Written by: Ashwot Acharya - 2022021, Grade XII
Posted on: 07 March, 2022
I think anyone who has been on the internet lately has heard about blockchain and the hype of NFT, the advantages and disadvantages. From articles around the world we can see that even Google is planning to embrace blockchain technology. From what I can say It won't be soon that other companies follow the steps towards web 3.0.
The blockchain market has gained hundreds and thousands of developers over the past few years, the courses of solidity , Solana etc has gained hundreds and thousands of views. I think that covid-19 and being stuck at home people tried to come up with new ideas, and started looking into Decentralized networks. The famous cryptocurrency The Bitcoin, reached its all time highest at 69,000 $ in November of 2021. More than ever people are involved in cryptocurrency. India is said to launch its own cryptocurrency by April 1 the beginning of fiscal year 2022-2023. And more than ever new technologies are on the rise, with the rise of the meta-verse. One of such technologies that is gaining popularity in these few years is IoTeX.
IoTeX was first developed in 2017, and it's main focus is to combine blockchain with the internet of things. Two of the more famous IoTeX include U-cam and pebble tracker. The ecosystem has more than 11,000 total devices and so far has done more than 34,000,000 transactions. IoTeX provides a technology and development ecosystem where all the physical things and virtual things can easily exchange information and values at a global scale. In simple terms, IoTeX is a decentralized network for the internet of things powered by privacy-centric blockchain. IoTeX services provide Smart home functions, Blockchain in blockchain architecture and many other services.
In my opinion, IoTeX is the way the world is moving with more and more company giants like google, Apple etc. Other smart home services need to collect your personal data and store it in a server which may be used to sell to advertising companies. IoTeX provides better privacy especially for the world with growing concern in privacy.
References:
Binance academy , "What Is Layer 1 in Blockchain?", Published Feb 22 , 2022
IoTeX.io ,
Finance Research , " IoTeX ", May 29 2019
