Why IoTeX (IOTX) Will Skyrocket

IOTX is one of the fast-growing crypto assets in the market.

Last Updated January 20th 2022

5 Min Read

Bitcoin, the oldest and the most prominent cryptocurrency, has appreciated over 6,000% since 2017. However, more than a dozen other cryptocurrencies also have the potential to generate similar returns and grow immensely. IoTeX is one such crypto platform. So is IOTX the next Bitcoin? Why will IoTeX skyrocket? Let us find out.

Investors and crypto experts expect IoTeX to outperform its peers in the future. Considering key factors such as price history, technical capabilities, network updates, and community support, we have compiled a guide outlining why IoTeX is poised to skyrocket in the near future.

Why Choose IoTeX?

IoTeX (IOTX) is the private “blockchain-within-a-blockchain” scalable solution for powering the Internet of Things (IoT). The protocol is designed to connect the physical world of internet devices block by block. The platform is both fast and scalable, thanks to the unique Roll-DPoS consensus mechanism. IoTeX also brings to bear a lightweight technique for preserving privacy.

The IoTeX Mainnet serves as the origin for the Internet of Trusted Things. However, the platform said that its vision is much more than just adding trust to IoT devices. Instead, by acting as a decentralized trust fabric for all physical and virtual things, IoTeX is set to drive end-to-end trust throughout the entire information life cycle, including collection, transport, storage, and utilization. This means data and assets can be shared by all types of “things," enabling new decentralized business models involving humans, machines, businesses, and dApps.

IoTeX is a crypto platform that is growing at a significant pace and is likely to garner more attention from investors in 2022.

Is IoTeX Going To Skyrocket in 2022?

According to research conducted by Juniper Research, the number of IoT devices is expected to exceed 50 billion in 2022. The immense number of internet-connected devices will also need secure methods of communication and automation in real-time.

Several problems have prevented the mass adoption of IoT technology thus far. These include:

Scalability
Lack of privacy
High operating costs
Lack of functional value

IoTeX works towards solving these problems with a privacy-centric blockchain which provides flexibility and scalability. It does so by leveraging a fast consensus mechanism based on Proof-of-Stake, combined with the use of sidechains. Thanks to these factors, IOTX is likely to skyrocket in the near future.

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Factors That Help IoTeX Surge To New Heights

#1 Built-in Privacy

IoTeX has included several mechanisms to ensure the preservation of user and transaction privacy. One way it does this is through the use of ring signatures. It adds to this with a reliable payment code to hide the address of the transaction receiver.

And this is all built upon a lightweight address system that does not require receiving addresses to scan the entire network to become aware of incoming transactions. As a result, IoTeX is becoming increasingly popular for its privacy-first architecture.

#2 Unique Features

The architecture of IoTeX consists of a root blockchain that provides security and governance for the network while also managing the subchains. Those subchains connect IoT devices that work in comparable environments, have similar trust levels, or have a similar functional purpose.

IoTeX's unique structure offers several benefits: the root chain remains unaffected if any subchain is attacked. With the IoTeX blockchain, this architecture is also called a “blockchain-within-a-blockchain.”

Cross-blockchain communication is another unique feature of IoTeX. With the IoTeX protocol, communication across blockchains is fast, efficient, and inexpensive. The developers have included block finality in the solution, where new blocks created cannot be changed.

It also involves pegging, which is a method for using sidechains to scale the Bitcoin network. Public blockchains typically do not include instant block finality, but the IoTeX consensus mechanism can achieve instant finality.

#3 IoTeX Delegates & Staking/Voting

The IoTeX Network uses Roll-DPoS consensus. Under this system, token holders elect Delegates to run consensus on behalf of the entire network. The primary role of a Delegate is to help grow and maintain the network by providing robust node infrastructure, maintaining high server uptime, collaborating with other Delegates to run consensus, and contributing to various network initiatives.

IoTeX uses a unique staking/voting process managed completely by smart contracts. There is no centralized entity that can manipulate voting results. In the IoTeX Network, one token equals one vote. Voters can also get bonus votes by setting a pre-defined stake duration.

#4 Role of IOTX Tokens

The IoTeX native token is a utility token. It is used in both the Root Chain (orchestration layer) and Gravity Chain (governance layer) for various purposes:

Decentralized governance: Tokens are used while staking/voting for Delegates and network-wide votes/referendums (changes to rules, parameters, protocols)
Gas fees: running transactions and executing smart contracts on the IoTeX Network. One novelty is that gas fees are collected as “tax” and then distributed to block-producing Delegates.

Why IoTeX Will Skyrocket: Expert Predictions

IoTeX is and always will be 100% open source, an experiment in mindshare and collaboration, where the whole is greater than the sum of its parts. The launch of Mainnet Alpha represented a new era of IoTeX, with community-driven development and teamwork as top priorities.

The last IOTX massive breakout was after the Coinbase listing news. It is currently trading just above the support at $0.1. If it can stay above this support zone, the coin could move towards $0.2239.

According to Trading Beasts, IoTeX price is forecasted to "reach $0.1304 by the beginning of December 2022. The expected maximum price is $00.1918, minimum price $0.1535. The IoTeX price prediction for the beginning of 2023 is $ 0.1934."

Check Out: Is It Too Late To Buy IOTeX?

Should You Invest $1,000 In IoTeX Right Now?

IoTeX is an ambitious project that could significantly impact business and industry as it can be used with tens of billions of IoT devices in the future. The team is brilliant, with several PhDs working to realize the IoTeX vision.

It is a good idea to invest in IoTeX now, as the platform is set for immense growth in the future. That said, investors must be careful before investing a lot of money in any cryptocurrency.

The Bottom Line

There are many reasons why IoTeX is likely to skyrocket in 2022. The token's recent price rally has garnered the attention of many traders and investors. If you are looking to become a part of this growing ecosystem, buying IOTX tokens is a great start.