IoTeX, began as an open-source project in 2017, and has since created a decentralized platform with the aim of empowering the open economics for machines. This IoTeX price prediction takes a deep dive into the project details, scope and the price movement in the years to come.
This open ecosystem enables interactions between people and machines with the assurance of trust, freedom of choice, and properly constructed economic incentives. IoTeX is a platform that attempts to connect IoT devices (such as cameras and sensors) with decentralized applications. It is powered by the token IOTX. IOTX is used to fund transactions for governance, staking purposes, and the registration of new devices on the IoTeX network.
IoTex was established in 2017 as an open-source platform created from the ground up (no fork). Silicon Valley is where the company is based. IoTeX was founded by Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan. Currently serving as an advisor at BootUP Ventures, Raullen Chai previously led engineering security and research for cryptocurrency at Uber. Former research scientist and engineering manager at Facebook, Qevan Guo. At Sparkland Capital, Jing Sun serves as a managing partner. She also has investments in Rippling and Polychain Capital. Formerly employed for Bosch Research and Technology, North America, as a senior research engineer.
IoT devices are quickly becoming more prevalent now, and by 2022, there will be 18 billion of them. However, the majority of IoT platforms in use today are centralized, non-scalable, expensive to operate, and privacy-related. IoTeX seeks to establish an ecosystem since smart IoT devices have altered how people interact in the current world. Humans and devices (machines) can interact in this ecosystem with everyone on the basis of their own choice while enjoying financial rewards without any worry of security or trust.
IoTeX tries to establish a platform for businesses and individuals so that they can have their own devices to make value through their data. Data sharing has become very fast and convenient on smart devices. The team of IoTeX team has more than thirty top-tier engineers, research scientists, and operators from platforms like Google, Facebook, Uber, Bosch, etc. A decentralized network of users, developers, and organizations mutually governs the IoTeX.
IoTeX (IOTX) Fundamental Analysis
IoTeX built its EVM-compatible blockchain from the ground up using the ground-breaking Roll-DPoS consensus and launched in April 2019; which has been running by more than 100 delegates globally and has already processed more than 10 million transactions. IoTeX has a global team of over 40 research scientists and engineers.
The team behind the ioPay wallet and ioTube bridge, which together service tens of thousands of users, has constructed the fundamental building blocks of infrastructures to connect with Ethereum, BSC, and Heco blockchains on top of the IoTeX blockchain. IoTeX enables EVM-based DApps to scale without having to worry about high gas prices.
Additionally, middleware has been developed on top of the IoTeX blockchain to support self-sovereign devices like Ucam and real-world oracles like Pebble, such as Decentralized Identity, Confidential Computing, and Secure Hardware. Ucam happens to be widely in use and has been installed in more than 3000 homes. The latter, in contrast, was first made available to 300+ developers and allowed for creative dApps. This links the real world with the crypto realm, such as machine learning-as-mining, weather derivatives, and real-world NFTs.
IoTeX’s architecture is divided into two primary technology layers:
- Blockchain: The platform claims that IoTex’s blockchain is one of the fastest in the sector. Compared to the industry average of 17.49 seconds, IoTex blockchain can conclude a block in five seconds. According to the site, its blockchain has been operating error-free since 2019.
- Decentralized Identity (DID): IoTex creates DID for both people and devices, in contrast to existing systems, which only create DID for individuals. Because they are standardized across the platform, these IDs are interoperable. IoTeX wants to establish a seamless interaction between people and machines using this technology.
Devices and people may both make payments and bill for services because IoTeX gives devices an identity. Even machines have wallets and smart contracts to carry out transactions on IoTeX. Similar to regular contracts, smart contracts are executed using blockchain-based protocols rather than being written out on paper.
IoTeX is the decentralized foundation of machine economics, supporting everything from smart household appliances to self-driving cars. In order to do this, IoTeX created and released a quick, high-performance, and EVM-compatible blockchain that offers adaptability and scalability for a variety of applications.
On top of the blockchain, middleware and Dapps are also being developed to make self-sovereign devices and real-world oracles a reality. IOTX serves as the gas for the blockchain system and is the native coin that controls the underlying blockchain protocol. Burndrop is an innovative economic design that causes IOTX to deflate when IoTeX coordinates with more devices.
