IoTeX (IOTX) Wallet

IoTeX is an Ethereum Virtual Machine (EVM) compatible Layer 1 blockchain that works to “connect the physical and digital worlds”. It was created by Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun in 2017 and initially began as an open-source project. IoTeX relied on the Internet of Things (IoT) system for the project’s inspiration. The co-founders have noted that the IoT slowly taking over the world’s devices lacks security, privacy, and interoperability.

IoTeX’s main goal is to build an ecosystem that will become a space for private interactions between people and machines, the Internet of Trusted Things. Such an ecosystem allows users to control their devices and own the data they produce rather than it be sold to and used by centralized corporations. The IoTeX network consists of four major technological layers: blockchain, Decentralized Identity (DID), Real World Data Oracles, and Secure Hardware. The security, privacy, and trust that the platform aims for are provided by DID and Secure Hardware. IoTeX possesses a unique DID system that includes both people and devices, making their identities interoperable. Further, Secure Hardware, which includes both tamper-proof hardware and software, utilizes trusted execution environments (TEE) that protect the data and allow confidential computing to take place.

In 2021, the IoTeX network launched the MachineFi portal. MachineFi will allow users to monetize machine-driven data and control their data, rather than be controlled by centralized corporations. By the end of 2022, MachineFI is aimed to launch MachineFi marketplace.