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IoTeX

ICO details

Token nameIoTex Token
TickerIOTX
StatusTo Be Announced
Token nameIoTex Token
KYC/AMLNot Required

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Our Review of IoTeX

Rating
73

IoTeX is an exceptionally ambitious project with an all-star technical team made up of Facebook, Uber, Intel, Bosch and Microsoft alumni. The project aims to connect the billions of IoT devices already in operation - as well as the many more that are likely to come online in the next few years - on a decentralised network characterised by speed and privacy. As with all IoT projects, IoTeX’s success hinges upon the adoption of technology that is still in development such as autonomous car and smart homes, and because of this, it is impossible to determine which IoT blockchain will ultimately dominate, or if it will be a centralised solution from the likes of Cisco and Google.

  • Concept

    Concept Rating
    24 /30

    IoTeX is creating a blockchain platform specifically designed to connect IoT devices and facilitate permissioned and private data sharing between them. IoTeX points out that the current issues with IoT devices, and how they are deployed, are scalability and high operation costs, privacy and security, and a lack of functional value, i.e. a device simply being connected does not make it smart or useful. The project believes that blockchain technology can solves these issues but argue that current blockchain solutions are unsuitable for three reasons: privacy is address by using pseudonymity, however if a device’s pseudonym is ever linked to its identity then every action it performed could also be linked back to it; it is impossible to find one blockchain solution that suits all devices, purposes and capabilities; and chain operations are too heavy, meaning most devices in IoT will be weak nodes as they’re incapable of performing PoW, unable to store large amounts of data, and not connected to peers at all times.
    IoTeX solves these problems by implementing true privacy which includes stealth address for receiver privacy, ring signatures for sender privacy and Pedersen Commitments for hiding transaction amounts. The project is also implementing a “blockchains in blockchain” architecture that utilises the UXTO-based model, the same as Bitcoin and Monero, which manages subchains that use an account-based model - the one used by Ethereum. The rootchain is non-Turing complete, unlike the subchains which are able to operate smart contracts. The system ensures scalability as the various blockchains can run concurrently while retaining interoperability; privacy is preserved through the use of ring signatures/ZK-Snarks on the rootchain; requirements of different IoT use cases can be maintained on different subchains, and security is protected by isolating subchains from the rootchain ensuring the rootchain is immune from any attacks to, or bugs on, the subchains. Finally, IoTeX will use Randomised Delegated Proof of Stake (R-DPoS), a variant of DPoS, which is used in blockchains such as EOS and relies on trusted entities to confirm blocks; a random committee of eleven delegates, from an initial group of 97, is selected to create blocks for the next eleven rounds which will then be voted on by all other nodes using a PBFT system, with a two thirds consensus. This system ensures high throughput and scalability as well as instant block finality.
    IoTeX is targeted at the typical IoT sectors: smart homes, shared economies, autonomous vehicles and supply chains. This is an exceptionally ambitious concept but there appears to be little genuine technical innovation, and while IoTeX acknowledge IOTA, IOTChain and HDAC as competitors, they fail to see Ethereum as a threat. While Ethereum is not exclusively focused on IoT devices, Ethereum’s plasma and side-chains seems remarkably similar to IoTeX’s “blockchains in blockchain” design. The error new blockchain projects invariably make is focusing on current solution while ignoring the roadmaps of much larger, well-funded, projects. IoTeX will need to do more to convince us that their project will be the one to dethrone Ethereum.

  • Team

    Team Rating
    20 /25

    This is an all-star team with extremely impressive credentials. Two of the three founders have PhDs, one in Cryptography, the other in Machine Learning and Computer Vision, and have worked at top tech companies in roles such as Senior Security Engineer at Google, Head of Crypto R+D at Uber and Engineering Manager/Research Scientist at Facebook; one also has over 20 publications and patents to his name. The third Co-founder is a founding partner of Sparkland Capital and has lead over 40 blockchain investments including PolyChain Capital, Radar Relay and Cobalt.
    IoTeX’s Head of Cryptography was a senior research Engineer at Bosch for 14 years and also has more than 40 publications and patents to his name. The team’s other two developers include a former software engineer at Intel who holds a PhD in data security from USC, and a former Senior Software Engineer at Microsoft who holds an MSc in Computer Science from Yale.
    There are also 28 VCs and angel investors attached to the project, although no details of these investments have been provided - it is unclear whether these investors have invested in the token or the company itself, what level of investment they have made, or how diluted the founders are as a result.
    IoTeX have an incredibly impressive technical team, however, the teams lacks entrepreneurial, business and marketing experience, as well as defined roles such as CEO/CTO/CMO. A programmer only team may have succeeded previously, however, the market is now very crowded and a solid business development strategy is necessary for project success.

