IoTex

Introduction

Integration with the real world has always been the direction of blockchain application, RWA opens up the channel between traditional finance and crypto-finance, and becomes one of the few outstanding sectors in the bear market.DePIN, as a branch of RWA, has gradually gained attention lately.

Just as RWA is not a new thing, it is the product of the development of DeFi and the external environment, so DePIN is not a new thing either. As early as the birth of Ether, there have been many projects attempting to decentralize energy, storage, computing and other infrastructures.

IoTeX, with the dual concepts of DePIN and IoT, is a next-generation blockchain platform oriented to IoT (Internet of Things), with its own characteristics in scalability, deep privacy protection, independence, etc. It is committed to providing comprehensive support for IoT applications and building blockchain ecosystems.

IoTeX: Full Stack Solution for DePIN Applications

Founded in 2017, IoTeX has been working on the combination of physical devices (and their data) and blockchain technology since its inception.IoTeX ensures that people can own and control their devices, their data, and the value they generate, allowing builders and users to become owners and beneficiaries of the trillion dollar IoT economy. Based on its contributions to the IoT, IoTeX was selected to co-chair the Industrial Internet Consortium's (IIC) Blockchain Group, along with Amazon and Huawei.

IoTeX has built an EVM-compatible Layer1 blockchain designed for IoT data and DePIN applications. IoTeX also provides DePIN middleware W3bstream to connect DePIN physical devices and data into Layer1. Any DePIN application can create its own dAPP in W3bstream with one click, specifically including hardware components, off-chain logic programs, and on-chain logic/token economy, which will incentivize the flow of real-world data according to the application logic and generate token rewards for users. Token Rewards.

IoTeX's full-stack DePIN solution provides a full suite of "plug and play" products and tools for blockchain-powered IoT applications, and building DePIN applications on the IoTeX platform requires only focusing on business logic. Its full-stack DePIN infrastructure is organized into four layers from top to bottom:

- Hardware Layer: MachineFi is the hardware portal platform where developers and users can register devices, get visualization data, and interact with the MachineFi dApp.

- Middleware: W3bstream is a middleware between smart devices and the blockchain, used to connect smart devices to smart contracts and generate proofs of dApps on the chain.

- Tools Layer: IoTeX provides a series of tools to help applications realize data interaction and value flow, such as ioScan, a blockchain browser for querying blockchain data, and ioTube, a cross-chain bridge that facilitates bi-directional token exchanges between IoTeX, ethereum, BNB chains, and other top L1s.

- Blockchain: IoTeX Blockchain is an EVM-compatible L1 designed for IoT data.

IoTex History

Founded in 2017, IoTeX started building the Layer1 blockchain in early 2018 after raising around $30 million in funding from the top VCs at the time. That year, the L1 testnet went live, followed by tokens on Binance, Kucoin, and Gate.

In 2019, IoTex developed a PoS-based EVM public chain and incubated many DeFi and NFT projects, with more than 100 eco-applications in data volume and products including ioPay, Pledge Portal, and IoTeXScan.

In 2020, started the first Iot + Blockchain vertical experiment: Ucam, which won the CES award and gained more than 20,000 sales on Amazon. 2021, started the second Iot + Blockchain vertical experiment: Pebble, and gained 1,000+ sales in two weeks. At the same time, the two social experiments led to the concept of "MachineFi" and the direction of this. "MachineFi" is now the industry definition of DEPIN.

In 2022, work began on the W3bStream project, and the team worked with the DePIN projector to provide infrastructure support. The team hopes that in the future, W3bStream will become the standard for the entire industry. In May and June of that year, MachineFi Lab closed two rounds of funding totaling $60 million. 2023 IoTeX clearly stated its "DePIN First" strategic development plan, focusing on improving the inadequate infrastructure in the DePIN ecosystem, and launched the W3bStream project to actively participate in DePIN, collaborating with projects in the ecosystem to provide infrastructure support. We also launched the W3bStream project to actively participate in the DePIN ecosystem and cooperate with various projects in the ecosystem to promote the development of the entire ecosystem.

Token Economics

In June 2022, the IoTeX mainnet and its native token $IOTX, the utility token native to the IoTeX blockchain network (IoTeX L1 + IoTeX W3bstream), went live. It performs a variety of functions within the IoTeX ecosystem, including gas fees, destruction of authenticated real-world devices, network governance, and pledge services.IOTX is already listed on major cryptocurrency exchanges including Coinbase, Binance, Gemini, Upbit, Kucoin, Crypto.com, and others.

Token Availability

- Total issued: 9,442,702,397

- Total liquidity: 9,442,702,392 (as of today)

- Private Placement Price: 1 IOTX = 0.0000125 ETH (≈$0.0083)

- Public Offering Price: No Public Offering

Initial Token Distribution and Release Plan

The initial distribution of tokens is roughly divided into five main parts: the IoTeX Foundation (25%), the Private Offering (24%), the Community Rewards Program (6%), the Ecosystem (30%, including Ecosystem Development and Roll-DPoS Mining), and the Team (15%). All of these tokens are progressively unlocked over three years after launch, with full release by the end of 2022.

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