IoTeX (IOTX)

Data

IoTeX lets developers create on-chain identities for devices and process real-world data into "Proofs of Real World Work." This data can trigger smart contracts that reward device owners with tokens, making data from IoT devices trustworthy and usable on the blockchain.

Resources

The platform supports decentralized applications (DApps) and enables devices to connect securely and instantly. It reduces costs and time for launching IoT projects, helping to onboard millions of devices and unlock real-world value.

Services

IoTeX powers use cases like smart homes, healthcare, transportation, supply chain management, and energy solutions. It also supports MachineFi, where machines create economic value by interacting with the blockchain, and offers tools for developers to build Web3 infrastructure including DeFi, NFTs, DAOs, and metaverse applications.

Network Utility

The IOTX token is used to pay for transactions, run smart contracts, manage sub-chains, and participate in network governance through staking and voting. It supports the whole IoTeX ecosystem and helps connect physical devices to digital services.

Pros of IoTeX

• Tangible Use Case: IoTeX powers the Internet of Things (IoT) by connecting smart devices securely and privately.
• Low Barrier to Entry: Easy for users to start using or investing in IoTeX.
• Gas Token Utility: IOTX is used to pay fees for transactions and smart contracts on the IoTeX blockchain.
• Privacy and Scalability: Designed to protect user data while handling many transactions efficiently.
• EVM Compatibility: Supports Ethereum-based apps, allowing developers to build decentralized applications (dApps) easily.
• Growing Ecosystem: Partnerships and integrations, like with Chainlink, expand its real-world use cases.

Cons of IoTeX

• Competition: Faces strong rivals like IOTA, which offers higher scalability.
• IoT Market Development: The Internet of Things technology is still developing slowly, which may limit immediate adoption.
• Scalability Limits: While scalable, IoTeX is not as scalable as some competitors, which could affect future growth.
• Market Uncertainty: Like many crypto projects, its future value and success depend on many changing factors.

Founders of IoTeX

The founders of IoTeX are Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. Raullen Chai serves as the CEO, and the team includes experts with backgrounds in engineering and blockchain technology. They started IoTeX in 2017 to build a blockchain platform focused on the Internet of Things (IoT).

Institutional Investors

IoTeX has 36 institutional investors including Borderless Capital, Amber Group, Foresight Ventures, SNZ, Waterdrip Capital, FutureMoney Group, and HashKey Capital.

Venture Capital Firms

Key venture capital investors include 8 Decimal Capital, Alphacoin Fund, BlockVC, DraperDragon, DU Capital, IOSG Venture, PreAngel, Royal Land, Whales Capital, Youbi Capital, and ZH Capital.

Recent Funding Round Leads

The latest Series A funding round in April 2024 was led by Borderless Capital, Amber Group, Foresight Ventures, SNZ, and Waterdrip Capital.

Other Notable Investors

Additional investors involved over time include Struck Capital, DepinX Capital, ev Three, Keneti Capital, and T Capital.

Halal Status of IoTeX

• Yes, IoTeX is considered halal.
• This is because it uses blockchain technology to protect private data and operates in a way that complies with Islamic principles.
• Staking IoTeX is also halal, as it involves permission-based service agreements that align with Shariah law.
• Islamic finance experts and Shariah auditors have screened IoTeX and found it compliant with halal standards.