Published in: Blog

What is IoTeX?

Author Bacoor Team

Published on: August 16, 2022

What is IoTeX?

IoTeX is a decentralized, EVM-compatible Blockchain that built separately from Ethereum forks.

Basically, it is not governed or operated by any single entity.

The platform aims to bring Blockchain technology into the IoT space which allows users to control smart devices via Dapps and such applications.

This network operates on a Roll-DPoS concensus mechanism at the rate of 5-second blocks and instant finality, which is pretty fast in comparison to some other networks.

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It lays on a complex modular architecture as Blockchain layers that tends to establish a hub for decentralized IoT data and compatible devices.

The chain is a fully open-source environment, where developers can build anything similarly to Ethereum chain.

Solidity-based smart contracts and Ethereum toolchain are fully supported.

Within the network, both humans and devices will be able to send payments, access smart contracts, or even charge for services.

What is IoTeX Coin – IOTX Crypto

IOTX token plays an important role in the IoTeX ecosystem as the native token.

It secures the network and distributes resources properly via EVM to avoid unexpected network congestion.

Participants need IOTX to pay for gas fee in every transaction.

In June 2020, the mainnet ‘Machina’ was introduced, which enables IOTX native staking.

It fortifies the gorvenance role of IOTX, yet confirms IOTX position as a dynamic incentive.

Iotex RPC

Mainnet RPC

• Chain ID: 4689
• Network Name: IoTeX Mainnet
• Network RPC URL: https://babel-api.mainnet.iotex.io
• Currency Symbol: IOTX
• Block Explorer URL: https://iotexscan.io/

Testnet RPC

• Chain ID: 4690
• Network Name: IoTeX Testnet
• Network RPC URL: https://babel-api.testnet.iotex.io
• Currency Symbol: IOTX
• Block Explorer URL: https://testnet.iotexscan.io/

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Add RPC to KEYRING PRO

1. Download KEYRING PRO on iOS, Android, APK, Huawei App Gallery, or Mac M1
2. Create a multichain account
3. Add RPC

• On home screen, tap ‘Menu’ icon
• Choose ‘Manage Chains’
• Tap on the ‘+’ icon
• Insert RPC parameters, please refer to the RPC section above.
• Tap ‘Add’
• On the home screen, choose an address you want to use on the newly added chain, or you can create a new account
• Choose ‘Use this address with other chains’
• Choose the newly added chain
• Tap ‘Create’

IoTeX IDO Price

Its IDO was launched on February 15, 2018.

The IDO price was $0.007 / IOTX

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Project Backer

The project successfully raised 14 million from different popular venture capitals (VCs) as HashKey, Kenetic, AU21, etc.

Tokenomics

Max Supply: 10,000,000,000 IOTX

Total Supply (after Burn-Drop): 8,800,000,000 Billion IOTX

• Private Sale: 24% supply, private sale tokens have been fully distributed in 2018-2020.
• Ecosytem: 18% supply, the ecosystem fund has been distributed to Burn-Drop (10% supply) as well as the Halo Grants Program (8% supply). Ecosystem tokens are unlocked progressively over the course of 3 years after the issuance date.
• Foundation: 25% supply, unlocked gradually over the course of 3 years after the issuance date.
• Team: 15% supply, team tokens are in the vesting period of 4 years after the start date with a 6-month cliff. The first distribution occurred in February 2019.
• Roll-DPoS Mining Rewards: 12% supply, mining rewards
• Community Reward Programs: 6% supply, unlocked gradually over the course of 3 years after the issuance date.

IoTeX Price – Where to buy IOTX Crypto

Please find IOTX price and supported exchanges below.

Ecosystem

Since the launch of IoTeXPad, the number of Dapps on IoTeX is growing faster than ever.

At the time of this article, IoTeX has gathered more than 168 Dapps in total.

Some notable projects can be found below.

KEYRING PRO –  IoTeX Wallet

KEYRING PRO is a multichain wallet facilitating the advanced Wallet Connect infrastructure.

This allows users to sign in and approve transaction from anywhere, on any browsers, across different devices with one trusted device.

It ensures the highest security and administration as authorization will come from one place.

The app is compatible with NFC hardwares.

It simply means users can export their accounts to an NFC Keycard, then use the card to authorize transactions as a hardware wallet (cold wallet).

Buy Crypto is another cool feature that allows users to purchase crypto directly to their wallet with a credit card.

In term of trading, KEYRING SWAP is part of the KEYRING PRO ecosystem.

It operates as a DEX aggregator which sorts out the best exchange rate from different DEXs.

This maximizes user’s profit in every trading session.

KEYRING SWAP is now supporting Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, and Avalanche.

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