How does IoTeX work?
The “separation of tasks” principle is the foundation of the infrastructure architecture of IoTeX. The implementation of this idea enhances the functionality and privacy of IoT devices. The network consists of several interconnected blockchains that operate simultaneously. The network features a root blockchain that initially controls the separate subchains. The basic goal of the root chains is: communicating with other chains. This makes it possible for interoperability, subchain monitoring, payment settlement, and anchoring.
The subchains interact with IoT devices to carry out a particular function that is specific to them. These chains are adaptable and can fit various IoT application requirements. Additionally, IoTeX offers a framework that enables configuring; authorization models, parameters, specifications, and transaction types to customize a subchain to particular applications. Furthermore, the root chain continues to function even if one of the subchains is attacked.
In addition, the IoTeX network contains four critical elements that have helped it achieve its objectives successfully.
- Roll-D PoS: The network’s distinctive consensus mechanism is Roll-D PoS. A blockchain can achieve immediate finality and scalability using this variation of the Delegated Proof of Stake version. Every time the process begins, the block producers are chosen at random to produce blocks for one epoch.
- Layer two subchains: These subchains are adaptable and support a range of IoT device requirements.
- Edge computing: This method of computing places computation and data storage near the data sources. This makes the blockchains speedier by reducing bandwidth usage and improving response times.
- Inter-network communication: As a result of the root blockchain, IoTeX is now able to enable communication and interoperability amongst all subchains.
IoTeX Tokenomics
The IOTX token powers the IoTeX network. IoTeX’s initial coin offering (ICO) happened in February 2018, and tokens were sold for $0.0000125 each. In an ICO, the project was able to raise $14 million. The IoTeX whitepaper was then published in May 2018. Both the platform and the mainnet of the blockchain were released by the business in 2019. IOTX is an Ethereum-compatible token that can be burned, spent, or staked by its owners to get access to the network’s resources.
- Service providers to deliver services and DApps can use IOTX (decentralized applications).
- Users are required to pay for these DApps/services and stake in or elect delegates.
- Delegates who can stake and create additional blocks.
- Developers for their incentives and DApp power.
The decentralized governance approach used by IoTeX allows token holders to stake (deposit) their tokens in exchange for the right to vote for delegates across the whole network. Voting to choose one or more delegates is open to all IOTX token holders who stake tokens. For each IOTX token staked, a user receives one vote (1 IOTX = 1 vote).
The voters can receive up to 10% in annual interest on their staked tokens in exchange. Users may also decide to demonstrate a commitment over the long run by choosing a predetermined stake period (anywhere between 0 and 1050 days). The rewards increase as you stake more time.
A delegate’s job is to oversee consensus on the network’s behalf. Roll-DPoS is an internal consensus technique used by IoTeX. According to this system, 24 of the top 36 delegates chosen at random construct new blocks every hour.
Finally, for managing consensus, delegates are rewarded with IOTX. In the end, voters receive benefits from the delegates. On the website, more than 60 delegates make various contributions to the platform and give awards to voters. Voters are free to change their ballots at any moment.
IoTeX Future Plans
In order to make sure that DApp developers successfully enable machine financialization, the IoTeX Foundation will extensively inspect DApp developers. The blockchain-based Internet of Things (IoT) platform IoTeX has announced the creation of a $100 million sustainable ecosystem fund.
Within the next three years, a new fund will support over 1,000 entrepreneurs in the decentralized machine economy that are creating use cases for connecting more than 10 million smart devices to the MachineFi portal.
In an emerging economy known as the decentralized machine economy, machines—rather than people—serve as the engine for expansion. Artificial intelligence (AI) and blockchain technology are the driving forces behind this new economy, which has the potential to establish more effective, secure, and sustainable business practices.
What is MachineFi? The term “MachineFi” refers to a brand-new Web3-based paradigm that powers the emerging machine economy. It is possible to monetize machine intelligence and resources to give people ownership and value instead of centralized businesses. MachineFi, to put it simply, is the financialization of machines or, more specifically, of internet-connected devices.
The purpose of MachineFi is to deliver to actual users the revenues made by big-device-financialization, tech’s which is exactly what Web3 is all about conversion of the internet (and gadgets) from platform advertising to user ownership is the primary source of funding.
