I'd like to bring this recent project (IoTeX) to your attention: does anybody know about them?
I'm carefully following them since April, and honestly I can't find one single reason why this project shouldn't become the IoT leader in one or two years.
I mean, they really carefully designed the perfect blockchain for the IoT, and they are delivering what they promised so quickly, so accurately, AND in the complete silence
Among other features, they designed:
Subchains This allows to compartimentize different categories of IoT devices into the most suitable blockchain architecture for each of them: indeed no single blockchain design can fit any application. Besides that, this "blockchain-in-blockchain" design allows to infinitely scale the blockchain: because no single network can manage tens of billions nodes connected, nor most IoT nodes are able to work on such a huge blockchain. For example, autonomous cars can live into their own subchain, and they need to store and validate only those transactions related to their subchain while, thanks to crosschain communication and instant transactions finality, they can still interact with any other device on any subchain almost real-time!
Crosschain communication & Instant finalityCrosschain communication, together with the instant finality feature of their consensus mechanism (i.e. each transaction is final on the first confirmation) allows for any device to communicate almost instantly with any other device, even if it's in a different subchain.
Full privacyThe IoTeX blockchain supports full privacy (like the one implemented in Monero, where both the sender, the receiver and the value of the transactions are cripted), but the team improved it to make the algorithm lightweight enough to be implemented on embedded IoT devices. This not only allows privacy for the IoT (which is a killer feature, and no other IoT blockchain implemented), but depending on the subchain owner, he can decide if he wants this privacy feature to be enabled for his subchain or not.
Roll-DPoS: more democratic, scalable, secure version of EOS DPoS consensusThe consensus mechanism is based on the EOS DPoS, because of the high throughput required for IoT but, as we know, IoT requres huge scalability which in IoTeX is obtained through subchains. The consensus mechanism is supposed to support this scalability (and the instant finality of transactions) as well, and the EOS DPoS is definitely not enough. The in-house Roll-DPoS consensus from IoTeX allows the network to auto-scale accordingly with subchains: the bigger the number and size of the subchains, the bigger the pool of delegates that will be used for the consensus (i.e. not a small and fixed number like in EOS). Therefore, the Roll-DPoS improves on the centralization problem of EOS, allowing also for more security throug an advanced additional random mechanism to select which delegates, among the ones in the pool, will run the consensus at each round.
There so much more about IoTex to say that, after only 4 months from token issuance, it would require to write a book! One thing among all: this project is getting developed by the best team I'm aware of in crypto!
So, what do you think about them, and about the others IoT blockchains? Is there any that can compare?
