EliteX Launches Staking Rewards for IoTeX, Where Blockchain Meets IoT
The IoTeX project (IOTX), recently listed on EliteX, wants to act as a distributed communication medium for this nascent network of interlaced data.
Internet of Things. A brief explanation
What is the Internet of Things( IoT)? It is quite literally what is says: is the extension of Internet connectivity into physical devices and everyday objects.
Each of these objects must be able to manage, send and receive data.
We can identify five different IoT device categories: smart cities, connected house, wearbles, autonomous vehicles and transportation.
The connection of all these objects will create an increasingly intricate network of information and interactions.
The IoT medium set to completely transform, not only the way we live, but also the inhabited world in which we live.
IoT meet Blockchain: IoTeX
The IoTeX project (IOTX) wants to act as a distributed communication medium for this nascent network of interlaced data.
The IoT market It’s a market that has grown by 21% annually, with a projection for the 2022 of 18 billion of devices.
The IoT currently lacks a meaningful way to realise value beyond simply “being connected” so long as it remains predicated on a centralised model of operation.
Despite the massive potential of IoT, there are roadblocks ahead, such as lack of scalability, privacy concerns, and lack of functional values. IoTeX is solving these problems by building an auto-scalable and privacy-centric blockchain infrastructure, leveraging the blockchain-in-blockchain architecture for heterogeneous computing, fast and robust Roll-DPoS consensus scheme, and lightweight privacy preserving techniques. IoTeX’s mission is connecting the physical world, block by block.
The main exchanges where it is traded is Binance, followed by Purcow, Bittrex and various others.
A brief overview of IoTeX architecture
To provide the scalability required to run over an IoT network, IoTeX separates blockchain duties. An operational layer of IoT subchains, each connected directly to its particular network of IoT devices. All orchestrated by, and running concurrently with the root chain which works to ensure interoperability. As the public main chain in the network, the root chain functions as relay for data and value across the network of subchains, acting as supervisor, anchoring trust and settling cross-chain transactions.
Subchains can be configured and specified to meet many IoT use case scenarios, where similar work environment, purpose or level of trust are shared. They may utilise the IOTX native token, or define their own token which can then be sold or exchanged publicly. The tokens function as the ‘fuel’ that powers the operation of the blockchain-enabled IoT, providing a means of value transfer and liquidity that vendors and applications require to make the IoT viable.
The IoTeX blockchain is also built to be privacy-centric by virtue of advanced cryptographic techniques like those implemented on Monero.
The Iotex consensus algorithm is based on a Delegated Proof of Stake (DPoS) to verify the blocks. In this case IoTeX has developed Roll-DPoS, which introduces a randomised element to the selection of block producers from a candidate pool that is dynamically updated, scheduled and auto-scaled according to the provisioned number of subchains in operation.
Staking IoTeX On EliteX Exchange
IoTeX (IOTX) was recently listed on EliteX exchange. In addition to the listing, they are also on board with the IoTeX project as a delegate. Therefore, users who buy or deposit IOTX on they exchange have the option of staking a proportion of their holdings, and in doing so they receive 100% of the distribution of the forged rewards (+6% extra bonus).
Log in to www.elitex.io for more details.
For more detailed information, you can also read this article.