IoTex — Internet of Things-oriented blockchain platform

Background

No one would be unfamiliar with the wording of the Internet of Things. The concept of the Internet of Things has been overwhelmed by everyone, both in the capital market and in product advertising. It can be said that every high-tech concept has been highly valued by the public at the very beginning. People are pretending to be connected to the Internet of Things in the future and wish that every device can access the Internet and be free to control or have automation capabilities. Relevant data show that the number of IoT devices is increasing at a rate of 21% per year, reaching 18 billion units in 2022, more than double the global population, and the market value of the global IoT industry is expected to reach 11.1 trillion US dollars in 2025. .

IoTeX is an IoT-oriented next-generation blockchain platform that has its own features in terms of scalability, deep privacy protection, independence, etc. It tries to provide full support for bringing up new IoT applications and building a blockchain ecosystem. .

IoTeX wants to become an Internet of Things enabler, is to provide services for the entire Internet of things ecosystem, including IoT device manufacturers, IoT device control systems, smart home, supply chain data integrators, data crowdsourcing providers, automated driving Automobile manufacturers and so on. By providing blockchain-based technologies to the various entities in the IoT industry, the development bottlenecks of the Internet of Things are resolved, and the Internet of Things is finally moving toward the mainstream.

With IoTeX, IoT companies run their own ecosystem based on IoTeX’s public chain, using IoTeX developer tools to create their own child chains and Tokens. Token’s value encourages users to support applications and ecological development, and ultimately reshape the development of the Internet of Things.

Project Description

IoTeX is the next-generation blockchain platform for the Internet of Things. It is extremely scalable, private, isolated, and exploitable. It can be used to incubate new IoT applications and ecosystems.

Connect the physical world in block units.

Project Vision

The biggest goal of IoTeX is to use the blockchain technology to make the Internet of Things go mainstream.

The first is interoperability. IoTeX tries to use its own solutions to allow all IoT devices to be connected and interoperable and achieve autonomous collaboration. Not only that, but also the scale expansion. It needs to make heterogeneous IoTs interoperable without worrying about the limitations of computing power and storage.

For example, sharing bicycles is hot now, but there are also many sharing platforms that fail. If the platform collapses and the rent you are holding is not returned, what should you do?

IoTeX can provide technical support for sharing applications and achieve privacy security, allowing users to directly enter into transactions.

Project Benefits

At the highest level, IoTeX has four major innovations:

1. The blockchain blockchain architecture ensures privacy and prevents leakage of information on the Internet of Things;

2. Built-in privacy based on lightweight cryptography;

3. Real-time, real-time, real-time consensus can improve network throughput, reduce transaction costs, and promote efficient cross-blockchain communication;

4. Sub-chain-as-a-service (SAAS) for rapid prototype creation and production of new IoT applications and ecosystems.

Route Map

• 2017

▪ Establish research system, identity authentication technology and related components

▪ Research blockchain-based privacy protection and lightweight encryption

▪ Writing a white paper

▪ Prototyping of key technologies

• 2018

▪ Start the test network (codenamed Mercury) development

▪ Complete support for sub-chain and cross-chain communication

▪ Extend the scope of research to the security of IoT devices

▪ At least cooperate with 2 research institutes or companies

▪ Publishing SDKs and Libraries

▪ Start the main network (code name Venus)

▪ Develop dedicated virtual machines with embedded devices

▪ Launch a test wallet

• 2019

▪ Continue to research blockchain-based privacy protection and lightweight encryption

▪ At least cooperate with 3 research institutions or companies

▪ Start main web (codenamed Earth), support privacy trading and lightweight virtual machine (LVM)

▪ Launch beta IoT market

▪ Joining at least 10 IoT equipment suppliers

Core Team

Raullen Chai, co-founder , Ph.D. in cryptography and research scientist at UWaterloo. At Uber’s Crypto R&D head of Google Security Engineer, with more than 8 years of experience in cryptography and blockchain.

Qevan Guo, Co-Founder, Ph.D. in Machine Learning and Computer Vision, National University of Singapore.

Facebook engineering manager and research scientist. Venture investors and advisors.20+ Publications/Patents.

JingSun, co-founder, founding partner of Sparkland Capital. Focus on cutting-edge technologies in the field of blockchain, security and the Internet of Things. Leading more than 40 investments and innovations. Many company directors. He has extensive experience in entrepreneurship, investment and the establishment of an ecosystem.

