IoTeX is a new generation for the Internet of Things (IoT)-oriented blockchain platform with strong privacy, isolatability, scalability, and developability for new IoT applications and ecosystems. The infrastructure of IoTeX is developing innovations to push the frontier of blockchain 3.0, and it’s including blockchain-in-blockchain; privacy-preserving techniques; roll-DPoS consensus mechanism.
The Question Is: Why Do We Need a Privacy-Focused IoT Blockchain?
Looking at a simple example like the data collected from vehicles, like the hybrid ones, this information that the primary players from the market might share them. So the data could transfer from the manufacturer to another partner.
However, privacy is an essential thing for IoTeX, and they want to ensure that everything private to remain private, like transactions. To do that, IoTeX has engineers that designed the system built-in tradeoffs.
A Collection of Blockchains
Another exciting feature for the protocol of IoTeX will be in the network’s architecture. Instead of a single chain, it will be a collection of blockchains.
Another feature in the protocol is the “gravity chain.” The gravity chain is used for voting and governance in IoTeX model. Also, instead of choosing DPOS, IoTeX will have Roll-DPOS with an element of randomization. That will enforce consensus rules, and will add an extra layer of decentralization and randomization, all to minimize the impact of the tradeoffs.
The IoT Market is Crowded Enough?
Of course, IoTeX is not the only company specialized in blockchains. Just like IoTeX, other companies are trying to come up with inventive solutions for every problem that appears in the connection between devices. A well-known specialist is IOTA with his Tangle platform, IBM and the add-on to its Watson IoT platform, and other major companies.
However, IoTeX knows there is plenty of room for everybody. So they will launch a privacy-preserving subchain for people to execute smart private contracts, keeping up the sophistication of technological security.
Joe Peterson was born and raised in San Francisco. He has contributed to Discovery Magazine, Cottage Country Magazine and Tech Insider. As a journalist for Swerd Media, Joe mostly covers national news. Aside from earning a living as a freelance journalist, Joe also spends much of his time training for ultra running.