As internet connectivity becomes more ubiquitous, the need for improved small-scale infrastructure has become readily apparent. Dubbed the “Internet of Things,” it depends on constant, real-time integration of data to devices that previously required no internet at all. Smart home devices, monitoring equipment, and more now require near-constant input and output of pertinent data, potentially taxing systems not designed to support this level of interactivity. Wrangling these devices requires a tremendous amount of planning, much of which can be automated through the inherent nature of blockchain technology.
While not the first cryptocurrency to tackle the issue, the IoTeX Network and associated IOTX token made waves recently due to a sudden spike in price. In part, this rally came due to the “Coinbase Effect” – IOTX’s listing on Coinbase almost certainly contributed. Yet, this may also be a case of being in the right place at the right time. As the entire market continues a sustained uptrend, the Coinbase Effect may be magnified by market euphoria. It doesn’t hurt that IoTeX also offers a promising platform that seems to have outpaced IOTA, the former first-mover in the IoT niche.
What is the Internet of Things?
The Internet of Things is a term coined to refer to the increasingly robust web of network-enabled devices. It includes complex smart home devices as well as remote sensors that feed data back into the network. The addition of network connectivity enables a variety of advanced features – including machine learning and artificial intelligence. This also introduces a hurdle in the form of monetization – data providers need the means to charge for their service, but each sale is minuscule. Cryptocurrency and fractional transactions seem the perfect solution, but this requires a network built specifically for that purpose.
While traditional providers often profit from harvesting user data, this approach is absolute anathema to the cryptocurrency industry. IoTeX’s main goal in building its network lay in protecting user data while enabling the growth of the Internet of Things. This includes their line of devices, such as the Ucam – a security camera with integrated blockchain technology to ensure privacy.
IoTeX Partnership with Amazon Web Services
As part of their Ucam release, IoTeX partnered with Amazon Web Services to provide greater functionality. This also included their Pebble verifiable data device, In effect, both devices allow for tamper-proof data streams, with Ucam providing visuals and Pebble providing a variety of data points such as motion, light, and climate conditions.
Unlike their direct competition, IOTA, IoTeX knows the value of released products and clear road maps. It is no longer enough to simply state intent in the cryptocurrency industry – investors increasingly demand a minimum viable product and regular updates – something that IoTeX provides.