Hi guys! We are now the witnesses of a new world forming. Some of us already live in the future and use all the technologies which make our lives so much easier, some of us are just moving forward to these techs… But the process is irreversible as the fourth industrial revolution with the Internet of Things is happening right now. Already operating your car with the help of mobile phone? Have you heard about the innovations for the production floors? No matter what you answer is, the world is slowly turning into a network of interconnected devices and technologies, thanks to the Internet of things. Being a crypto-enthusiast, have you ever had a thought that blockchain and decentralization were created to drive these processes? In this article I will review a project developed for the above mentioned goal. An IoTeX team strives to introduce a decentralized network for IoT.
Though the network of IoT devices will grow dramatically in the next decade, there are some problems which require rapid solution. These are (as defined by IoTeX team): lack of scalability if back-end infrastructures, lack of privacy, lack of meaningful value creation. In order to eliminate these limitations, the team applies to the blockchain technology and embed such innovative features:
- a blockchain containing many other blockchains to separate the duties and avoid making a blockchain heavyweight
- a reliable security mechanism with ring signature, payment code and other features
- an instant consensus mechanism
- system architectures built specifically for IoT applications.
By using the term "Blockchain", we must understand that not all blockchains can be used for solving IoT challenges. Today, many blockachain are created to serve the purposes of the IoT. IoTeX strives to cover the problems of the sphere connected with the scalability and security. The solution of "blockchains-in-blockchain" will help ensure operability and scaling.
“Blockchains-in-Blockchain” Architecture
As we can see from the graph, the main, "root" chain is used for relaying value and data across the subchains, supervision of subchains and settlement of payments for sunchains. Root chain acts as a relay for communaction between the sunchains. The detailed technical information on the system functioning principles may be accessed in the project Whitepaper here: https://iotex.io/white-paper. IoTeX blockchain can be used for smart home techs, identity management, transport, supply chains and so on.
For the certain functions in the IoTeX network, a special IOTX token will be used. First, till the IoTex Network is launched, this will be an Ethereum Network compatible token which then will be migrated to the IoTex main net.
In order to implement the planned innovations, the team – by the way, having the experience in cooperating with such giants as Facebook, Google, Uber, Intel and others – lanches a token sale (dates to be defined). The more than successful pre-sale period (more than 20M USD collected) indicates the high level of trust from community and the relevance of the project in the modern world. For now, the details of the token sale are not published, but if you are intrigued by the project, the offered bounty campaign may be of your interest (for terms, see the links below).
Useful Links
Website: https://iotex.io/
Whitepaper: https://iotex.io/white-paper
Bounty Terms: https://medium.com/iotex/community-reward-program-original-content-creation-bounty-f01ea5fecb7e
Blog: https://medium.com/iotex
Telegram: https://t.me/IoTeXGroup
My Hash ID is qwLJa