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IoTeX ($IOTX) the next Internet of Things Token


Meet IoTeX $IOTX

Many have heard of IOTA and IOT chain. But here comes another similarly named token to enter the ring of crypto Internet of things , IoTeX $IOTX

IoTeX is tackling the lack of applications that would draw new users to the IOT ecosystem by introducing token economy into IoT spaces. They strongly believe that crypto incentives as well as the community effort are the two key forces to propel innovations in IoT space.

Internet of Things

McKinsey & Company predicts that IoT could generate up to $11 trillion per year in economic value by 2025. Despite the massive potential of IoT, there are roadblocks ahead, such as lack of scalability, privacy concerns, and lack of functional values. IoTeX is solving these problems by creating a flexible, privacy-centric blockchain infrastructure tailor fit for IOT.

IoTeX 4 Main advantages

1. Blockchain-in-blockchain architecture which ensures privacy and prevents IoT information leakage.

2. Built-in privacy based on lightweight cryptography.

3. Real-time consensus with instant finality, which improves the throughput of the network, reduces transactional costs, and enables efficient cross-chain communication;

4. Subchain-as-a-service (SAAS) to facilitate fast prototyping and production of new IoT applications and ecosystems.

IoTex Token and future IoTex Mainnet

The total supply of IoTeX tokens from the start at 10 billion tokens.

Prior to the launch of the IoTeX Mainnet, the circulated IoTeX token will be an ERC20 token (ticker: IOTX), which is not mineable. Immediately after the launch of the IoTeX Mainnet, we will work with exchanges to help IOTX token holders redeem their ERC20-based IoTeX tokens for the native IoTeX tokens (ticker: IOX).

The native token will be mineable, similar to PoS, for 50 years. Rewards of the mining will reduce over time based on a linear gradient reduction model.

Founders

Raullen Chai

Ph.D and Research Scientist in Cryptography at UWaterloo. Head of Crypto R&D at Uber, Security Engineer at Google. 8+ years of experience in cryptography and blockchain.

Qevan Guo

Ph.D in Machine Learning and Computer Vision at National University of Singapore. Engineering Manager and Research Scientist at Facebook. Growth Hacker. Startup investor and advisor. 20+ publications / patents.

Jing Sun

Founding partner of Sparkland Capital, focusing on Frontier Tech, lead 40+ investments and innovations in blockchain, security and IoT. Board director on numerous companies. Extensive experience in startup, investments and building up ecosystem.

Roadmap

We love a good roadmap at Crypto Roadmaps and IoTeX has a solid one. The future milestones on their agenda is a BETA launch of their Testnet in June and Mainnet launch in October.

Exchanges and 7x price increase since private sale

IoTex got in the spotlight on May 31st when it was listed on Binance. It first major exchange since its release in February. Other exchanges that list $IOTX are Kucoin, Gate.io and IDEX.

The private sale price was less than a cent at $0.007 current price is $0.042 almost 7x increase.

NO ICO

There was not an ICO/public sale. Instead, we held a private sale in February 2018 and have held various community reward programs and other events to allow our community members to earn points. We are planning a number of new community reward programs in the coming months.

Token Metrics

  • Total Token Supply (fixed): 10,000,000,000 IOTX

  • Private Sale (closed): 25,000 ETH

  • Token Price: 1 IOTX = 0.0000125 ETH (20% bonus for private sale investors, lock-up period: 12 months)

Token Distribution

1. Private Sale - 24% of total supply

  • Unlocked over the course of 1 year from token issuance date:

  • 6% distributed immediately (May 2018)

  • 6% distributed after 3 months (Aug 2018)

  • 6% distributed after 6 months (Nov 2018)

  • 6% distributed after 12 months (May 2019)

2. Community Reward Programs - 6% of total supply

  • Unlocked over the course of 3 years from token issuance date:

  • 2% distributed immediately (May 2018)

  • Remaining 4% distributed quarterly over 3 years

3. Team - 15% of total supply

  • Vested for the course of 4 years from join date (varies by employee)

  • 6-month cliff

  • Monthly distributions

4. Ecosystem - 30% of total supply

  • Used to bootstrap the IoTeX ecosystem, including strategic partners, sub-chain / DApp developers, and marketing / growth experts

  • Unlocked over the course of 3 years, with quarterly distributions

  • Note: 12% is locked / reserved for DPoS mining on the root chain

5. Foundation - 25% of total supply

  • Used to build IoTeX blockchains and related technologies, sustain development of the IoTeX project, support cryptography and blockchain research, and onboard advisors

  • Unlocked over the course of 3 years, with quarterly distributions

  • For more detailed information, please check here.

Conclusion

This team tackling the problem of lack of applications” that would draw new users to the IOT ecosystem by introducing token economy into IoT spaces. They strongly believe that crypto incentives as well as the community effort are the two key forces to propel innovations in IoT space. So far the IoTex token shoed tremendous growth and many future potentials.


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