The present submerges in technology and digital networking and the future can’t be any different. Though the tech world is fast and reliable, the lack of privacy and security remains the tip of the iceberg.
IoTex has come up with an ultimate solution for this. They are the leading blockchain in the IoT and Smart Device space with the fastest, most scalable, and most secure technology available on the market today. It gives power to users by allowing them to collect, store, and share their data on their terms privately and securely. Have a more insightful view on the vision of this crypto venture through our interview with Raullen Chai, CEO & Co-founder of IoTex.
What is the crypto venture about? Give us a brief description of it.
IoTeX is the leading blockchain in the IoT and Smart Device space with the fastest, most scalable, and most secure technology available on the market today. IoTeX gives power to users by allowing them to collect, store, and share their data on their own terms in a private and secure way. We are the only solution on the market with a production-grade blockchain with thousands devices and the ability to process thousands of transactions per second. The future of the Internet of Trusted Things is already being revolutionized by IoTeX’s award-winning devices and decentralized digital ecosystem, where developers are building new, exciting projects right now.
What real life problem does it solve? Is it a problem worth solving using blockchain?
With over 100 billion IoT smart devices expected globally by 2030, IoTeX’s blockchain brings guaranteed security and trust between humans and machines (which will outnumber us 10:1). Centralized devices are- and will always be- insecure and vulnerable to cyberattacks that are happening now more than ever before.
Blockchain is the crucial solution to this data privacy issue by decentralizing and securing these smart devices and data backed by trusted technology. IoTeX’s decentralized devices, such as the UCam and Pebble Tracker, provide tamper-proof, verifiable data to ensure that users can trust that their information is safe and will not be hacked. Our solution will continue to power the physical and digital world and democratize access to billions of devices for everyone.
Who are your competitors and how are you different from them?
In the IoT and Blockchain space, there are only two companies who are leading the charge: IoTeX and IOTA. There is room for everyone as the space is completely unclaimed. As security has become the top issue in this space, we are building real-world blockchain solutions that can be used today. IoTeX’s Mainnet has been running since 2019 and onboarding new IoT devices on our blockchain every day. We are live and you can start building on IoTeX today!
What is the vision behind the venture?
Connecting billions of smart devices and providing blockchain-level, tamper-proof security in your house, business, and country. We still have billions of devices to connect, and our mission is crystal clear!
Tell us about the team.
We are a global team of over engineers, research scientists, and innovators based in Silicon Valley. Our members have past experiences at places like Google, Facebook, Uber and more. We are also supported by 30+ investors and advisors who are passionate about leading the IoT space with us.
How did you come up with the idea? What motivated you to do this?
I started to mine Bitcoin and explore crypto while getting my PhD around 2010. This really sparked my interest in distributed networks, and I began to work on lightweight cryptography protocols for smart devices. Working at Oracle, Google, and Uber made me understand how large-scale systems and digital business models work. Realizing the huge gaps in security and privacy in IoT in 2016 inspired me to start IoTeX and tackle the problems I learned about through these previous experiences.
What has been the primary marketing effort till now? How are people getting to know more about this?
People who discover Ucam or IoTeX immediately understand the vision behind our mission. People are passionate about privacy-focused data issues just like us. In fact, IoTeX was one of the most talked-about blockchain projects this August and is now listed on Coinbase as the first-ever IOT Blockchain.
What are the future plans? What’s the roadmap?
We have had strong momentum through this year, we are on track to onboard over 50 new projects on the IoTeX blockchain platform by the end of 2021. The IoTeX team is very ambitious and tech is so scalable, that we are seeing various adaptations of IoTeX technology across a wide range of industries: IoT, Gaming, NFTs, Supply Chain, Healthcare and so much more. The roadmap focuses on both real world data oracles and hyper-growth of the IoTeX ecosystem.
Total circulating supply of the coin/token?