In the next 10 to 20 years, the fund could assist over 10,000 MachineFi-focused enterprises, connecting tens of billions of devices to the IoTeX MachineFi portal, according to Jing Sun, head of investment and ecosystem at IoTex. To ensure that machine financialization is enabled properly, the IoTeX Foundation will carefully review all DApp developers. If successful, Sun said, “they will receive all the support they need to be successful.
IoTeX (IOTX) Price Analysis
The IoTeX price on July 21, 2022, is $0.034, with a trading volume of $52.2 million. The CoinMarketCap ranks it as number 99. It has a market cap of $327.3 million. It has a maximum supply of 10 billion and a circulating supply of 9.5 billion. It can prove to be a profitable investment in terms of price.
Rank: 155
IoTeX Price Prediction – Crypto Academy
We have predicted the future prices of IoTeX on the basis of its future plans.
IoTeX Price Prediction 2022
In 2022, the price of IoTeX can hit the minimum level of $0.03. The IOTX price can reach a maximum level of $0.05 by the launch of a fund of a hundred million dollar sustainable ecosystem, with an average trading level of $0.04.
IoTeX Price Prediction 2023
We predict the price of IoTeX to reach a minimum level of $0.05 in 2023. The IoTeX price can reach a maximum level of $0.08 by analyzing all DApp developers for ensuring machine financialization with an average price of $0.065 throughout 2023.
IoTeX Price Prediction 2024
Our forecast for the price of IoTeX in 2024 says that it can reach a minimum level of $0.065. The IOTX price can reach a maximum level of $0.092 by supporting more than a thousand decentralized machine economy startups. The average trading price of IOTX can be $0.078 in the year 2024.
IoTeX Price Prediction 2025
The price of an IOTX can reach a minimum level of $0.09 in 2025, with an average trading price of $0.096. The IOTX price can reach a maximum level of $0.12 with the help of use cases of ten million smart devices connected to the MachineFi portal for three years after 2022.
IoTeX Price Prediction 2026
We forecast the minimum possible IoTeX price to be $0.12 in 2026. Our findings for IOTX price say that it can reach the maximum possible level of $0.18 due to its developing decentralized machine economy driven by machines, with an average price of $0.15.
IoTeX Price Prediction 2027
Our analysis of historical data of IOTX says that its price in 2027 can be around a minimum level of $0.17 and an average level of $0.2. The IoTeX price can reach a maximum level of $0.25 because of blockchain technology and artificial intelligence in its machine economy.
IoTeX Price Prediction 2028
The price of IoTeX can reach a minimum value of $0.2 and a maximum value of $0.45 as it can create a more efficient, secure, and sustainable way of business by 2028. The IoTeX price can have an average trading value of $0.32 throughout 2028.
IoTeX Price Prediction 2029
Our forecast and technical analysis of the future price of IoTeX indicates its minimum price value of $0.4. The IOTX price can reach a maximum value of $0.8 by taking and distributing the profits of device-financialization from big-tech to actual users with an average value of $0.6.
IoTeX Price Prediction 2030
We predict the price of IoTeX to reach a minimum value of $0.62 in 2030. The IoTeX price can hit a maximum level of $1 by monetizing machine resources and intelligence to provide value and ownership not to centralized corporations but to individuals, with the average trading price of $0.76 in 2030.
IoTeX Market Price Prediction
Here are the price predictions of IOTX by various crypto platforms and websites. The market price prediction mentioned below shows an overall increase in the price.
Priceprediction.net
Priceprediction.net IoTeX price prediction reveals that the IOTX price will reach a maximum level of $0.037 and an average level of $0.33 at the end of 2022. Their estimation through the five-year plan indicated that the coin could easily hit the $0.15 mark. Their specific experts and business analysts predicted IOTX to hit the maximum price of $1.13 by 2030.
Tech News Leader
Tech News Leader analysts believe that IoTeX can reach the maximum price of $0.058 in a year. In the next five years, its price can be $0.17. IOTX can have a value of $1.13 in ten years. There are high chances of the price of IoTeX raising up to the maximum level of $1.31 in eight to ten years. The value of an IoTeX token can be at the minimum level of $1.10 by that time.
