IOTX (IoTeX) Introduction

1. Brief Introduction

Founded as an open-source platform in 2017, IoTeX is building the Internet of Trusted Things, an open ecosystem where all “things” — humans, machines, businesses, and DApps — can interact with trust and privacy.

2. Detailed Introduction

IoTeX started in 2017 as an open-source project, built completely from scratch (no forks) and is tailor fit to build the Internet of Trusted Things - an open ecosystem where all “things” — humans, machines, businesses, and DApps, can interact with trust and privacy. It is built with openness and data ownership as first principles to unleash the next generation of private smart devices. The IoTeX platform uniquely combines blockchain, secure hardware confidential computing to enable trusted data from trusted devices for use in trusted Dapps.

The IoTeX team consists of 30+ top tier engineers and scientists from Uber, Google, Intel, Facebook, and other top tech companies. Currently, our platform is maintained by 60+ global Delegates including Blockfolio, CoinGecko, DraperDragon, and many others.

IoTeX is a decentralized ecosystem fueled by the IOTX coin, which is native to the IoTeX Network. IOTX has multiple uses (or “utility”) with the goal of enabling trusted and transparent interactions between various entities in the IoTeX Network. Ultimately, the IOTX coin and complementary tokenomics establish economic and reputational incentives that ensure the IoTeX Network is maintained in a decentralized fashion and “Powered by IoTeX” products are effectively serviced.

In the IoTeX Network, entities spend, stake, and/or burn IOTX in order to access and utilize various network resources. As the utility of IOTX grows, the demand and value of IOTX will also grow, providing continued incentives for network participants to support, maintain, and service the network.

3. Token Allocation

  • Private Sale: 24%
  • Community Reward Programs: 6%
  • Team: 15%
  • Ecosystem: 30%
  • Foundation: 25%

4. Token Information and Release Schedule

  • Total Token Supply: 9,611,679,332 (Updated on 2021/01/28) 【Live Data】
  • Circulating Supply: 6,101,679,331 (Updated on 2021/01/28) 【Live Data】
  • Private Round Price: 1 IOTX = 0.0000125 ETH (20% bonus for private sale investors, lock-up period: 12 months)
  • Public Round Price: There was no ICO/public sale for IoTeX.

Token Lock-up plan and release plan

Private Sale – 24% of total supply

Unlocked gradually after token issuance date throughout 2018-2019:

→  6% distributed immediately (May 22, 2018)

→  6% distributed in February 2019

→  6% distributed in May 2019

→  6% distributed in November 2019

Community Reward Programs – 6% of total supply

Unlocked gradually over the course of 3 years after token issuance date:

→  2% distributed immediately (May 22, 2018)

→  Remaining tokens unlocked and linearly distributed over the course of 3 years, with quarterly distributions (August 2018, November 2018, February 2019…)

Team – 15% of total supply

The detailed unlock schedule start date varies based on each respective employee’s join date. We will make announcements in advance whenever a large amount of tokens are about to be released. The first distribution of team tokens will be in February 2019. Vested over the course of 4 years after join date (varies by employee):

→  6-month cliff

→  Monthly distributions

Ecosystem – 30% of total supply

Unlocked gradually over the course of 3 years after token issuance date:

→  Used to bootstrap the IoTeX ecosystem, including strategic partners, sub-chain / DApp developers, and marketing / growth experts

→  1.5% distributed immediately (May 22, 2018)

→  Remaining tokens unlocked and linearly distributed over the course of 3 years, with quarterly distributions (August 2018, November 2018, February 2019…)

Note: 12% locked / reserved for Roll-DPoS mining

Foundation – 25% of total supply

Unlocked gradually over the course of 3 years after token issuance date:

→  Used to build IoTeX blockchains and related technologies, sustain development of the IoTeX project, support cryptography and blockchain research, and onboard advisors

→  2.1% distributed immediately (May 22, 2018)

→  Remaining tokens unlocked starting Feb 2019 and linearly distributed over the course of 3 years, with quarterly distributions (February 2019, May 2019, August 2019…)

5. Related links

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error or omission. Huobi does not take responsibility for any resulting direct or indirect losses.