IoTeX is on the mission to create an environment where humans and machines can interact with trust, privacy and freedom. It is based on the concept of Internet of Things and connects various devices and machines to the internet while utilizing the blockchain technology. The network’s mainnet has been operating since 2019 without any problems. It is run by more than 60 Delegates with a community of over 100,000 people from all over the world.
What is IoTeX?
IoTeX connects Internet of Thing devices with decentralized applications. It is an open-source protocol which is compatible with Ethereum’s Virtual Machine, Binance Smart Chain and Heco Blockchains. The network employs its innovative and unique Roll-DPoS for added scalability and affordability.
The aim of the IoTeX netowkr is to expand the internet of Things while targeting smart devices, DeFi, transportation, and many more segments. It plans to democratize access to machine-backed decentralized applications, assets and other services by acting as a bridge between the physical and digital realm.
IoTeX also offers middleware like Decentralized Identity, Confidential Computing and Secure Hardware. In the IoTeX network, both humans and machines are users and both can execute smart contracts, send payments etc. Some of the award winning products of the network are Ucam – a blockchain-based security camera – and Pebble Tracker.
IOTX future outlook
The foundations of IoTeX hare extremely strong. The project was started in 2017 and has matured to a larger extent. Currently, it employs a team of more than thirty world-class engineers and researchers. Some of the names in the development team are from big shot companies like Facebook and Uber. Moreover, Internet of Things is believed to be the future of the world and IoTeX may be there to facilitate the transformation. The offering of the platform is also legit and has numerous use-cases.
The development team of IoTeX has recently launched an upgrade ioTube v5 which features a bridge to polygon’s network. The recent upgrade has also caused an uproar in the market brought IoTeX under the spotlight. All of these reasons support a bullish future outlook for the cryptocurrency.
IOTX token has gained bullish momentum in the recent timeframes and has surged so high that it broke the all-time high established during the bull run of 2021. The new ATH stands at a price level of $0.148. At the time of writing, the cryptocurrency is trading hands at $0.063. According to the estimates of Wallet Investor, IOTX will be operating at a price level of $0.10 in a year’s time and reach towards $0.26 in five years’ time. Digital Coin Price projects a similar trajectory for the cryptocurrency and expects IoTeX to reach $0.24 by 2026.