IoTeX (IOTX) Price

The Potential Top DePin Token to Lead the Charge in Combining IoT With Blockchain

What Is IoTeX?

IoTeX (IOTX) is an easily scalable and decentralized blockchain network supporting the IoT industry, with the potential to be one of the top DePin or IoT projects.

DePin has become a strong driving force in this bullish round, as Blockchain projects can be perfectly integrated with traditional companies in the areas of IoT or infrastructure to boost the productivity. In other words, more traditional companies can enter the blockchain world through the narrative of DePin, both elevating the value of companies and price of blockchain projects. IoTeX is such a top DePin project, with a high chance of price surge in this round of bullish market.

Highlights of IOTX's Narrative

According to IoT Analytics, a leading global provider of business intelligence for IoT, the number of IoT-devices is expected to exceed 30 billion by 2025, accounting for almost 75% of total devices. Such an enormous number will likewise bring together an outstanding growth rate to the IoT industry. However, there are a few limitations that have forestalled the mass adoption of IoT innovation, such as:

•    Security concern
•    Scalability
•    Interoperability

IoT is definitely a good thing as many devices are connected to the Internet to communicate with each other, significantly improving convenience and efficiency. But this is also one of the biggest downfalls of IoT. Since many devices are connected to a central Internet or server, it makes the connected devices more vulnerable to hackers. Therefore, combining IoT with blockchain is a vital move as it can give users additional security. This combination is also expected to raise the valuation of IoTeX.

The scalability problem is another issue faced by many blockchain networks, but IoTeX defeats this obstacle by performing real-time transactions at very low cost. The approach adopted by it to solve this issue is by delegating duties via sidechains, or known as Roll-DPoS, where the partition of duties is implemented to augment the proficiency of the blockchain and its protection. 

Interoperability is another feature of IOTX’s architecture. This feature allows devices to enhance efficiency by engaging with each other when required. Just as Bitcoin has created its own decentralized financial system, IOTX builds the foundation for the Internet of Trusted Things. Against this backdrop, the IOTX platform hosts an ever-growing ecosystem of projects and products that have been developed by members of the IOTX community.

To summarize, IOTX falls into the category of DePin or IoT-oriented blockchain project. The DePin narrative itself is poised to spur the market sentiment and uplift the prices of relevant coins in 2024.