IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX is developing several in-house innovations to push the frontier of blockchain 3.0, including a blockchain-in-blockchain architecture for heterogeneous computing, lightning fast Roll-DPoS consensus mechanism, and lightweight privacy-preserving techniques. IoTeX is bringing machine-to-machine interaction and autonomous device coordination to the masses by “connecting the physical world, block by block.”
IoTeX’s global team is comprised of leading cryptography research scientists, top tier engineers (Google, Facebook, Uber, Intel, Bosch), and experienced ecosystem builders. The founding team consists of:
Despite its rapid evolution, IoT is still far from achieving mass adoption and lacks “killer applications” that would draw new users to the ecosystem, due to issues such as low scalability, high operating costs, privacy concerns, and a lack of functional values. IoTeX is tackling these problems by combining cryptoeconomic incentives with a blockchain platform from scratch, tailor fit for IoT. The ultimate vision is to serve as the underlying infrastructure for all IoT devices, and to truly enable machine-to-machine interaction and autonomous device coordination.
IoTeX is a long term, "technology first" project that is pushing the frontier of blockchain 3.0 with innovations in blockchain privacy, scalability, and speed. IoTeX is working on similar problems / innovations as other blockchain platforms; however, all design decisions (e.g., not sacrificing privacy for throughout) are made thoughtfully with the future in mind. The team's main innovations include:
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In the existing smart home market, many IoT device manufacturers are still using out-of-date technologies to develop their products. They need a large amount of development work on their cloud. The cost of development and maintenance is high, and performance is low because of the round trip required to the cloud. Deploying their products onto IoTeX blockchain will largely reduce operating cost on engineering and cloud computing, and at the same time, largely increase the performance of their devices. In a simple smart light bulb example, with cloud technology, it takes two trips from user instruction to changing the state of a light bulb. Manufacturers are not cloud experts so often their service is not optimal. The round trip can take one to three seconds. This forces them to use cloud service by big IT companies. There are two downsides of using these cloud services:
In contrast, IoTeX blockchain manages the devices locally and interact with public chain on the internet when necessary. The public chain is maintained by community. There is no maintenance cost for IoT manufacturers. IoTeX blockchain has privacy protection that can prevent leaking data or control being hacked even if the intranet is not safe.
In addition to allowing IoT manufacturers to deploy their IoT devices on IoTeX blockchain, IoTeX will partner with IoT chip makers to develop IoTeX blockchainenabled chips to accelerate the design and manufacture cycles of IoT devices. IoT 34 manufacturers will simply integrate the chip to get their devices supported by IoTeX blockchain.
In recent years, many companies have focused on shared economies, from rides sharing such as Uber/Lyft/Didi, home sharing such as Airbnb, bikes sharing such as Mobike/ ofo, to small item level sharing like battery banks, umbrellas, etc. They all provide people with a better living, although some of them are suffering from their business models. It is a different topic to discuss their business models; here we mainly focus on their technological architecture. Among all shared economies, ride sharing is the one that can’t avoid human operation. It is not an IoT powered economy, however, in the future, when autonomous car technology becomes mature and popular, ride sharing will be powered by IoT.
All IoT powered shared economies share some similarities: they all require a lock that can be opened by a deposit and rental fee. It's very possible and also efficient to power the whole sharing and returning process using an IoT device. In centralized world, the economies are powered by a centralized cloud. There are various drawbacks:
IoTeX, could be utilized to power these applications without the issues above and make shared economies decentralized and more efficient. Concretely, an IoTeX-powered shared economy provides the following benefits: