IoTeX Drives the Intersection of Blockchain & IoT with New Testnet Launch
IoTeX has emerged as a leader in the exciting blockchain & IoT intersection, and recently launched a feature-packed code release, Testnet Alpha (codename "Strive")
MENLO PARK, Calif., July 9, 2018 /PRNewswire-PRWeb/ -- The Internet of Things (IoT) has recently emerged as a promising use case for blockchain technology, and many of the world's top engineers are racing to fulfill its promise. While some are focused on building the first "killer IoT application" on blockchain, IoTeX, a startup led by former engineering leads at Google, Facebook, Bosch, and Uber, is tackling a different problem: the infrastructure layer that will enable these future killer IoT applications. IoTeX reached an important milestone last week by launching their second code release, Testnet Alpha, and demoing the code running on lightweight IoT devices. Although early in their roadmap, this release brings IoTeX one step closer to providing robust and secure infrastructure for blockchain and IoT developers to build next gen products.
"Testnet Alpha shows the initial signs of IoTeX's upfront design decisions coming together," said Raullen Chai, Co-founder of IoTeX. "When we first designed IoTeX, we knew the future of IoT on blockchain required a fully private, scalable, and interoperable infrastructure layer to realize its full potential. We are proud to launch our latest code release, which provides a solid foundation for our future development."
IoTeX is a privacy-centric blockchain, which provides full data privacy by encrypting the sender, receiver, and value of all transactions in the network. In the entire blockchain space, there are only a few projects attempting to innovate on privacy, which is an even greater challenge in the IoT domain due to power-constrained devices. To tackle this challenge, IoTeX leverages deep academic and industry experience in lightweight cryptography. Their latest code release introduces privacy building blocks, which forms the foundation for their ultimate goal of implementing true privacy on blockchain without sacrificing performance or scalability.
In addition to privacy, IoTeX's Testnet Alpha also includes scalability solutions to support the rapid exchange of data in large-scale IoT systems. As IoTeX explains in their yellow paper, "Roll-DPoS: Randomized Delegated Proof of Stake (DPoS) for Scalable Blockchains", their in-house Roll-DPoS consensus algorithm is an enhancement to the already state-of-the-art DPoS consensus mechanism, used by top blockchain projects such as EOS. Roll-DPoS provides the same performance as DPoS, but utilizes a more democratic consensus approach and supports instant finality of blocks.
"For any blockchain project, consensus is a core component; however, not all consensus mechanisms are the same," said Qevan Guo, Co-founder of IoTeX. "As a blockchain project built from scratch, we believe that all technical components should be optimized for the project's ultimate goal. We are happy to release our in-house Roll-DPoS consensus al, which was designed and built with the future of global IoT in mind."
With this latest code release, IoTeX has showcased its "technology first" mindset and sparked new interest in the intersection of blockchain and IoT. In addition to open sourcing their code, IoTeX also introduced the IoTeX Explorer 1.0, a front end visualization tool to detail key metrics related to their Testnet. IoTeX will release its third and final Testnet code release in Q3 2018, focused on scalability and robustness, before launching its Mainnet in Q4 2018.
For more information, please visit IoTeX's official website. The original IoTeX Testnet Alpha announcement can be found here.
About IoTeX
IoTeX is the auto-scalable and privacy-centric blockchain infrastructure for the Internet of Things (IoT). IoTeX's global team is comprised of Ph.Ds in Cryptography, Distributed Systems, and Machine Learning, top tier engineers, and experienced ecosystem builders. IoTeX is developing several in-house innovations to push the frontier of blockchain 3.0, including a blockchains-in-blockchain architecture for heterogeneous computing, Roll-DPoS consensus mechanism for high scalability, and lightweight privacy-preserving techniques. IoTeX is bringing autonomous device coordination to the masses by "connecting the physical world, block by block."
SOURCE IoTeX
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