With the advent of blockchain technology, many brilliant minds are looking towards a radical change that will not only shape the future of the finance market but also in the way we use technology and our interaction with them. One of those “dreams that may turn into reality” is the internet of things (IoT) and the blockchain technology really striving to make this concept possible is Iotex.
Iotex recognizes the fact that the most of the IoT devices that are in use today are used in a centralized manner even though, through their nature, they are decentralized. This has made apparent a plethora of problems like that of scalability, the expense of operating, and security dangers and risks. IoTeX has the belief that blockchain technology can be used to resolve this problem. The following are its reasons:
- Blockchain is flexible enough to address the change of scalability of IoT in relatively cheap manner.
- Data is nearly impossible to leaked or abused in blockchains.
- The potential of blockchains with the capabilities of smart contract and tokens is huge that can make coordination between devices give better functional values.
Most blockchains are unable to fix these problems due to the limitations facing IoT problems due to its peculiarities such limited computing power, storage capacity and operating power. IoTeX tries to remedy the situation by adding four new touches to their technology. These are:
- Blockchains consisting of blockchains that can help with giving maximum scalability and also privacy in a cost-effective manner.
- A reliable payment code to used with a size ring signature without trusted setup, and first implementation of bulletproof
- Fast consensus with instant finality decreasing the transactional cost
- Making an accessible architecture to help build IoT applications across multiple industry sectors
IoTeX is also slowly building towards its goals of becoming a practical tool thatcan help people. Recently, IoTeX launched a live blockchain pilot program for Valuable Asset Tracking (VAT). The purpose is to create a medical supply chain based on the fusion of IoT and blockchain. This can save a lot of money and a lot of lives.
Current Price Movement – IoTeX (IOTX)
The efforts of IoTeX are slowly being realized even though it is trying to combine two very complicated and complex concepts to understand, one that of blockchain and the other of the IoT. Currently, IOTX, the utility token of the said protocol, has a value of, at the time of writing this article, $0.1349 with a trading volume of $3.3 billion dollars – a 1114.80% increase over the past 24 hours. Digital Coin Price predicts a constant increase in its value and by 2025, it is expected to be $0.4029, if things stay as they are.
