Why IoTeX (IOTX) Is Going To Explode In 2023

Thanks to the rapid growth of IoT, IOTX has seen astonishing growth recently.

Last Updated December 29th 2022

6 Min Read

With the popularity of the Internet of Things rapidly increasing, a unique coin that has gained tremendous traction lately is IoTeX. It is an innovative privacy-conscious blockchain and has seen colossal growth over the past year. Therefore, investors are curious to know why IoTeX is going to explode in 2023. Let us see.

IOTX is the fastest, most scalable, and privacy-conscious blockchain platform available in the market today. Experts predict that this unique platform is set to conquer the market for smart devices through its secure blockchain network.

Looking At 2023: Is IoTeX All Set For A Massive Rally?

IOTX is the token that powers the IoTeX platform, and 2021 was a prolific year for crypto. It can be used to pay for transactions, stake, register new devices, and even govern the IoTeX network.

However, the token has plenty of other utilities and network upgrades that makes IOTX one of the best altcoins to buy now. Let us see how IoTeX can be a potential future investment.

#1: IOTX Tremendous Rally

The token was founded in 2017 as an open-source platform. IoTeX aims to build the Internet of Trusted Things, where both physical and virtual things can seamlessly exchange information. With the recent Coinbase listing, the price of the IOTX token has seen a significant rise.

Until January 2021, the market capitalization of IoTeX was almost around $42 million. However, with some positive developments to the network, the value of IOTX exploded even further. It surged more than twenty times higher, providing sizable gains for holders. Moreover, the IoT market is all set to hit $1.5 trillion by 2025. This is one of the many reasons why IoTeX is going to explode in 2023.

#2: Unique Features Of IoTeX That Makes It Different From Other Blockchains

There are several reasons to buy IOTX now for future returns. To start with, it is the first lightning-fast, ultra-secure, and highly scalable network that connects real-world data to on-chain dApps. The platform creates a unique network where humans, businesses, and devices can safely interact. It does this by combining blockchain with confidential computing and decentralized identifiers. Furthermore, it aims to create a system that will make autonomous device coordination a reality, making IOTX one of the best long-term investment options.

Yet another unique feature of IoTeX is its built-in privacy system. The blockchain intends to give users more control over the data they share with entities. In addition, it also opens up opportunities to monetize that data if the user wants to give it out.

#3: IoTeX’s Unique Architecture

The IoTeX platform was architectured by an award-winning team. It included cryptographers, creative thinkers, and scientists. It was built entirely from scratch with no forks to support large-scale, advanced, decentralized IoT use cases. The platform has a modular architecture that consists of multiple technological layers like:

The Blockchain: EVM-compatible and employs Roll-DPoS consensus to achieve instant finality.

Decentralized Identity (DID): An on-chain identity framework allows users or devices to own their data, identity, and credentials.

Real-World Data Oracles: Help in converting real-world phenomena into verifiable, blockchain-ready data for IoTeX dApps.

Secure Hardware: Tamper-proof devices utilize Trusted Execution Environment (TEE) to integrate with IoTeX seamlessly.

Therefore, IoTeX is not merely a blockchain, rather a full-stack platform to facilitate trusted data from trusted devices for using them in trusted dApps.

#4: Sidechains For Transactional Efficiency

Yet another unique feature that makes IoTeX a potential cryptocurrency is its sidechain functionality. The platform uses sidechains to suit each specific function uniquely and makes transactions and computation highly efficient. There are thousands of smart devices in the IoT system, and each has entirely different needs. IoTeX addresses all these needs separately by employing simple, lightweight sidechains.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Is IOTX Going To Explode In 2023? Expert Predictions

However, investors are intrigued to know what experts think about the IOTX token and its future. Experts from Wallet Investor believe that IOTX is the best long-term investment option. According to their prediction, the token’s price would rise to $0.21 in 5 years.

According to CoinQuora, the price of IOTX would hit a target of $0.35 by the end of 2023, whereas Digital Coin Price says that the token’s price would rise about 120% and hit $0.2203 by 2025.

Check Out: Why IoTeX (IOTX) Will Skyrocket

Significant Updates

The network has had a series of updates and developments over the past few months, which is one reason why IOTX is going to explode in 2023. Let us talk about a few of them.

Real-World Data Oracle

One of the many factors that drive IoTeX’s popularity is its unique real-world data oracle. The team announced that it does not plan to use the existing oracle providers. Instead, it gathers and transmits off-chain data to on-chain smart contracts.

But blockchains need to access real-world data to reach their full potential. Therefore, unlike conventional oracles that focus on data from centralized databases, IoTeX is aiming to build the world’s largest real-world data oracles. This way, it unlocks an entirely new data source for the blockchain industry with verifiable real-world data from trusted devices. This is why IoTeX is one of the top altcoins to buy now for future returns.

First Blockchain-Powered Asset Tracking Device - The Pebble Tracker

The initial phase of the 'real-world data oracle' was kicked off in Q1 2021 with the Pebble Tracker. It is a blockchain-powered smart asset-tracking device and is integrated with secure hardware from Nordic Semiconductor. The product is the first for the IoT industry, where all data is verifiable and owned solely by the device owner. Furthermore, the Pebble Tracker works uniquely, by capturing and signing the real-world data cryptographically.

Raullen Chai, the IoTeX CEO, said, “The importance of oracles providing verifiable data has become increasingly evident in areas such as decentralized finance. With Pebble Tracker, we are thrilled to take this to the next level, where brand-new verifiable datasets from IoT devices are brought to the blockchain so that they can be mined to create value in applications and AI models.”

Building Future Use Cases For Non-Fungible Tokens (NFTs)

NFT is one of the most booming sectors in the crypto space today. It is advisable to invest in IOTX because the company now has its hands in the NFT market too. The platform has been working on developing future use cases for non-fungible tokens.

Raullen Chai said, “IoTeX is pioneering this new design space to allow builders to use trusted data from trusted devices to facilitate if-then logic via smart contracts across the real world and blockchain world. If something happens in the real world, then a smart contract can trigger something to happen in the digital world.”

Personal Data Lockers - High Focus On Privacy

One significant component of the IoTeX network is DID or decentralized identity, which the team describes as a personal data locker. This feature allows users of a device to own the verifiable data and have complete authority over their data for use by other applications from their device. Also, users have the right to keep their data private in the personal data locker, give authorization for others to access the raw data, or even opt to share the data with IoTeX dApps for different purposes.

Don't Miss: Could IoTeX (IOTX) Be A Millionaire-Maker Coin

Why IOTX Is Going To Explode In 2023

Thanks to its utility and developments, IOTX is one of the best long-term investment options for investors. The platform empowers the future decentralized economy by seamlessly connecting the physical and digital worlds, block by block. For example, IoTeX is now working with HealthBlocks, a private healthcare service that enables users to own, manage, and analyze their health data.

Therefore, with further advancements and upgrades to the ecosystem, IOTX could explode by the end of 2023, establishing it as one of the best altcoins to buy right now.

The Bottomline

The project has an incredible team and a host of notable investment partners, which is why IOTX is going to explode in 2023. The platform is not merely committed to innovations in the blockchain space but also to shape the future of blockchain and IoT. This is why buying IoTeX now is a good option for generating good returns in the future.