How did IoTeX Blow Past the $1 Billion Barrier? Here is What Happened

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Altcoins
How did IoTeX Blow Past the $1 Billion Barrier? Here is What Happened

If you haven’t been living under a rock the past week, you know the blockchain and crypto world has been all about IoTeX. It’s hard for me to remember when I’ve seen so much excitement around a project. So what’s the hoopla all about you ask?

How did IoTeX Blow Past the $1 Billion Barrier? Here is What Happened - 1

The Big Problem

One lingering concern among future-thinking tech experts in the security and ownership of our data. Imagine, there are billions of devices in the world, and only a handful of corporations control them. This is the reality we live in now: the Googles, Amazons, and Facebooks of the world own your data. All it takes is just one hack and a significant portion of the network can shut down. Sensitive information can be stolen, privacy can be violated, and lives can be at risk. Your Tesla autopilot, scooter, or camera can all be hacked at scale, and they likely will be sooner than later without a major disruptor altering the course of technology. All of us need a solution to make our technology work for us.

It seems that blockchain logically should be that solution, but one ever-present problem is that transaction data on blockchains is expensive and the technology is significantly complicated to the degree that it’s difficult for consumers to really figure it out (IOTA, I’m looking at you, kid). Now what if I told you that there is a company that can a) make it scalable, b) make it easy to integrate, and c) is so cheap and user friendly that you don’t even notice it.

The Solution

It turns out that the company has been under our noses all along, and just kept building and growing. No noise, no flash, just a well-built team led by the former Head of Crypto Research and Development at Uber and Security Engineering Lead at Google, Raullen Chai. He built a team of elite engineers and for the last three years, he and the team have been putting their vision of IOT (Internet of Things) and smart devices on blockchain into a production-grade blockchain technology.

We are going full speed towards our vision – build the decentralized network to power billions of devices + machines at scale,” said Raullen Chai, CEO, and Co-founder of IoTeX.

This might sound like a paradox, mixing “production-grade” and “blockchain”. That doesn’t sound like reality in our current world of PoCs and MVPs. But yet here we are, looking right at a blockchain that’s tailor-made for IOT that you can build on top of it right now. On IoTeX, you can complete 5,000 transactions for just $1 USD. To give you a snapshot of how cheap that is, you can travel on the metro twice a day, every day and if each transaction is recorded on the IoTeX blockchain, it will take you 6.6 years to use up just 1 dollar! That’s a game-changer.

And you could say, “Surely you’re joking! If that was true, they would already have had a live device.” Well, it turns out they do, and not only is it a live device, it actually won an award from CES, the largest consumer electronics show in the world. The 2020 award for privacy, which the UCam camera won, saw it come out on top of a field of regular, extremely popular cameras! With hundreds of submissions for that spot, UCam won over all of them.

Not convinced yet? Well, IoTeX also has smart contracts, DeFi, and NFT capabilities. “But that’s preposterous!”, you say. “It’s too good to be true.” Yes, it sounds like it, except it’s real. When I found out about IoTeX, the realization of how close we were to achieving blockchain’s potential hit me like a truck, but thankfully I always look both ways before crossing the street. I went through all 7 stages of grief for the world of blockchain pre-IoTeX. I was caught as flat-footed as you probably were by this project, and I am very optimistic. I can see the light at the end of the seemingly endless tunnel of POCs. Blockchain is coming to the mainstream. It really is! And it’s increasingly likely that the humble dark horse of IoTeX might just carry that torch to mainstream adoption.

What’s Next for IOT Blockchain?

This latest massive spike in the price of $IOTX (IoTeX’s token) has operated mostly separately from the rest of the crypto market, showing that traders are reacting directly to the realized potential of the IoTeX platform. Their team wasn’t concerned with being famous or seeing their token temporarily go “TO THE MOON”). They were clearly more interested in the long-term viability of their platform as a positive force for unleashing the potential of blockchain and the Internet of Things

This isn’t a crypto fever, this isn’t a shiny new object for people to play with, and it’s not going anywhere. That’s why I think IoTeX is just at the beginning of its adoption phase. It is a project that was largely hidden, flying under the radar, but their team worked and put in the sweat that is required for such a technically advanced and complicated project to work. I am grateful for it, and it just might be their moment to lead us into the blockchain-connected future.

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.