Consultant

Guang Gong, IEEE researcher. Professor at the University of Waterloo, Canada. A top scientist in cryptography and lightweight cryptography, ad hoc networking and radio frequency identification (RFID) security.

Jack Lee, Founding Managing Partner of HCM Capital, Foxconn Technology Group.Founder and Executive Director of Chain Finance Co., Ltd., Founder and Executive Director of FnConn, Director of Abra.

Fan Zhang was a founding partner of Sequoia Capital China and served as a director of DFJ ePlanet Ventures’ China business. Forbes magazine listed it as one of the major venture capitalists on China’s annual Midas rankings.

Conclusion and Review

• Team blockchain genes

One of the team’s main technical staff and one of the project consultants, Professor Guang Guang, is from Canada University of Waterloo encryption science, Canada is currently becoming the center of the cryptocurrency, Waterloo University and the University of Toronto is a “hotbed” of cryptocurrency and blockchain industry, ether Vinalik Buterin, the founder of the workshop, once studied at the University of Waterloo. The elliptic curve cryptography (ECC) adopted by Nakamoto to develop Bitcoin was invented by Nick Sulivan, a graduate of the University of Waterloo. The University of Waterloo has a world-class reputation in the field of encryption, and the blockchain atmosphere is also very strong. Team technology developers have a Ph.D. degree in encryption from the University and are top elites in terms of professional fit and technical experience. Co-founder Raullen Chai previously served as head of Uber’s encryption research department. Qevan Guo and Xinxin Fan, cryptology leaders, each published and owned dozens of patents in the field of encryption and blockchain, compared to other project teams. It is very rare, and the blockchain industry is still in its infancy. The success of the project depends very much on the technical strength of the team. The strong professional background of the IoTeX team has laid a solid foundation for the project landing.

• Vision and timing

In the traditional IoT domain, there has not been much progress at present. In addition to the IOTA, other projects based on the blockchain are currently in their infancy, and recently IOTA has received numerous queries from experts on the Internet. The industry is still in the Blue Ocean stage. Exposure to the water, unlimited development potential. Compared to IOTA, the IoTeX team is no different from the others. Drawing on IOTA’s current outstanding performance, IoTeX is very worth looking forward to. At the current stage, the blockchain industry still focuses on the development of infrastructure. In a considerable period of time, various types of basic chains are still the most potential part. IoTex at this time cuts into the IoT field and develops the industry’s basic chain in a technical vision. This paper proposes an architecture that links multiple heterogeneous subchains in a root chain and supports the development of various types of industry-specific dApps based on IoTex. Compared to similar blockchain projects, the idea is more ambitious and relevant to the actual situation of the networking industry.

• Executive force

From the published roadmap, the team has achieved the 2017 target as scheduled, has completed the prototype design of key technical points, and will soon launch a test network. For now, the team has good execution capabilities. However, the current project code has not yet been disclosed. The team is expected to publish more substantive project progress after the online testing network is on the line.

In summary, the core innovation of IoTeX is its Blockchain-in-Blockchain. IoTeX includes a lot of blockchains, and these blockchains are hierarchically arranged. First of all, it has a root chain, which is also a public chain, manages independent sub-chains or some sub-chains that run at the same time, and at the same time retains the privacy of sub-chains and realizes the interoperability between the chains. Second, the sub-chain is generally provided by the developer or the company, which can realize the connection between the Internet of Things device and the Internet device. These devices operate in a similar environment and have similar functional goals. This organization supports cross-chain transactions, realizing data transfer and value circulation, and realizing the value and data flow between the sub-chains and the root chain through the root chain.

Privacy and security are arguably the biggest concerns of IoTeX. Transactions such as Bitcoin and public chains such as Ethereum are only anonymous, but there is no privacy, and the number and balance of transactions at all addresses are viewable. The relationship between the metadata of one transaction and other transactions can also be inferred. To solve this problem, IoTeX uses a lightweight stealth address to protect receiver privacy, protect sender privacy with a constant-sized ring signature, and use Bulletproof to hide the transaction amount.

In the end, IoTeX is to become a scalable, privacy-protected and scalable blockchain platform, build a blockchain suitable for the Internet of Things, and be a flexible and lightweight IoTeX infrastructure. It achieves scale expansion and privacy security through chain-in-chain; privacy protection through chaining based on relayable payment codes; constant-sized ring signatures without trust settings; and the first implementation of bulllet proofs; RDPoS achieves rapidity Consensus, to achieve rapid out of the block.

Telegram: https://t.me/IoTeXGroup

Twitter: https://twitter.com/iotex_io

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