Over the past few years, technological advances in cars, smartphones and robotic technology have made significant strides. Each of these devices contains tens, hundreds and sometimes thousands of sensors that constantly collect and send information. Look around, sensors are found in almost every household appliance.

Until recently, sensors were simply providing the necessary information to owners, and no one thought that this data could be profitable. According to McKinsey & Company statistics, the sensor market is growing every year and by 2019 its volume will reach 1.2 trillion dollars, and by 2025 the IoT market will grow to 11.1 trillion dollars per year. Large corporations, small businesses and state-owned enterprises invest hundreds of millions of dollars annually in this market.

Over the past few years, the Internet of Things (IoT) industry has been growing rapidly, but lacks real-world applications and end-user value for mass adoption in our lives. Despite the huge potential of IoT, there are a number of problems that "slow down" implementation, such as lack of scalability, high operating costs, privacy issues and lack of functional values.

I recently got acquainted with The IoTeX project, which will be able not only to solve all the existing problems of the IoT industry, but also to bring it to a qualitatively new level.

IoTeX is a decentralized project with a private blockchain third generation focused on IoT infrastructure. Thanks to blockchain-in-blockchain architecture, it will be possible to solve the issues of scalability, privacy and development related to the growth of ecosystems and dApps IoT.

The problem of mass implementation of IoTeX is solved by introducing value for the user based on the token economy in the network. The developers believe that direct interest will encourage the community to make an effort that will give a rapid advance to innovation in the project. The team makes such marketing, with which each member of the system will be interested in it. The project is open source and has Apache 2.0 license

Structurally, the development of the IoTeX project will be divided into two phases: the test network (testnet) and the main network (mainnet). Each phase will have four major releases: Preview, Alpha, Beta, and Full working version.

On April 20, 2018, the first release of the code(preview) took place, which has all the basic functions of the blockchain, which you can already see here: https://github.com/iotexproject/iotex-core

The next edition of the code, test net alpha will be released to the world at the end of June 2018, which is already planning to introduce the first implementation of the full consensus scheme Roll-DPoS, with the support of the vote.

The IoTeX project has a number of unique features that distinguish it from competitors:

1. Introduction of an innovative Roll-DPoS scheme (instant consensus) with a number of advantages over PoS, which is designed to increase throughput and solve the problem of scalability;
2. Its unique blockchain written from the ground up, specially designed with the specifics of the It sphere in mind, to avoid any potential technical or performance errors due to flaws in the existing code;
3. Architecture "blockchain-in-blockchain" ensures confidentiality of the users;
4. Built-in privacy method;
5. The ability for developers to easily create their own subchains (branches from the main blockchain), based on an IoTeX token or their own token. Subchains can be created in different programming languages with different accessibility settings using the built-in developer tools;
6. Introduction of cross-chain technologies that will increase the number of users.

At this stage, the project has already received support from major investment funds and well-known startups:

Summary

IoTeX is a truly unique project that can solve the existing problems of scalability, privacy and mass deployment. All this will be achieved thanks to a variety of technological advantages, flexibility of the platform, wide opportunities for developers and reasonable marketing, thanks to which all users will be interested in improving the platform and its development.

Friends, if you liked this article and the idea of the project, I would be grateful if you would vote for it and write your thoughts on this project!

IoTeX hash id: K1Rrw

More information about the project can be found at these links:

Website: https://iotex.io/
IoTeX Announcement Channel: https://t.me/iotexchannel
IoTeX Group RU: https://t.me/IoTeXGroupRU
IoTeX Official Group: https://t.me/IoTeXGroup
Twitter: https://twitter.com/iotex_io
Medium: https: //medium.com/@iotex
Reddit: https://www.reddit.com/r/IoTeX/