IoTeX：DePIN赛道被低估的龙头
I. Introduction
In the past 30 years, large and small infrastructure projects have injected a steady stream of water into the development of the country. Money has been released through infrastructure construction, and funds for housing renovation alone have promoted the real estate bull market for more than ten years. Now we look at the crypto world DePIN, there are many similarities.
As an extension of RWA, DePIN is the industry that best integrates with the real world. It has received a lot of attention in the past period of time. Messari believes that DePIN is “one of the most important areas of crypto investment over the next decade.”
DePIN’s core promise is to bring the principles of blockchain applications to the world of physical “things” and infrastructure, in short the “Internet of Things pro max” whether that’s WiFi, security cameras or computing servers.
2. DePIN market space
The construction of traditional physical infrastructure is characterized by capital intensity, long investment cycle, and low returns. Using the token incentive mechanism of blockchain to release the potential of decentralized hardware can effectively solve this pain point. The core of the DePIN model is to use token incentives and flywheel effects to connect dispersed demands and idle physical resources to meet demands with lower costs and higher efficiency.
According to DePINscan, the DePIN public data platform created by IoTeX, there are currently 17 million devices connected to Web3, and the growth rate has fully demonstrated the flywheel effect of DePIN.
3. IoTex provides full-stack solutions for DePIN applications
Founded in 2017, IoTeX has been leaning towards the integration of physical devices and their data with blockchain technology since its inception. Ensuring people can own and control their devices, data, and the value they generate enables builders and users to become owners and beneficiaries of the trillion-dollar IoT economy.
IoTeX has built an EVM-compatible Layer 1 blockchain designed for IoT data and DePIN applications. And by providing DePIN middleware W 3 bstream, DePIN physical devices and data are connected to Layer 1. Any DePIN application can create its own dAPP with one click on W 3 bstream, which specifically includes hardware components, off-chain logic programs, on-chain logic/token economy. Based on the application logic, it stimulates the flow of real-world data and generates tokens for users. Coin rewards.
IoTeXs full-stack DePIN solution provides a comprehensive suite of blockchain-powered IoT applications"plug and play"With products and tools, building DePIN applications on the IoTeX platform only needs to focus on business logic. Its full-stack DePIN infrastructure is divided into four layers from top to bottom:
Hardware layer: MachineFi is a hardware portal platform where developers and users can register devices and obtain visual data.
Middleware: W 3 bstream It is a middleware between smart devices and blockchain, used to connect smart devices to smart contracts.
Tool layer: IoTeX provides a series of tools to help applications realize data interaction and value transfer. For example, ioScan is a blockchain browser used to query blockchain data, and ioTube is a cross-chain bridge used to promote IoTeX, Ethereum, and BNB. Two-way token exchange between the chain and other top-level L1s.
Blockchain: IoTeX Blockchain is an EVM-compatible L1 designed for IoT data.
In the fourth quarter of 2023, IoTeX’s network transaction fees increased significantly, exceeding US$212,000, with a quarterly growth rate of more than 3000%.
IoTeX developed W3bstream to serve the depin project, and the actual business development is faster. Currently, Ethereum, IoTeX chain, Solana, Polygon, Arbitrum, Optimism and Conflux all use IoTeX.
4. IoTeX development path
IoTeX was founded in 2017. In 2018, it raised approximately US$30 million in funds from venture capital institutions, launched the test network, and was subsequently launched on Binance, Kucoin and Gate.
In 2019, IoTeX developed the EVM public chain based on PoS and incubated many DeFi and NFT projects. The amount of ecological application data exceeds 100, and its products include ioPay, pledge portal, IoTeXScan, etc.
In 2020, the first IoT + blockchain vertical experiment was launched: Ucam, which won the CES award and achieved more than 20,000 sales on Amazon.
In 2021, the second IoT+ blockchain vertical experiment was launched: Pebble, and within two weeks, it achieved 1,000+ sales. At the same time, through two social experiments, the concept of MachineFi was introduced and took this as the direction. “MachineFi” is now the industry-defining DePIN.
In 2022, we will start working on the W 3 bStream project and cooperate with the DePIN project party to provide infrastructure support. The team hopes that in the future, W 3 bStream will become the standard for the entire industry. In May and June of that year, MachineFi Lab completed two rounds of financing totaling US$60 million.
