IOTEX: A Privacy-Centric Blockchain for IoT

GETTING TO KNOW IOTEX BETTER

The Internet of Things is a concept that is becoming more relevant but still does not stop at the creation of smart home alone. Discover exactly what it is about and the benefits that are there for everybody.

What is the Internet of things and how does it work?

It is a term that we constantly hear about. Internet of Things (IoT; its acronym in English), is a somewhat abstract concept but has been gaining popularity in recent months. The idea that tries to represent is pretty well illustrated by its name, everyday things that connect to the Internet, but in reality, it is much more than that. IoT can be defined as a network that interconnects physical objects using the Internet. These objects use embedded systems, or what is the same, specialized hardware that not only allows Internet connectivity but also schedules specific events based on tasks dictated remotely.
The idea had lasted more than 30 years with great minds around the world working on making all everyday objects interconnected and interacting with one another. Ideas like the smart home, also known as the house of tomorrow, have evolved before we realize in the connected home to enter the Internet of things.
Although top organizations of the world particularly those who are enthusiast of the blockchain technology for its transparency and decentralization had seen the benefit in adopting IoT in almost all niche and organization. One of the most common questions with the Internet of things is when it will finally be in our lives. The answer is that it has been for some months now.
Unlike some technologies much more popular among the masses, the Internet of Things has not found its focus of explosion in the consumer market. Still, we have seen how Apple and Google have taken some discreet steps with technologies such as Home Kit and Android @ Home that is empowered by IoT. Other private sectors are beginning to adopt this latest technology which includes Mass production Industry, health sector just to mention a few.
IOT stands for Internet of Things. And IoTEX is a decentralized network for Internet of Things (IoT) powered by a privacy-centric blockchain. Built on the Ethereum blockchain, it tends to form the basics in which IoT devices are controlled and connected in a decentralized way.

Problems associated with Centralized IoT platforms

Despite its rapid evolution and estimated wide acceptance by users which tends to grows at an average of 21% annually, IoT is still far from reaching mass adoption and lacks “killer applications” that would draw new users to the ecosystem.
This is due to issues such as

1. Low scalability,
2. High operating cost,
3. Privacy concerns and
4. Lack of functional values.

Solution by IOTEX

IoTeX is tackling this problem by introducing token economy into IoT spaces. The major reasons for this, as believed by the team, is that incentive and the crypto community efforts are the two important, irresistible forces to drive innovations in the IoT world.
In short, IoTeX is the next generation IoT-oriented blockchain platform with strong scalability, privacy, coupled with low operating cost for incubating new IoT applications and ecosystems for profitability of everybody that’s involved in the IoT space.

To know more about this awesome project and benefit maximally from it, you should join our telegram group
https://t.me/iotexchannel

Official Website
https://iotex.io/