  • Competition

    Competition Rating
    13 /20

    IoT has been labelled the third industrial revolution and is expected to grow from a $170 billion industry to $560 billion by 2022, however, this includes both devices and connectivity solutions, and perhaps overstates the size of IoTeX’s addressable market. In any case, the IoT market is extremely competitive, with both centralised and decentralised competitors.
    Cisco is investing billions into both its own and others’ IoT related products. Last year Cisco purchased Jasper Technologies, a company providing a cloud-based software platform to manage IoT devices, for $1.4 billion. Jasper Technologies already has significant traction and has partnered with 120 mobile operator networks to serve IoT and M2M companies in a variety of industries. Cisco also co-founded the Trusted IoT Alliance, a consortium of 17 companies to help establish a protocol for blockchain-based IoT, and it seems likely that whatever blockchain technology this alliance decides to use - very likely one owned or part-owned by Cisco - it will gain significant traction over competitors. Cisco is also filing patents in the blockchain space, indicating its has big plans for blockchain.
    Google is also investing in IoT and its “Cloud IoT core”, which provides managed service for connecting, managing and ingesting data from IoT devices, is now publicly available. Apple have also issued patents related to IoT including “Local Device Awareness”, which relates to automated relationship between close-range devices. DHL, Hitachi, Dell Huawei and many others are also investing heavily into the industry.
    IoTeX also faces competition from decentralised projects such as IOTA, IoT Chain and HDAC. IOTA has approximately $125 million in funding and has partnered with Volkswagen, Bosch and Microsoft. IoT Chain raised roughly $50 million in November 2017 and also has noteable partnerships in the Chinese IoT industry - these projects use DAG/Tangle technology which is extremely fast and efficient. HDAC is backed by Hyundai, is led by an all-star team and raised $150 million, and as previously mentioned, we also believe IoTeX is competing with Ethereum who, despite not being focused on IoT, also address issues of privacy and scalability, and have a much bigger team and an enormous amount of funding.
    IoTeX claims to be more focused on device authentication and M2M transactions, however, there is evidence to suggest the project is also targeting smart homes as they are currently building an apartment complex called Herriot that will use HDAC.

  • Economics

    Economics Rating
    8 /15

    The IoTeX network token (IOTX) will initially be an ERC-20 utility token on the Ethereum blockchain, before migrating to a token on the IoTeX mainnet. IOTX will be the sole currency used on the network and will act as “fuel” for executing transactions and running DApps on the IoTeX network, as well as used as rewards for validation and verification of additional blocks and information on the blockchain (the IoTeX equivalent of mining). IOTX will be “mineable” for 50 years with rewards reducing over time, based on a linear gradient reduction model similar to Bitcoin, however, there are limited specifics provided regarding the actual mining rewards and network fees. This is a standard blockchain token economic model and the token’s value will be directly correlated with the number of transactions/computations executed on the network.
    There was a private sale with a 25,000 ETH hard cap which has now closed. A 20% bonus was given to investors with a lock-up period of 12 months. There will not be a public sale.
    The total token supply is 10 billion IOTX with 30% going to the community and ecosystem, 25% going to the foundation, 24% going to the token sale, 15% going to the team, and 6% going to a community reward program. It is of some concern that the team and foundation own 40% of tokens with no vesting schedule mentioned. If the “Community and Ecosystem” tokens are added to this, the team currently controls 70% of total supply.
    It’s also unclear whether the 28 VCs and angel investors previously mentioned are included in the 24% allocated to the token sale, or whether they own equity in the company.

  • Presence

    Presence Rating
    8 /10

    The whitepaper is professional and well-written, providing a good overview of the IoT industry and its problems, although, it is primarily a technical paper and lacks any information regarding team, token sale, business model, target market or business development strategy. The website is also professional and well designed and includes a team section, however, it also lacks information on the token sale, business model, target market and business development strategy.
    IoTeX has a strong social media presence with 9,000 members on the telegram announcements channel, and 63,000 members in the main channel. Twitter has 2,673 followers, Reddit has 118 readers, and Medium has 537 followers. All channels are updated regularly and well moderated.

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ICO End Date - - Jan 21, 2018 -
Funding Goal - - - -
Funding Cap - $ 30,000,000 $ 23,000,000 -
Industry Internet, Privacy, Security Privacy, Security Internet, Privacy Big Data, Infrastructure, Security
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