UNDERSTADING IoTex BLOCKCHAIN TECHNOLOGY || 10% beneficiary to tron-fan-club

Hello friends, I have an interesting topic to discuss with you today. Some of you make know a man called Marc Andreesion who wrote an article back in 2017 which article is not famous. In his article, he said that software will take over a lot of things in the business space, and just as he predicted, the software is taking over many things in the world today. As we need the software, we also need the hardware because it is just as important as software. As software influences hardware, blockchain technology can also influence software.

WHAT IS IOTEX?

Iotex is a company with the main goal of creating IoT (Internet of Things) products. Although there are a lot of IoT companies out there, IoTex company is doing its business in a different way using blockchain technology. Some people may have many things go through their heads with this IoT of thing but they actually have an amazing ecosystem. They have many unique devices and their products are not only limited to digital products. IoTex combines physical products and blockchain technology.

They sell many devices but there are two devices I find very useful which are UCAM and Pebble.

• UCAM

UCAM is a security camera that uses blockchain technology to secure user privacy. Although, the Internet of things products are good because they could internet and do some cool stuff. The downside of the Internet of Things is that there are not secure because someone could hack into your security, refrigerator, or anything and control it as though it was its own. This is what IoTex products came to solve through blockchain technology.

• PEBBLE

Pebble is very easy to use and verify your actual location, temperature, and a lot more with the use of blockchain technology. Some of us may say there is nothing special in that because I a lot of sensors for many years. What makes Pebble special is security.

WHAT ARE THE FUTURE IMPLICATIONS?

I think the world of the block has a lot to offer. The original plan of Satoshi was to create a decentralized monetary system but it has far grown beyond what was expected with the development of block applications and a lot more. Blockchain has been using for different things and has been using to verify proof of work, and proof of stake, now Pebble has proven to us that it can use to verify proof present.

HOW IOTEX WORK

IoTex uses Delegated Proof of Stake and I assume you know what Delegated Proof of Stake is but for those who don't know, it simply gives someone the power to validate transactions on the blockchain on your behave. The validators are the block producers and are given a specific time to produce a block. If they fail to produce a block within the given time, the block will be moved to another block producer, and the reward also be. In other to vote, receive rewards and produce blocks, users have to stake their IoTex tokens. Their native token is IoTex and it was launched back in 2O18 but users are only allowed to stake their token in 2020.

TOKENOMICS

Their token is deflationary which means they have a way to reduce the supply. They have a burn drop mechanism strategy to make their token deflationary. 90% of the total supply will be burned. They have a $1 billion tokens total supply and the remaining 10% will be distributed to voters that auto stake tokens for a minimum of 91 days.

CONCLUSION

IoT ex blockchain has some useful features that many people can benefit from. In recent years, many people are focusing on developing a decentralized blockchain but presently, a lot of public and private firms will use blockchain technology.

THANK YOU FOR READING