In 2023, IoTeX clearly proposed the strategic development plan of DePIN First, focusing deeply on improving the imperfect infrastructure in the DePIN ecosystem, and launched the W 3 bStream project to actively participate in DePIN and cooperate with various projects in the ecosystem. , in order to promote the development of the entire ecosystem.
5. Application cases
IoTeX built the entire blockchain and IoT middleware from scratch and launched a number of blockchain-driven IoT products.
6. What problems does IOTX solve?
Decentralized trust: IoTeX’s blockchain provides a decentralized trust mechanism for devices to ensure the authenticity and integrity of data. Data privacy and security: Using blockchain technology, users can control their own data and privacy, and only authorized people can access relevant information.
Efficient resource utilization: IoTeX can provide an efficient resource allocation mechanism to facilitate the processing of data generated by a large number of devices.
Value creation and transfer: IoTeX allows value transfer between devices, for example, using tokens to incentivize data sharing.
Smart Contracts and Automation: IoTeX’s smart contracts can automate tasks, such as automatically processing transactions when a certain condition is met.
Scalability: IoTeX has designed a scalable architecture to support the onboarding and operation of large numbers of devices.
User empowerment: IoTeX gives users control over the platform through token economics and participatory governance. Incentive mechanism: Reward users and devices that contribute to the network and services through tokens.
7. Token Economic Model
IoTeXs native currency, IOTX, not only manages the underlying blockchain protocol, but also serves as the fuel for the blockchain protocol, driving the operation of the entire ecosystem. Burndrop is a unique economic design that causes IOTX deflation when the number of devices coordinated by IoTeX increases, thus maintaining the stability of the economy.
When the devices supported by IoTeX reach the first 1 million units, a total of 1 billion IOTX will be Burn-Dropd, of which 900 million will be directly destroyed and 100 million will be released (for example, distributed to those with automatic subscription time ≥ 91 days voters).
This process is generated by smart contracts. Whenever new access devices reach a phased number, a new process will be automatically executed."Burn-Drop "plan.
After the Burn-Drop phase is completed, the Burn-to-Certify mechanism will be activated. Device manufacturers obtain Powered by IoTeX (PBI) certificates by destroying IOTX, and PBI devices will receive token income every month. The source of income comes from transaction fees paid by other devices.
8. Project Team and Financing
IoTeX is headquartered in Silicon Valley, with a team of more than 30 top engineers and scientists from Uber, Google, Intel, Facebook and other top technology companies.
Founding members:
Raullen Chai: Co-founder and CEO of IoTeX, PhD in Computer Science from the University of Waterloo. He used to be the head of encryption RD at Uber and the technical director at Google.
Qevan Guo: Co-founder of IoTeX, PhD in machine learning and computer vision from the National University of Singapore. Former product director at Facebook.
Jing Sun: Co-founder of IoTeX, formerly a managing partner at Sparkland Capital, a Silicon Valley venture capital firm.
Regarding financing information, rootdata has not been updated to the 5000 W financing on April 3. I use two pictures.
9. Conclusion
The distributed and immutable nature of blockchain technology and the connectivity and data exchange capabilities of IoT bring huge potential to create revolutionary IoT projects. Today, after years of development, blockchain technology, IoT devices, and data scale have greatly improved. DePIN, as a bridge connecting physical world devices and Web3, has a more solid foundation today. Founded in 2017, IoTeX has a top team and technology. After two cycles of dormancy, it has made great progress in research and development and practical applications. You can see the determination and strength of the project to delve into this field.
As a revolutionary blockchain network, it gives machines and humans the ability to interact seamlessly. It gives users complete control over their data and ensures privacy and security while conducting online transactions. The core goal of IoTex is to ensure that consumers can own and manage the value and data they generate. Thanks to the networks ability to merge the digital world with the real world, users can now enjoy a variety of services.
References
1.https://machinefi.notion.site/IoTeX-DePIN-First-v2-64b8a285193f49cfa81240b3d3f12a33
2. https://www.rootdata.com/zh/Projects/detail/IoTeX?k=MTUx
4. https://depinscan.io/#mineable
6.https://app.gitbook.com/o/-MQ9LhchTp7_QJr-AYG0/c/-MQ9LuQRabCk_Dkn2xx1/introduction
