On April 2, Binance released the "Announcement on Supporting IoTeX (IOTX) Network Upgrade and Hard Fork", which attracted widespread attention and once again attracted attention to IOTEX, a potential leader focusing on the DePin track.
IoTeX (IOTX) is an automatically scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX is committed to building a next-generation blockchain platform that supports IoT applications with lightweight, private, and scalable disruptive blockchain underlying technologies. The IOTX token is an important part of the IoTeX network ecosystem and is used for transfers, running distributed applications, and incentivizing community participants.
IoTeX Ecosystem Receives $50 Million in Financing to Drive DePIN Growth
According to BlockBeats, the IoTeX ecosystem, an Ethereum-compatible blockchain optimized for DePIN, has received $50 million in financing. The round includes participation from Borderless Capital, Amber Group, Foresight Ventures, FutureMoney Group, SNZ, Metrics Ventures, EV3 and Waterdrip Capital. The IoTeX team said the investment will drive growth and ecosystem adoption of DePIN by investing in long-term pledged IOTX, the DePIN token that governs and powers IoTeX DePIN, and investing in IoTeX-based DePIN alongside the IoTeX Foundation and the DePINsurf Accelerator Fund. project.
Project Introduction
IoTeX was founded in 2017 as a Silicon Valley open source project. It built a network architecture from scratch (no forks) and designed solutions for IoT use cases. IoTeX's mission is to create an open and trusted IoT ecosystem, committed to enabling all people and machines to freely interact with each other and exchange value in a secure, trusted and privacy-protected environment. Combining blockchain, secure hardware, privacy computing and other technologies, the IoTeX network allows trusted data from trusted devices to be used in trusted DApps.
The IoTeX team consists of more than 30 top engineers and scientists from Uber, Google, Intel, Facebook and other top technology companies. Currently, the IoTeX network is jointly maintained by more than 70 nodes from all over the world, including Blockfolio, CoinGecko, DraperDragon, etc.
IoTeX is a fully decentralized open ecosystem with a native token (IOTX). The IOTX token has multiple uses, and its goal is to ensure that all parties in the IoTeX network can achieve trusted, transparent and secure interactions, including nodes, stakeholders (voters), developers, service providers and users. The IOTX token complements the IoTeX token economy, establishing a complete set of economic and reputation incentive mechanisms, further strengthening the concept of decentralization of the IoTeX network, and fully applying it to IoT products "powered by IoTeX".
In the IoTeX network, each subject accesses and uses various network resources by using, staking and destroying IOTX. As the utility of the IOTX token increases, its demand and value will continue to grow, continuing to incentivize many participants to support, maintain and service the IoTeX network.
As of the time of writing, the price of $IOTX is $0.0813, with a total market value of approximately $760 million. It is expected that as the popularity increases, the price of IOTX will rise further, and it is expected to rise to above 0.1 in the short term, and there is a lot of room for future growth.
What are IoTeX’s core competencies?
In response to a question about competition with projects like Peaq, Raullen emphasized the importance of focusing on industry and legal compliance. He pointed out that IoTeX has continued to focus on the DePIN field for many years and has cooperated with industry giants such as Samsung, Google and ARM, which have given IoTeX a unique competitive advantage in the Web3 field.
Blockchain platforms like Polygon and Solana are larger than IoTeX, but the IoTeX team focuses on collaboration rather than competition with its rivals.
"We are not competing with them, but are cooperating to build DePIN. IoTeX is more focused on investing in the DePIN field."
Raullen further explained the following aspects:
Integration with other large platforms:
IoTeX has integrated W3bstream with blockchain platforms such as Polygon, Solana, Arbitrum, and Optimism to support DePIN developers on these platforms.
W3bstream uses IoTeX L1 as the settlement layer and IOTX as the pledged asset.
Notably, the successful DePIN projects on Polygon and Solana will power W3bstream and ultimately contribute to the success of IoTeX.
Focus on DePIN
IoTeX is an L1 blockchain platform designed specifically for the DePIN track, which distinguishes it from other general-purpose large-scale L1/L2 blockchain platforms.
IoTeX has tailored DePINscan.io, an industry-wide public data aggregator designed for DePIN miners, builders and investors.
IoTeX plans to cross-chain blue-chip DePIN assets to the IoTeX chain and trade them on mimo DEX.
Future plans also include working with leading projects such as DIMO, Helium and GeoDNet for liquidity mining and proof-of-concepts (PoC) to perform data verification for DePIN through the use of W3bstream.
Is IoTeX worth investing in?
In a world of IoT-focused initiatives, IoTeX truly stands out for its significant progress and determination to achieve its core goals. While this article does not provide any investment advice, it is important to note that IoTeX is clearly fully committed to bridging the IoT and blockchain technology landscape. The project’s broad line-up of pioneering solutions and strategic collaborations, as well as its rapidly expanding ecosystem, have established an unbreakable position for IoTeX to become a serious player in this specialized field.
IoTeX's continued expansion and determination to improve the security and efficiency of IoT devices shows its huge potential. Nevertheless, it is important to remember that the world of cryptocurrency and blockchain will be unpredictable. Therefore, investment decisions should be carefully considered based on in-depth research and should be made in accordance with personal financial situation and goals.
Solemn statement: The above is for reference only and is not intended as investment advice. If you invest based on this, all risks are at your own risk. Investment is risky and you should invest with caution.
