IoTeXIOTX to AUD

In the year 2017, a blockchain platform was created. It was called IoTeX. However, it is commonly referred to as the "Internet of Trusted Things". It is designed to power the Internet of Things ecosystem. Soon after its launch it started gaining popularity. This was mainly because of its technology which was not only creative but also very modernised. On top of it, the digital currency had a lethal combination of blockchain technology with IoT. In this article, we will learn about this coin's features. We will also try to understand the technology behind it. Secondly, we will find out how it is doing currently and what are its future prospects. Thirdly, we will reveal the various industries that currently use this digital coin. We strive to do so so that we can equip crypto investors with a precise understanding of the coin. This will enable them to make investment decisions based on comprehensive knowledge of this content piece. 

The Technology Behind IoTeX

Listed below are some of the strong and innovative technologies this coin uses to stand high on the ground. These technicalities make sure that this platform achieves success and has a huge number of transactions:

• Blockchain

This coin makes use of a blockchain platform. it uses it as a main ledger where all the transactions and data are recorded. This helps in the maintenance of the security and privacy of transactions. 

• Consensus Mechanism

This coin uses a unique mechanism that is called the consensus mechanism. The main advantage of it is that it is a fusion made through the combination of Delegated Proof of Stake and Roll-DPoS consensus mechanisms.  This blend helps the platform to give good output with better security and low cost as compared to other cryptocurrencies. 

Cross-Chain Compatibility

The coin is created to work in coordination with other blockchains. This enables better communication between different blockchain networks and ecosystems. 

IoTeX's Unique Features

This digital currency has managed to stand out from the other cryptocurrencies in the ecosystem, all thanks to its unique features. Below mentioned are some of the key ones:

• Scalability

The main feature of this coin is its ability to scale well. It enables different IoT applications and uses cases to work on different sub-chains. Even though it does all these, it is still able to maintain the security of the main chain.

• Decentralisation 

This coin works on a blockchain platform that is completely decentralized. This means that the control over data and transactions is distributed all over the network of nodes. This helps to minimize failure and increase security. Moreover, since there is no interference from third parties like banks and other financial institutions the transactions are made with very less fees or charges. 

• Fast and Secure Transactions

It uses a combined consensus mechanism of both Delegated Proof of Stake and Roll-DPoS. This system has the distinct ability to ensure that the transactions are fast and secure. 

• Smart Contracts

This coin network supports smart contracts. They allow developers to create decentralized applications for IoT use cases. The other important point to note is that they self-execute processes and allow coordination within the ecosystem. 

• Community Governance

It allows its token holders to take part in the network's decision-making process regarding any updates or changes. This encourages better community involvement. 

Use Cases of IoTeX Coin

It has a huge number of potential use cases across various industries. Additionally, It has the ability to handle a large volume of data with complete security. This makes the coin an ideal choice for many organizations across verticals. Its best use cases are mentioned below:

• Supply Chain Management

Companies can use the coin in the supply chain to track and authenticate products. The items you sell can have a unique identity on the blockchain which can be monitored in real-time for verifying its authenticity. 

• Healthcare

Medical institutions can use it to manage patients securely. Not to mention, It can even monitor the patient's vital signs remotely through IoT devices. This enables them to have control over who can access their medical records. 

IoTeX vs. Other Cryptocurrencies

The main difference between this digital coin and other cryptocurrencies is its focus on IoT applications and its privacy features.  The strong technologies used by this coin, its unique features, and its wide range of potential use cases that are spread across different industries are some of the aspects that make it different from other traditional cryptocurrencies. 

IoTeX Community and Partnerships

The success of any cryptocurrency mainly depends on its strong community and dedicated participants. The community of this digital currency actively takes part in the coin's development and tries its best to bring collaborations from other industries. This in turn helps in its widespread adoption and aids in gaining traction.

How to Acquire and Store IoTeX Coins Safely

Those who are interested in acquiring this digital currency can follow the easy process mentioned below:

• Exchange Search 

Firstly search for a secured exchange that supports this coin. 

• Account creation 

Create an account on the exchange by completing the necessary authentication process. 

• Fund deposit 

Deposit funds and place purchase orders for the required amount of coins.

• Wallet transfer 

When the coins get credited into your account transfer them to a safe wallet. 

• Store coins

Consider using a hardware wallet like Ledger or Trezor which stores your coin safely offline.

Risks and Challenges

Just like any other cryptocurrency, this coin faces certain challenges and risks. Some of these are given below:

• Regulatory Environment

The regulatory landscape that surrounds cryptocurrencies is still evolving. Thus the sudden change in the legal process or tax implications can impact the coin. On top of it, there is no regulatory body that makes the rules and each country has a different point of view. This makes crypto investments all the more risky. 

• Volatility

Cryptocurrency prices are like ebb and tide. They are high at some times and deep down low all of a sudden. This means the coin's cost is very unpredictable and can change anytime. Therefore, it is a risky investment. 

• Competitions

This digital coin is a new member of the cryptocurrencies market. Due to this reason, it has to face competition from the existing crypto giants.

IoTeX's Future Plans

The future of the coin is very bright because of the following major reasons 

• Distinct characteristics 

The coin has some unique features and a strong technological base that provides security and privacy to its users along with a great platform to invest. 

• Expert developers 

It has a dedicated team of talented developers who work constantly to improve and update the coin's features and network.  

• Dynamic online community 

Its active community is busy bringing new use cases and making its widespread adoption possible. 

Conclusion 

As discussed earlier, we can conclude that this coin will go a long way in the crypto world because of its unique features and technologies. In fact, it is one of the best alternatives for businesses across industries. 

We had taken a completely methodical approach and did deep research to come to a conclusion about the coin's present and future prospects. In a similar manner, we would also advise you to conduct an elaborate and diligent research before you decide to invest in IoTeX or any other cryptocurrency.