IoTeX unveils security and privacy-focused Blockchain purpose-built for Internet of Things

IoTeX Foundation launched on Thursday out of stealth to provide privacy-centric blockchains and extend the token economy to Internet of Things, while reducing go-to-market barriers for developers and manufacturers of supply chain, smart home, device identity management, autonomous cars, machine-to-machine and industrial IoT solutions.

IoTeX is a network of many blockchains, hierarchically arranged, able to run concurrently with one another while remaining interoperable. The rootchain is focused on scalability, robustness, preserving privacy and orchestrating independent subchains.

Subchains share something in common either in functional purpose, operating environment or trust levels. Subchains can transfer value and data to the root or another subchain, but should a subchain suffer a cyberattack or software bugs, the rootchain is unaffected. This is one of four key innovations that makes IoTeX uniquely positioned to handle IoT environments.

IoTeX foundation is headquartered in Silicon Valley and dedicated to building up the next generation blockchain for IoT. IoTeX research and development team is comprised of Ph.Ds. from University of Waterloo and National University of Singapore, and engineers in cryptography, artificial intelligence, and IoT who previously worked for Google, Facebook, Uber and Bosch.

Current IoT deployments are centrally connected and controlled making them and their data susceptible to breach and pigeonholing companies into using large cloud providers not optimized for dense and diverse IoT environments. These network challenges generate enormous costs holding back mass adoption and stifling innovation.

Knowing the expenses associated with running IoT are prohibitive for many, no one has developed a killer app that would draw new users to the platform and motivate new or extend existing deployments. IoTeX is specifically built with IoT in mind to overcome these challenges.

“Our unique blockchain-in-blockchain architecture, available to developers in an SDK, creates a well-balanced distributed network that maximizes scalability, security and privacy in a cost-effective way,” said Raullen Chai co-founder of IoTeX. “We’ve solved for IoT’s technical pain points while creating value for developers that extends beyond just selling devices simultaneously giving users more control over their data, which is the most exciting part.”

Through incentives built around digital tokens – either their own or IOX – distributed to users, developers on IoTeX blockchain don’t have to rely on selling customer data in order to make a profit beyond just the one-time purchase of a device that doesn’t cover the operating costs of running IoT at scale. IoTeX Blockchain creates a marketplace where end users are welcome to sell their data in exchange for tokens or not and keep it private, lend something they own like a car or excess electricity generated by home solar panels in the sharing economy and develop their own applications and services for subchains.

“We’re giving users a choice of whether or not to engage in the data economy rather than roping them in by default as with current devices and services. Developers and manufacturers using IoTeX blockchain won’t have to rely on data as their sole monetization strategy with mining, transaction fees and new services deployment as alternate options,” said Chai.

IoTeX’s Randomized Delegated Proof of Stake (RDPoS) consensus protocol improves the throughput of the network while reducing transaction cost. IoTeX’s model lets small player pool resources and choose specific delegates to move consensus activities away from resource-strapped nodes, which can be selected dynamically to achieve higher overall availability for the network.

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