IoTeX in Focus: Why Its Price Doubled in a Month

IoTeX (IOTX) has experienced a significant 30% surge since Dec.15 — rising from $0.036 to $0.052 — on the back of a 110% monthly gain.

Crypto blogger Gerhard attributes this surge to the increasing use of IOTX in retail transactions rather than accumulation. In other words, the cryptocurrency is seeing more traction among small buyers than large traders.

If a great number of retail market participants with limited holdings are speculating on an asset, the momentum change tends to be gradual. This is beneficial as it provides the opportunity to respond when growth slows down.

However, the exact reason for this growth remains elusive. The project has been making several updates and integrations in recent months.

For example, starting in October, developers gained the ability to use the Solana (SOL) chain for proof transfers. The network is also quite active, handling 15 million transactions on Dec.19.

Jing Sun, Qevan Guo, Raullen Chai, and Xinxin Fan founded IoTeX in 2017. A year later, the native token IOTX  was introduced. However, it wasn’t immediately available for trading. In its initial years, the IOTX operated on the ERC20 protocol. By 2020, the company launched its own

IoTeX’s focus on secure IoT devices

Since 2020, IoTeX has been working on creating secure devices like Ucam and Pebble Tracker. IoTeX is seemingly betting on so-called Internet of Things (IoT) devices. Ucam is a home camera, and Pebble Tracker is an IoT board that collects data like geolocation, light, and temperature.

The main goal is to connect these devices to the network while prioritizing security. For example, when we connect our home devices to the internet, we get benefits like controlling them through our phones. However, this convenience can also pose security risks. IoTeX addresses these concerns by using blockchain technology, promising customers enhanced security for their connected devices.

Voting for delegates

IoTeX operates on the Roll-delegated Proof of Stake (Roll-DPoS) consensus mechanism, which results in the network operating on significantly lower. With Roll-DPoS, there’s a specific number of delegates. Anyone can vote, but they select delegates to form blocks.

There’s a reward system — voters receive rewards if the delegate they pick produces blocks. This arrangement encourages users to opt for effective delegates, contributing to the security and smooth operation of the network.

This sets IoTeX apart as one of the few crypto projects actively launching tangible devices that operate on the blockchain and its proprietary network.