A next-generation decentralized network called IoTeX Foundation with a focus on the Internet of Things (IoT) industry, just launched a security and privacy-centered blockchain. The previously silent company, is set to make a statement with its new project, aimed at extending the digital economy to IoT and market entry barriers for all stakeholders.
Users, developers and manufacturers of IoT, industrial IoT, supply chain, autonomous cars, device identity management, machine-to-machine and smart home appliances are the ones to benefit from this. Now, the question to ask is, can blockchain protect user privacy and help fix network issues?
Considering that IoT deployments at the moment are centrally connected and controlled, IoTex will be giving it a fresh breath of decentralized air. A centralized system increases the risk of breach and pigeonholing IoT companies into large cloud servers which are not optimized to the usually dense and diverse IoT network.
As a result, efforts on mass adoption or innovation is stifled, thereby discouraging new investors. This is the reason an IoT specific blockchain was built by IoTeX.
Raullen Chai co-founder of IoTeX says “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. 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.”
The IoTeX network comprises of many blockchains, hierarchically arranged. They are all able to run concurrently with one another while remaining interoperable. As expected, the rootchain is focused on scalability, robustness, preserving privacy and overseeing independent subchains. Thus, in event of 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.
IOX are IoTeX tokens, distributed to users and they will be able to make money via their business model and not buy setting their customer's data.
Using the blockchain, there will be a marketplace where
1. Network users can buy and sell their data for IOS.
2. Lend something that is in need or which you have excess of.
3. Easily develop their own subchains applications and services.
Chai further said: “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."
IoTeX uses its innovative Randomized Delegated Proof of Stake (RDPoS) consensus protocol which greatly improves the network's throughput and drastically reduces transaction costs.