Why is IOTX Crypto Going Up?
The IOTX cryptocurrency has been rising steadily since the beginning of the year. The gains in November alone surpassed 159%. The reasons behind the increase are as diverse as the underlying technology: the Pebble Tracker, an advanced GPS powered by a decentralised network. This device is equipped with a wide range of sensors that monitor acceleration, temperature, humidity, and air pressure. This allows users to earn rewards for sharing the data they gather with the community.
IoTeX’s use case
IoTeX is a blockchain-based platform that pulls data from the global giants and combines it with privacy and security. The resulting platform can handle up to 35 million transactions a day, and its performance is 99.99%. IoTeX’s use case aims to bring the benefits of the Internet of Things (IoT) to the physical world, creating win-win scenarios. For example, a green NGO could use IoTeX to track its members’ home energy usage and reward them for custom-made itineraries. In addition, a travel guide could reward tourists who visit a location, and their data could be verified.
IoTeX’s blockchain is built using the Roll-DPoS consensus mechanism. This mechanism is fast and scalable, making it a good fit for the IoTeX ecosystem. The IoTeX network provides a platform for IoT devices and DApps. Users will be able to create and access decentralized apps and assets, and use IOTX as payment for transactions and to stake in the network. In fact, the blockchain will power actual products and services, such as the blockchain-powered cameras at the Consumer Electronics Show. A Layer-2 chain service will allow businesses to use IOTX tokens to charge their services.
When it comes to tokenomics, governance is big. Many projects have a white paper outlining the technology and blockchain used to develop their coin. In this case, Iotex uses a blockchain as a platform that will allow token holders to vote for the management of the network. This is a form of decentralization, and the tokenomics for Iotex are similar to that of stock in a public company.
One reason IoTeX has been performing well is that its blockchain-based network has a deflationary model that guarantees its value increases as the network grows in popularity. Moreover, IOTX has been performing a burn drop on 3 November 2021, and this performed well in the short term. Afterward, IoTeX spiked 112% from $0.07817 to $0.1659 in one day. In this way, IoTeX has seen a bull run of 112%. This is because it was first showing signs of excitement after an early-2018 ICO.
If you’re wondering why the IoTeX cryptocurrency is soaring, there are many reasons to do so. For one thing, the IoTeX platform was designed to enable decentralised applications that connect machines with humans. As the decentralised platform connects the physical world with the digital, IoTeX seeks to offer more control over how data is shared and stored.
While there is a lot of speculation regarding the IoTeX crypto, it has been a rising trend for many months. Recently, IoTeX has signed partnerships with Cartesi, Swash, Galaxy Blitz, Covalent, and Treasureland. Additionally, on 26 January, Binance added IOTX to their list of borrowable assets. Through Binance Loans, users can borrow crypto to use as collateral.
If you are interested in Bitcoin and the new world of cryptocurrency, you might be wondering why Iotex crypto is going up so quickly. The technology behind the new coin has the potential to revolutionize financial transactions. A typical Lightning wallet holds an estimated one million sats. This is much faster than current bitcoin transaction speeds. The Iotex price is up over twenty percent this year alone. It has been widely speculated that the new technology will replace traditional currencies such as the US dollar.
While you may be skeptical about the potential of a new cryptocurrency, there are a few key features that make IoTeX worth investing in. It is lightning fast and EVM compatible, which means that you can easily port your Solidity-based dapps. In addition, the platform is governed by a global network of delegates. Its native deflationary utility token, called IOTX, provides holder governance rights and can be staked for access to applications and services. Delegates stake IOTX in order to take part in the network consensus and developers use IOTX to fuel the ecosystem.
In a recent podcast, IoTeX Network CEO Raullen Chai discussed the importance of EVM compatibility for the IoTeX network. EVM compatibility is a prerequisite for the decentralized ecosystem, which guarantees complete security and privacy for both humans and machines. Furthermore, the IOTX network supports self-sovereign users, who own and control their own devices and data. As a result, the IOTX crypto has enjoyed an upswing in value since its EVM compatibility.
The IoTeX blockchain is an EVM-compatible blockchain platform aimed at fueling the IoT, or Internet of Trusted Things. IoTeX envisions a world where users own smart devices, their data, and their value. This is made possible through a hybridization of blockchain, identity management, and secure hardware that bridges the physical and digital worlds. Combined with EVM compatibility, IoTeX is poised to revolutionize the trillion dollar IoT industry.