With the roaring participation of more than 6490 members in the AMA session with IoTeX hosted by platform WazirX as a part of the Grand IoTeX Giveaway the last week of August 2021, the takeaways go beyond the exciting prizes benefitting the entire digital asset community, imparting insights on the entire IoTeX ecosystem.
The amazing grand IOTX giveaway beginning on Thursday, August 26, lasted until September 01. The main attraction of the entire event was the gala Giveaway of $25,000 IoTeX, followed by a brief interactive session and an interesting quiz program on the subject. The peak of the session had Larry Pang, Head of Business Development at IoTeX, sharing insights on YouTube, and trading wisdom was shared by industry experts. The concluding session showered prizes of ₹18,63,000 ($24,000) worth of IOTX for the top 300 traders backed by a 48-hour long Highest Trader Kaun Marathon. IoTeX (IOTX) has been listed on WazirX and users can trade IOTX on WazirX seamlessly.
The first day of the Live Event of AMA witnessed a deeper reflection of IoTeX by Art Malkov, Head of Growth. For those who are new to the wondrous IoTeX, the platform is a completely decentralized project with a vast presence spread across China, Italy, Ukraine, the Middle East, and more. The dedicated team of IoTeX comprises Doctorates like CEO Raullen Chai, who was earlier head of Cryptography at Uber and is supported by an expert team of professionals from Facebook and top-tier VC Firms.
Making landmark achievements in the blockchain space, since the live launch in 2019, IoTeX Mainnet has served the community with innumerable transactions exceeding 11,000,000 blocks. IoTeX has been successful in capturing real-world data of various medium-large scale companies, huge corporations, and governments for onboarding their projects to the blockchain. The current applications include: 1) https://pebblego.io/, a DApp that uses Pebble Tracker + IoTeX smart contracts to mint NFTs based on “Proof of Presence” 2) US Navy Signed $1.5M Contract with Consensus Networks to build medical supply chain solutions using IoTeX technology.
IoTeX has also embarked on a mega expansion, where the upcoming developments will include NFT gaming, DeFi, and more. Even though NFT and Blockchain are not novel concepts, IoTeX now powers a staking and mining NFT game called StarCrazy, which will be launched later this month after a majorly successful beta version.
IoTeX accomplishments revolve around Delegated Proof of Stake (DPoS), the consensus algorithm, and also leverages Roll-DPoS through all the advantages of the original DPoS consensus framework. This plays a massive role in scalability and speed for IoTeX’s complex blockchain architecture. Undoubtedly, these benefits of DPoS are brought to the fore by IoTeX at an incredibly cheap price, so the users are unaffected by cost impact, which is proving to be a significant barrier to other blockchains.
The major functionality of IoTeX bases itself on a) Layer 2 chain as a service to create a subchain as, for example, an EC2 instance on AWS Cloud and b) Edge trusted computing that facilitates economy for trust computing, and therefore enables trust in privacy-centric DApps. Cross-network interoperability with other blockchains and Layer-2 IoTeX chains are supported as the main hub of the IoTeX network.
It is no wonder why this unique technology calls to connect billions of devices on a global scale. Equipped with state-of-art blockchain, IoTeX bears the crown of being fully EVM cross-chain compatible. As the Co-Chairperson of Industrial Internet Consortium (ICC), Dr. Xinxin Fan of IoTeX has chalked out an exemplary pathway for integrating blockchain technology into IoT systems, changing the physical and digital ecospace as we know it.
With an ambitious roadmap of adding more than 50 partners from top enterprises across the world, IoTeX aspires to create a universal standard with participation from global corporations like IBM, GE, Dell, Huawei, and the IEEE for the “Framework for Blockchain Usage in IoT” across both permissioned and permissionless blockchains. Through the CCC (Confidential Computing Consortium), IoTeX will be collaborating with Facebook, Accenture, Nvidia, and six other enterprises to align systems and developers, ensuring privacy-preserving technologies and standards.
As a pioneer in the field of decentralized governance, staking, voting, and delegate election, the IoTeX blockchain perform Delegate swaps based on live voting results with their ever-increasing user base.
IOTX token supply ensures an equitable balance distribution wherein the significant percentage is dedicated to the Key Partnerships and the remaining is equally divided among Marketing, Business generation, and other administration functions. Apart from the commercial goals, IoTeX is also devoted to community and social development initiatives. Here the platform supports new products and enterprises with utmost confidentiality ensuring more measures on market penetration and enhanced diversification initiatives like partnering with IoT hobbyists, Hackathon organizers, and industry role players.