IoTEX, what is it ? beginners might be wondering today how this digital art term came to be etc… learn in this video tutorial Explained in simple term as simplilearn. Everything you need to know about IoTEX
00:00:37 What is Internet of Things
00:01:37 What Is Blockchain?
00:02:04 Proof of Stake
00:03:39 What is IoTeX
00:05:20 How Does IoTeX Work?
00:06:17 What Makes IoTeX Unique?
00:07:00 Layer 2 Chain
00:07:26 Edge Computing
00:07:36 Cross Network Communication
00:08:00 Pros of IoTeX: Low Cost per Transaction
00:08:57 Cons: Incomplete Decentralization
00:09:09 High Volatility
ABOUT THE VIDEO :
What is IoTeX
IoTeX is a decentralized network of users, developers, and businesses that control and use the IoTeX platform collaboratively. IOTX is a utility token that powers IoTeX, a platform that connects Internet of Things (IoT) devices such as cameras or sensors with decentralized apps. IOTX can also be used to pay for transactions, stake and manage the IoTeX network, and register new devices. Internet of things devices are able to gather and transfer large amounts of data, and IoTeX aspires to become the underlying blockchain to facilitate transactions in a secure manner.
Founded by Jing Sun, Raullen Chai, Qevan Guo and Xinxin Fan, IoTeX is an easily scalable, decentralized blockchain network serving the Internet of things. According to its developers, “Everyday people and businesses can own and control their devices” using IoTeX, which uses a blockchain in blockchain mechanism with a single root block and multiple sidechains connected to it. Its unique roll delegated proof of stake consensus mechanism gives it the speed and scalability to connect IoT devices block by block.
IOTX is the native coin of the IoTeX blockchain and serves as its governance token. It can be used to pay the gas fees on the blockchain protocol. The economics of the IOTX token involves Burndrop – a unique economical design that leads to deflation of IOTX as the number of devices within the IoTeX ecosystem increases. The IOTX token holders can also stake their tokens and vote in the platform’s governance.
How Does IoTeX Work?
IoTeX works by connecting devices with humans through a scalable blockchain network. While scalability is a major issue for many blockchain networks, IoTeX overcomes this hurdle by enabling very affordable real time transactions. Different Internet of Things applications have different needs, and it’s impossible to put all connected Internet of Things nodes into a single blockchain. The IoTeX blockchain focuses on this area by delegating duties via sidechains. Each sidechain is built to provide a unique function of a given application. Attached to the root block, these sidechains can interact with each other when required, decreasing the load on a single blockchain and increasing efficiency levels. The root chain is responsible for providing security and enabling governance over the network, while its sidechains or subchains make it possible to connect to IoT devices with similar purposes, or to work in a similar environment.
What Makes IoTeX Unique?
Some features that make IoTeX unique and solve the scalability issue of most blockchain networks is through four major components:
Delegated Proof of Stake consensus, or commonly known as Roll DPoS, works by electing a specific number of delegates/block producers for a blockchain network. Stakeholders use their votes to elect the block producers, who then have to continue building blocks and adding them to the network. The delegates are rewarded for adding new blocks, and distribute the rewards received to the stakeholders who voted for them. Both block producers and stakeholders are thus incentivized to maintain the decentralization of the IoTeX blockchain.
Layer 2 Chain
IoTeX’s blockchain in blockchain network is made possible with the use of Layer 2 chains. It provides an open architecture for adding multiple use cases and applications based on different cryptocurrencies. This is done through mutually collective trust developed from the same pool of delegates, making it hassle-free to create a subchain to add different IoT devices.
Using Layer 2 chains, IoTeX blockchain enables edge computing to share an economy of trust for building privacy focused DApps.
Cross Network Communication
IoTeX’s root chain can facilitate communication with all the subchains, enabling cross chain interactions and governance. This is achieved through its block finality mechanism. Block finality ensures that any block created on the IoTeX network, whether on the root chain or subchain, cannot be changed. This safeguards privacy while allowing interoperability.
Pros of IoTeX
Low Cost per Transaction
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