Coin Codex
Coin Codex predicted that the IOTX price could lie between $0.04 and $0.07 in 2024 on the basis of their tech sector growth prediction. The estimated IOTX price rise can be 115.14% from the present price. The price can be between $0.05 and $0.16 by 2025, with an expected surge of 377.24%.
Their prediction for the estimated IOTX price shows that the price can vary from $ 0.069 to $ 0.36, indicating a price rise of 959% in the best conditions of 2026.
Wallet Investor
Wallet Investor consider IOTX to be a profitable cryptocurrency with a good return. Its price is 0.034 on 2022-07-21, and one can buy a total of 2952 IOTX tokens for $100 dollars now. Their forecasts for the long-term show an increase in the price till the next five years.
The price on the same day in 2027 can be $0.23, making your current investment of $100 increase to $678.5 by that time. It would show revenue of around +578.47% in five years.
Digital Coin Price
Digital Coin price prediction expects lowest price of IoTeX to be $0.048, and the highest price of IoTeX can be $0.18 in the future. While, the price of an IOTX can be about $0.0483 to $0.054 in a year’s time, with an increase of approximately one time from the current price.
In three years from now, the price can be $0.056, and in four years can be $0.065. The prices of IoTeX for five, six, and seven years can be $0.088, $0.12, and $0.14.
How to Buy IoTeX
People who wish to buy IoTeX on a well-known cryptocurrency exchange typically choose Binance.
Step 1: Create an Account.
You must visit Binance to make an IoTeX trade. To purchase IoTeX, you must first login and/or register for an account and have your identity confirmed. Use your email address or mobile number to register on the Binance app or website.
Step 2: Select a payment method.
You need to decide on a method to acquire the IoTeX (IOTX) asset. To view the options available in your region, click the “Buy Crypto” link in the top left corner of the Binance website menu. Consider purchasing a stablecoin like USDT or BUSD first for greater coin compatibility.
You should consider purchasing a stablecoin first, such as USDT or BUSD, in order to improve coin compatibility and then use that coin to purchase IoTeX. (IOTX). The simplest way to buy IoTeX as a new user is either a bank transfer or a credit/debit card (IOTX).
MasterCard and Visa are both accepted by Binance. IOTX can also be purchased directly from other users utilizing Binance’s peer-to-peer platform. For third-party payment channels, choices also exist.
Step 3: Purchase RUNE.
You must specify the amount of money you intend to invest in IOTX on Binance. You have one minute to confirm your order at the current price. Your order will be renewed after a minute to trade on the current market rate.
Click Refresh to see how the order has changed. After getting IOTX, you can store or utilize them on your Binance account or a crypto wallet. You can also stake or sell it for another cryptocurrency.
Frequently Asked Questions (FAQs)
Is IoTeX a Good Investment?
Yes, IOTeX is a good investment as the open and trustworthy ecosystem enables peoples’ interactions with machines with free choice and proper incentives.
Can IoTeX Reach $1?
Yes, IOTX can reach $1 in the next eight to ten years by offering adaptability and scalability to a variety of applications.
Where to Buy IoTeX?
You can buy IoTeX on top cryptocurrency exchanges, such as Binance, BingX, Bybit, MEXC, and ZB.COM.
Takeaways
- IoTeX, which began as an open-source project in 2017, has created a decentralized platform with the aim of empowering the open economics for machines.
- The open ecosystem enables interactions between people and machines with the assurance of trust, freedom of choice, and properly constructed economic incentives.
- IoTeX, a platform that attempts to connect IoT devices (such as cameras and sensors) with decentralized applications, is powered by the Ethereum token IOTX.
- IOTX can be used to fund transactions for governance and staking purposes, as well as for the registration of new devices on the IoTeX network.
- IOTeX is a good investment as the open and trustworthy ecosystem enables peoples’ interactions with machines with free choice and proper incentives.
- The IOTX price can reach a maximum level of $0.05 in 2022.
- The IoTeX price can reach a maximum level of $0.08 at the end of 2023.
- The IoTeX price can reach a maximum level of $0.25 by the end of 2027.
- The IoTeX price can hit a maximum level of $0.8 in 2030.
- IOTX can reach $1 in the next ten years by offering adaptability and scalability to a variety of applications.
- You can buy IoTeX on a top cryptocurrency exchange, such as Binance, BingX, Bybit, MEXC, and ZB.COM.