What is the IoTeX project about?

Let's talk about ICO Iotex

It is a new decentralized network for Internet of things (IoT), which uses IoT power and contains 4 major innovations of blockchain. For those of you who have no idea what that means, the blockchain are used for a well balanced distribution network that has increased privacy in a effective costly manner.

Within the privacy of blockchain comes using payment, codes, setup, etc. Another innovation is fast consensus with the entire network transactional cost, and lastly is the lightweight of the Iotex system of the IoT applications and industry sectors.

Nowadays the internet expands tremendously fast. Expert even believe that by 2022 the number of connected devices will grow by over 21% at an annual rate of 26.9%. If this does happen people are considering for there to be three problems, an scalability problem, lack of privacy, and lack of functional values.

If an scalability problem does occur, the main concern would be the loT devices and how they cannot provided the same devices and applications for the same cost. For a problem when it comes to privacy, there could be people placing threats when it comes to privacy like lack of identification, localization and tracking, lack of profiling, privacy violating interactions, life cycle transitions, inventory attack, and lack of linkage.

However if there is a lack of functional value, the problem here would be the connection. If there isn't a connection then everything else from its business side and data as well as their operations wouldn't be possible.

Another thing in this type of network is the blockchain technology, this type of transactional database was introduced in 2008, and about a year later it got published under the Bitcoin. If you have never heard of the Bitcoin system, its basically a digital currency that uses its own worldwide digital banking and payment system. The components of this kind of system contain of transactions and blocks, consensus, compute interface, and governance.

But just like with any other type of technology system it does have both benefits as well as some drawbacks. Benefits include things like decentralization, byzantine fault tolerance, transparency and immutability, and programmability. On the other hand the drawbacks can be the privacy as well as the no silver bullet existing. Within the network they also have token which is used to encourage their customers to continue with their maintenance of the network with integrity.

Meet some people from the IoTeX Team

Advisory Board

Project's Roadmap

And main Investors

More information about this project you can find at
Website: iotex.io
Twitter: twitter.com/iotex_io
Medium: medium.com/iotex

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My IoTeX hash id is Ngozs

My BTT profile https://bitcointalk.org/index.php?action=profile;u=1023814