX?
A: IOTX is listed on several major cryptocurrency exchanges. You can trade it using USD or other cryptocurrencies depending on platform availability.
Q: Is IoTeX eco-friendly?
A: Yes, thanks to its energy-efficient DPoS-based consensus mechanism, IoTeX has a significantly lower carbon footprint compared to proof-of-work blockchains.
Final Thoughts
IoTeX represents a bold step toward a decentralized future where machines and humans interact with mutual trust. By merging blockchain with IoT innovation, it offers practical solutions for data ownership, privacy, and monetization—addressing critical gaps left by traditional centralized platforms.
With strong fundamentals, a clear roadmap, and growing real-world adoption, IoTeX continues to position itself as a leading player in the emerging machine economy.
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