What is IoTeX?

The main purpose of IoTeX is to solve the challenges associated with integrating billions of IoT devices into a secure and efficient digital ecosystem. It addresses issues like scalability, latency, and privacy, which are crucial for real-time machine communications. Potential use cases include smart homes, healthcare, transportation, and supply chain management, where real-world devices need reliable and instant connectivity.

The technology behind IoTeX is based on a decentralized blockchain framework that leverages both a root chain and multiple sidechains to meet the specific demands of IoT applications. It incorporates the Roll-DPoS consensus mechanism, which is a blend of Delegated Proof-of-Stake, verifiable random functions, and Byzantine Fault Tolerance, ensuring enhanced scalability and decentralization. In addition, IoTeX employs privacy-enhancing techniques such as lightweight addressing and ring signatures to secure transactions between IoT devices efficiently.

IoTeX differentiates itself from competitors by focusing on a blockchain architecture that is purpose-built for IoT connectivity. Unlike platforms that rely on Directed Acyclic Graph (DAG) or other consensus mechanisms, IoTeX uses a unique Roll-DPoS consensus which offers faster transaction finality while maintaining privacy and scalability. The separation of duties in its design, where a root chain secures the network and sidechains handle specialized tasks, further sets it apart from other projects in the market.