Several cryptos have spiked to new all-time highs during the bull runs of 2021. One of the altcoins that have seen tremendous growth in the past year is IoTeX (IOTX). The token has gained considerable traction from institutions and investors alike. Is IOTX all set for a massive rally? Could IoTeX be a millionaire-maker coin? Let us see.
IoTeX aims to become the backbone of IoT or the Internet of Things, a booming system in this tech-driven world. The crypto ranks among the best-performing altcoins in 2021, with gains of over 1,200%. Experts believe that the IOTX will outperform its peers in the future. Let us dive deeper.
What is IoTeX Cryptocurrency?
IoTeX is an auto-scalable, privacy-centric blockchain platform for the Internet of Things. It is designed to connect the physical world of internet devices block by block. The platform allows people to own and control their devices, along with the data and value that their devices generate. It is a highly advanced project, and its global team includes PhDs in Distributed Systems, Cryptography and Machine Learning, top-tier engineers, and experienced ecosystem builders.
Since the coin has seen massive growth over the past few months, investors are curious to know whether IoTeX could be a millionaire-maker coin. IOTX is the utility token that backs the network. So to access the network, developers have to pay using the IOTX token.
The main motive of the developers was to create a blockchain solution to tackle the scalability issues. Their vision also includes creating a blockchain that is made of many blockchains. This means that there will be a root blockchain responsible for the security and governance of the network and few side chains that seamlessly carry out specific functions. The network’s efficiency and scalability are one reason to buy IOTX now for future returns.
Is IoTeX A Millionaire-Maker Investment?
The uptake of IoT technology is rising rapidly across verticals today. For instance, the IoT market size in the agriculture sector is expected to reach over $1.5 trillion by 2027. This means there would be a huge growth opportunity for IoTeX blockchain and IOTX tokens. The platform was created to manage the massive amount of data that flows from our devices because companies and government institutions tend to exploit them for their benefit.
Moreover, IoTeX could be a millionaire-maker investment because it is developing several in-house technologies to push the phase of blockchain 3.0. This includes several features like blockchains-in-blockchains architecture for heterogeneous computing, lightweight privacy-preserving methodologies, and lightning-fast Roll-DPoS consensus mechanism.
However, the price of IOTX has been significantly rising by over 45% in the past few days. Yet another exciting feature of IoTeX that makes it one of the top altcoins to buy right now is its cross-blockchain communication. Thanks to its advanced protocol, communication across blockchains is fast, efficient, and relatively cheap. Furthermore, the developers have also included block finality in the solution, where new blocks cannot be changed and are highly secured.
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Factors That Drive IOTX To Be A Millionaire-Maker Coin
Several factors back up the prediction that the price of IoTeX could significantly rise in the coming years. Here are some of them.
1. Coinbase Listing
With Coinbase being an investor favourite, the listing of the coin on the platform caused the spike in IOTX price in August 2021.
Experts said that the Coinbase listing will eventually increase the IOTX price, making it a good buy now. Further, the token's exposure to big investors and a wider audience will make IOTX one of the top altcoins to buy now.
2. Included in PancakeSwap (CAKE)
Yet another reason for buying IOTX now is its addition to PancakeSwap, a decentralized exchange that enables users to trade cryptocurrencies by eliminating the need for an intermediary. The availability of IOTX on a popular exchange like PancakeSwap provides high liquidity and accessibility for traders who wish to buy IoTeX. It also opens up an opportunity for traders to easily exchange IOTX, boosting its adoption rate.
3. Randomized Delegated Proof of Stake (Roll-DPoS)
One among the many features that boast IOTX as a potential cryptocurrency to buy now is its unique and secure consensus mechanism. IOTX uses the Randomized Delegated Proof of Stake (Roll-DPoS) mechanism, differentiating it from other blockchain platforms.
It is the core piece of the technology behind the network. The algorithm was built to tackle many challenges created by the standard DPoS networks. Roll-DPoS is a more democratic version of the Delegated Proof-of-Stake and offers high throughput, instant finality, and high resilience to network attacks.
The protocol also addresses the unique challenges for IoT-based blockchain applications. The method has all the benefits of the original DPoS framework and enhances its capabilities, especially in decentralization and extensibility to complex blockchain architectures. Therefore, the unique algorithm helps the IoTeX network to achieve high scalability and efficiency, which would likely drive IOTX to be a millionaire-maker coin.
4. High Focus On Privacy
IOTX's built-in privacy feature is a significant reason for its increased price rise. The platform has included several advanced mechanisms to ensure the privacy of users and transactions. It does this by utilizing the ring signatures. The network adds a reliable payment code to hide the address of the transaction receiver, ensuring that their privacy is preserved.
Moreover, it is built upon a lightweight address system that eliminates the need for receiving addresses to scan the entire network in order to be aware of incoming transactions. This unique in-built privacy feature is one key reason to buy IOTX now.
5. The Occam’s Razor
Occam’s razor is a unique principle that says that the simplest solution is often the correct solution. This could be applied to IoT as different services in the system have different needs. IoTeX seamlessly addresses all these needs in the simplest way possible. With separate sidechains, it gives each device precisely what it requires.
Therefore, IoTeX, with its utility, proves Occam's razor principle and establishes itself as a reliable crypto project in the market.
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Could IoTeX Coin Be A Millionaire-Maker Coin?
The unique blockchain platform of IoTeX strives to give users more control over the data they share with the entities. It also opens up several opportunities to monetize that data if they want to give it out.
One significant catalyst that has boosted the latest price rise of IOTX was an article published by a team of developers. In that, they have clearly outlined their plans to keep powering the self-sovereign IoT devices, which will securely share and store a user’s information within the IOTX blockchain. This also gives individuals more control over their data and privacy.
Reports state that the number of IoT devices is expected to exceed over 50 billion in 2022. Since the vast number of devices would require a secure method of communication and automation, the price of IOTX could rise higher, making it a millionaire-maker coin.
Therefore, IoTeX's purported goal is to solve the issues that have prevented the mass adoption of IoT technology. This includes higher cost, scalability, and lack of privacy. Since the token solves a real-world problem, buying IOTX now is a solid investment decision, as it will only appreciate the value in the future. To conclude, IOTX could be a millionaire-maker coin as it has emerged as one of the best performing altcoins with gains and is poised for further growth.
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