Table of Contents
Numerous new cryptos have been created over the past few years, but only a selected number of them have been able to establish themselves and leave their imprint worldwide. Being related to this industry, you must be familiar with the whole concept of digital currencies. One of the cryptos among them is the IoTeX coin. In this blog, let’s learn about the IoTeX crypto coin.
What is IoTeX (IOTX)?
IoTeX is a layer one open-source and decentralized blockchain platform that enables secure and reliable communication between IoT devices and individuals. It seeks to provide a platform that would serve as the IoT ecosystem’s skeleton and allow users to access data safely.
Currently, its ecosystem is governed by a decentralized network of users, developers, and companies. The IoTeX blockchain supports real products, including supply chain optimization tools, blockchain-powered cameras, and more. In addition, it is one of the blockchains that is compliant with the Ethereum Virtual Machine (EVM), which is the quickest, safest, and most scalable.
How does IoTeX work?
IoTeX functions by linking machines and people over a scalable blockchain network. Many blockchain networks struggle with scalability; however, IoTeX solves this problem by allowing real-time transactions at a relatively cheap cost. Since the requirements for various IoT applications vary, it is not viable to incorporate all linked IoT nodes into a singular blockchain.
With the usage of sidechains for task delegation, the IoTeX blockchain concentrates on this area. Each sidechain is designed to perform a particular function for a specific application. These sidechains, which are connected to the root block and can communicate with one another as needed to increase efficiency and lessen the workload on a single blockchain.
While its sidechains or subchains enable connections to IoT devices with similar objectives or to operate in a similar environment, the root chain is in charge of ensuring security and facilitating network administration.
Purpose of IoTeX crypto
The fundamental purpose of the IOTX crypto is to provide the incentives necessary to guarantee proper maintenance and decentralized operation of the IoTeX network.
Other applications for the IOTX token include:
- Gas fees must be paid for transactions and smart contracts to be enforced on the IoTeX network.
- IOTX coin holders can vote for and choose the delegates who will manage the consensus and assist with governance.
- Payment for all rendered services.
- Staking and burning may be used to register any device.
Benefits of using IoTeX (IOTX)
IoTeX offers the market a wide range of advantages. For example, users may conduct transactions quickly, securely, and transparently thanks to the protocol. In addition, users may add and track data from new devices across various platforms with ease.
Two significant benefits of IOTX crypto are described below:
IoTeX’s technological foundation gives it the potential to scale automatically. IoT devices use results in a more diversified and decentralized network. The protocol can insert or eliminate these devices to fulfill certain criteria and performance requirements.
The IoTeX development team gave privacy a lot of attention. As a result, the platform has more robust privacy control features compared to many of its rivals. In addition, for crypto users wanting anonymity, the platform’s openness and decentralized nature make it a great option.
Features of IoTeX
- Roll-D PoS: This is the unique consensus mechanism of the network. 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 randomly to generate blocks for one period.
- Layer two subchains: These subchains are adaptable and can accommodate various IoT device requirements.
- Edge computing: It is a method of computing that brings processing and data storage near the data sources. This makes the blockchains speedier by reducing bandwidth use and improving response times.
- Cross-network communication: The root blockchain makes IoTeX powerful enough to enable communication and interoperability amongst all subchains.
How to buy IoTeX (IOTX)?
Below are a few simple steps you can follow and buy the IOTX token in India with WazirX, India’s most trusted and widely used crypto exchange.
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling IOTX crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite cryptos.
Step 5 – Finally, buy IOTX on WazirX.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the IOTX coins you purchased in your WazirX wallet.
Frequently Asked Questions
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.