IoTeX | ChangeHero

Table of Contents

1. About IoTeX
2. IoTeX Pros and Cons
3. Final Verdict
4. FAQ

About IoTeX

IoTex is a blockchain-based Internet of Things network, focused on the decentralization of this technology and protecting the privacy of users.The IoTeX platform also supports decentralized applications, and to use them, there is a native cryptocurrency called IOTX. Present use cases for the IoTeX platform cover Web3 infrastructure, including DeFi, NFT, DAOs, metaverse, and MachineFi applications. Hundreds of thousands of IoTeX users avail services across 160+ dApps in the IoTeX ecosystem.

IoTeX Pros and Cons

Pros

Tangible Use Case
As a gas token, IOTX is needed to pay transfer fees on the IoTeX blockchain. That includes transfers of XRC-20 tokens such as USDT and BUSD and XRC-721 NFTs. The IoTeX ecosystem includes over 200 native dApps and powers thousands of devices worldwide.
Strong Active Team
A team of over 40 scientists and engineers with backgrounds in Google, Facebook, Uber, Bosch, and Intel, has been building IoTeX from scratch. Their GitHub repository is actively updated to this day.
Working Solutions
The IoTeX blockchain powers hardware smart devices without sacrificing user’s privacy. One of them is the real-world oracle Pebble which can track real-world data such as location, humidity, and light. The other is Ucam, a smart home security camera.

Cons

High Whale Concentration
Addresses that hold more than 1% of IOTX supply own 88% of the circulating supply of IOTX, according to IntoTheBlock.
Susceptibility to Market Conditions
The success of the IoTeX platform partially depends on how well the IOTX coin does in the market. The platform is not large enough to guarantee that in turbulent market conditions, the value of IOTX wouldn’t harm the value of the whole ecosystem.

Final Verdict

IoTeX provides real results in its niche, despite not being a top-valued asset. It has privacy features to the extent necessitated by its use, without falling into the privacy coin territory.

Category	Rating
Security	80/100
User-Friendliness	70/100
Popularity	60/100
Supported Coins	90/100

FAQ

What is IOTX Crypto?

IoTeX is a blockchain-based Internet of Things platform that supports smart home devices and real-world oracles. Its real-world use cases are represented by Ucam and Pebble IoT devices. In addition, the platform supports a whole ecosystem of diverse dApps for various industries and spheres of life.

Who uses IoTeX?

The IoTeX blockchain is utilized by owners of the smart devices and blockchain developers who build dApps for this network.

Who are IoTeX's competitors?

In the IoT sphere, IoTeX’s competition is represented by IOTA and Jasmy.