IoTeX started as an open source project in 2017, intending to build a decentralised platform to empower IoT. This would result in people and machines being able to interact whilst maintaining privacy and trust.
They have a team of over 40 research scientists worldwide, who work to combine blockchains, secure hardware and enable communication between smart devices and networks. Through a Roll-DPoS consensus mechanism, the company is trying to make communication between internet devices faster and more scalable.
What is IoTeX?
The IOTX token has been on the market since 2019 and was originally based on ERC-20 before being converted into a native token. The token is expected to be mineable for the next 50 years.
At the time of writing, the circulating supply of the token is 9.54 billion, according to Crypto.com. The maximum supply of the token is set at 10 billion. The trading price at the time of writing is $0.1058, according to the same source.
IoTeX held an ICO in 2018, but it was a private affair. The company managed to raise $14 million at the ICO, with an ICO price worth $0.007.
Benefits of IoTeX Crypto
Here are some of the benefits, or pros of the IoTeX token:
Backed by a strong project
Unlike many other coins on the market, IoTeX is backed by a strong and practical project. The IoT market is expected to be worth $1,855 billion in 2028. So, there is a great need to ensure the security of the devices that make up such a huge industry. And the IoTeX project aims to be the backbone to ensure their security.
The root chain and subchain architecture allow interoperability between applications and smart devices connected to each sidechain. This allows devices to interact with increased efficiency whenever required.
The IoTeX network allows users to stay in control of their data. As a result, they don’t have to choose between privacy and services.
IoTeX’s blockchain network is built from the ground up and relies on the Roll-DPoS consensus. IoTeX is also working strongly towards the decentralisation of data, for IoT devices. This is in stark contrast to the current scenario, where users need to give companies consent to use their data.
As things stand, though, the network isn’t completely decentralised since the Roll-DPoS consensus works with delegators that hold power over the blockchain network.
Price Analysis for Short and Long Term
The IOTX coin has provided an almost 200% return to its investors. But, it has been subject to a huge amount of volatility ever since its introduction. The token has grown by 500% in the last few months alone, but is down by 10% in the last month. So, the short-term returns have been negative for investors.
It only recently hit its highest value, worth $0.15. According to PricePrediction, the token will be worth $0.20 in a year. The IOTX chart is on a stable pattern, and it’s unlikely that you will lose significant money if you invest here. Whether the chart will turn bullish will depend on several market factors.
TradingBeasts, on the other hand, predict it will be worth $0.16 by the end of 2023.
WalletInvestor predicts the token to surpass the $0.60 mark by 2026. PricePrediction also has the same view on its worth in 2026, quoting an average price worth $0.65.
Being an extremely volatile offering, there is a lack of certainty about the extent of its growth. But, the general feeling is that the offering shows huge potential, and provides real-life value to the world as well.
In the future, we can expect more IoT devices to be built on the IoTeX network, which would further impact its price.