IoTeX was founded in 2017 and operates as an open-source blockchain-based project. It is built to support use cases within the Internet of Things sector and allow humans and machines to interact in a completely decentralized manner. In particular, the platform hopes to solve the issue of lack of security and privacy. For example, home camera video recordings are owned by the provider.
The platform consists of its own blockchain and IoT middleware that has been developed with innovative hardware, architecture, and security features. It allows developer teams to launch IoT devices, applications, and networks whilst ensuring the privacy of users remains secure.
IOTX is the platform’s native cryptocurrency. It has a total supply of 9,700,000,000 IOTX.