IOTX IoTeX

IoTeX Use Cases

IoTeX has several potential use cases across various industries:

• Decentralized Identity (DID): IoTeX provides a secure and decentralized platform for managing digital identities, which can be used in areas such as KYC (Know Your Customer) processes, authentication, and access control.

• Decentralized Finance (DeFi): IoTeX offers a secure and transparent platform for DeFi applications, including decentralized exchanges, lending platforms, and yield farming. Its focus on privacy and scalability makes it a reliable choice for DeFi users.

• Internet of Things (IoT): IoTeX's blockchain technology enables secure and decentralized communication between IoT devices, facilitating the seamless transfer of data and value. This has significant implications for industries like supply chain management, smart cities, and healthcare.

• Supply Chain Management: By leveraging blockchain technology, IoTeX can enable transparent and traceable supply chains, ensuring the authenticity and integrity of products. This helps combat counterfeiting and improves supply chain efficiency.

• Asset Tokenization: IoTeX allows for the tokenization of real-world assets, enabling fractional ownership and facilitating the trading of assets in a secure and efficient manner.

• MachineFi and IoT Applications: IoTeX supports the development of MachineFi applications, which integrate IoT devices with blockchain technology to create new economic models. This includes use cases like decentralized data marketplaces and IoT-based services.

• Web3 Infrastructure: IoTeX provides a foundation for Web3 infrastructure, supporting decentralized applications (dApps), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and metaverse applications.

• Real-World Oracles: IoTeX enables the creation of real-world oracles, such as the Pebble tracker, which can provide verifiable data for various applications, including digital identity services and geolocation-based services.

Advantages of IoTeX

• Scalability and Flexibility: IoTeX is designed to be highly scalable and flexible, making it suitable for powering the Internet of Things (IoT). It uses a unique Roll-DPoS consensus mechanism that allows for fast and efficient transactions.
• Privacy Management: IoTeX includes built-in privacy management methods such as lightweight hidden addresses and permanent ring signatures to maximize privacy.
• Interoperability: The platform allows for interoperability between its blockchains, enabling seamless communication and interaction between different IoT devices and applications.
• Autonomous Coordination: IoTeX features a decentralized autonomous organization (DAO) for IoT, which helps in creating common regulatory laws across IoT networks.
• Innovative Architecture: The use of sidechains and a root blockchain enhances privacy, scalability, and interoperability, making it a robust solution for IoT applications.

Disadvantages of IoTeX

• Limited Adoption: Despite its potential, IoTeX still lacks widespread adoption and faces competition from other IoT-focused projects like IOTA.
• Technical Issues: Users may encounter technical issues such as withdrawal problems and coin support limitations, which can hinder the user experience.
• High Operating Costs: The platform may have high operating costs, which could be a barrier for some users and developers.
• Privacy Concerns: While IoTeX has built-in privacy features, there may still be concerns about data security and privacy in IoT applications.
• Competition: IoTeX faces competition from other IoT-focused blockchain projects, such as IOTA, which has a strong presence in the market.

Founders of IoTeX

The founders of IoTeX are:

• Raullen Chai: Co-founder and CEO, with a background in cryptography and experience at Google and Uber.
• Jing: Co-founder, contributing to the establishment of IoTeX in 2017.
• Qevan: Co-founder from Facebook, jointly establishing IoTeX with Raullen and Jing.

Investors in IoTeX

IoTeX has received funding from various investors across different rounds. Here are some of the key investors:

• Seed Round: Investors include IoTeX itself, along with other prominent entities such as VeChain, The Boston Consulting Group, Orange DAO, MH Ventures, FutureMoney Group, SNZ Holding, Kronos Research, and Taisu Ventures.
• Public Round: Key investors include Amber Group, SNZ Holding, Borderless Capital, Waterdrip Capital, Foresight Ventures, and FutureMoney Group.
• Other Rounds: IoTeX has also co-invested with other funds in various projects, including those backed by Alliance DAO (ex DeFi Alliance), Arweave, Bas1s Ventures, Bo Shen, and others.

Notable Co-Investors

IoTeX has participated in funding rounds with a diverse range of co-investors, including but not limited to:

• Blockchain and Tech Firms: VeChain, The Boston Consulting Group, Arweave, and Protocol Labs.
• Venture Capital Firms: MH Ventures, FutureMoney Group, SNZ Holding, Kronos Research, Taisu Ventures, Borderless Capital, and Waterdrip Capital.
• DAOs and Other Entities: Orange DAO, Alliance DAO (ex DeFi Alliance), and Bas1s Ventures.

Key Funding Rounds

• Public Sale: Raised $19.92M, which is 28% of the total raised amount.
• Private Rounds: Raised $50.00M, which is 72% of the total raised amount.
• Total Raised: $69.92M.

Halal Status of IoTeX

Yes, IoTeX is halal. It has been screened and found to comply with Shariah guidelines by various Islamic finance platforms. These platforms evaluate cryptocurrencies based on project legitimacy, token structure, and reward systems to determine their Shariah compliance. IoTeX meets these criteria, making it permissible for Muslim investors.