What is IoTeX?
IoTeX is the only modular infrastructure in the DePIN sector that offers a comprehensive suite of tools to create fully decentralized, composable, and interoperable DePIN projects. Unlike the current monolithic approach, IoTeX provides a flexible array of in-house DePIN Infrastructure Modules (DIMs) and Public Goods, alongside modules contributed by third-party providers, such as Filecoin, Risc0, NearDA, and Espresso, to name a few. Unlike any other blockchain, IoTeX also presents a revolutionary approach to its native token, $IOTX, which is used to support and connect the whole infrastructure, expanding its utility while maintaining a stable token supply through balanced burning, inflationary and deflationary mechanisms.
By significantly reducing build time, initial capital costs, and the resources needed to launch projects, IoTeX is embarking on a new roadmap to onboard 100 million devices and unlock trillions of dollars in real-world value on-chain within the next 3-5 years. Realizing IoTeX’s mission of “DePIN for Everyone”.
How does IoTeX work?
IoTeX operates through a modular architecture designed to provide a robust and flexible foundation for DePIN projects. At its core is the Modular Security Pool (MSP), a unified, trust-anchored layer supported by $IOTX and other major assets in the sector. This provides a secure foundation for DePIN Infrastructure Modules (DIMs), which are the building blocks of the entire DePIN tech stack. While IoTeX provides some of the most critical DIMs such as W3bstream for off-chain computing and ioID for digital identities, other modules are partner-developed, enabling the IoTeX infrastructure to offer AI tools, and various decentralized storage solutions, among other services to provide a versatile toolkit for DePIN developers.
To encourage community participation, IoTeX provides public goods such as DePINscan, a sector-wide explorer currently connecting 2.4 million devices and featuring more than 40 verified DePIN projects worldwide. Overall, this layered approach, combined with IoTeX L1's high throughput and EVM compatibility, creates a robust and scalable infrastructure, empowering developers to build innovative DePIN applications.
What are the potential use-cases of IoTeX?
IoTeX enables decentralized applications (Dapps) to seamlessly connect to the real world, allowing users to monetize their smart devices' data, resources, and services in a verifiable manner. Developers can issue on-chain identities to devices via ioID, process real-world information into "Proofs of Real World Work" through W3bstream, and settle these proofs on the IoTeX blockchain to trigger smart contracts that reward device owners with tokens. IoTeX's use cases fall into three categories: data, resources, and services. Smart devices can provide verifiable real-world data to community-owned pools, sell or lend digital resources like compute power and storage, and offer services such as connectivity, location tracking, and renewable energy. With over 100 billion active smart devices, IoTeX's applications span various industries, including agriculture, automotive, manufacturing, supply chain, smart homes, cities, renewable energy, healthcare, transportation, and telecommunications.
What is the history of IoTeX?
IoTeX was initiated as an open-source project in 2017 by founders Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. The team, comprising over 40 research scientists and engineers, built an EVM-compatible blockchain from scratch using the innovative Roll-DPoS consensus. The platform was launched in April 2019 and has since been managed by over 100 delegates worldwide. The platform has processed more than 10 million transactions and has developed infrastructure to facilitate interoperability with other blockchains. In July 2024, IoTeX released the IoTeX 2.0 whitepaper, leveraging years of innovation to make DePIN accessible to everyone. This evolution transforms IoTeX from a simple Layer 1 blockchain into an open DePIN infrastructure anchored by the $IOTX token, with the IoTeX L1 chain serving as the trust anchor for the entire ecosystem.